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2003-2004 Budget Ballpark 2003 Budget Jefferson Commons — UT Ballpark Austin , Texas Jeffers®n Commons-Austin 2003 Budget Executive Summary Occupancy Jefferson Commons-Austin is currently 93%occupied for the 2002-2003 academic year. The 2003 budget projects a Fall occupancy of 94%for an annual occupancy of 94%. Market conditions are improving in the Riverside sub- market and the recovery of the conventional market will aid our efforts in achieving this occupancy goal. Rents Average rents proposed in the 2003 budget are$517 per bed,which is inclusive of the Common Area Fee formerly charged. For marketing purposes,JPI has eliminated this fee at all of its Student Living Communities. Same-store rent growth from 2002-2003 including concessions is 2.78%. Other Income Other income in 2003 is budgeted to be$312,625. 2003 proposed fees include: Application Fee:$35 Administrative Fee: $75 Security Deposit: $125/$225 Relet Fee: $200 Carport:$25 Total Income in 2003 is projected to be$4,551,430. Renewal Program Renewal letters will be sent to each resident offering the option to renew at a$10 discount below proposed market rates. The resident is guaranteed their current bedroom if they sign during this renewal period. Additional concessions have been budgeted as leasing incentives in order to compete with new apartment communities. Expenses Total operating expenses for 2003 are$1,241,199 compared to an annualized 2002 operating expense total of $1,095,002. This expense growth reflects a 13.3%increase in operating expenses. The largest increases occur in Personnel Expense and Insurance and are due to increases in insurance premiums for staff and for the actual property. lNOI 2003 NOI is projected to be$3,310,231. This is a 4.32%increase over 2002 annualized actual NOI. Other Expenses Interest and Principal Expense: $2,276,336 is included for monthly and quarterly interest and principal payments of the Series A bonds. $195,713 is included for payment of principal and interest of the Series B bonds. Series C bond payments of principal and interest is paid from 49%of the cash flow after all other expenses have been paid. This amount came to$200,441 for 2003. Reserves:$12,800 has been itemized each month for Replacement Reserves(annual total of$153,600).Budgeted reserve expenses of$49,750 are also included for a net of$103,850. Item Montle Ex ease Carpets May/August $31,200 HVAC Replacement March $350 Blinds August $300 Vinyl August $100 Ceiling Fans August $300 Other Various $17,500 Total $49,750 Trustee Fee: $5,000 has been included in other expenses for the trustee fee. Program Administrator Fee: $30,000 has been included as an accrual for the annual Program Administrator Fee. This expense is included in partnership expense. Asset Management Fee:Per the asset management agreement,$6,500 per month has been included for asset management fees. Remainder of Property Management Fee:A portion of the monthly Property Management Fee has been allocated below the line. This fee totals$8,330 per month($99,960 total)and accounts for 33%of the total Property Management Fee. (This item is accounted for in the start-up expense line item.) Net Cash Flow Net Cash Flow,after all necessary adjustments and accruals, is$269,081for 2003. O �5 n O f -c� r'� "R "t r-: I'! 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E u u 'A u 3 z z 10:25 AM 10252002 JPI NIULITFAMILY,INC. 2003 OPERATING BUDGET DETAIL SUMMARY Jefferson Commons at the Ballpark Number of Beds: 768 Project Net Rentable Sq.Ft.: 250,218 iect Number: 3026700 2003 2003 Per Jan-03 Feb-03 Mar-03 Apr-03 May-03 Sun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 BudgetTotal Bed RENTAL INCOME 4025 Scheduled Rent Income $399,042 $399,042 $399,042 $399,042 $399,042 $399,042 $399,042 $399,042 $399,042 $399,042 $399,042 $399,042 $4,788,504 $519.59 4030 Gain(Loss)to Lease (16,128) (16,105) (16,105) (16,105) (15,887) (15,887) (15,887) (1,710) (1,710) (1,710) (1,710) (1,710) (120,655) ($13-09) 4050 Vacancy Loss (24,393) (20,996) (21,255) (21,255) (23,329) (25,402) (25,402) (25,323) (25,109) (26,584) (28,058) (28,058) (2951163) ($32.03) 4065 Non-Revenue Beds 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 4060 Lease Concessions (450) (899) (899) (899) (899) (899) (899) (2I,415) (4I,930) (20,965) 0 0 (90,153) ($9.78) 4082 Write Off (3,585) (3,619) (3,617) (3,617) (3,598) (3,578) (3,578) (3,720) (3,722) (3,707) (3,693) (3,693) (43,727) ($4-74) 4075 Accelerated Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 4080 Write-Offs Accelerated Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 4040 MTM Rent Premium 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 4045 Rent Premium-Short Term 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 Total Rental Income $354,486 $357,422 $357,166 $357,166 $355,329 $353,276 $353,276 $346,875 $326,570 $346,076 $365,582 $365,582 $4,238,806 $459.94 OTHER INCOME 4095-00001 Garage/Carport Rent $7,080 $7,080 $7,080 $7,080 $7.080 $7,080 $7,080 $7,080 $7,080 $7,080 $7,080 $7,080 $84,960 $922 4095-00002 Garage/Carport Rent Concessions 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4095-00003 Garage/Carport Rent Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4105 Pet Fees/Rent/Non-Refd.Dep. 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4110 Sensor Program Amenities Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4115-00001 Storage Rental Income 2,105 2,105 2,105 2,105 2,105 2,105 2,105 2,105 2,105 2,105 2,105 2,105 25,263 2.74 4125 Washer/DryerRent 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 Washer/Dryer Rent Concessions(acct.4125) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 Washer/Dryer Expense(acct.4125) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4135 Scholarship Rent 8,218 8,218 8,218 8,218 8,218 8,218 8,218 8,218 8,218 8,218 8,218 8,218 98,611 10.70 4145 Laundry Facility Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4155 Vending Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0.13 4160 Telephone/Cable/Alann 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5427 Utility Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4170 Car Wash Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 Car Wash Expense(acct.4170) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5 Application Fees 2,384 2,384 2,384 2,384 2,384 2,384 2,384 2,384 0 0 0 0 19,075 2.07 4177 Application Fee Expense (954) (954) (954) (954) (954) (954) (954) (954) 0 0 0 0 (7,630) (0.83) 4185 Cancellation Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4187 Write-offs Cancellation Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4190 Relet Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4200 NSF Fees 420 450 450 450 450 420 420 420 420 420 420 420 5,160 0.56 4205 Late Fees 2,840 2,920 2,920 2,920 2,920 2,880 2,880 2,880 2,840 2,840 2,840 2,840 34,520 3.75 4210 Access Card Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4215 Damages 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4215-00002 Damages-Carpet 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4215-00001 Write-offs-Damages 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4217 Non-Refundable Redecorating Fees 7,471 7,471 7,471 7,471 7,471 7,471 7,471 0 0 0 0 0 52,300 5.67 4220 Forfeited Deposits 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4305 Miscellaneous Resident Charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4510 Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4515 Interest Income Escrow 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4525 Interest Income Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4520 Notes Receivable 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4160-00001 Telephone Units Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 Telephone Units Expense(acct.4160-000( 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4160-00002 Cable Units Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 Cable Units Expense(acct.4160-00002) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 10252002 10:25 AM Lm.Item Summary Page l/7 JPI MULITFAMILY,INC 1025 AM 1025n_w2 2003 OPERATING BUDGET DETAIL SUMMARY Jefferson Commons at the Ballpark Number of Beds: 768 Project Net Rentable Sq.Ft-: 250,218 °'aject Number: 3026700 2003 2003 Per Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug 03 Sep-03 Oct-03 Nov-03 Dec-03 BudgetTotal Bed 4247 Water&Sewer Units Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 Water&Sewer Units Expense(acct 