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MONTHLY OWNER’S REPORT

MONTHLY OWNER’S REPORT. JEFFERSON VILLAGE. ORLANDO, FLORIDA. MAY 2011. TABLE OF CONTENTS. Executive Summary Community Monthly Summary Competition Comparison Variance Report Financial Statements. I. EXECUTIVE SUMMARY. Property Performance Overview

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MONTHLY OWNER’S REPORT

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  1. MONTHLY OWNER’S REPORT JEFFERSON VILLAGE ORLANDO, FLORIDA MAY 2011

  2. TABLE OF CONTENTS • Executive Summary • Community Monthly Summary • Competition Comparison • Variance Report • Financial Statements

  3. I. EXECUTIVE SUMMARY • Property Performance Overview • Jefferson Village completed the month of May with a 98.1% physical occupancy and 93.9% leased occupancy. The property completed the month of May with a Total NOI of $284,918. Vacancy losses for this month were $4,896. Delinquency at the end of May was $1,077 or 0.3% of Gross Rent Potential. • Sub Market Analysis • The average physical occupancy was 91.3% in May for the Orlando market while Jefferson Village concluded the month with a 98.1% physical occupancy. Closing ratios are not measurable during Fall lease-up as “wait-listed” leases do not show in MRI. Jefferson Village is currently 93.9% pre-leased for Fall 2011, with renewals accounting for 40.9% of the total.

  4. I. EXECUTIVE SUMMARY (Cont’d) • Operation and Marketing Strategy • Jefferson Village continued with strong Fall 2011/2012 leasing results. At the end of May the property was 93.9% pre-leased. Management implemented a $250 nonrefundable administration fee on May 25, 2011. Advertising sources for Jefferson Village include a full page ad in Knight Living Housing Guide, Campus Talk magazine, UCF Housing website, Collegerentals.com, Rent.com, Craigslist.com, Facebook.com. All prospects receive on tour a JV back pack that contains a t-shirt, sun glasses, lanyard, water bottle, bottle opener. The team at Jefferson Village will be attending Housing & Marketing Fairs on all campuses as they are scheduled through Freshman Orientations. • 30 Day Plan • Jefferson Village’s goal is to continue saturating the Orlando market with brochures, flyers and goodie bags in preparation for the new infrastructure and branding that will be implemented. Resident events held during the month of June will include – Jefferson Village Summer Nights Pool Party.

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