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2006-2007 San Marcos budget FINAL a t Y . THE RIDGE AT SAN MARCOS 2006-2007 OPERATING U INVESTMENT • MANAGEMENT DEVELOPMENT 1800 Bering Drive® Suite 320® Houston TX 77057® P 713-782-5800® F 713-268-5111 www.assetcampus.com Ridge @ San Marcos Units 173 Fiscal Year Ending August 31,2007 Beds 553 Operating Budget Prepared 6 120 105 Budget Reforecast Original Year Ending Per Per Year Ending Difference Budget 8/31/2007 Unit Bed 8/31/2006 +//- 8/31/2006 RENTAL INCOME $ 2,585,640 $ 14,946 $ 4,676 $ 2,586,640 $ (1,000) 0.0% $ 2,585,640 Accelerated Rent $ 1,000 $ 6 $ 2 $ 1,000 $ - 0.0% $ 3,000 Short Term Rent Premium $ 3,250 $ 19 $ 6 $ 2,500 $ 750 30.00 $ 12,250 Less: Vacancy $ (170,221) $ (984) $ (308) $ (209,619) $ 39,398 -18.8% $ (211,161) Concessions $ (46,500) $ (269) $ (84) $ (145,000) $ 98,500 -67.9% $ (65,241) Other Losses(LTOL): $ (118,000) $ (682) $ (213) $ (50,000) $ (68,000) 136.0% $ (48,000) Other Concess-Scholorship $ (9,996) $ (58) $ (18) $ (27,000) $ 17,004 -63.0% Write-offs Rental Income $ (20,000) $ (116) $ (36) $ (40,000) $ 20,000 -50.0% $ (20,000) Non-Resident/Emp. Rnt. Disc. Units $ 71,400 $ 413 $ 129 $ 77,150 $ 5,750 -7.5% $ 71,400 NET RENTAL INCOME $ 2,153,773 $ 12,450 $ 3,895 $ 2,041,371 $ 112,402 5.5% $ 2,185,088 Other Income-$ 77,715 $ 449 $ 141 $ 75,000 $ 2,715 3.6% $ 78,715 TOTAL INCOME $ 2,231,488 $ 12,899 $ 4,035 $ 2,116,371 $ 115,117 5.4% $ 2,263,803 EXPENSES Total Personnel Expense $ 253,004 $ 1,462 $ 458 $ 246,447 $ 6,557 2.7% $ 252,487 Total Utilities $ 440,095 $ 2,544 $ 796 $ 434,869 $ 5,226 1.2% $ 273,095 Total Administration Expense $ 43,170 $ 250 $ 78 $ 39,500 $ 3,670 9.3% $ 48,200 Total Contract Services $ 25,860 $ 149 $ 47 $ 24,850 $ 1,010 4.1% $ 25,860 Total Interior Maintenance $ 18,675 $ 108 $ 34 $ 18,000 $ 675 3.8% $ 19,175 Total Exterior Maintenance $ 17,170 $ 99 $ 31 $ 15,600 $ 1,570 10.1% $ 17,170 Total Turnover Expense $ 61,975 $ 358 $ 112 $ 58,500 $ 3,475 5.9% $ 61,975 Total Advertising&Promotions $ 39,675 $ 229 $ 72 $ 38,000 $ 1,675 4.4% $ 39,675 Total Legal Fees $ 2,400 $ 14 $ 4 $ 13,000 $ (10,600) -81.5% $ 2,400 Total Professional Fees $ 10,000 $ 58 $ 18 $ 15,000 $ (5,000) -33.3% $ 10,000 Total Travel $ 1,200 $ 7 $ 2 $ 800 $ 400 50.0% $ 1,200 Property Mgmt Fee $ 89,580 $ 518 $ 162 $ 82,007 $ 7,573 9.2% $ 90,552 Asset Management Fee $ 22,395 $ 129 $ 40 $ 21,650 $ 745 14% $ 22,638 Total Insurance and Taxes $ 65,759 $ 380 $ 119 $ 58,000 $ 7,759 13.4% $ 65,760 Total Dues and Membership Fees $ 1,500 $ 9 $ 3 $ 1,500 $ - 0.0% $ 1,500 TOTAL EXPENSES $ 1,092,457 $ 6,315 $ 1,976 $ 1,067,723 $ 24,734 2.3% $ 931,687 NO[before Capital Improvements and Debt Service $ 1,139,030 $ 6,584 $ 2,060 $ 1,048,648 $ 90,382 8.6% $ 1,332,116 TOTAL OTHER EXPENSES $ 28,812 $ 167 $ 52 $ 28,812 $ (90,382) -313.7% $ 28,812 CAPITAL EXPENSES $ 80,450 $ 465 $ 145 $ 82,500 $ (2,050) -2.5% $ 75,450 DEBT SERVICE $ - $ - $ - $ - $ - #DIV/0! NET CASH FLOW $ 1,029,768 1 $ 5,952 $ 1,862 $ 937,336 $ 92,432 9.9%1 $ 1,227,854 Sa n M a r c o s , T X 6 / 2 0 / 2 0 0 6 17 3 U n i t s 5 5 3 B e d s Se p - 0 6 O c t - 0 6 N o v - 0 6 D e c - 0 6 J a n - 0 7 F e b - 0 7 M a r - 0 7 A p r - 0 7 M a y - 0 7 J u n - 0 7 J u l - 0 7 A u g - 0 7 T o t a l s Oc c u p a n c y 9 5 % 9 5 % 9 5 % 9 5 % 9 4 % 9 4 % 9 4 % 9 4 % 9 2 % 9 1 % 9 1 % 9 1 % 93% 40 0 5 S c h e d u l e d R e n t a l R e v e n u e 2 1 5 , 4 7 0 2 1 5 , 4 7 0 2 1 5 , 4 7 0 2 1 5 , 4 7 0 2 1 5 , 4 7 0 2 1 5 , 4 7 0 2 1 5 , 4 7 0 2 1 5 , 4 7 0 2 1 5 , 4 7 0 2 1 5 , 4 7 0 2 1 5 , 4 7 0 2 1 5 , 4 7 0 2,585,640 40 3 0 G a i n ( L o s s ) t o L e a s e ( 1 1 , 7 5 