4247) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 SH-Long Distance Revenue(acct.4305) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4255-00001 Commom Area Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4255-00002 Common Area Fee Concessions 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4260 Lease Violations Income 200 200 200 200 200 200 200 200 200 200 200 200 2,400 0.26 4311 Write-offs Other Income (308) (309) (309) (309) (309) (309) (309) (234) (210) (210) (210) (210) (3,235) (035) Total Other Income $29,557 $29,666 $29,666 $29,666 $29,666 $29,596 $29,596 $22,200 $20,753 $20,753 $20,753 $20,753 $312,625 $33.92 TOTAL INCOME $384,043 $387,088 $386,831 $386,831 $384,995 $382,873 $382,873 $369,074 $347,324 $366,829 $386,335 $386,335 $4,551,430 $5,926 PERSONNEL EXPENSE 5023 Salaries-Management $12,736 $12,736 $12,736 $12,736 $12,736 $12,736 $12,736 $12,736 $12,736 $12,736 $12,736 $12,736 $152,830 $199.00 5046 Overtime-Management 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5047 Overtime-Service 459 459 459 459 459 459 459 459 459 459 459 459 5,508 7.17 5025 Hourly Wages-Service 4,937 4,937 4,937 4,937 4,937 4,937 4,937 4,937 4,937 4,937 4,937 4,937 59,244 77.14 5026 Hourly Wages-Housekeeping 1,560 1,560 1,560 1,560 1,560 1,560 1,560 1,560 1,560 1,560 1,560 1,560 18,720 24.38 5061 Temporary Employment-Mgt, 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5062 Temporary Employment-Sere. 0 0 0 0 0 0 0 1,600 1,600 0 0 0 3,200 4.17 5190 Leasing Cotmnissions 2,614 2,614 2,614 2,614 2,614 2,614 2,614 2,614 0 0 0 0 20,910 27.23 5080 Payroll Taxes 1,886 1,840 1,701 1,588 1,529 1,507 1,507 3,547 1,507 1,507 1,507 1,507 21,133 27.52 5090 Group Insurance 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2500 2,500 2,500 2,500 2,500 30,000 39.06 5100 Workers Compensation 668 668 668 668 668 668 668 668 668 668 668 668 8,016 10.44 5105 Employer 401k Contribution 295 295 295 295 295 295 295 295 295 295 295 295 3,540 4.61 5110 Other Benefits 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 4085 Employee Rent Discount 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5114 Uniforms 0 0 480 0 0 0 0 0 480 0 0 0 960 1.25 5146 Employee Screening Fees 0 0 325 0 0 325 0 325 0 0 325 0 1,300 1.69 5147 Employment Fees and Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5148 Employee Moving Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 49 Help Wanted Newspaper Ads 100 0 0 100 0 0 100 0 0 100 0 0 400 0.52 `.7 Other Personnel Expense 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 $33,000 $4197 !Total Personnel Expense $30,505 $30,359 $31,025 $30,207 $30,048 $30,351 $30,126 $33,99I $29,492 $27,512 $27,737 $27,412 $358,761 $467.14 CONTRACT SERVICES 6110 Exterminating $422 $422 $422 $422 $422 $422 $422 $422 $422 $422 $422 $422 $5,064 $6.59 6115 Landscape Contract 2,750 2,750 2,750 7,734 2,750 2,750 2,750 2,750 7,734 2,750 2,750 2,750 42,968 55.95 6120 Ponds/Lake/Fount.-Comr. 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6125 Pool Contract 100 100 300 300 300 300 300 300 300 100 100 100 2,600 3.39 6130 Protection Services Contract 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6135 Snow/Ice Removal Contract 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6140 Elevator Maintenance Contract 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6145 Cleaning 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4.69 6150 Other Contract Services 250 250 250 250 250 250 250 250 250 250 250 250 3,000 3.91 Total Contract Services $3,822 $3,822 $4,022 $9,006 $4,022 $4,022 $4,022 $4,022 $9,006 $3,822 $3,822 $3,822 $57,232 $74.52 UTILITIES 5411 Electricity-House $3,784 $3,784 $3,784 $3,784 $3,784 $3,784 $3,784 $3,784 $3,784 $3,784 $3,784 $3,784 $45,408 $59.13 5413 Electricity-Vacant 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5412 Electricity-Models 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5456 Gas 276 276 276 276 276 276 276 276 276 276 276 276 3,312 4.31 1025/2002 10:25 AM Line 11-Summary Page 2/7 1025 AM 10/_52002 JPI MULITFAMILY,INC. 2003 OPERATING BUDGET DETAIL SUMMARY Jefferson Commons at the Ballpark Number of Beds: 768 Project Net Rentable Sq.FL: 250,218 iject Number: 3026700 2003 2003 Per Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 BudgetTotal Bed 5458 Gas-Vacant 