<Page>

                                                                   Exhibit 10.10

PINNACLE                      RIDGETOP APARTMENTS                       PINNACLE
                               OPERATING BUDGET

PROPERTY: RIDGETOP APARTMENTS      221 APARTMENTS - STABILIZED BUDGET
BUDGET FOR
YEAR ENDING   2003
DATE:       08-02

REVISION

<Table>
<Caption>
                                       MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                      <C>          <C>          <C>          <C>          <C>          <C>          <C>
RENTAL REVENUE:
  Rent Per Schedule                       179700       179700       179700       179700       179700       179700       179700
  Loss To Lease                           -11061       -10569       -10076        -9581        -9085        -8587        -8088
  GROSS RENTS                            168,639      169,131      169,624      170,119      170,615      171,113      171,612
  VACANCY LOSS                            -8,432       -8,457       -8,481       -8,506       -8,531       -8,556       -8,581
  BAD DEBT EXPENSE                          -843         -846         -848         -851         -853         -856         -858
  RENT CREDITS                            -2,652       -2,652       -2,652       -3,094       -3,536       -3,536       -3,536
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 RENT COLLECTIONS                        156,712      157,177      157,643      157,668      157,695      158,166      158,637
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------

PERCENT OF TOTAL GROSS SCHEDULED
 COLLECTED                                 92.93%       92.93%       92.94%       92.68%       92.43%       92.43%       92.44%

OTHER REVENUE:
  FORFEITED DEPOSITS                        3448         3448         3448         3448         4022         4597         4597
  NON-REFUNDABLE FEES                       2586         2586         2586         3017         3448         3448         3448
  LAUNDRY                                      0            0            0            0            0            0            0
  CARPORTS                                     0            0            0            0            0            0            0
  GARAGES                                      0            0            0            0            0            0            0
  LATE FEES                                  945          945          945          945          945          945          945
  NSF FEES                                    92           92           92           92           92           92           92
  TENANT SCREENING                             0            0            0            0            0            0            0
  BAD DEBT RECOVERY                         1500         1500         1500         1500         1500         1500         1500
  UTILITY FEES                              6700         6700         6700         6700         6700         6700         6700
  MISCELLANEOUS                             1971         1971         1971         1971         1971         1971         1971
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL OTHER COLLECTION                    17241        17241        17241        17672        18617        19252        19252
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL COLLECTIONS                        173953       174418       174884       175340       176373       177418       177889
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------

DIFFERENCE BETWEEN PHYSICAL
AND ECONOMIC VACANCY                        2.07%        2.07%        2.06%        2.32%        2.57%        2.57%        2.56%

<Caption>
                                                                                                         ANNUAL
                                       MONTH 8       MONTH 9     MONTH 10     MONTH 11     MONTH 12      TOTALS
<S>                                      <C>          <C>          <C>          <C>          <C>        <C>              <C>
RENTAL REVENUE:
  Rent Per Schedule                       179700       179700       179700       179700       179700      2156400
  Loss To Lease                            -7588        -7086        -6582        -6077        -5571       -99951
  GROSS RENTS                            172,112      172,614      173,118      173,623      174,129      2056449         3110
  VACANCY LOSS                            -8,606       -8,631       -8,656       -8,681       -8,706      -102822         3130
  BAD DEBT EXPENSE                          -861         -863         -866         -868         -871       -10282         3250
  RENT CREDITS                            -3,536       -2,652       -2,210       -2,210       -2,210       -34476         3304
                                      ----------   ----------   ----------   ----------   ----------   ----------
 RENT COLLECTIONS                        159,110      160,469      161,386      161,863      162,342    1,908,868         3460
                                      ----------   ----------   ----------   ----------   ----------   ----------

PERCENT OF TOTAL GROSS SCHEDULED
 COLLECTED                                 92.45%       92.96%       93.22%       93.23%       93.23%       92.82%

OTHER REVENUE:
  FORFEITED DEPOSITS                        4597         4597         3448         2873         2873        45393         3502
  NON-REFUNDABLE FEES                       3448         2586         2155         2155         2155        33614         3512
  LAUNDRY                                      0            0            0            0            0            0         3520
  CARPORTS                                     0            0            0            0            0            0         3532
  GARAGES                                      0            0            0            0            0            0
  LATE FEES                                  945          945          945          945          945        11337         3540
  NSF FEES                                    92           92           92           92           92         1102         3550
  TENANT SCREENING                             0            0            0            0            0            0
  BAD DEBT RECOVERY                         1500         1500         1500         1500         1500        18000         3570
  UTILITY FEES                              6700         6700         6700         6700         6700        80400
  MISCELLANEOUS                             1971         1971         1971         1971         1971        23652         3600
                                      ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL OTHER COLLECTION                    19252        18390        16810        16235        16235      213,499         3650
                                      ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL COLLECTIONS                        178362       178859       178196       178099       178577    2,122,367         3700
                                      ----------   ----------   ----------   ----------   ----------   ----------

DIFFERENCE BETWEEN PHYSICAL
AND ECONOMIC VACANCY                        2.55%        2.04%        1.78%        1.77%        1.77%        2.18%
</Table>

                                        1
<Page>

Ridgetop Apart  PAGE 2

<Table>
<Caption>
YEAR ENDING  2002                      MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                        <C>          <C>          <C>          <C>          <C>          <C>          <C>
ADMINISTRATIVE EXPENSES:
  ADMINISTRATIVE LABOR                      6250         6250         6250         6250         6250         6250         6250
  ADMIN. PAYROLL TAXES &                    2582         2582         2582         2582         2582         2582         2582
  ACCOUNTING                                 252          252          252          252          252          252          252
  BANK CHARGES                                 0            0            0            0            0            0            0
  CHARITABLE CONTRIBUTI                        0            0            0            0            0            0            0
  DUES AND SUBSCRIPTIONS                       0            0            0            0            0            0            0
  FURNISHED SUITES                             0            0            0            0            0            0            0
  FURNITURE RENTAL                             0            0            0            0            0            0            0
  LEGAL                                      138          138          138          138          138          138          138
  TRAINING AND EDUCATIO                       50           50           50           50           50           50           50
  MANAGEMENT FEE                            6088         6105         6121         6137         6173         6210         6226
  OFFICE EQUIPMENT                            40           40           40           40           40           40           40
  OFFICE SUPPLIES                            250          250          250          250          250          250          250
  SHIPPING AND DELIVERY                       60           60           60           60           60           60           60
  TELEPHONE                                  645          645          645          645          645          645          645
  OTHER ADMIN.                                30           30           30           30           30           30           30
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL ADMINISTRATION                      16385        16401        16418        16434        16470        16506        16523

MARKETING AND RETENTION EXPENSES:
  ADVERTISING                               1915         1665         1865         1615         1615         1915         1665
  PROMOTIONS                                 279          279          279          329          356          378          378
  DESIGN SERVICES                              0            0            0            0            0            0            0
  LEASING                                    464          464          464          541          619          619          619
  REFERRALS                                  400          400          400          400          400          400          400
  TENANT SCREENING                             0            0            0            0            0            0            0
  COLLATERAL SUPPLIES                          0            0            0          300            0            0            0
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL MARKETING AND RE                      3059         2809         3009         3186         2990         3311         3061

<Caption>
                                                                                                         ANNUAL        % OF
YEAR ENDING  2002                      MONTH 8      MONTH 9      MONTH 10     MONTH 11     MONTH 12      TOTALS      TOT. RE
<S>                                        <C>          <C>          <C>          <C>          <C>         <C>            <C>
ADMINISTRATIVE EXPENSES:
  ADMINISTRATIVE LABOR                      6250         6250         6250         6250         6250        75000         3.53%
  ADMIN. PAYROLL TAXES &                    2582         2582         2582         2582         2582        30982         1.46%
  ACCOUNTING                                  20           20           20           20           20         4864         0.09%
  BANK CHARGES                                 0            0            0            0            0            0         0.00%
  CHARITABLE CONTRIBUTI                        0            0            0            0            0            0         0.00%
  DUES AND SUBSCRIPTIONS                       0            0            0            0            0            0         0.00%
  FURNISHED SUITES                             0            0            0            0            0            0         0.00%
  FURNITURE RENTAL                             0            0            0            0            0            0         0.00%
  LEGAL                                      138          138          138          138          138         1656         0.08%
  TRAINING AND EDUCATIO                        0            0           40            0            0          390         0.02%
  MANAGEMENT FEE                            6243         6260         6237         6233         6250        74283         3.50%
  OFFICE EQUIPMENT                            40           40           40           40           40          480         0.02%
  OFFICE SUPPLIES                            250          250          250          250          250         3000         0.14%
  SHIPPING AND DELIVERY                       60           60           60           60           60          720         0.03%
  TELEPHONE                                  645          645          645          645          645         7740         0.36%
  OTHER ADMIN.                                30           30           30           30           30          360         0.02%
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL ADMINISTRATION                      16257        16275        16292        16248        16265       196474         9.26%