0 ) ( 1 1 , 7 5 0 ) ( 1 1 , 7 5 0 ) ( 1 1 , 7 5 0 ) ( 1 1 , 7 5 0 ) ( 1 1 , 7 5 0 ) ( 1 1 , 7 5 0 ) ( 1 1 , 7 5 0 ) ( 6 , 0 0 0 ) ( 6 , 0 0 0 ) ( 6 , 0 0 0 ) ( 6 , 0 0 0 ) ( 1 1 8 , 0 0 0 ) 40 4 5 S h o r t T e r m R e n t P r e m i u m 5 0 0 5 0 0 5 0 0 5 0 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 0 0 0 3 , 2 5 0 40 5 0 V a c a n c y L o s s ( 1 0 , 7 7 4 ) ( 1 0 , 7 7 4 ) ( 1 0 , 7 7 4 ) ( 1 0 , 7 7 4 ) ( 1 2 , 9 2 8 ) ( 1 2 , 9 2 8 ) ( 1 2 , 9 2 8 ) ( 1 2 , 9 2 8 ) ( 1 7 , 2 3 8 ) ( 1 9 , 3 9 2 ) ( 1 9 , 3 9 2 ) ( 1 9 , 3 9 2 ) ( 1 7 0 , 2 2 1 ) 40 5 5 P r i o r P e r i o d A d j - V a c a n y 00 0 0 0 0 0 0 0 0 0 0 0 40 5 6 P r i o r P e r i o d A d j - R e n t 00 0 0 0 0 0 0 0 0 0 0 0 40 6 0 L e a s e C o n c e s s i o n s - 1 s t M o n t h ( 3 9 , 5 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) 0 0 0 0 ( 4 6 , 5 0 0 ) 40 6 1 L e a s e P r o r a t e C o n c e s s i o n s 00 0 0 0 0 0 0 0 0 0 0 40 6 2 O t h e r C o n c e s s - S c h o l o r s h i p ( 8 3 3 ) ( 8 3 3 ) ( 8 3 3 ) ( 8 3 3 ) ( 8 3 3 ) ( 8 3 3 ) ( 8 3 3 ) ( 8 3 3 ) ( 8 3 3 ) ( 8 3 3 ) ( 8 3 3 ) ( 8 3 3 ) ( 9 , 9 9 6 ) 40 7 5 A c c e l e r a t e d R e n t 1 , 0 0 0 00 0 0 0 0 0 0 0 0 0 1,000 40 8 2 W r i t e - o f f s R e n t a l I n c o m e ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 1 , 0 0 0 ) ( 2 0 , 0 0 0 ) 40 8 5 N o n - R e s i d e n t / E m p . R n t . D i s c . U n i t s ( 5 , 9 5 0 ) ( 5 , 9 5 0 ) ( 5 , 9 5 0 ) ( 5 , 9 5 0 ) ( 5 , 9 5 0 ) ( 5 , 9 5 0 ) ( 5 , 9 5 0 ) ( 5 , 9 5 0 ) ( 5 , 9 5 0 ) ( 5 , 9 5 0 ) ( 5 , 9 5 0 ) ( 5 , 9 5 0 ) ( 7 1 , 4 00) To t a l R e n t a l I n c o m e 14 7 , 1 6 4 1 8 4 , 6 6 4 1 8 4 , 6 6 4 1 8 4 , 6 6 4 1 8 2 , 2 5 9 1 8 2 , 2 5 9 1 8 2 , 2 5 9 1 8 2 , 2 5 9 1 8 4 , 6 9 9 1 8 2 , 2 9 5 1 8 2 , 2 9 5 1 8 2 , 2 9 5 2 , 1 5 3 , 7 7 3 Ec o n o m i c O c c u p a n c y 6 8 % 8 6 % 8 6 % 8 6 % 8 5 % 8 5 % 8 5 % 8 5 % 8 6 % 8 5 % 8 5 % 8 5 % 8 3 % 40 9 5 G a r a g e / C a r p o r t R e n t 1 , 6 9 5 1 , 6 9 5 1 , 6 9 5 1 , 6 9 5 1 , 6 9 5 1 , 6 9 5 1 , 6 9 5 1 , 6 9 5 1 , 6 9 5 1 , 6 9 5 1 , 6 9 5 1 , 6 9 5 2 0 , 3 4 0 40 9 6 G a r a g e / C a r p o r t C o n c e s s i o n 00 0 0 0 0 0 0 0 0 0 0 0 41 0 5 P e t F e e s / R e n t / N o n - R e f D e p . 1 , 5 0 0 0 0 0 1 , 5 0 0 00 0 0 0 0 0 3,000 41 1 5 S t o r a g e R e n t a l I n c o m e 00 0 0 0 0 0 0 0 0 0 0 0 41 5 5 V e n d i n g I n c o m e 1 2 5 0 0 0 1 2 5 0 0 0 1 2 5 0 0 0 3 7 5 41 7 5 A p p l i c a t i o n F e e s 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 5 0 0 1 , 5 0 0 1 , 5 0 0 1 , 5 0 0 1 , 0 0 0 2 , 0 0 0 9 , 2 5 0 41 7 7 A p p l i c a t i o n F e e E x p e n s e 00 0 0 0 0 0 0 0 0 0 0 0 41 8 5 C a n c e l l a t i o n F e e s 00 0 0 0 0 0 0 0 0 0 0 0 41 8 7 W r i t e - O f f s C a n c e l l a t i o n F e e s 00 0 0 0 0 0 0 0 0 0 0 0 41 9 0 R e l e t F e e s 00 0 0 1, 5 0 0 00 0 0 1,500003,000 42 0 0 N S F F e e s 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 2 , 1 0 0 42 0 5 L a t e F e e s 2 0 0 1 , 8 0 0 1 , 8 0 0 2 , 0 0 0 1 , 8 0 0 1 , 8 0 0 1 , 8 0 0 2 , 0 0 0 1 , 8 0 0 1 , 8 0 0 1 , 8 0 0 1 , 8 0 0 2 0 , 4 0 0 42 1 0 C r e d i t C a r d F e e s 4 0 0 4 0 0 4 0 0 4 0 0 4 0 0 4 0 0 4 0 0 4 0 0 4 0 0 4 0 0 4 0 0 4 0 0 4 , 8 0 0 42 1 5 D a m a g e s 0 1 2 , 0 0 0 1 5 0 0 0 1 7 5 00 0 0 1 7 5 1 5 0 12,650 42 1 6 W r i t e - O f f s D a m a g e s 00 0 0 0 0 0 0 0 0 0 0 0 42 1 7 A d m i n i s t r a t i v e F e e s 00 0 0 0 0 0 0 0 0 0 0 0 42 2 0 F o r f e i t e d D e p o s i t s 00 0 0 0 0 0 0 0 0 0 0 0 42 5 5 C o m m o n A r e a F e e s 00 0 0 0 0 0 0 0 0 0 0 0 42 6 0 L e a s e V i o l a t i o n s I n c o m e 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 , 8 0 0 43 0 5 O t h e r R e n t a l I n c o m e ( M i s c . I n c o m e ) 00 0 0 0 0 0 0 0 0 0 0 0 43 0 9 W r i t e - o f f s - O t h e r R e n t a l 00 0 0 0 0 0 0 0 0 0 0 0 45 1 0 S h o r t - t e r m I n v e s t m e n t s 00 0 0 0 0 0 0 0 0 0 0 0 To t a l O t h e r I n c o m e 4 , 2 4 5 1 6 , 4 7 0 4 , 6 2 0 4 , 6 7 0 7 , 5 9 5 4 , 6 4 5 4 , 7 2 0 5 , 9 2 0 5 , 8 4 5 7 , 2 2 0 5 , 3 9 5 6 , 3 7 0 7 7 , 7 1 5 To t a l I n c o m e 1 5 1 , 4 0 9 2 0 1 , 1 3 4 1 8 9 , 2 8 4 1 8 9 , 3 3 4 1 8 9 , 8 5 4 1 8 6 , 9 0 4 1 8 6 , 9 7 9 1 8 8 , 1 7 9 1 9 0 , 5 4 4 1 8 9 , 5 1 5 1 8 7 , 6 9 0 1 8 8 , 6 6 5 2 , 2 3 1 , 4 8 8 Th e R i d g e @ S a n M a r c o s Sa n M a r c o s , T X 6 / 2 0 / 2 0 0 6 17 3 U n i t s 5 5 3 B e d s Se p - 0 6 O c t - 0 6 N o v - 0 6 D e c - 0 6 J a n - 0 7 F e b - 0 7 M a r - 0 7 A p r - 0 7 M a y - 0 7 J u n - 0 7 J u l - 0 7 A u g - 0 7 T o t a l s Oc c u p a n c y 9 5 % 9 5 % 9 5 % 9 5 % 9 4 % 9 4 % 9 4 % 9 4 % 9 2 % 9 1 % 9 1 % 9 1 % 93% Th e R i d g e @ S a n M a r c o s 50 2 3 S a l a r i e s - M a n a g e m e n t 1 2 , 5 8 9 9 , 5 8 9 7 , 5 8 9 1 1 , 3 8 4 7 , 5 8 9 7 , 5 8 9 7 , 5 8 9 7 , 5 8 9 7 , 5 8 9 1 1 , 3 8 4 7 , 5 8 9 7 , 5 8 9 1 0 5 , 6 6 0 50 2 5 H o u r l y W a g e s - S e r v i c e 1 1 , 8 7 2 4 , 8 7 2 4 , 8 7 2 7 , 2 0 8 4 , 8 7 2 4 , 8 7 2 4 , 8 7 2 4 , 8 7 2 4 , 8 7 2 7 , 2 0 8 4 , 8 7 2 4 , 8 7 2 7 0 , 1 4 0 50 3 0 H o u r l y W a g e s - H o u s e k e e p i n g 00 0 0 0 0 0 0 0 0 0 0 0 50 4 5 O v e r t i m e 00 0 0 0 0 0 0 0 0 0 0 0 50 4 6 O v e r t i m e - M a n a g e m e n t 00 0 0 0 0 0 0 0 0 0 0 0 50 4 7 O v e r t i m e - S e r v i c e 00 0 0 0 0 0 0 0 0 0 0 0 50 5 0 O v e r t i m e - M a i n t / G r o u n d s 00 0 0 0 0 0 0 0 0 0 0 0 50 5 5 O v e r t i m e - H o u s e k e e p i n g 00 0 0 0 0 0 0 0 0 0 0 0 50 6 2 T e m p o r a r y E m p l o y m e n t 00 0 0 0 0 0 0 0 0 0 0 0 50 8 0 P a y r o l l T a x e s 3 , 5 2 1 3 , 1 6 2 1 , 4 8 9 2 , 2 2 2 1 , 4 8 9 1 , 4 8 9 1 , 4 8 9 1 , 4 8 9 1 , 4 8 9 2 , 2 2 2 1 , 4 8 9 1 , 4 8 9 2 3 , 0 4 0 50 9 0 G r o u p I n s u r a n c e 7 8 0 7 8 0 7 8 0 7 8 0 7 8 0 7 8 0 7 8 0 7 8 0 7 8 0 7 8 0 7 8 0 7 8 0 9 , 3 6 0 51 0 0 W o r k e r s C o m p e n s a t i o n 3 , 2 5 6 2 , 9 2 4 1 , 3 7 7 2 , 0 5 4 1 , 3 7 7 1 , 3 7 7 1 , 3 7 7 1 , 3 7 7 1 , 3 7 7 2 , 0 5 4 1 , 3 7 7 1 , 3 7 7 2 1 , 3 0 4 51 0 5 E m p l o y e r 4 0 1 k C o n t r i b u t i o n s 00 0 0 0 0 0 0 0 0 0 0 0 51 1 4 U n i f o r m s 0 0 8 0 0 0 0 0 8 0 0 0 0 0 5 0 0 0 2 , 1 0 0 51 1 7 O t h e r P e r s o n n e l E x p e n s e 0 6 0 0 0 6 0 0 0 6 0 0 0 6 0 0 0 6 0 0 0 6 0 0 3 , 6 0 0 51 4 6 E m p l o y e e S c r e e n i n g F e e s 00 0 0 3 0 0 0 0 0 3 0 0 0 0 0 6 0 0 51 4 7 E m p l o y e e R e c r u i t i n g F e e s 00 0 0 0 0 0 0 0 0 0 0 0 51 4 9 H e l p W a n t e d N e w s p a p e r A d 00 0 0 1 0 0 0 0 0 0 1 0 0 0 0 2 0 0 51 9 0 L e a s i n g C o m m i s s i o n s 5 , 0 0 0 1 2 , 0 0 0 00 0 0 0 0 0 0 0 0 17,000 To t a l P e r s o n n e l E x p e n s e 3 7 , 0 1 8 3 3 , 9 2 8 1 6 , 9 0 8 2 4 , 2 4 9 1 6 , 5 0 8 1 6 , 7 0 8 1 6 , 9 0 8 1 6 , 7 0 8 1 6 , 4 0 8 2 4 , 3 4 9 1 6 , 6 0 8 1 6 , 7 0 8 2 5 3 , 0 0 4 54 1 1 E l e c t r i c i t y - C l u b h o u s e 2 , 8 5 0 2 , 8 5 0 2 , 8 5 0 2 , 8 5 0 2 , 8 5 0 2 , 8 5 0 2 , 8 5 0 2 , 8 5 0 2 , 8 5 0 2 , 8 5 0 2 , 8 5 0 2 , 8 5 0 3 4 , 2 0 0 54 1 3 E l e c t r i c i t y - V a c a n t s 7 , 1 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 2 5 0 2 5 0 1 2 , 1 0 0 54 1 4 E l e c t r i c i t y - R e i m b u r s e m e n t s 00 0 0 0 0 0 0 0 0 0 0 0 54 3 6 W a t e r / S e w e r - C l u b h o u s e 6 5 0 6 5 0 6 5 0 6 5 0 6 5 0 6 5 0 6 5 0 6 5 0 6 5 0 6 5 0 6 5 0 