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5436 Water/Sewer 5,467 57467 5,467 5,467 5,467 5,467 5,467 5,467 5,467 5,467 5,467 5,467 65,604 85.42 5438 Water/Sewer Vacants 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5475 Refuse Removal 1,000 1,000 1,000 1,000 1,000 1,000 1,000 2,460 2,000 1,000 1,000 1,000 14,460 18.83 5515 Resident Telephone Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5442 Resident Water 2,688 1688 2,688 2,688 2,688 2,688 2,688 2,688 2,688 2,688 2,688 2,688 32,256 42.00 5525 Resident Internet 8,448 8,448 8,448 8,448 8,448 8,448 8,448 8,708 8,448 8,448 8,448 8,448 101,636 132.34 Resident Electricity(acct.5413) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5414 Utility Reimbursement/Electricity 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5515 Utility Reimbursement/Water&Sewer 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5515 Telephone Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5505 Cable 7,014 7,014 7,014 7,014 7,014 7,014 7,014 7,014 7,014 7,014 7,014 7,014 84,168 109.59 5520 Other Fuels/Diesel 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 Total Utilities $28,677 $28,677 $28,677 $28,677 $28,677 $28,677 $28,677 $30,397 $29,677 $28,677 $28,677 $28,677 $346,844 $451.62 INTERIOR MAINTENANCE 6160 Alarm System Repair $263 $253 $253 $253 $263 $253 $253 $253 $253 $253 $253 $253 $3, $3.98 321 6165 Appliance Repair 27 27 27 27 27 24 27 27 27 27 27 27 321 0.42 6170 Cable TV Repair 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6175 Counter Repair 0 0 0 0 0 0 0 0 0 0 0 0 0 0-00 6225 Elevator Repairs 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6180 Fireplace Repair 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6230 Interior Corridor 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6185 Interior Electrical Repair 150 150 0 0 0 0 0 0 0 0 150 150 600 0.78 6190 Interior Light Bulbs 60 60 60 60 60 60 60 60 60 60 60 60 720 0.94 6195 Interior Paint 0 0 25 0 0 25 0 0 25 0 0 25 100 0.13 6265 Interior Repairs 165 165 165 165 165 165 165 165 165 165 165 165 1,980 2.58 6205 Interior Sheetrock Repair 80 80 80 80 80 80 80 80 80 80 80 80 960 125 6210 Interior Vinyl&Tile 25 0 0 0 25 0 0 0 25 0 0 0 75 0.10 6235 Janitorial Supplies 70 70 70 70 70 70 70 70 70 70 70 70 840 1.09 6240 Window Covering Repair 40 40 40 40 40 40 40 40 40 40 40 40 480 0.63 `15 Plumbing Repair 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1.56 45 Recreation Facilities Repair 25 25 100 425 25 100 25 25 25 100 25 25 925 1.20 Wallpaper Repair(acct.6195) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6200 Carpet Cleaning/Repair/Dyes 105 55 55 105 55 105 55 105 105 55 55 105 960 1.25 6250 Locks and Keys 71 36 46 61 46 61 46 61 46 61 46 61 642 0.84 6265 Other Interior Maintenance 98 98 98 98 98 98 98 98 98 98 98 98 1,176 1.53 4215 Tenant Reimbursement Saint Housing 0 0 0 0 0 0 0 0 0 0 0 0 0 0-00 Tenant Reimb.-Collection Loss 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 Total Interior Maintenance $1,279 $1,159 $1,119 $1,484 $1,054 $1,181 $1,019 $1,084 $1,119 $1,109 $1,169 $1,259 $14,035 $18.27 EXTERIOR MAINTENANCE 6275 Pool&Spa Supplies $50 $50 $100 $100 $500 $100 $100 $100 $100 $50 $50 $50 $1,350 $1.76 Pool In-House(acct.6275) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6280 Golf Cart Repair 25 25 155 25 25 25 155 25 155 25 25 25 690 0.90 6285 HVAC Repair/Maintenance 200 200 50 50 300 200 200 1,602 200 50 200 200 3,452 4.49 Boiler Parts and Repairs(acct.6285) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6290 Landscape Supplies 0 100 100 100 100 100 100 100 100 100 0 0 900 1.17 6295 Ponds/Lakes/Fount.R&M 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6145 Contract Cleaning 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6305 Exterior Walls 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6310 Roof Repairs 0 0 0 0 0 0 0 0 0 0 0 0 0 0-00 6315 Windows and Screens 0 250 0 0 250 250 250 0 0 0 0 0 1,000 1.30 10252002 10:25 AM Lice Item Summary Page 317 1025 AM 10252002 JPI NIULITFAMILY,INC. 2003 OPERATING BUDGET DETAIL SUMMARY Jefferson Commons at the Ballpark Number of Beds: 768 Project Net Rentable Sq.Ft.: 250,218 °,ject Number: 3026700 2003 2003 Per Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 BudgetTotal Bed 6370 Other Exterior Repairs/Maint. 