MARKETING AND RETENTION EXPENSES:
  ADVERTISING                               1665         1865         1600         1600         1600        20585         0.97%
  PROMOTIONS                                 378          378          319          293          293         3939         0.19%
  DESIGN SERVICES                              0            0            0            0            0            0         0.00%
  LEASING                                    619          464          387          387          387         6033         0.28%
  REFERRALS                                  400          400          400          400          400         4800         0.23%
  TENANT SCREENING                             0            0            0            0            0            0         0.00%
  COLLATERAL SUPPLIES                          0            0            0            0            0          300         0.01%
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL MARKETING AND RE                      3061         3107         2706         2680         2680        35658         1.68%
</Table>

                                        2
<Page>

Ridgetop Apart  PAGE 3

<Table>
<Caption>
YEAR ENDING  2003                      MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                        <C>           <C>         <C>          <C>          <C>          <C>          <C>
REPAIRS AND MAINTENANCE EXPENSES:
  R & M LABOR                               4150         4150         4150         4150         4150         4150         4150
  R & M PAYROLL TAXES A                     1134         1134         1134         1134         1134         1134         1134
  R & M SUPPLIES                             680          680          680          680          680          680          680
  R & M SERVICES                            1055         1055         1055         1055         1055         1055         1055
  ELEVATOR                                     0            0            0            0            0            0            0
  LANDSCAPE PAYROLL                            0            0            0            0            0          900          900
  LANDSCAPE PAYROLL TAX                        0            0            0            0            0          124          124
  LANDSCAPE SERVICES                        2800         2550         2550         3000         2550         3000         2550
  LANDSCAPE SUPPLIES                           0            0            0            0            0            0            0
  POOLS AND FOUNTAINS                        125          125          125          125          775          475          125
  SECURITY PAYROLL                             0            0            0            0            0            0            0
  SECURITY PAYROLL TAXE                        0            0            0            0            0            0            0
  SECURITY SUPPLIES                            0            0            0            0            0            0            0
  SECURITY SERVICES                            0            0          275            0            0          850            0
  VEHICLE EXPENSE                             80           80           80           80           80           80           80
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL REPAIRS AND MAINTI                  10024         9774        10049        10224        10424        12448        10798

TURNOVER MAINTENANCE EXPENSES:
  TURNOVER SUPPLIES                          968          968          968          968         1129         1291         1291
  TURNOVER SERVICES                         2553         2553         2553         2553         3154         3755         3755
  TURNOVER UTILITIES                         332          332          332          332          332          332          332
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL TURNOVER MAINT.                       3853         3853         3853         3853         4615         5377         5377

<Caption>
                                                                                                         ANNUAL        % OF
YEAR ENDING  2003                      MONTH 8      MONTH 9      MONTH 10     MONTH 11     MONTH 12      TOTALS      TOT. RE
<S>                                        <C>          <C>           <C>          <C>         <C>         <C>            <C>
REPAIRS AND MAINTENANCE EXPENSES:
  R & M LABOR                               4150         4150         4150         4150         4150        49800         2.35%
  R & M PAYROLL TAXES A                     1134         1134         1134         1134         1134        13611         0.64%
  R & M SUPPLIES                             680          680          680          680          680         8160         0.38%
  R & M SERVICES                            1055         1055         1055         1055         1055        12660         0.60%
  ELEVATOR                                     0            0            0            0            0            0         0.00%
  LANDSCAPE PAYROLL                          900          900            0            0            0         3600         0.17%
  LANDSCAPE PAYROLL TAX                      124          124            0            0            0          495         0.02%
  LANDSCAPE SERVICES                        2550         3000         2550         2550         2550        32200         1.52%
  LANDSCAPE SUPPLIES                           0            0            0            0            0            0         0.00%
  POOLS AND FOUNTAINS                        125          125          125          125          125         2500         0.12%
  SECURITY PAYROLL                             0            0            0            0            0            0         0.00%
  SECURITY PAYROLL TAXE                        0            0            0            0            0            0         0.00%
  SECURITY SUPPLIES                            0            0            0            0            0            0         0.00%
  SECURITY SERVICES                          250            0            0            0          850         2225         0.10%
  VEHICLE EXPENSE                             80           80           80           80           80          960         0.05%
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL REPAIRS AND MAINTI                   11048        11248         9774         9774        10624       126210         5.95%

TURNOVER MAINTENANCE EXPENSES:
  TURNOVER SUPPLIES                         1291         1291          968          807          807        12745         0.60%
  TURNOVER SERVICES                         3755         3755         2553         1953         1953        34845         1.64%
  TURNOVER UTILITIES                         332          332          332          332          332         3978         0.19%
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL TURNOVER MAINT.                       5377         5377         3853         3091         3091        51568         2.43%
</Table>

                                        3
<Page>

Ridgetop Apart  PAGE 4

<Table>
<Caption>
YEAR ENDING  2003                     MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6       MONTH 7
<S>                                  <C>          <C>          <C>          <C>          <C>          <C>          <C>
UTILITY EXPENSE:
  ELECTRICITY                               950          850          850          775          715           690          630
  WATER                                    2610         2610         2610         2610         2610          2610         2610
  SEWER                                    8150         8150         8150         8150         8150          8150         8150
  WASTE REMOVAL                            2800         2800         2800         2800         2800          2800         2800
  NATURAL GAS                               135          135          135          135          135           450          450
  CABLE/SATELLITE TV                          0            0            0            0            0             0            0
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 TOTAL UTILITIES                          14645        14545        14545        14470        14410         14700        14640

TAXES & INSURANCE EXPENSES:
  REAL PROPERTY TAXES                     12677        12677        12677        12677        12677         12677        12677
  PERSONAL PROPERTY TAX                       0            0            0            0            0             0            0
  MIP INSURANCE                               0            0            0            0            0             0            0
  LIABILITY AND CASUALTY                   2716         2716         2716         2716         2716          2716         2716
  SALES TAXES                                 0            0            0            0            0             0            0
  PROPERTY ASSESSMENTS                        0            0            0            0            0             0            0
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 TOTAL TAX & INSURANCE                    15393        15393        15393        15393        15393         15393        15393
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
TOTAL EXPENSES                            63359        62775        63266        63560        64302         67735        65792
                                     ----------   ----------   ----------   ----------   ----------   ----------   -----------
NET OPERATING INCOME                 $  110,594   $  111,643   $  111,617   $  111,781   $  112,071   $   109,682  $   112,097
                                     ==========   ==========   ==========   ==========   ==========   ===========  ===========

<Caption>
                                                                                                        ANNUAL         % OF
YEAR ENDING  2003                     MONTH 8      MONTH 9      MONTH 10     MONTH 11     MONTH 12      TOTALS       TOT. RE
<S>                                  <C>          <C>          <C>          <C>          <C>          <C>                <C>
UTILITY EXPENSE:
  ELECTRICITY                               630          645          775          850          950          9310         0.44%
  WATER                                    2610         2610         2610         2610         2610         31320         1.48%
  SEWER                                    8150         8150         8150         8150         8150         97800         4.61%
  WASTE REMOVAL                            2800         2800         2800         2800         2800         33600         1.58%
  NATURAL GAS                               450          450          150          150          150          2925         0.14%
  CABLE/SATELLITE TV                          0            0            0            0            0             0         0.00%
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 TOTAL UTILITIES                          14640        14655        14485        14560        14660        174955         8.24%

TAXES & INSURANCE EXPENSES:
  REAL PROPERTY TAXES                     12677        12677        12677        12677        12677        152124         7.17%
  PERSONAL PROPERTY TAX                       0            0            0            0            0             0         0.00%
  MIP INSURANCE                               0            0            0            0            0             0
  LIABILITY AND CASUALTY                   2716         2716         2716         2716         2716         32592         1.54%
  SALES TAXES                                 0            0            0            0            0             0         0.00%
  PROPERTY ASSESSMENTS                        0            0            0            0            0             0         0.00%
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 TOTAL TAX & INSURANCE                    15393        15393        15393        15393        15393        184716         8.70%
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
TOTAL EXPENSES                            65776        66054        62503        61746        62713        769581        36.26%
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
NET OPERATING INCOME                 $  112,586   $  112,805   $  115,693   $  116,353   $  115,865   $ 1,352,786        63.74%
                                     ==========   ==========   ==========   ==========   ==========   ===========  ===========
</Table>

                                        4
<Page>

Ridgetop Apart  PAGE 5

<Table>
<Caption>
YEAR ENDING  2003                     MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                  <C>          <C>          <C>          <C>          <C>          <C>          <C>
PROPERTY REPLACEMENTS
  APPLIANCE REPLACEMENT                     400          400          400          400          400           400          400
  Capital Reimbursement                       0            0            0            0            0             0            0
  BUILDING IMPROVEMENTS                       0            0            0            0            0          1500         1500
  CARPET/VINYL REPLACEM                    2917         2917         2917         2917         3403          3890         3890
  DRAPE/BLIND REPLACEME                     269          269          269          269          313           358          358
  EQUIPMENT PURCHASE                          0            0            0            0            0             0            0
  FURNITURE PURCHASE                          0            0            0            0            0             0            0
  CLUBHOUSE REHAB                             0            0            0            0            0             0            0
  LAND IMPROVEMENTS                           0            0            0            0            0             0            0
  LANDSCAPE IMPROVEMEN                        0            0            0            0            0             0            0
  DOORS/GLASS/HARDWA                          0            0            0            0            0             0            0
  PERMANENT SIGNAGE                           0            0            0            0            0             0            0
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 TOTAL CAPITAL IMPROVEMEN                  3586         3586         3586         3586         4117          6148         6148
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 CASH FLOW AFTER CAPITAL             $  107,008   $  108,057   $  108,032   $  108,195   $  107,954   $   103,535  $   105,950
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------