6 5 0 7 , 8 0 0 54 4 2 W a t e r / S e w e r - R e s i d e n t s 1 6 , 5 0 0 1 6 , 5 0 0 1 6 , 5 0 0 1 6 , 5 0 0 1 6 , 5 0 0 1 6 , 5 0 0 1 6 , 5 0 0 1 6 , 5 0 0 1 6 , 5 0 0 1 6 , 5 0 0 1 6 , 5 0 0 1 6 , 5 0 0 1 9 8 , 0 0 0 54 5 6 G a s 00 0 0 0 0 0 0 0 0 0 0 0 54 6 0 G a s - C l u b h o u s e / M o d e l s 2 2 5 2 2 5 3 2 5 3 2 5 3 2 5 3 2 5 2 2 5 2 2 5 2 2 5 2 2 5 2 2 5 2 2 5 3 , 1 0 0 54 7 5 R e f u s e R e m o v a l 1 , 6 2 0 4 7 5 4 7 5 4 7 5 4 7 5 4 7 5 4 7 5 4 7 5 9 2 5 4 7 5 4 7 5 4 7 5 7 , 2 9 5 55 0 5 C a b l e 3 , 1 2 5 3 , 1 2 5 3 , 1 2 5 3 , 1 2 5 3 , 1 2 5 3 , 1 2 5 3 , 1 2 5 3 , 1 2 5 3 , 1 2 5 3 , 1 2 5 3 , 1 2 5 3 , 1 2 5 3 7 , 5 0 0 55 1 4 R e s i d e n t T e l e p h o n e 3 , 4 0 5 3 , 4 0 5 3 , 4 0 5 3 , 4 0 5 3 , 4 0 5 3 , 4 0 5 3 , 4 0 5 3 , 4 0 5 3 , 4 0 5 3 , 4 0 5 3 , 4 0 5 3 , 4 0 5 4 0 , 8 6 0 55 2 0 O t h e r F u e l s U t i l i t i e s 00 0 0 0 0 0 0 0 0 0 0 0 55 2 5 R e s i d e n t I n t e r n e t 8 , 2 7 0 8 , 2 7 0 8 , 2 7 0 8 , 2 7 0 8 , 2 7 0 8 , 2 7 0 8 , 2 7 0 8 , 2 7 0 8 , 2 7 0 8 , 2 7 0 8 , 2 7 0 8 , 2 7 0 9 9 , 2 4 0 To t a l U t i l i t i e s 4 3 , 7 4 5 3 6 , 0 0 0 3 6 , 1 0 0 3 6 , 1 0 0 3 6 , 1 0 0 3 6 , 1 0 0 3 6 , 0 0 0 3 6 , 0 0 0 3 6 , 4 5 0 3 6 , 0 0 0 3 5 , 7 5 0 3 5 , 7 5 0 4 4 0 , 0 9 5 Sa n M a r c o s , T X 6 / 2 0 / 2 0 0 6 17 3 U n i t s 5 5 3 B e d s Se p - 0 6 O c t - 0 6 N o v - 0 6 D e c - 0 6 J a n - 0 7 F e b - 0 7 M a r - 0 7 A p r - 0 7 M a y - 0 7 J u n - 0 7 J u l - 0 7 A u g - 0 7 T o t a l s Oc c u p a n c y 9 5 % 9 5 % 9 5 % 9 5 % 9 4 % 9 4 % 9 4 % 9 4 % 9 2 % 9 1 % 9 1 % 9 1 % 93% Th e R i d g e @ S a n M a r c o s 56 5 6 T e l e p h o n e - B a s i c 6 0 0 6 0 0 6 0 0 6 0 0 6 0 0 6 0 0 6 0 0 6 0 0 6 0 0 6 0 0 6 0 0 6 0 0 7 , 2 0 0 56 5 7 T e l e p h o n e - L o n g D i s t a n c e 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 , 4 0 0 56 6 5 A n s w e r i n g S e r v i c e / P a g e r s 9 0 9 0 9 0 9 0 9 0 9 0 9 0 9 0 9 0 9 0 9 0 1 2 0 1 , 1 1 0 58 0 5 P o s t a g e 1 0 0 1 0 0 1 0 0 1 0 0 5 5 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 3 2 5 1 0 0 1 , 8 7 5 58 1 0 C o u r i e r / O v e r n i g h t D e l i v e r y 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 , 2 0 0 58 2 0 C o m p u t e r S u p p l i e s 1 6 0 1 6 0 1 6 0 1 6 0 1 6 0 1 6 0 1 6 0 1 6 0 1 6 0 1 6 0 1 6 0 1 6 0 1 , 9 2 0 58 2 5 C o m p u t e r E q u i p - S o f t w a r e 0 3 0 0 0 0 2 0 0 0 2 , 5 0 0 1 0 0 0 0 0 0 3 , 1 0 0 58 3 8 B a n k C h a r g e s 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 6 0 0 58 3 9 E m p l o y e e E v a l u a t i o n s 00 0 0 0 0 0 0 0 0 0 0 0 58 4 0 C r e d i t C a r d C h a r g e s 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 1 0 , 8 0 0 58 4 2 O f f i c e S u p p l i e s 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 , 8 0 0 58 4 3 O f f i c e D e c o r a t i o n s 0 0 1 2 5 5 0 0 00 0 0 0 0 0 0 6 2 5 58 4 4 S a f e t y E q u i p m e n t 0 5 0 0 0 5 0 0 0 0 5 0 0 0 0 1 5 0 58 4 5 F i r e A l a r m I n s p e c t i o n / E q u i p m e n t 0 0 3 , 0 0 0 00 0 0 0 0 0 0 0 3,000 58 4 6 P r i n t i n g a n d S t a t i o n a r y 0 1 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 1 0 0 6 0 0 58 4 7 C o p i e r / F a x E x p e n s e 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 , 4 4 0 58 5 2 L i c e n s e s / P e r m i t s / F e e s 2 5 0 00 0 0 0 0 0 0 0 0 0 2 5 0 58 6 5 S e c u r i t y / A l a r m E x p e n s e 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 6 0 0 58 8 7 E m p l o y e e T r a i n i n g / E d u c a t i o n 6 2 5 6 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 1 , 5 0 0 58 9 0 O t h e r A d m i n i s t r a t i v e E