75 75 75 75 75 75 75 75 75 75 75 75 900 1.17 6320 Exterior Paint 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6325 Exterior/Garage Elect.Repair 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6330 Exterior Light Bulbs 65 0 65 0 65 4,030 65 0 65 0 65 0 4,420 5.76 6345 Access Gate Repair 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6350 Walks&Parking Lots 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6355 Garage/Carport R&M 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6360 Tools&Equipment 25 25 25 25 25 25 25 25 25 25 25 25 300 0.39 6335 Exterior Plumbing 0 0 0 0 300 0 0 0 0 0 0 0 300 0.39 6365 Fence Repair 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 Total Exterior Maintenance $440 $725 $570 $375 $1,640 $4,805 $970 $1,927 $720 $325 $440 $375 $13,312 $17.33 Total R&M(Does not include Cont.Serv.) $1,719 $1,884 $1,689 $1,859 $2,694 $5,986 $1,989 $3,021 $1,839 $1,434 $1,609 $1,634 $27,347 $35.61 TURNOVER EXPENSE 6380 Interior Repairs $0 $8 $8 $0 $60 $60 $0 $3,855 $3,855 $0 $0 $0 $7,845 $10.21 6385 Interior Repairs-Reimbursement 0 (4) (4) 0 (30) (30) 0 (1,928) (1,928) 0 0 0 (3,923) (5.11) 6390 Carpet Cleaning 0 18 18 0 140 140 0 8,995 8,995 0 0 0 18,305 23.83 6395 Carpet Cleaning-Reimbursement 0 (11) (11) 0 (84) (84) 0 (5,397) (5,397) 0 0 0 (10,983) (14.30) 6405 General Cleaning 0 23 23 0 180 180 0 11,565 11,565 0 0 0 23,535 30.64 6410 General Cleaning-Reimbursement 0 (15) (15) 0 (117) (117) 0 (7,517) (7,517) 0 0 0 (15,298) (19.92) 6415 Interior Paint 0 40 40 0 320 320 0 20,560 20,560 0 0 0 41,840 54.48 6420 Interior Paint-Reimbursement 0 (16) (16) 0 (128) (128) 0 (8,224) (8,224) 0 0 0 (16,736) (21.79) 6425 Appliance Repair 0 0 0 0 0 0 0 600 600 0 0 0 1,200 1.56 6430 Lock/Keys 0 0 0 0 0 0 0 500 0 0 0 0 500 0.65 6435 Interior Light Bulbs 0 0 0 0 0 0 250 850 600 0 0 0 1,700 2-21 6440 Window Covering Repair 0 0 0 0 0 0 600 600 0 0 0 0 1,200 1.56 6445 Tenant Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6450 Write-Offsfrenant Reimbursement 0 34 34 0 269 269 0 17,299 17,299 0 0 0 35,204 45.84 Total Turnover Expense $0 $76 $76 $0 $610 $610 $850 $41,759 $40,409 $0 $0 $0 $84,390 $109.88 0 0.00 ADVERTISING & PROMOTION 6640 Traffic Counter $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0.00 6645 Locator Fees 0 0 0 0 0 0 0 3,897 0 0 0 0 3,897 5.07 6650 Locator Relations 0 0 150 0 0 0 0 0 0 0 0 0 150 0.20 6655 Resident Relations 142 100 100 100 100 100 100 3,527 100 100 100 100 4,669 6.08 6656 Resident Functions 200 125 0 0 125 125 125 0 1,000 0 800 0 2,500 3.26 6657 Resident Referrals 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6670 Newspaper 1,200 1,200 1.200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400 18.75 6675 Magazines 600 0 0 0 0 0 0 0 0 0 0 0 600 0.78 6677 Yellow Pages 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6680 Billboards 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6685 Brochure Advertising 0 0 250 0 250 0 0 0 0 0 0 0 500 0.65 6690 Direct Mail 0 0 0 707 0 0 0 0 0 0 0 0 707 0.92 6695 Apartment Guides 342 342 342 342 342 342 342 342 342 342 342 342 4,104 5.34 6700 Signage/Sign Placement 0 0 700 0 0 0 0 0 0 0 0 0 700 091 6625 Newsletters 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6705 Radio/TV 0 0 1,300 0 0 0 1,300 0 0 0 0 0 2,600 3.39 6735 Video Marketing 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 6715 Internet Advertising 225 225 225 225 225 225 225 225 225 225 225 225 2,700 3.52 6720 Model Apartment Expenses 20 20 20 20 20 20 20 20 20 20 20 20 240 0.31 6725 Flags/Banners/Mats 0 0 800 0 0 300 100 0 300 0 0 300 1,800 2.34 10252002 10:25 AM Line twin Summary Page 4/7 1025 AM 10252002 JPI MULITFAMILY,INC. 2003 OPERATING BUDGET DETAIL SUIMMARY Jefferson Commons at the Ballpark Number of Beds: 768 Project Net Rentable Sq.Ft.: 250,218 iect Number: 3026700 2003 2003 Per Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 BudgetTotal Bed 6730 Office Refreshments 75 75 75 75 75 75 75 75 75 75 75 75 900 1.17 Other Advertising&Marketing(acct.6735) 365 365 365 365 365 365 365 370 365 365 365 365 4,385 5.71 6658 Campus Events 0 1,000 2,000 1.000 1,000 0 0 0 0 0 0 0 5,000 6.51 COOP Advertising Reimbursement(acct.6735 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 Total Advertising&Promotion $3,169 $3,452 $7,527 $4,034 $3,702 $2.752 $3,852 $9,656 $1627 $2,327 $3,127 $2,627 $49.852 $64.91 ADMINISTRATION 5838 Bank Charges $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0.00 5855 Common Facility Dues 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5820 Computer Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5847 Copier/Fax Expense 600 225 225 225 225 225 600 600 225 225 225 225 3,825 4.98 5887 Employee Training/Education 25 25 25 25 25 25 25 25 25 25 25 25 300 0.39 7960 Employee Relations 50 50 50 50 50 50 50 50 50 50 50 50 600 0.78 6910 Legal and Professional 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2.34 5852 Licenses/Permits/Fees 0 0 0 0 0 0 500 0 0 0 0 0 500 0.65 5845 Fire Alarm Inspection 0 0 0 0 0 0 0 4,500 0 0 0 0 4,500 5.86 7210 Employee Travel/Mileage Reimb. 20 20 20 20 20 20 20 20 20 20 20 20 240 0.31 5860 Apartment Assoc.Functions 0 0 0 0 0 0 0 0 0 0 0 0 0 5843 Office Decorations 100 0 0 0 0 140 0 0 0 0 0 0 200 0.26 5842 Office Supplies 100 100 100 100 100 100 400 100 100 100 100 100 1,500 1.95 5805 Postage/Courier/Freight 514 514 664 514 514 514 664 514 514 514 514 514 6,468 8.42 5846 Printing and Stationary 100 100 100 100 100 100 500 100 100 100 100 100 1,600 2.08 5865 Security I Alarm Response 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5841 Storage/Office Fum.Rental 0 0 0 0 0 0 0 0 0 0 0 0 0 0-00 5656 Telephone-Base I,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 15.63 5657 Telephone-Long Distance 500 500 500 500 500 500 500 500 500 500 500 500 6,000 7.81 5665 Answering Service/Pagers 125 125 125 125 125 125 125 125 125 125 125 125 1,500 1.95 5844 Safety Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 5839 Employee Evaluations 100 0 100 0 100 0 100 0 0 0 0 0 400 0.52 5890 Other Administrative Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 al Administration Expense $3,384 $2,809 $3,059 $2,809 $2,909 $2,909 $4,634 $7,684 $2,809 $2,809 $2,809 $2,809 $41,433 $53.95 MANAGEMENT FEE 7420 Property Management Fee $16,170 $16,170 $16,170 $16,170 $16,170 $16,170 $16,170 $16,170 $16,170 $16,170 $16,170 $16,170 $194,040 $252.66 Total Management Fee $16,170 $16,170 $16,I70 $16,170 $16,170 $16,170 $16,170 $16,170 $16,170 $16,170 $16,170 $16,170 $194,040 $252.66 INSURANCE 7510 Property Insurance $6,022 $6,022 $6,022 $6,022 $6,022 $6,022 $7,528 $7,528 $7,528 $7,528 $7,528 $7,528 $81,300 $105.86 Totallnsurance $6,022 $6,022 $6,022 $6,022 $6,022 $6,022 $7,528 $7,528 $7,528 $7,528 $7,528 $7,528 $81,300 $105.86 TOTAL OPERATING EXPENSES $93,468 $93,271 $98,267 $98,784 $94,854 $97,499 $97,848 $154,217 $140,556 $90,279 $91,479 $90,679 $1,241,199 $1,616.14 NET OPERATING INCOME $290,575 $293,817 $288,565 $288,048 $290,141 $285,374 $285,025 $214,857 $206,767 $276,550 $294,856 $295,656 $3,310,231 $4,310.20 Total Of'99 Budget&Actual Accounts Not Included Above DEBT SERVICE-See Notes Below 2350 Principal Payment-Not in Total Debt Sery $189,695 $189,695 $189,695 $189,695 $189,695 $189,695 $189,695 $189,695 $189,695 $189,695 $189,695 $189,695 $2,276,336 9425 Interest Payment-Construction 16,309 16,309 16,309 16,309 16,309 16,309 16,309 16,309 16.309 16,309 16,309 16,309 195,713 254.83 10252002 10:25 AM Lane Item Summary Page 5 t 7 10:25 AM I0/252002 JPI MULITFAMILY,INC. 2003 OPERATING BUDGET DETAIL SUMMARY Jefferson Commons at the Ballpark Number of Beds: 768 Project Net Rentable Sq.Ft.: 250,218 eject Number: 3026700 2003 2003 Per Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 BudgetTotal Bed 9410 Interest Payment-Permanent 16,703 16,703 16,703 16,703 16,703 16,703 16,703 16,703 16,703 16,703 16,703 16,703 200,441 260.99 9426 Interest Payment-Construction(Second) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9415 Interest Payment-Permanent(Second) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 Total Debt Service $33,013 $33,013 $33,013 $33,013 $33,013 $33,013 $33,013 $33,013 $33,013 $33,013 $33,013 $33,013 $396,154 $516 RESERVES Reserves $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $153,600 $200.00 Total Reserves $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $12,800 $153,600 $200.00 START- UP EXPENSE 9830-25150000 Start-Up Marketing Exp. $8.330 $8,330 $8,330 $8,330 $8,330 $8,330 $8,330 $8,330 $8,330 $8.330 $8,330 $8,330 $99,960 $130.16 Total Start-Up Expense $8,330 $8,330 $8,330 $8,330 $8,330 $8,330 $8,330 $8,330 $8,330 $8,330 $8,330 $8,330 $99,960 $130.16 CAPITAL EXPENSE 9510 Exterior-Paint $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0.00 9515 HVAC 0 0 350 0 0 0 0 0 0 0 0 0 350 0.46 9520 Landscape 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9525 Paving 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9530 Signage 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9535 Structural Building Repair 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9540 Gutter and Downspouts 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9545 Slab/Masonry 0 0 0 0 0 0 0 0 0 0 0 0 0 0-00 9550 Cabinets 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9555 Carpets 0 0 0 0 400 0 0 30,800 0 0 0 0 31,200 40.63 9565 Ceramic Tile/Hearths 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9570 Countertops 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9575 Doors 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9580 Light Fixtures 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9585 Mats 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 90 Blinds 0 0 0 0 0 0 0 300 0 0 0 0 300 0.39 .+95 Model Cost 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9600 Plumbing 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9605 Recreation Facilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9610 Security System 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9615 Subfloor Replacement 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9620 Vinyl 0 0 0 0 0 0 0 100 0 0 0 0 100 0.13 9625 Wallpaper 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9630 Ceiling Fans 0 0 0 0 0 0 0 300 0 0 0 0 300 039 9635 Appliances 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 9645 Transportation 0 (2,500) 0 (350) 0 (400) 0 (15,000) (31,500) 0 0 0 (49,750) (64.78) 9650 Other 2,500 0 0 0 0 0 15,000 0 0 0 0 0 17,500 22.79 Total Capital $2,500 ($2,500) $350 ($350) $400 ($400) $15,000 $16,500 ($31,500) $0 $0 $0 $0 $0.00 OTHER EXPENSE 9900 Tax Return Prep Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0.00 9904-00002 Asset Management Fee 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 78,000 101.56 9906 Partnership Expense-Other 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 39.06 7814 Other Expense 417 417 417 417 417 417 417 417 417 417 417 417 5,000 6.51 9810 Performance Bonus-NOT BUDGETED 0.00 Total Other Expense $9.417 $9,417 $9,417 $9,417 $9,427 $9,417 $9.417 $9,417 $9,417 $9,417 $9,417 $9,417 $113,000 $147.14 10252002 10:25 AM _ Liu.Item Summary Page 6 t 7 10:25 AM 10/2512002 JPI MULITFAMILY,INC. 2003 OPERATING BUDGET DETAIL SUMMARY Jefferson Commons at the Ballpark Number of Beds: 768 Project Net Rentable Sq.Ft: 250,218 Project Number: 3026700 2003 2003 Per Ian-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 BudgetTotal Bed NCF(Before Cash Adj.) $224,516 $232,758 $224,655 $224,838 $226,181 $222,214 $206,465 $134,798 $174,708 $212,491 $231,297 $232,097 $2,547,517 $3,317.08 NOTES. 1) Debt Service Total does not include prinicpal payments. Total OV99 Budget&Actual Accounts Not Included Above Actual Debt Service does not include Int Exp-Intercompany or Deferred Financing Expense. 10/25/2002 10:25 AM Line Item Summ:vy Ngc 7/7 Jefferson Commons-UT Rent Recommendations �fall 2OO2 - Proposed : 2003 Percent Percent Effective- -Average Proposed Market increase from increase Number of Number of 3002 Rent+ Effective Starting Current Max Mini. Median Lease Starting Renewal Rent averagelease from Median Students Average Max Students Average,. 2O02 Effective Mia Rent Rent. LitTyp6 Beds %of Total-._.Rent .'Rent„ Rent Rent Rent Rate lease Rate Lease"Rate'. UPM .;Growth rate Rents. increased increase Increase;. Decreased Decrease ,Concessions. Rent Growth ""Growth .Comments A2,A3(ST) 54 7% S 655 S 660 S 678 S 611 S 660 5 671 $ 690 s 680 S 564 2,8% 2.80% 4.49% 54 S 21.21 S 78.61 0 S - s - S 670.83 S 689.61 2.80% At(1-1) 24 3% s 705 S 715 S 730 S 700 S 710 S 708 $ 728 S 718 S 613 2.8% 2.80% 2.50% 21 S 10.63 S 2738 2 S (9.72) S - S 707.95 S 72718 2.80% B3(2-2) 48 6% $ 572 S 580 $ 646 S 565 S 572 S 575 $ 591 $ 581 S 508 2.8% 2.80% 3.37% 44 S 8.66 S 26.30 2 S (45.70) S 8 $ 567.68 5 583.58 4.16% C2(") 234 30% s 522 S 379 S 572 S 344 S 522 S 503 $ 517 s 507 S 475 2.8% 2.80% -0.95% 46 S 8104 S 173.02 159 S (16.91) S 7 S 495.87 S 509.76 4.27% Dl(4-2) 96 13% S 455 S 509 S 504 S 404 S 455 S 459 $ 460 s 450 S 414 2.8% 0.19% 1.12% 12 s 3.93 S 56.10 76 s (11.18) S 4 S 454.81 S 467.55 1.16% D4(4-4) 312 41% S 499 S 344 S 504 S 319 $ 495 S 452 $ 480 1 S 470 S 451 2.8% 6.15% -301% 108 S 98.30 S 161-10 162 S (27.35) $ 9 S 442.95 S 455.35 8.39% TotelsJA-ges 768 100% S 522 S 424 5 563 S 385 $ 521 $ 500 $ 518 s 508 $ 470 2.8% 3.73% -0,59% 285 S 67.49 S 173.02 401 S (20.82) $ 6.96 $ 492.66 S 506.45 5.20% Renewals` 'Proposed r..