 DEBT SERVICE
  DEBT SERVICE - 1ST                          0            0            0            0            0             0            0
  DEBT SERVICE - 2ND                          0            0            0            0            0             0            0
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 TOTAL DEBT SERVICE                           0            0            0            0            0             0            0

                                              0            0            0            0            0             0            0
                                              0            0            0            0            0             0            0
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 OPERATING CASH FLOW                     107008       108057       108032       108195       107954        103535       105950
                                     ==========   ==========   ==========   ==========   ==========   ===========  ===========

<Caption>
                                                                                                        ANNUAL        % OF
YEAR ENDING  2003                     MONTH 8      MONTH 9      MONTH 10     MONTH 11     MONTH 12      TOTALS      TOT. RE
<S>                                  <C>          <C>          <C>          <C>          <C>          <C>               <C>
PROPERTY REPLACEMENTS
  APPLIANCE REPLACEMENT                     400          400          400          400          400          4800         0.23%
  Capital Reimbursement                       0            0            0            0            0             0
  BUILDING IMPROVEMENTS                       0            0            0            0            0          3000         0.14%
  CARPET/VINYL REPLACEM                    3890         3890         2917         2431         2431         38410         1.81%
  DRAPE/BLIND REPLACEME                     358          358          269          224          224          3535         0.17%
  EQUIPMENT PURCHASE                          0            0            0            0            0             0         0.00%
  FURNITURE PURCHASE                          0            0            0            0            0             0         0.00%
  CLUBHOUSE REHAB                             0            0            0            0            0             0         0.00%
  LAND IMPROVEMENTS                           0            0            0            0            0             0         0.00%
  LANDSCAPE IMPROVEMEN                        0            0            0            0            0             0         0.00%
  DOORS/GLASS/HARDWA                          0            0            0            0            0             0         0.00%
  PERMANENT SIGNAGE                           0            0            0            0            0             0         0.00%
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 TOTAL CAPITAL IMPROVEMEN                  4648         4648         3586         3055         3055         49745         2.34%
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 CASH FLOW AFTER CAPITAL             $  107,938   $  108,157   $  112,108   $  113,298   $  112,810   $ 1,303,041        61.40%
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------

 DEBT SERVICE
  DEBT SERVICE - 1ST                          0            0            0            0            0             0         0.00%
  DEBT SERVICE - 2ND                          0            0            0            0            0             0         0.00%
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 TOTAL DEBT SERVICE                           0            0            0            0            0             0         0.00%

                                              0            0            0            0            0             0         0.00%
                                              0            0            0            0            0             0         0.00%
                                     ----------   ----------   ----------   ----------   ----------   -----------  -----------
 OPERATING CASH FLOW                     107938       108157       112108       113298       112810       1303041        61.40%
                                     ==========   ==========   ==========   ==========   ==========   ===========  ===========
</Table>


THIS INFORMATION IS A PROJECTION OF INCOME AND EXPENSES BASED UPON AN EVALUATION
OF CURRENT MARKET CONDITIONS. IT MAY BE SUBJECT TO ERROR AND OMISSION. THIS
INFORMATION IS VULNERABLE TO ADVERSE CHANGES IN MARKET CONDITIONS AND
OPERATIONAL EXPENSES WHICH ARE NOT PREDICTED HEREIN. THIS BUDGET SHOULD ONLY BE
  A PLANNING AND MANAGERIAL TOOL. IT SHOULD NOT BE TAKEN AS A GUARANTEE OR
WARRANTY AND THE ACCURACY HEREIN IS SPECIFICALLY DISCLAIMED FOR SUCH PRUPOSE.

                                        5
<Page>

                          Ridgetop Aparments   PAGE 6
                                YEAR ENDING 2003
                               PERFORMANCE REVIEW

<Table>
<Caption>
                                   IST 6 MONTHS    2ND 6 MONTHS   FOR THE TWELVE
                                      OF BUDGET       OF BUDGET    MONTHS ENDING
<S>                                <C>             <C>              <C>
ANNUALIZED EXPENSE PER             $      3,484    $      3,480     $      3,482
                                   ============    ============   ==============

VARIABLE EXP.                      $        302                     $      1,855
FIXED EXP.                         $        272                     $      1,627

ANNUALIZED EXPENSE AS
A PERCENTAGE OF INCOME                    36.58%          35.94%           36.26%
                                   ============    ============   ==============
ANNUALIZED NO1                        1,334,775       1,370,796        1,352,786
                                   ============    ============   ==============
</Table>

                                        6
<Page>

                             BUDGET VARIABLE SECTION

Ridgetop Apart  FOR PAGE 1

<Table>
<Caption>
YEAR ENDING  2003
RENTAL REV. BUDGET YARD            MONTH 1      MONTH 2       MONTH 3       MONTH 4       MONTH 5       MONTH 6       MONTH 7
<S>                              <C>           <C>           <C>           <C>           <C>           <C>           <C>
* OCCUPANCY PERCENTAGE                   95%           95%           95%           95%           95%           95%           95%
  UNITS OCCUPIED                        210           210           210           210           210           210           210
  UNITS VACANT                           11            11            11            11            11            11            11
* TURNOVER PERCENT.        221            6%            6%            6%            6%            7%            8%            8%
  UNITS TURNED OVER                      13            13            13            13            15            18            18
  UNITS RENTED                           13            13            13            15            18            18            18
  NET ABSORB. BY 1ST OF FOL               0             0             0             0             0             0             0
* AVE. RENTAL INCENTIVE PEI      $   200.00    $   200.00    $   200.00    $   200.00    $   200.00    $   200.00    $   200.00
* BAD DEBT EXPENSE                     0.50%         0.50%         0.50%         0.50%         0.50%         0.50%         0.50%
* ANNUALIZED % INCREASE PI             3.50%         3.50%         3.50%         3.50%         3.50%         3.50%         3.50%

<Caption>
                   # OF    SQ.         UNIT
                  UNITS    FT.         RENT
<S>                 <C>  <C>    <C>           <C>           <C>           <C>           <C>           <C>           <C>
* RENT - ST - 1/     20    585   $      598    $      600    $      601    $      603    $      605    $      607    $      609
* AVE RENT - 1/      58    716   $      682    $      684    $      686    $      688    $      690    $      692    $      694
* AVE RENT - 1/       0      0   $        0    $        0    $        0    $        0    $        0    $        0    $        0
* AVE RENT - 1/       0      0   $        0    $        0    $        0    $        0    $        0    $        0    $        0
* AVE RENT - 2/      83    889   $      753    $      755    $      757    $      760    $      762    $      764    $      766
* AVE RENT - 2/       0      0   $        0    $        0    $        0    $        0    $        0    $        0    $        0
* AVE RENT - 2/.     12    980   $      832    $      834    $      837    $      839    $      842    $      844    $      847
* AVE RENT - 3/.     48   1118   $      930    $      933    $      935    $      938    $      941    $      944    $      946


                    221

  RENTAL REVENUE KEY IN ITEMS:
*  MODEL RENT CREDITS                     0             0             0             0             0             0             0
   (CUMULATIVE NEG. TOTAL RENT OF ALL MODELS)

<Caption>
YEAR ENDING  2003                                                                                        ANNUAL        % OF
RENTAL REV. BUDGET YARD           MONTH 8       MONTH 9       MONTH 10      MONTH 11      MONTH 12       TOTALS      TOT. RE
<S>                              <C>           <C>           <C>           <C>           <C>           <C>           <C>
* OCCUPANCY PERCENTAGE                   95%           95%           95%           95%           95%        95.00%   (AVERAGE)
  UNITS OCCUPIED                        210           210           210           210           210           210    (AVERAGE)
  UNITS VACANT                           11            11            11            11            11            11    (AVERAGE)
* TURNOVER PERCENT.        221            8%            8%            6%            5%            5%           79%   (TOTAL)
  UNITS TURNED OVER                      18            18            13            11            11           175    (TOTAL)
  UNITS RENTED                           18            13            11            11            11           172    (TOTAL)
  NET ABSORB. BY 1ST OF FOL               0             0             0             0             0             0    (TOTAL)
* AVE RENTAL INCENTIVE PEI       $   200.00    $   200.00    $   200.00    $   200.00    $   200.00    $   200.00    (AVERAGE)
* BAD DEBT EXPENSE                     0.50%         0.50%         0.50%         0.50%         0.50%         0.50%   (AVERAGE)
* ANNUALIZED % INCREASE PI             3.50%         3.50%         3.50%         3.50%         3.50%         3.50%   (AVERAGE)