x p e n s e 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 3 , 0 0 0 To t a l A d m i n i s t r a t i o n E x p e n s e 3 , 6 4 5 3 , 8 4 5 5 , 9 2 0 3 , 3 9 5 3 , 4 9 5 2 , 8 9 5 5 , 2 9 5 2 , 9 9 5 2 , 8 4 5 2 , 8 9 5 3 , 0 2 0 2 , 9 2 5 4 3 , 1 7 0 61 1 0 E x t e r m i n a t i o n 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 1 7 5 2 , 1 0 0 61 1 5 L a n d s c a p e C o n t r a c t 1 , 7 0 0 1 , 7 0 0 1 , 7 0 0 1 , 7 0 0 1 , 7 0 0 1 , 7 0 0 1 , 7 0 0 1 , 7 0 0 1 , 7 0 0 1 , 7 0 0 1 , 7 0 0 1 , 7 0 0 2 0 , 4 0 0 61 3 0 P r o t e c t i o n S e r v i c e s C o n t r a c t 00 0 0 0 0 0 0 0 0 0 0 0 61 4 5 C l e a n i n g 8 0 8 0 8 0 8 0 8 0 8 0 8 0 8 0 8 0 8 0 8 0 8 0 9 6 0 61 5 0 O t h e r C o n t r a c t S e r v i c e s 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 , 4 0 0 To t a l C o n t r a c t S e r v i c e s 2 , 1 5 5 2 , 1 5 5 2 , 1 5 5 2 , 1 5 5 2 , 1 5 5 2 , 1 5 5 2 , 1 5 5 2 , 1 5 5 2 , 1 5 5 2 , 1 5 5 2 , 1 5 5 2 , 1 5 5 2 5 , 8 6 0 61 6 0 A l a r m S y s t e m R e p a i r 00 0 0 0 0 0 5 0 0 0 0 0 0 5 0 0 61 6 5 A p p l i a n c e R e p a i r 6 5 0 2 0 0 2 0 0 2 0 0 2 5 0 2 0 0 2 0 0 2 0 0 2 5 0 2 5 0 2 5 0 2 5 0 3 , 1 0 0 61 8 5 I n t e r i o r E l e c t r i c a l R e p a i r 5 0 2 5 7 5 2 5 1 2 5 2 5 5 0 2 5 5 0 2 5 5 0 3 0 0 8 2 5 61 9 0 I n t e r i o r L i g h t B u l b s 5 0 2 5 5 0 2 5 7 5 2 5 5 0 2 5 5 0 2 5 5 0 0 4 5 0 61 9 5 I n t e r i o r P a i n t a n d W a l l p a p e r 3 5 0 3 0 0 2 5 0 2 5 0 3 5 0 2 5 0 2 7 5 3 0 0 4 5 0 2 7 5 4 0 0 2 5 0 3 , 7 0 0 62 0 0 C a r p e t C l e a n / R e p a i r / D r y 2 7 5 5 0 0 2 7 5 2 7 5 2 7 5 5 0 0 2 7 5 2 7 5 2 7 5 2 7 5 2 7 5 2 7 5 3 , 7 5 0 62 0 5 I n t e r i o r S h e e t r o c k R e p a i r 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 1 0 0 2 5 0 62 1 0 I n t e r i o r V i n y l a n d T i l e 7 5 0 7 5 0 7 5 0 7 5 0 7 5 0 1 0 0 1 0 0 5 7 5 62 1 5 P l u m b i n g R e p a i r 7 5 2 5 2 5 2 5 7 5 2 5 2 5 2 5 7 5 2 5 2 5 2 2 5 6 5 0 62 3 5 J a n i t o r i a l S u p p l i e s 1 5 0 1 0 0 1 0 0 1 0 0 1 5 0 1 0 0 1 0 0 1 0 0 1 5 0 1 0 0 1 0 0 1 0 0 1 , 3 5 0 62 4 0 W i n d o w C o v e r g i n g R e p a i r 0 7 5 0 0 7 5 0 0 0 7 5 0 0 0 2 2 5 62 4 5 R e c r e a t i o n F a c i l i t y R e p a i r 0 5 0 0 0 0 2 0 0 8 0 0 00 0 0 0 0 1,500 62 5 0 L o c k s a n d K e y s 2 5 0 5 0 5 0 5 0 1 0 0 5 0 5 0 5 0 1 0 0 5 0 1 5 0 1 5 0 1 , 1 0 0 62 6 5 O t h e r I n t e r i o r R e p a i r s a n d M a i n t e n a n c e 2 5 0 1 0 0 0 0 1 0 0 0 5 0 0 5 0 1 0 0 5 0 0 7 0 0 To t a l I n t e r i o r M a i n t e n a n c e 2 , 2 0 0 1 , 9 0 0 1 , 1 2 5 9 5 0 1 , 8 7 5 1 , 9 7 5 1 , 1 7 5 1 , 5 0 0 1 , 6 2 5 1 , 1 2 5 1 , 4 7 5 1 , 7 5 0 1 8 , 6 7 5 Sa n M a r c o s , T X 6 / 2 0 / 2 0 0 6 17 3 U n i t s 5 5 3 B e d s Se p - 0 6 O c t - 0 6 N o v - 0 6 D e c - 0 6 J a n - 0 7 F e b - 0 7 M a r - 0 7 A p r - 0 7 M a y - 0 7 J u n - 0 7 J u l - 0 7 A u g - 0 7 T o t a l s Oc c u p a n c y 9 5 % 9 5 % 9 5 % 9 5 % 9 4 % 9 4 % 9 4 % 9 4 % 9 2 % 9 1 % 9 1 % 9 1 % 93% Th e R i d g e @ S a n M a r c o s 62 7 5 P o o l & S p a S u p p l i e s a n d R e p a i r 3 0 0 3 0 0 5 0 0 1 0 0 1 0 0 1 0 0 2 0 0 4 0 0 4 0 0 5 0 0 4 0 0 5 0 0 3 , 8 0 0 62 8 0 G o l f C a r t R e p a i r 1 5 0 0 1 5 0 0 0 0 2 5 0 0 0 1 5 0 0 0 7 0 0 62 8 5 H V A C R e p a i r a n d M a i n t e n a n c e 5 0 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 4 0 0 4 0 0 1 , 2 0 0 1 , 0 0 0 1 , 0 0 0 1 , 0 0 0 6 , 7 5 0 62 9 0 L a n d s c a p i n g S u p p l i e s 0 1 5 0 00 0 0 1 5 0 0 5 0 5 0 5 0 0 4 5 0 63 1 0 R o o f R e p a i r s 1 5 0 1 5 0 00 0 0 0 0 0 0 0 0 3 0 0 63 1 5 W i n d o w s a n d S c r e e n s 3 0 0 1 