-Renewal 'Weighte C.onees$1O -_Unit Type, Rents Ratio. - d avg ns Effective,Rent.Growth Rate,. A2,A3(ST) S 680 25% 687.11 10.00 677.11 0.94% Al(1-1) $ 718 25% 72528 10.00 715.28 1.03% B3(2-2) S 581 25% 588.80 10.00 578.80 1.96% 02(33) S 507 25% 514.52 10.00 504.52 1.74% of(4-2) S 450 25% 457.60 1000 447.60 -1.59% D4(4-4) S 470 25% 477.60 1000 467.60 5.57% Totels/Avg S 508.27 25.00% S 515.77 S 10.DD $ 505.77 2.81% Number of increases/decreases based upon proposed starting renewal lease ales No concessions for renewals;hold off on any mM concessions until later. C L r o m o o v o m o v v co w o (D C N O r N O •- C�: W OJ of W OJ tD N V N N to N CO M V V M O O � O U 0] m £ C C) ® 0' d J N (OD V O U W W J cY4 .....C Z c F �,. S c a 7 W CL J m O t- u v v 1 m � - O d a o W ° a w v Q i ®' p O R• y rn O W N z W d O °> 6 N N N ti N O _ N iuL: �. 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W N Z J N N O O 'q: cli at F � O � ¢ O O O r 0 0 00 O O O O N r0 } R O M O O O Q N Q ¢ m a N Q Q ¢ m a N es Qm] O N ilk N \ u dUU5 u CLUU= z z O ri O c G oM R � Mo 0 0 _ L G � N C 72 - Z v c � c Q � Q c � Z y _ � l V ll M ¢1 1] G (4 a C c:i N ® O A U U U T 1 b y N (n N N N H vI e:} M +U z 0 - N x � X W U y �n a w N _ F 3 - . .t pg3 I 6 $ �2 3 t Z' s 3 a C U a m O r h � ti C➢ Z � }{ - m c I i 3 : Jefferson Commons at the Ballpark-Austin Marketing Summary Historically,Jefferson Commons at the Ballpark has performed very well, capturing enough traffic to reach budgeted occupancy percentage. In the 2001-2002 season,the asset found itself competing with other new development in the market. Essentially,the asset found itself in another"lease-up." Furthermore,post 9-11 market conditions found students migrating to conventional luxury assets located around the University of Texas. These luxury assets experienced higher vacancies and offered more lucrative concessions. Through extensive market research,including student focus groups,JPI coordinated a marketing campaign to increase community traffic and word-of-mouth advertising to reach market occupancy. During our 2002-2003 lease-up season,JPI will focus on two core areas to maintain name recognition, critical word-of-mouth advertising and resident retention efforts. Market trends indicate that students today are more focused on the perceived lifestyle they attain rather than the actual"value"they receive. JPIdeas,JPI Student Living's marketing department,builds their"Home is Where Your Friends Are" campaign around this market trend, specifically targeting student's desire for an active lifestyle their peers will envy. Leasing Strategies • Co-Op marketing efforts with local businesses/university • Apartment locator relations • Student newspaper advertising • Community bootleg signs • Apartment Guide and Student Guide advertisements • Internet advertising(implement improved community website) • Doubletree Hotel Guest Services book(introduces local businesses to visiting parents) • Distribution of flyers and snack bags to students on campus • Interior billboards (located in area restaurants/bars) • Peer-to-peer advertising • Student group sponsorships • Direct mailers • Radio campaign Resident Retention Strategies • Resident referral program • "Town hall"style meetings • Resident functions(breakfast-on-the-go, finals frenzy, spring break out,etc) • Video lending service • Targeted renewal campaign • Resident awareness sessions (debt reduction,time management, etc) • Seasonal activities Each month throughout the leasing season, a JPIdeas representative will conduct brainstorming meetings with the on-site manager and regional manager in order to re-line the marketing plan in accordance with market fluctuations.