<Caption>


<S>                  <C>           <C>           <C>           <C>           <C>           <C>           <C>
* RENT - ST - 1/     $      610    $      612    $      614    $      616    $      617    $      608    (AVERAGE)
* AVE RENT - 1/      $      696    $      698    $      700    $      702    $      704    $      693    (AVERAGE)
* AVE RENT - 1/      $        0    $        0    $        0    $        0    $        0    $        0    (AVERAGE)
* AVE RENT - 1/      $        0    $        0    $        0    $        0    $        0    $        0    (AVERAGE)
* AVE RENT - 2/      $      769    $      771    $      773    $      775    $      778    $      765    (AVERAGE)
* AVE RENT - 2/      $        0    $        0    $        0    $        0    $        0    $        0    (AVERAGE)
* AVE RENT - 2/.     $      849    $      852    $      854    $      857    $      859    $      845    (AVERAGE)
* AVE RENT - 3/.     $      949    $      952    $      955    $      957    $      960    $      945    (AVERAGE)


  RENTAL REVENUE KEY IN ITEMS:
*  MODEL RENT CREDITS                     0             0             0             0             0
   (CUMULATIVE NEG. TOTAL RENT OF ALL MODELS)
</Table>

                                        7
<Page>

Ridgetop Apart  FOR PAGE 1

<Table>
<Caption>
YEAR ENDING  2003
OTHER REVENUE BUDGET V.            MONTH 1         MONTH 2         MONTH 3         MONTH 4         MONTH 5         MONTH 6
<S>                             <C>             <C>             <C>             <C>             <C>             <C>
* AVE. FOR S.D.'S PER UNIT TU   $     200.00    $     200.00    $     200.00    $     200.00    $     200.00    $     200.00
* AVE. FOR PET DEPOSITS PER     $      60.00    $      60.00    $      60.00    $      60.00    $      60.00    $      60.00
* NON-REF ADMIN. FEES PER U     $     150.00    $     150.00    $     150.00    $     150.00    $     150.00    $     150.00
* NON-REF CLEANING FEES PE      $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00
* NON-REF PET FEES PER UNIT     $      45.00    $      45.00    $      45.00    $      45.00    $      45.00    $      45.00
* TRANSFER FEES PER MONTH       $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00
* LAUNDRY PER OCCUPIED UN       $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00
* CARPORT PER MONTH     0                  0               0               0               0               0               0
*                                          0    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00
LATE CHARGES
* PERCENTAGE OF OCCUP. UNI             18.00%          18.00%          18.00%          18.00%          18.00%          18.00%
* LATE FEE CHARGED              $      25.00    $      25.00    $      25.00    $      25.00    $      25.00    $      25.00
* LATE CHARGES PER MONTH        $     944.78    $     944.78    $     944.78    $     944.78    $     944.78    $     944.78
NSF FEE
* PERCENTAGE OF OCCUP. UNI              1.75%           1.75%           1.75%           1.75%           1.75%           1.75%
* NSF FEE CHARGED               $      25.00    $      25.00    $      25.00    $      25.00    $      25.00    $      25.00
NSF FEES PER MONTH              $      91.85    $      91.85    $      91.85    $      91.85    $      91.85    $      91.85
* TENANT SCREENING - PER A      $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00
* BAD DEBT RECOVERY PER M       $   1,500.00    $   1,500.00    $   1,500.00    $   1,500.00    $   1,500.00    $   1,500.00
* VENDING PER MONTH             $       2.00    $       2.00    $       2.00    $       2.00    $       2.00    $       2.00
* PAY PHONE PER MONTH           $     325.00    $     325.00    $     325.00    $     325.00    $     325.00    $     325.00
* TANNING BED PER MONTH         $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00
* FURNITURE RENTAL INC. PER     $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00
* INTEREST PER MONTH            $      75.00    $      75.00    $      75.00    $      75.00    $      75.00    $      75.00
* CABANA RENTAL PER MONT        $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00
* UTILITY FEES PER MONTH        $   6,700.00    $   6,700.00    $   6,700.00    $   6,700.00    $   6,700.00    $   6,700.00
* INSURANCE RECOVERY PER        $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00
* STORAGE                       $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00
* OTHER PER MONTH               $   1,569.00    $   1,569.00    $   1,569.00    $   1,569.00    $   1,569.00    $   1,569.00

<Caption>
YEAR ENDING  2003
OTHER REVENUE BUDGET V.            MONTH 7        MONTH 8         MONTH 9         MONTH 10        MONTH 11        MONTH 12
<S>                             <C>             <C>             <C>             <C>             <C>             <C>           <C>
* AVE. FOR S.D.'S PER UNIT TU   $     200.00    $     200.00    $     200.00    $     200.00    $     200.00    $     200.00  XX
* AVE. FOR PET DEPOSITS PER     $      60.00    $      60.00    $      60.00    $      60.00    $      60.00    $      60.00  XX
* NON-REF ADMIN. FEES PER U     $     150.00    $     150.00    $     150.00    $     150.00    $     150.00    $     150.00  XX
* NON-REF CLEANING FEES PE      $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00  XX
* NON-REF PET FEES PER UNIT     $      45.00    $      45.00    $      45.00    $      45.00    $      45.00    $      45.00  XX
* TRANSFER FEES PER MONTH       $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00  XX
* LAUNDRY PER OCCUPIED UN       $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00  XX
* CARPORT PER MONTH     0                  0               0               0               0               0               0  XX
*                               $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00  XX
LATE CHARGES                                                                                                                  XX
* PERCENTAGE OF OCCUP. UNI             18.00%          18.00%          18.00%          18.00%          18.00%          18.00% XX
* LATE FEE CHARGED              $      25.00    $      25.00    $      25.00    $      25.00    $      25.00    $      25.00  XX
* LATE CHARGES PER MONTH        $     944.78    $     944.78    $     944.78    $     944.78    $     944.78    $     944.78  XX
NSF FEE                                                                                                                       XX
* PERCENTAGE OF OCCUP. UNI              1.75%           1.75%           1.75%           1.75%           1.75%           1.75% XX
* NSF FEE CHARGED               $      25.00    $      25.00    $      25.00    $      25.00    $      25.00    $      25.00  XX
NSF FEES PER MONTH              $      91.85    $      91.85    $      91.85    $      91.85    $      91.85    $      91.85  XX
* TENANT SCREENING - PER A      $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00  XX
* BAD DEBT RECOVERY PER M       $   1,500.00    $   1,500.00    $   1,500.00    $   1,500.00    $   1,500.00    $   1,500.00  XX
* VENDING PER MONTH             $       2.00    $       2.00    $       2.00    $       2.00    $       2.00    $       2.00  XX
* PAY PHONE PER MONTH           $     325.00    $     325.00    $     325.00    $     325.00    $     325.00    $     325.00  XX
* TANNING BED PER MONTH         $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00  XX
* FURNITURE RENTAL INC. PER     $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00  XX
* INTEREST PER MONTH            $      75.00    $      75.00    $      75.00    $      75.00    $      75.00    $      75.00  XX
* CABANA RENTAL PER MONT        $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00  XX
* UTILITY FEES PER MONTH        $   6,700.00    $   6,700.00    $   6,700.00    $   6,700.00    $   6,700.00    $   6,700.00  XX
* INSURANCE RECOVERY PER        $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00  XX
* STORAGE                       $       0.00    $       0.00    $       0.00    $       0.00    $       0.00    $       0.00  XX
* OTHER PER MONTH               $   1,569.00    $   1,569.00    $   1,569.00    $   1,569.00    $   1,569.00    $   1,569.00  XX
</Table>

                                        8
<Page>

Ridgetop Apart FOR ALL PAYROLL SUPPORT AND PAGE 2(ADMIN.)
FOR THE YEAR  2003
EXPENSE BUDGET VARIABLES

<Table>
<Caption>
                                                    TYPICAL PAYROLL MONTH
                                                                      ADMINISTRATIVE PAYROLL
                                 --------------------------------------------------------------
                                                 ASST.
                                   MANAGER      MANAGER     LEASING      LEASING      LEASING
<S>                              <C>          <C>          <C>          <C>          <C>
* CASH COMPENSATION                    3250         1850          850            0            0
* TOTAL RENT ALLOWANCE                    0            0            0            0            0
* TOTAL UTILITY ALLOWANCE                 0            0            0            0            0
                                 ----------   ----------   ----------   ----------   ----------
 TOTAL MONTHLY COMPENS                 3250         1850          850            0            0
                                 ==========   ==========   ==========   ==========   ==========
                                 $    18.76   $    12.21   $    10.91   $     0.00   $     0.00
                                        JAN          FEB          MAR          APR          MAY