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 6 0 0 1 , 5 0 0 63 2 0 E x t e r i o r P a i n t 0 2 0 0 5 0 0 0 0 5 0 0 5 0 0 5 0 0 4 0 0 63 2 5 E x t e r i o r E l e c t r i c a l 5 0 2 5 2 5 5 0 2 5 2 5 2 5 5 0 2 5 2 5 5 0 2 5 4 0 0 63 3 0 E x t e r i o r L i g h t B u l b s 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 , 5 0 0 63 3 5 E x t e r i o r R e p a i r s 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 3 0 0 63 4 5 A c c e s s G a t e R e p a i r 00 0 0 0 0 0 0 0 0 0 0 0 63 5 0 W a l k s a n d P a r k i n g L o t s 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 2 5 3 0 0 63 6 0 T o o l s a n d E q u i p m e n t 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 4 2 0 63 6 5 F e n c e R e p a i r 5 0 0 5 0 0 5 0 0 1 0 0 0 5 0 0 5 0 0 3 5 0 To t a l E x t e r i o r M a i n t e n a n c e 1 , 7 1 0 1 , 4 3 5 1 , 2 8 5 6 6 0 6 8 5 6 3 5 1 , 4 3 5 1 , 1 1 0 2 , 0 3 5 1 , 9 8 5 1 , 8 6 0 2 , 3 3 5 1 7 , 1 7 0 To t a l R e p a i r s a n d M a i n t e n a n c e 3 , 9 1 0 3 , 3 3 5 2 , 4 1 0 1 , 6 1 0 2 , 5 6 0 2 , 6 1 0 2 , 6 1 0 2 , 6 1 0 3 , 6 6 0 3 , 1 1 0 3 , 3 3 5 4 , 0 8 5 3 5 , 8 4 5 63 8 0 M a k e R e a d y - I n t e r i o r R e p a i r s 2 , 5 0 0 1 5 0 1 5 0 0 5 0 0 1 5 0 1 0 0 1 0 0 5 0 0 4 0 0 3 0 0 9 0 0 5 , 7 5 0 63 8 5 M a k e R e a d y - I n t . R e p . - R e i m b u r s e m e n t 00 0 0 0 0 0 0 0 0 0 0 0 63 9 0 M a k e R e a d y - C a r p e t C l e a n i n g 7 , 8 0 0 2 0 0 0 0 5 0 0 2 5 0 1 2 5 2 0 0 1 0 0 1 , 1 0 0 4 0 0 4 0 0 1 1 , 0 7 5 63 9 5 M a k e R e a d y - C a r p e t C l e a n i n g - R e i m b . 00 0 0 0 0 0 0 0 0 0 0 0 64 0 0 M a k e R e a d y - C a r p e t R e p l a c e m e n t 00 0 0 0 0 0 0 0 0 0 0 0 64 0 5 G e n e r a l C l e a n i n g 1 3 , 0 0 0 0 0 0 5 0 0 0 0 0 5 0 0 0 0 5 0 0 1 4 , 5 0 0 64 1 0 M a k e R e a d y - G e n . C l e a n . - R e i m b . 00 0 0 0 0 0 0 0 0 0 0 0 64 1 5 M a k e R e a d y - I n t e r i o r P a i n t R e p a i r 2 0 , 0 0 0 1 0 0 0 0 5 0 0 2 5 0 1 0 0 1 0 0 3 0 0 1 , 0 0 0 2 0 0 1 , 0 0 0 2 3 , 5 5 0 64 2 0 M a k e R e a d y - I n t e r i o r P a i n t - R e i m b . 00 0 0 0 0 0 0 0 0 0 0 0 64 2 5 A p p l i a n c e R e p a i r 5 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 1 , 0 0 0 1 , 7 0 0 64 3 0 L o c k / K e y s 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 7 0 0 1 , 0 0 0 64 3 5 I n t e r i o r L i g h t B u l b s 00 0 0 5 0 0 0 0 1 0 0 0 0 3 5 0 5 0 0 64 4 0 W i n d o w C o v e r i n g R e p a i r 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 5 0 0 8 0 0 64 4 5 T e n a n t R e i m b u r s e m e n t 00 0 0 0 0 0 0 0 0 0 0 0 64 5 0 W r i t e - o f f s / T e n a n t R e i m b u r s e m e n t 00 0 0 0 0 0 0 0 0 0 0 0 64 5 5 M a k e R e a d y - M i s c e l l a n e o u s E x p . 2 , 0 0 0 0 0 0 1 0 0 0 0 0 1 5 0 0 0 5 0 0 2 , 7 5 0 65 8 0 L i g h t F i x t u r e s 5 0 0 0 0 5 0 0 0 0 5 0 0 0 2 0 0 3 5 0 To t a l T u r n o v e r E x p e n s e 4 6 , 0 5 0 4 5 0 1 5 0 0 2 , 5 0 0 6 5 0 3 2 5 4 0 0 2 , 0 0 0 2 , 5 0 0 9 0 0 6 , 0 5 0 6 1 , 9 7 5 66 4 5 L o c a t o r F e e s 3 , 5 0 0 0 0 0 5 0 0 6 0 0 4 0 0 4 0 0 0 4 0 0 0 2 0 0 6 , 0 0 0 66 5 0 L o c a t o r R e l a t i o n s 0 0 0 7 5 0 7 5 0 0 7 5 0 0 0 2 2 5 66 5 5 R e s i d e n t R e l a t i o n s 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 2 5 1 , 5 0 0 66 5 6 R e s i d e n t F u n c t i o n s 3 5 0 3 5 0 3 5 0 3 5 0 3 5 0 3 5 0 3 5 0 3 5 0 3 5 0 3 5 0 3 5 0 3 5 0 4 , 2 0 0 66 5 8 C a m p u s E v e n t s 00 0 0 0 0 0 7 5 0 0 0 2 5 0 2 5 0 1,250 66 7 0 N e w s p a p e r s 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 , 8 0 0 66 7 5 M a g a z i n e s 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 