  AVE. MONTHLY MANAGER BONUS -
* EXCLUDING LEASE COMMISS        $   300.00   $   300.00   $   300.00   $   300.00   $   300.00
* AVE. COMMISSION RENTAL         $    35.00   $    35.00   $    35.00   $    35.00   $    35.00
* COMMISSION PER RENEWAL         $    20.00   $    20.00   $    20.00   $    20.00   $    20.00
* NUMBER OF RENEWALS PER                  0            0            0            0            0
  EMPLOYEE MEDICAL INS.
* MONTHLY COST PER EMPLO         $   282.00   $   282.00   $   282.00   $   282.00   $   282.00
* NO. OF QUALIFIED ADMIN.                 3            3            3            3            3
* NO. OF QUALIFIED R & M EM               2            2            2            2            2
* NO. OF QUALIFIED LANDSCA                0            0            0            0            0
* NO. OF QUALIFIED SECURITY               0            0            0            0            0

ADMINISTRATIVE EXPENSES:
 ADMINISTRATIVE LABOR
* ADMINISTRATIVE LABOR R               0.00%        0.00%        0.00%        0.00%        0.00%
   MANAGER SALARY                      3250         3250         3250         3250         3250
   ASST. MANAGER SALARY                1850         1850         1850         1850         1850
   LEASING SALARIES                     850          850          850          850          850
   ADMIN. RENT ALLOWANCE                  0            0            0            0            0
   ADMIN. UTILITY ALLOWAN                 0            0            0            0            0
   ADMIN. INCENTIVES                    300          300          300          300          300

<Caption>
                                                               TYPICAL PAYROLL MONTH
                                                                     R & M PAYROLL
                                 -------------------------------------------------      TURN-
                                    LEAD         HSE          ASST.        ASST.        OVER        PORTER/     SECURITY
                                    MAINT.       KEEP         MAINT.       MAINT.       MAINT       GROUNDS      PATROL
<S>                              <C>          <C>          <C>          <C>          <C>          <C>          <C>         <C>
* CASH COMPENSATION                    2500            0         1650            0         1600          900            0  XX
* TOTAL RENT ALLOWANCE                    0            0            0            0            0            0            0  XX
* TOTAL UTILITY ALLOWNACE                 0            0            0            0            0            0            0  XX
                                 ----------   ----------   ----------   ----------   ----------   ----------   ----------  XX
TOTAL MONTHLY COMPENS                  2500            0         1650            0         1600          900            0  XX
                                 ==========   ==========   ==========   ==========   ==========   ==========   ==========  XX
                                 $    14.43   $     0.00   $     9.53   $     0.00   $     9.24   $    10.39   $     0.00  XX
                                        JUN         JULY          AUG         SEPT          OCT          NOV          DEC  XX
                                                                                                                           XX
  AVE. MONTHLY MANAGER BONUS -                                                                                             XX
* EXCLUDING LEASE COMMISS        $   300.00   $   300.00   $   300.00   $   300.00   $   300.00   $   300.00   $   300.00  XX
* AVE. COMMISSION RENTAL         $    35.00   $    35.00   $    35.00   $    35.00   $    35.00   $    35.00   $    35.00  XX
* COMMISSION PER RENEWAL         $    20.00   $    20.00   $    20.00   $    20.00   $    20.00   $    20.00   $    20.00  XX
* NUMBER OF RENEWALS PER                  0            0            0            0            0            0            0  XX
  EMPLOYEE MEDICAL INS.                                                                                                    XX
* MONTHLY COST PER EMPLO         $   282.00   $   282.00   $   282.00   $   282.00   $   282.00   $   282.00   $   282.00  XX
* NO. OF QUALIFIED ADMIN.                 3            3            3            3            3            3            3  XX
* NO. OF QUALIFIED R & M EM               2            2            2            2            2            2            2  XX
* NO. OF QUALIFIED LANDSCA                0            0            0            0            0            0            0  XX
* NO. OF QUALIFIED SECURITY               0            0            0            0            0            0            0  XX
                                                                                                                           XX
ADMINISTRATIVE EXPENSES:                                                                                                   XX
 ADMINISTRATIVE LABOR                                                                                                      XX
* ADMINISTRATIVE LABOR R               0.00%        0.00%        0.00%        0.00%        0.00%        0.00%        0.00% XX
   MANAGER SALARY                      3250         3250         3250         3250         3250         3250         3250  XX
   ASST. MANAGER SALARY                1850         1850         1850         1850         1850         1850         1850  XX
   LEASING SALARIES                     850          850          850          850          850          850          850  XX
   ADMIN. RENT ALLOWANC                   0            0            0            0            0            0            0  XX
   ADMIN. UTILITY ALLOWAN                 0            0            0            0            0            0            0  XX
   ADMIN. INCENTIVES                    300          300          300          300          300          300          300  XX
</Table>

                                        9
<Page>

<Table>
<Caption>
YEAR ENDING  2003
EXPENSE BUDGET VARIABLE                 MONTH 1     MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                          <C>          <C>          <C>          <C>          <C>          <C>          <C>
PAYROLL TAXES & INSURANCE
  FICA @             * 8.50%                 506          506          506          506          506          506          506
  FUTA @ API         * 0.80%                  48           48           48           48           48           48           48
  SUTA @ API         * 3.30%                 196          196          196          196          196          196          196
  TRI-MET            * 0.00%                   0            0            0            0            0            0            0
  SIIS               * 0.00%                   0            0            0            0            0            0            0
  WORKMAN               1.1%                 986          986          986          986          986          986          986
  ADMIN. MEDICAL INS.                        846          846          846          846          846          846          846
 ACCOUNTING
*  OWNERSHIP ACCOUNTING                        0            0            0            0            0            0            0
*  PAYROLL FEES PER MONTH                    252          252          252          252          252          252          252
* BANK CHARGES PER MONTH                       0            0            0            0            0            0            0
* CHARITABLE CONTRIBUTION                      0            0            0            0            0            0            0
* DUES AND SUBSCRIPTIONS                       0            0            0            0            0            0            0
  FURNISHED SUITES
*  # OF FURNISHED SUITES                       0            0            0            0            0            0            0

<Caption>
YEAR ENDING  2003
EXPENSE BUDGET VARIABLE                MONTH 8      MONTH 9      MONTH 10     MONTH 11     MONTH 12
<S>                                          <C>          <C>          <C>          <C>          <C>  <C>   <C>
PAYROLL TAXES & INSURANCE                                                                             XX
  FICA @             * 8.50%                 506          506          506          506          506  XX      4132
  FUTA @ API         * 0.80%                  48           48           48           48           48  XX      4134
  SUTA @ API         * 3.30%                 196          196          196          196          196  XX      4136
  TRI-MET            * 0.00%                   0            0            0            0            0  XX       N/A
  SIIS               * 0.00%                   0            0            0            0            0  XX       N/A
  WORKMAN               1.1%                 986          986          986          986          986  XX      4142
  ADMIN. MEDICAL INS.                        846          846          846          846          846  XX      4144
 ACCOUNTING                                                                                           XX
*  OWNERSHIP ACCOUNTING                        0            0            0            0            0  XX      4152
*  PAYROLL FEES PER MONTH                    252          252          252          252          252  XX      4154
* BANK CHARGES PER MONTH                       0            0            0            0            0  XX      4156
* CHARITABLE CONTRIBUTION                      0            0            0            0            0  XX      4158
* DUES AND SUBSCRIPTIONS                       0            0            0            0            0  XX      4160
  FURNISHED SUITES                                                                                    XX
*  # OF FURNISHED SUITES                       0            0            0            0            0  XX
</Table>

<Table>
<Caption>
                     PER UNIT
                       COST
<S>                     <C>                  <C>          <C>          <C>          <C>          <C>          <C>          <C>
   ACCESSORI*           $ 0                    0            0            0            0            0            0            0
   CABLE TV *           $ 0                    0            0            0            0            0            0            0
   RENTAL FU *          $ 0                    0            0            0            0            0            0            0
   HOSPITALIT *         $ 0                    0            0            0            0            0            0            0
   MAID SERV *          $ 0                    0            0            0            0            0            0            0
   TELEPHONE *          $ 0                    0            0            0            0            0            0            0
   UTILITIES  *         $ 0                    0            0            0            0            0            0            0
 FURNITURE RENTAL
*   FURNITURE RENTAL - CAB                     0            0            0            0            0            0            0
*   FURNITURE RENTAL - OFFI                    0            0            0            0            0            0            0
 LEGAL
*  EVICTION PER MONTH                        138          138          138          138          138          138          138
*  OTHER LEGAL PER MONTH                       0            0            0            0            0            0            0
 TRAINING AND EDUCATION
*  IREM                                        0            0            0            0            0            0            0
*  GFS                                        50           50           50           50           50           50           50
*  OTHER                                       0            0            0            0            0            0            0

<Caption>
                     PER UNIT
                       COST
<S>                     <C>                  <C>          <C>          <C>          <C>          <C>  <C>     <C>
   ACCESSORI*           $ 0                    0            0            0            0            0  XX      4164
   CABLE TV *           $ 0                    0            0            0            0            0  XX      4166
   RENTAL FU *          $ 0                    0            0            0            0            0  XX      4168
   HOSPITALIT *         $ 0                    0            0            0            0            0  XX      4170
   MAID SERV *          $ 0                    0            0            0            0            0  XX      4171
   TELEPHONE *          $ 0                    0            0            0            0            0  XX      4174
   UTILITIES  *         $ 0                    0            0            0            0            0  XX      4176
 FURNITURE RENTAL                                                                                     XX
*   FURNITURE RENTAL - CAB                     0            0            0            0            0  XX
*   FURNITURE RENTAL - OFFI                    0            0            0            0            0  XX      4184
 LEGAL                                                                                                XX
*  EVICTION PER MONTH                        138          138          138          138          138  XX      4192
*  OTHER LEGAL PE MONTH                        0            0            0            0            0  XX      4194
 TRAINING AND EDUCATION                                                                               XX
*  IREM                                        0            0            0            0            0  XX      4196
*  GFS                                        50           50           50           50           50  XX      4196
*  OTHER                                       0            0            0            0            0  XX      4196
</Table>

                                       10
<Page>

<Table>
<Caption>
YEAR ENDING  2003                      MONTH 1       MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                   <C>                 <C>          <C>          <C>          <C>          <C>          <C>
 MANAGEMENT FEE
* GFS MANAGEMENT FEE % C                    3.50%
* GFS MINIMUM                         $        0
   GFS MANAGEMENT FEE                       6088          6105         6121         6137         6173         6210         6226
*  ASSET MANAGER F.  0.00%                     0             0            0            0            0            0            0
*  PARTNERSHIP FEE   0.00%                     0             0            0            0            0            0            0
 OFFICE EQUIPMENT
*  EQUIP LEAS PER MONTH                        0             0            0            0            0            0            0
*  EQUIP REP  PER MONTH                       40            40           40           40           40           40           40
*  EQUIP OTH  PER MONTH                        0             0            0            0            0            0            0
 OFFICE SUPPLIES
*  ACCOUNTI  PER MONTH                        75            75           75           75           75           75           75
*  PAPER SUP  PER MONTH                       50            50           50           50           50           50           50
*  PRINTED FC PER MONTH                       80            80           80           80           80           80           80
*  OTHER SUP. PER MONTH                       45            45           45           45           45           45           45
 SHIPPING AND DELIVERY
*  OVERNIGHT PER MONTH                        30            30           30           30           30           30           30
*  PACKAGED PER MONTH                          0             0            0            0            0            0            0
*  POSTAGE PER MONTH                          30            30           30           30           30           30           30
 TELEPHONE
*  ANSWERIN PER MONTH                          0             0            0            0            0            0            0
*  COMPUTER PER MONTH                          0             0            0            0            0            0            0
*  FAX MACHI PER MONTH                         0             0            0            0            0            0            0
*  OFFICE TEL PER MONTH                      645           645          645          645          645          645          645
 OTHER ADMIN
*  MOVING EX PER MONTH                         0             0            0            0            0            0            0
*  STORAGE E PER MONTH                         0             0            0            0            0            0            0
*  VEHICLE EX PER MONTH                       25            25           25           25           25           25           25
*  OTHER ADM PER MONTH                         5             5            5            5            5            5            5
 MARKETING AND RETENTION EXPENSES:
 ADVERTISING
*  RENT NET                                  245           245          245          245          245          245          245
*  APARTMENT GUIDE                           795           795          795          795          795          795          795
*  APARTMENT MAP                               0             0            0            0            0            0            0
*  BILLBOARDS/TRANSIT                        250             0          250            0            0          250            0
*  DIRECT MAIL                                 0             0            0            0            0            0            0
*  FOR RENT                                    0             0            0            0            0            0            0
*  NEWSPAPER                                 450           450          450          450          450          450          450
*  NOW RENTING                                 0             0            0            0            0            0            0
*  RADIO AND TV                                0             0            0            0            0            0            0
*  SIGNS AND BANNERS                         175           175          125          125          125          175          175
*  YELLOW PAGES                                0             0            0            0            0            0            0

<Caption>
YEAR ENDING  2003                       MONTH 8      MONTH 9      MONTH 10     MONTH 11     MONTH 12
<S>                                         <C>           <C>          <C>          <C>          <C>    <C>   <C>
 MANAGEMENT FEE                                                                                         XX
* GFS MANAGEMENT FEE % C                                                                                XX
* GFS MINIMUM                                                                                           XX
   GFS MANAGEMENT FEE                       6243          6260         6237         6213         6250   XX    4222
*  ASSET MANAGER F.  0.00%                     0             0            0            0            0   XX    4226
*  PARTNERSHIP FEE   0.00%                     0             0            0            0            0   XX    4226
 OFFICE EQUIPMENT                                                                                      XX
*  EQUIP LEAS PER MONTH                        0             0            0            0            0   XX    4232
*  EQUIP REP  PER MONTH                       40            40           40           40           40   XX    4234
*  EQUIP OTH  PER MONTH                        0             0            0            0            0   XX    4236
 OFFICE SUPPLIES                                                                                       XX
*  ACCOUNTI  PER MONTH                        75            75           75           75           75   XX    4242
*  PAPER SUP PER MONTH                        50            50           50           50           50   XX    4244
*  PRINTED FC PER MONTH                       80            80           80           80           80   XX    4246
*  OTHER SUP. PER MONTH                       45            45           45           45           45   XX    4248
 SHIPPING AND DELIVERY                                                                                 XX
*  OVERNIGHT PER MONTH                        30            30           30           30           30   XX    4252
*  PACKAGED PER MONTH                          0             0            0            0            0   XX    4252
*  POSTAGE PER MONTH                          30            30           30           30           30   XX    4256
 TELEPHONE                                                                                             XX
*  ANSWERIN PER MONTH                          0             0            0            0            0   XX    4262
*  COMPUTER PER MONTH                          0             0            0            0            0   XX    4264
*  FAX MACHI PER MONTH                         0             0            0            0            0   XX    4266
*  OFFICE TEL PER MONTH                      645           645          645          645          645   XX    4268
 OTHER ADMIN.                                                                                          XX
*  MOVING EX PER MONTH                         0             0            0            0            0   XX    4272
*  STORAGE E PER MONTH                         0             0            0            0            0   XX    4274
*  VEHICLE EX PER MONTH                       25            25           25           25           25   XX    4276
*  OTHER ADM PER MONTH                         5             5            5            5            5   XX    4278
 MARKETING AND RETENTION EXPENSES:                                                                     XX
 ADVERTISING                                                                                           XX
*  RENT NET                                  245           245          245          245          245   XX    4314
*  APARTMENT GUIDE                           795           795          795          795          795   XX    4304
*  APARTMENT MAP                               0             0            0            0            0   XX    4302
*  BILLBOARDS/TRANSIT                          0           250            0            0            0   XX    4306
*  DIRECT MAIL                                 0             0            0            0            0   XX    4308
*  FOR RENT                                    0             0            0            0            0   XX    4310
*  NEWSPAPER                                 450           450          450          450          450   XX    4312
*  NOW RENTING                                 0             0            0            0            0   XX    4343
*  RADIO AND TV                                0             0            0            0            0   XX    4362
*  SIGNS AND BANNERS                         175           125          110          110          110   XX    4328
*  YELLOW PAGES                                0             0            0            0            0   XX    4320
</Table>

                                       11
<Page>

<Table>
<Caption>
YEAR ENDING  2003                      MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                          <C>          <C>          <C>          <C>          <C>          <C>          <C>
 PROMOTIONS
*  ACTIVITIES PER MONTH                       35           35           35           85           95          100          100
*  HOSPITALTI PER MONTH                       50           50           50           50           50           50           50
* COST OF MOVE IN G    $8
   MOVE IN GI PER MONTH                       99           99           99           99          116          133          133
*  NEWSLETT  PER MONTH                        95           95           95           95           95           95           95
 DESIGN SERVICES
*  AD AGENCY PER MONTH                         0            0            0            0            0            0            0
*  PHOTOGRA PER MONTH                          0            0            0            0            0            0            0
*  PRINTING PER MONTH                          0            0            0            0            0            0            0
 LEASING
* NUMBER OF MODELS                             0            0            0            0            0            1            0
* EACH MODEL RENTAL PER                        0            0            0            0            0            0            0
   MODEL FU  PER MONTH                         0            0            0            0            0            0            0
   COMMISSIO PER MOVE IN                     464          464          464          541          619          619          619
*  SHOPPING   PER MONTH                        0            0            0            0            0            0            0
*  TRAINING PER MONTH                          0            0            0            0            0            0            0
 REFERRALS
*  LOCATORS PER MONTH                        250          250          250          250          250          250          250
*  MERCHANT PER MONTH                          0            0            0            0            0            0            0
*  RESIDENT   PER MONTH                      150          150          150          150          150          150          150
 TENANT SCREENING
* COST PER SCREEN      $0
* DENTAL RATE          45%
   TENANT SCREENING EXPE                       0            0            0            0            0            0            0
 COLLATERAL SUPPLIES
*  BROCHURES                                   0            0            0            0            0            0            0
*  BUSINESS CARDS                              0            0            0            0            0            0            0
*  GIFTS                                       0            0            0            0            0            0            0
*  NAME BADGES                                 0            0            0            0            0            0            0
*  PRINTED FORMS                               0            0            0            0            0            0            0
*  UNIFORMS                                    0            0            0          300            0            0            0