6 , 0 0 0 66 8 5 B r o c h u r e A d v e r t i s i n g 0 0 0 2 , 5 0 0 00 0 0 0 0 0 0 2,500 66 9 0 D i r e c t M a i l 0 0 0 1 , 5 0 0 0 0 1 , 5 0 0 00 0 0 0 3,000 66 9 5 A p a r t m e n t G u i d e s 00 0 0 0 0 0 0 0 0 0 0 0 67 0 0 S i g n a g e / S i g n P l a c e m e n t 00 0 0 0 0 0 0 8 0 0 0 0 0 8 0 0 67 1 5 I n t e r n e t A d v e r t i s i n g 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 5 0 0 6 , 0 0 0 67 2 0 M o d e l A p a r t m e n t E x p e n s e 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 6 0 0 67 2 5 F l a g s / B a n n e r s / M a t s 0 0 0 2 0 0 2 0 0 0 2 0 0 0 2 0 0 0 2 0 0 0 1 , 0 0 0 67 3 0 O f f i c e R e f r e s h m e n t s 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 5 0 1 , 8 0 0 67 3 5 O t h e r A d v e r t i s i n g & M a r k e t i n g 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 2 5 0 3 , 0 0 0 To t a l A d v e r t i s i n g & P r o m o t i o n s 5 , 5 7 5 2 , 0 7 5 2 , 0 7 5 6 , 3 5 0 2 , 7 7 5 2 , 7 5 0 4 , 1 7 5 3 , 2 2 5 3 , 1 5 0 2 , 4 7 5 2 , 5 2 5 2 , 5 2 5 3 9 , 6 7 5 Sa n M a r c o s , T X 6 / 2 0 / 2 0 0 6 17 3 U n i t s 5 5 3 B e d s Se p - 0 6 O c t - 0 6 N o v - 0 6 D e c - 0 6 J a n - 0 7 F e b - 0 7 M a r - 0 7 A p r - 0 7 M a y - 0 7 J u n - 0 7 J u l - 0 7 A u g - 0 7 T o t a l s Oc c u p a n c y 9 5 % 9 5 % 9 5 % 9 5 % 9 4 % 9 4 % 9 4 % 9 4 % 9 2 % 9 1 % 9 1 % 9 1 % 93% Th e R i d g e @ S a n M a r c o s 69 1 0 L e g a l F e e s 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 , 4 0 0 To t a l L e g a l F e e s 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 0 0 2 , 4 0 0 69 1 5 A c c o u n t i n g F e e s 00 0 0 0 0 0 0 0 0 0 0 0 69 2 5 A u d i t F e e s 0 0 1 0 , 0 0 0 00 0 0 0 0 0 0 0 10,000 69 3 5 O t h e r P r o f e s s i o n a l F e e s 00 0 0 0 0 0 0 0 0 0 0 0 To t a l P r o f e s s i o n a l F e e s 0 0 1 0 , 0 0 0 00 0 0 0 0 0 0 0 10,000 0 72 0 5 T r a v e l a n d E n t e r t a i n m e n t 00 0 0 0 0 0 0 0 0 0 0 0 72 1 0 A i r f a r e 00 0 0 0 0 0 0 0 0 0 0 0 72 1 5 A u t o R e n t a l / G a s 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 , 2 0 0 72 2 0 L o d g i n g 00 0 0 0 0 0 0 0 0 0 0 0 72 2 5 M e a l s 00 0 0 0 0 0 0 0 0 0 0 0 72 4 0 P a r k i n g , T o l l s a n d F e e s 00 0 0 0 0 0 0 0 0 0 0 0 To t a l T r a v e l 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 , 2 0 0 As s e t M a n a g e m e n t F e e 1 , 5 1 4 2 , 0 1 1 1 , 8 9 3 1 , 8 9 3 1 , 8 9 9 1 , 8 6 9 1 , 8 7 0 1 , 8 8 2 1 , 9 0 5 1 , 8 9 5 1 , 8 7 7 1 , 8 8 7 2 2 , 3 9 5 74 2 0 P r o p e r t y M g m t F e e 6 , 0 5 6 8 , 0 4 5 7 , 5 7 1 7 , 5 7 3 7 , 5 9 4 7 , 4 7 6 7 , 4 7 9 7 , 5 2 7 7 , 6 2 2 7 , 5 8 1 7 , 5 0 8 7 , 5 4 7 8 9 , 5 8 0 To t a l M a n a g e m e n t / A s s e t F e e s 7 , 5 7 0 1 0 , 0 5 7 9 , 4 6 4 9 , 4 6 7 9 , 4 9 3 9 , 3 4 5 9 , 3 4 9 9 , 4 0 9 9 , 5 2 7 9 , 4 7 6 9 , 3 8 4 9 , 4 3 3 1 1 1 , 9 7 4 75 1 0 P r o p e r t y I n s u r a n c e 1 , 0 0 1 1 , 0 0 1 1 2 , 4 5 4 5 , 3 7 6 5 , 3 7 6 5 , 3 7 6 4 , 3 7 5 4 , 3 7 5 1 4 , 3 7 5 5 , 4 7 5 5 , 4 7 5 1 , 1 0 0 6 5 , 7 5 9 75 2 5 P r o p e r t y T a x e s 00 0 0 0 0 0 0 0 0 0 0 0 To t a l I n s u r a n c e a n d T a x e s 1 , 0 0 1 1 , 0 0 1 1 2 , 4 5 4 5 , 3 7 6 5 , 3 7 6 5 , 3 7 6 4 , 3 7 5 4 , 3 7 5 1 4 , 3 7 5 5 , 4 7 5 5 , 4 7 5 1 , 1 0 0 6 5 , 7 5 9 77 7 5 B a s i c P r o g r a m F e e s 00 0 0 0 0 0 0 0 0 0 0 0 79 6 0 E m p l o y e e R e l a t i o n s / M e m b e r s h i p 1 5 0 1 0 0 1 0 0 2 0 0 1 0 0 1 0 0 1 5 0 1 0 0 1 0 0 1 0 0 2 0 0 1 0 0 1 , 5 0 0 To t a l D u e s a n d M e m b e r s h i p F e e s 1 5 0 1 0 0 1 0 0 2 0 0 1 0 0 1 0 0 1 5 0 1 0 0 1 0 0 1 0 0 2 0 0 1 0 0 1 , 5 0 0 To t a