<Caption>
YEAR ENDING  2003                      MONTH 8      MONTH 9      MONTH 10     MONTH 11     MONTH 12
<S>                                          <C>          <C>          <C>          <C>          <C>   <C>   <C>
 PROMOTIONS                                                                                            XX
*  ACTIVITIES PER MONTH                      100          100           75           65           65   XX    4332
*  HOSPITALTI PER MONTH                       50           50           50           50           50   XX    4334
* COST OF MOVE IN G    $8                                                                              XX
   MOVE IN GI PER MONTH                      133          133           99           83           83   XX    4336
*  NEWSLETT  PER MONTH                        95           95           95           95           95   XX    4338
 DESIGN SERVICES                                                                                       XX
*  AD AGENCY PER MONTH                         0            0            0            0            0   XX    4343
*  PHOTOGRA PER MONTH                          0            0            0            0            0   XX    4343
*  PRINTING PER MONTH                          0            0            0            0            0   XX    4343
 LEASING                                                                                               XX
* NUMBER OF MODELS                             0            0            0            0            0   XX
* EACH MODEL RENTAL PER                        0            0            0            0            0   XX    4357
   MODEL FU  PER MONTH                         0            0            0            0            0   XX    4354
   COMMISSIO PER MOVE IN                     619          464          387          387          387   XX    4352
*  SHOPPING   PER MONTH                        0            0            0            0            0   XX    4356
*  TRAINING PER MONTH                          0            0            0            0            0   XX    4358
 REFERRALS                                                                                             XX
*  LOCATORS PER MONTH                        250          250          250          250          250   XX    4362
*  MERCHANT PER MONTH                          0            0            0            0            0   XX    4364
*  RESIDENT   PER MONTH                      150          150          150          150          150   XX    4366
 TENANT SCREENING                                                                                      XX
* COST PER SCREEN      $0                                                                              XX
* DENTAL RATE          45%                                                                             XX
   TENANT SCREENING EXPE                       0            0            0            0            0   XX    4370
 COLLATERAL SUPPLIES                                                                                   XX
*  BROCHURES                                   0            0            0            0            0   XX    4382
*  BUSINESS CARDS                              0            0            0            0            0   XX    4384
*  GIFTS                                       0            0            0            0            0   XX    4385
*  NAME BADGES                                 0            0            0            0            0   XX    4388
*  PRITED FORMS                                0            0            0            0            0   XX    4390
*  UNIFORMS                                    0            0            0            0            0   XX    4391
</Table>

                                       12
<Page>

Ridgetop Apart  FOR PAGE 3

<Table>
<Caption>
YEAR ENDING  2003                             MONTH 1       MONTH 2      MONTH 3        MONTH 4       MONTH 5       MONTH 6
<S>                                              <C>           <C>          <C>            <C>           <C>           <C>
 REPAIRS AND MAINTENANCE EXPENSES:
 R & M LABOR
* R & M LABOR RAISES - YTD                       0.00%         0.00%        0.00%          0.00%         0.00%         0.00%
   MAINTENANCE SUPERVIS                          2500          2500          2500          2500          2500          2500
   ASST. MAINTENANCE LAB                         1650          1650          1650          1650          1650          1650
   R & M RENT ALLOWANCE                             0             0             0             0             0             0
   R & M UTILITY ALLOWANC                           0             0             0             0             0             0
 R & M PAYROLL TAXES AND INSURANCE
   FICA @              8.50%                      353           353           353           353           353           353
   FUTA @ APPROX       0.80%                       33            33            33            33            33            33
   SUTA @ APPROX       3.30%                      137           137           137           137           137           137
   TRI-MET             0.00%                        0             0             0             0             0             0
   SIIS                0.00%                        0             0             0             0             0             0
   WORKMANS COMP        1.1%                       47            47            47            47            47            47
   R & M MEDICAL INS.                             564           564           564           564           564           564
 R & M SUPPLIES
*  APPLIANCE                                       65            65            65            65            65            65
*  CLEANING (NOT TURNOVE                           45            45            45            45            45            45
*  ELECTRICAL                                      65            65            65            65            65            65
*  EQUIPMENT                                       20            20            20            20            20            20
*  GLASS AND SCREEN                                15            15            15            15            15            15
*  HARDWARE                                       100           100           100           100           100           100
*  HVAC                                            30            30            30            30            30            30
*  KEY AND LOCK                                    25            25            25            25            25            25
*  PAINT (NOT TURNOVER)                            50            50            50            50            50            50
*  PARKING LOT                                     50            50            50            50            50            50
*  PEST CONTROL                                    65            65            65            65            65            65
*  PLUMBING                                       120           120           120           120           120           120
*  RECREATIONAL                                    15            15            15            15            15            15
*  ROOF REPAIRS                                    15            15            15            15            15            15
*  UNIFORMS                                         0             0             0             0             0             0
 R & M SERVICES
*  APPLIANCE REPAIR                               100           100           100           100           100           100
*  CARPET CLEANING (NOT T                           0             0             0             0             0             0
*  CLEANING (NOT TURNOVE                           20            20            20            20            20            20
*  DRAPE CLEANING (NOT T                            0             0             0             0             0             0
*  DRYWALL                                          0             0             0             0             0             0
*  ELECTRICAL                                      85            85            85            85            85            85
*  EQUIPMENT                                       20            20            20            20            20            20
*  GLASS AND SCREEN                                70            70            70            70            70            70

<Caption>
YEAR ENDING  2003                             MONTH 7       MONTH 8       MONTH 9       MONTH 10
<S>                                              <C>           <C>           <C>           <C>
 REPAIRS AND MAINTENANCE EXPENSES:
 R & M LABOR
* R & M LABOR RAISES - YTD                       0.00%         0.00%         0.00%         0.00%
   MAINTENANCE SUPERVIS                          2500          2500          2500          2500
   ASST. MAINTENANCE LAB                         1650          1650          1650          1650
   R & M RENT ALLOWANCE                             0             0             0             0
   R & M UTILITY ALLOWANC                           0             0             0             0
 R & M PAYROLL TAXES AND INSURANCE
   FICA @              8.50%                      353           353           353           353
   FUTA @ APPROX       0.80%                       33            33            33            33
   SUTA @ APPROX       3.30%                      137           137           137           137
   TRI-MET             0.00%                        0             0             0             0
   SIIS                0.00%                        0             0             0             0
   WORKMANS COMP        1.1%                       47            47            47            47
   R & M MEDICAL INS.                             564           564           564           564
 R & M SUPPLIES
*  APPLIANCE                                       65            65            65            65
*  CLEANING (NOT TURNOVE                           45            45            45            45
*  ELECTRICAL                                      65            65            65            65
*  EQUIPMENT                                       20            20            20            20
*  GLASS AND SCREEN                                15            15            15            15
*  HARDWARE                                       100           100           100           100
*  HVAC                                            30            30            30            30
*  KEY AND LOCK                                    25            25            25            25
*  PAINT (NOT TURNOVER)                            50            50            50            50
*  PARKING LOT                                     50            50            50            50
*  PEST CONTROL                                    65            65            65            65
*  PLUMBING                                       120           120           120           120
*  RECREATIONAL                                    15            15            15            15
*  ROOF REPAIRS                                    15            15            15            15
*  UNIFORMS                                         0             0             0             0
 R & M SERVICES
*  APPLIANCE REPAIR                               100           100           100           100
*  CARPET CLEANING (NOT T                           0             0             0             0
*  CLEANING (NOT TURNOVE                           20            20            20            20
*  DRAPE CLEANING (NOT T                            0             0             0             0
*  DRYWALL                                          0             0             0             0
*  ELECTRICAL                                      85            85            85            85
*  EQUIPMENT                                       20            20            20            20
*  GLASS AND SCREEN                                70            70            70            70

<Caption>
YEAR ENDING  2003                            MONTH 11      MONTH 12
<S>                                              <C>           <C>    <C>        <C>
 REPAIRS AND MAINTENANCE EXPENSES:                                    XX
 R & M LABOR                                                          XX
* R & M LABOR RAISES - YTD                       0.00%         0.00%  XX
   MAINTENANCE SUPERVIS                          2500          2500   XX         4402
   ASST. MAINTENANCE LAB                         1650          1650   XX         4404
   R & M RENT ALLOWANCE                             0             0   XX         4406
   R & M UTILITY ALLOWANC                           0             0   XX         4408
 R & M PAYROLL TAXES AND INSURANCE                                    XX
   FICA @              8.50%                      353           353   XX         4412
   FUTA @ APPROX       0.80%                       33            33   XX         4414
   SUTA @ APPROX       3.30%                      137           137   XX         4416
   TRI-MET             0.00%                        0             0   XX          N/A
   SIIS                0.00%                        0             0   XX          N/A
   WORKMANS COMP        1.1%                       47            47   XX         4422
   R & M MEDICAL INS.                             564           564   XX         4424
 R & M SUPPLIES                                                       XX
*  APPLIANCE                                       65            65   XX         4432
*  CLEANING (NOT TURNOVE                           45            45   XX         4434
*  ELECTRICAL                                      65            65   XX         4436
*  EQUIPMENT                                       20            20   XX         4438
*  GLASS AND SCREEN                                15            15   XX         4440
*  HARDWARE                                       100           100   XX         4442
*  HVAC                                            30            30   XX         4444
*  KEY AND LOCK                                    25            25   XX         4446
*  PAINT (NOT TURNOVER)                            50            50   XX         4448
*  PARKING LOT                                     50            50   XX         4450
*  PEST CONTROL                                    65            65   XX         4452
*  PLUMBING                                       120           120   XX         4454
*  RECREATIONAL                                    15            15   XX         4456
*  ROOF REPAIRS                                    15            15   XX         4458
*  UNIFORMS                                         0             0   XX         4460
 R & M SERVICES                                                       XX
*  APPLIANCE REPAIR                               100           100   XX         4472
*  CARPET CLEANING (NOT T                           0             0   XX         4474
*  CLEANING (NOT TURNOVE                           20            20   XX         4476
*  DRAPE CLEANING (NOT T                            0             0   XX         4478
*  DRYWALL                                          0             0   XX         4479
*  ELECTRICAL                                      85            85   XX         4482
*  EQUIPMENT                                       20            20   XX         4484
*  GLASS AND SCREEN                                70            70   XX         4486
</Table>