l O p e r a t i n g E x p e n s e s 1 5 1 , 1 1 9 9 3 , 2 4 5 9 8 , 0 3 6 8 9 , 2 0 1 8 1 , 3 6 1 7 8 , 9 8 9 8 1 , 6 4 2 7 8 , 2 7 7 9 0 , 9 7 0 8 8 , 8 3 4 7 9 , 6 5 2 8 1 , 1 3 1 1 , 0 9 2 , 4 5 7 Ne t O p e r a t i n g I n c o m e 2 8 9 1 0 7 , 8 8 8 9 1 , 2 4 8 1 0 0 , 1 3 2 1 0 8 , 4 9 2 1 0 7 , 9 1 5 1 0 5 , 3 3 7 1 0 9 , 9 0 2 9 9 , 5 7 4 1 0 0 , 6 8 0 1 0 8 , 0 3 8 1 0 7 , 5 3 4 1 , 1 3 9 , 0 3 0 94 1 0 I n t e r e s t E x p e n s e - F i x e d 00 0 0 0 0 0 0 0 0 0 0 0 To t a l I n t e r e s t E x p e n s e 00 0 0 0 0 0 0 0 0 0 0 0 Sa n M a r c o s , T X 6 / 2 0 / 2 0 0 6 17 3 U n i t s 5 5 3 B e d s Se p - 0 6 O c t - 0 6 N o v - 0 6 D e c - 0 6 J a n - 0 7 F e b - 0 7 M a r - 0 7 A p r - 0 7 M a y - 0 7 J u n - 0 7 J u l - 0 7 A u g - 0 7 T o t a l s Oc c u p a n c y 9 5 % 9 5 % 9 5 % 9 5 % 9 4 % 9 4 % 9 4 % 9 4 % 9 2 % 9 1 % 9 1 % 9 1 % 93% Th e R i d g e @ S a n M a r c o s 95 1 0 F u r n i t u r e 7 , 0 0 0 00 0 0 0 0 0 0 0 8,000015,000 95 1 5 H V A C 1 , 0 0 0 5 0 0 0 5 0 0 5 0 0 0 0 0 1 , 5 0 0 1 , 0 0 0 1 , 0 0 0 1 , 0 0 0 7 , 0 0 0 95 2 0 L a n d s c a p e 00 0 0 0 0 2, 5 0 0 00 0 0 0 2,500 95 3 0 S i g n a g e 00 0 0 0 0 0 0 0 0 0 0 0 95 5 5 C a r p e t 2 0 , 0 0 0 00 0 0 1, 0 0 0 0 0 0 2 , 0 0 0 0 5 , 0 0 0 2 8 , 0 0 0 95 7 0 C o u n t e r t o p s 2 0 0 00 0 0 0 0 0 0 0 0 2 0 0 4 0 0 95 7 5 D o o r s 5 0 0 00 0 0 2 0 0 0 0 0 2 0 0 0 5 0 0 1,400 95 8 0 L i g h t F i x t u r e s 1 0 0 00 0 0 0 0 0 0 0 0 4 0 0 5 0 0 95 9 0 B l i n d s 2 5 0 00 0 0 1 0 0 0 0 0 1 0 0 0 7 5 0 1,200 96 0 0 P l u m b i n g 00 0 0 2 5 0 0 0 0 0 0 2 5 0 0 5 0 0 96 0 5 R e c r e a t i o n s F a c i l i t i e s 0 0 2 , 5 0 0 00 0 0 0 0 0 0 0 2,500 96 1 0 S e c u r i t y S y s t e m 00 0 0 0 0 0 0 0 0 0 0 0 96 2 0 V i n y l 2 0 0 0 0 0 5 0 0 0 0 5 0 0 0 3 0 0 6 0 0 96 3 0 C e i l i n g F a n s 00 0 0 1 0 0 0 0 0 0 0 0 2 5 0 3 5 0 96 3 5 A p p l i a n c e s 1 , 0 0 0 0 5 0 0 0 1 , 0 0 0 0 5 0 0 0 1 , 0 0 0 0 5 0 0 1 , 0 0 0 5 , 5 0 0 96 4 5 R e i m b u r s e m e n t s 00 0 0 0 0 0 0 0 0 0 0 0 96 5 0 R e p l a c e m e n t s - O t h e r 0 5 , 0 0 0 00 0 0 0 0 0 0 0 10,00015,000 To t a l R e p l a c e m e n t s 3 0 , 2 5 0 5 , 5 0 0 3 , 0 0 0 5 0 0 1 , 9 0 0 1 , 3 0 0 3 , 0 0 0 0 2 , 5 5 0 3 , 3 0 0 9 , 7 5 0 1 9 , 4 0 0 8 0 , 4 5 0 98 2 7 S t a r t - u p C o s t s 00 0 0 0 0 0 0 0 0 0 0 0 St a r t - u p C o s t s 00 0 0 0 0 0 0 0 0 0 0 0 98 6 0 B a s i c P r o g r a m A d m i n i s t a t o r F e e 00 0 0 0 0 0 0 0 0 0 0 0 Is s u r e r ' s F e e 8 3 3 8 3 3 8 3 3 8 3 3 8 3 3 8 3 3 8 3 3 8 3 3 8 3 3 8 3 3 8 3 3 8 3 7 1 0 , 0 0 0 99 0 0 T a x R e t u r n P r e p F e e s 00 0 0 0 0 0 0 0 0 0 0 0 99 0 4 A s s e t M a n a g e m e n t F e e s 00 0 0 0 0 0 0 0 0 0 0 0 99 0 6 S e r v i c e F e e s 1 , 1 5 1 1 , 1 5 1 1 , 1 5 1 1 , 1 5 1 1 , 1 5 1 1 , 1 5 1 1 , 1 5 1 1 , 1 5 1 1 , 1 5 1 1 , 1 5 1 1 , 1 5 1 1 , 1 5 1 1 3 , 8 1 2 99 1 5 T r u s t e e a n d I s s u e r e e s 4 1 7 4 1 7 4 1 7 4 1 7 4 1 7 4 1 7 4 1 7 4 1 7 4 1 6 4 1 6 4 1 6 4 1 6 5 , 0 0 0 To t a l O t h e r E x p e n s e 2 , 4 0 1 2 , 4 0 1 2 , 4 0 1 2 , 4 0 1 2 , 4 0 1 2 , 4 0 1 2 , 4 0 1 2 , 4 0 1 2 , 4 0 0 2 , 4 0 0 2 , 4 0 0 2 , 4 0 4 2 8 , 8 1 2 Op e r a t i n g R e s e r v e 00 0 0 0 0 0 0 0 0 0 0 0 To t a l S u s p e n s e 00 0 0 0 0 0 0 0 0 0 0 0 To t a l N o n - o p e r a t i n g E x p e n s e s 3 2 , 6 5 1 7 , 9 0 1 5 , 4 0 1 2 , 9 0 1 4 , 3 0 1 3 , 7 0 1 5 , 4 0 1 2 , 4 0 1 4 , 9 5 0 5 , 7 0 0 1 2 , 1 5 0 2 1 , 8 0 4 1 0 9 , 2 6 2 CA S H F L O W ( 3 2 , 3 6 2 ) 9 9 , 9 8 7 8 5 , 8 4 7 9 7 , 2 3 1 1 0 4 , 1 9 1 1 0 4 , 2 1 4 9 9 , 9 3 6 1 0 7 , 5 0 1 9 4 , 6 2 4 9 4 , 9 8 0 9 5 , 8 8 8 8 5 , 7 3 0 1 , 0 2 9 , 7 6 8