                                       13
<Page>

<Table>
<Caption>
YEAR ENDING  2003                           MONTH 1       MONTH 2       MONTH 3        MONTH 4      MONTH 5       MONTH 6
<S>                                        <C>           <C>           <C>           <C>           <C>           <C>
*  HVAC                                             0             0             0             0             0             0
*  KEY AND LOCK                                    90            90            90            90            90            90
*  PAINT (NOT TURNOVER)                             0             0             0             0             0             0
*  PARKING LOT                                      0             0             0             0             0             0
*  PEST CONTROL                                   135           135           135           135           135           135
*  PLUMBING                                       450           450           450           450           450           450
*  RECREATIONAL                                     0             0             0             0             0             0
*  ROOF REPAIRS                                    35            35            35            35            35            35
*  UNIFORMS                                         0             0             0             0             0             0
   PAGERS                                          50            50            50            50            50            50
*   OF PAGERS                                       2             2             2             2             2             2
* COST PER PAGER PER MON                   $    25.00    $    25.00    $    25.00    $    25.00    $    25.00    $    25.00

 ELEVATOR
*  ELEVATOR PER MONTH                               0             0             0             0             0             0
*  ELEVATOR PER MONTH                               0             0             0             0             0             0
*  ELEVATOR PER MONTH                               0             0             0             0             0             0
*  ELEVATOR PER MONTH                               0             0             0             0             0             0
 LANDSCAPE PAYROLL
* LANDSCAPE LABOR RAISES                         0.00%         0.00%         0.00%         0.00%         0.00%         0.00%
   LANDSCAPE LABOR                                  0             0             0             0             0           900
   LANDSCAPE RENTAL ALL                             0             0             0             0             0             0
   LANDSCAPE RENTAL ALL                             0             0             0             0             0             0
 LANDSCAPE PAYROLL TAXES AND INSURANCE
   FICA @              8.50%                        0             0             0             0             0            77
   FUTA @ APPROX       0.80%                        0             0             0             0             0             7
   SUTA @ APPROX       3.30%                        0             0             0             0             0            30
   TRI-MET             0.00%                        0             0             0             0             0             0
   SIIS                0.00%                        0             0             0             0             0             0
   WORKMANS COMP       1.14%                        0             0             0             0             0            10
   LANDSCAPE MEDICAL INS.                           0             0             0             0             0             0
 LANDSCAPE SERVICES
* LANDSCAPE SERV. PER DOOR PER MONT                      $    11.50          2542
*  LANDSCAPE MONTH CONT                          2550          2550          2550          2550          2550          2550
*  LANDSCAPE EQUIPMENT                              0             0             0             0             0             0
*  LANDSCAPE IRRIGATION                             0             0             0             0             0             0
*  LANDSCAPE SEASONAL SE                          250             0             0           450             0           450
*LANDSCAPE SUPPLIES                                 0             0             0             0             0             0

<Caption>
YEAR ENDING  2003                           MONTH 7       MONTH 8       MONTH 9       MONTH 10
<S>                                        <C>           <C>           <C>           <C>
*  HVAC                                             0             0             0             0
*  KEY AND LOCK                                    90            90            90            90
*  PAINT (NOT TURNOVER)                             0             0             0             0
*  PARKING LOT                                      0             0             0             0
*  PEST CONTROL                                   135           135           135           135
*  PLUMBING                                       450           450           450           450
*  RECREATIONAL                                     0             0             0             0
*  ROOF REPAIRS                                    35            35            35            35
*  UNIFORMS                                         0             0             0             0
   PAGERS                                          50            50            50            50
*   OF PAGERS                                       2             2             2             2
* COST PER PAGER PER MON                   $    25.00    $    25.00    $    25.00    $    25.00

 ELEVATOR
*  ELEVATOR PER MONTH                               0             0             0             0
*  ELEVATOR PER MONTH                               0             0             0             0
*  ELEVATOR PER MONTH                               0             0             0             0
*  ELEVATOR PER MONTH                               0             0             0             0
 LANDSCAPE PAYROLL
* LANDSCAPE LABOR RAISES                         0.00%         0.00%         0.00%         0.00%
   LANDSCAPE LABOR                                900             0             0             0
   LANDSCAPE RENTAL ALL                             0             0             0             0
   LANDSCAPE RENTAL ALL                             0             0             0             0
 LANDSCAPE PAYROLL TAXES AND INSURANCE
   FICA @            8.50%                         77            77            77             0
   FUTA @ APPROX     0.80%                          7             7             7             0
   SUTA @ APPROX     3.30%                         30            30            30             0
   TRI-MET           0.00%                          0             0             0             0
   SIIS              0.00%                          0             0             0             0
   WORKMANS COMP     1.14%                         10            10            10             0
   LANDSCAPE MEDICAL INS.                           0             0             0             0
 LANDSCAPE SERVICES
* LANDSCAPE SERV. PER DOOR PER MONT
*  LANDSCAPE MONTH CONT                          2550          2550          2550          2550
*  LANDSCAPE EQUIPMENT                              0             0             0             0
*  LANDSCAPE IRRIGATION                             0             0             0             0
*  LANDSCAPE SEASONAL SE                            0             0           450             0
*LANDSCAPE SUPPLIES                                 0             0             0             0

<Caption>
YEAR ENDING  2003                           MONTH 11      MONTH 12
<S>                                        <C>           <C>           <C>       <C>
*  HVAC                                             0             0    XX        4488
*  KEY AND LOCK                                    90            90    XX        4490
*  PAINT (NOT TURNOVER)                             0             0    XX        4494
*  PARKING LOT                                      0             0    XX        4496
*  PEST CONTROL                                   135           135    XX        4498
*  PLUMBING                                       450           450    XX        4500
*  RECREATIONAL                                     0             0    XX        4502
*  ROOF REPAIRS                                    35            35    XX        4504
*  UNIFORMS                                         0             0    XX        4460
   PAGERS                                          50            50    XX        4492
*   OF PAGERS                                       2             2    XX
* COST PER PAGER PER MON                   $    25.00    $    25.00    XX
                                                                       XX
 ELEVATOR                                                              XX
*  ELEVATOR PER MONTH                               0             0    XX        4512
*  ELEVATOR PER MONTH                               0             0    XX        4514
*  ELEVATOR PER MONTH                               0             0    XX        4516
*  ELEVATOR PER MONTH                               0             0    XX        4518
 LANDSCAPE PAYROLL                                                     XX
* LANDSCAPE LABOR RAISES                         0.00%         0.00%   XX
   LANDSCAPE LABOR                                  0             0    XX        4522
   LANDSCAPE RENTAL ALL                             0             0    XX        4526
   LANDSCAPE RENTAL ALL                             0             0    XX
 LANDSCAPE PAYROLL TAXES AND INSURANCE                                 XX
   FICA @            8.50%                          0             0    XX        4528
   FUTA @ APPROX     0.80%                          0             0    XX        4530
   SUTA @ APPROX     3.30%                          0             0    XX        4536
   TRI-MET           0.00%                          0             0    XX         N/A
   SIIS              0.00%                          0             0    XX         N/A
   WORKMANS COMP     1.14%                          0             0    XX        4542
   LANDSCAPE MEDICAL INS.                           0             0    XX        4544
 LANDSCAPE SERVICES                                                    XX
* LANDSCAPE SERV. PER DOOR PER MONT                                    XX
*  LANDSCAPE MONTH CONT                          2550          2550    XX        4552
*  LANDSCAPE EQUIPMENT                              0             0    XX        4554
*  LANDSCAPE IRRIGATION                             0             0    XX        4556
*  LANDSCAPE SEASONAL SE                            0             0    XX        4558
*LANDSCAPE SUPPLIES                                 0             0    XX        4560
</Table>

                                       14
<Page>

<Table>
<Caption>
YEAR ENDING  2003                             MONTH 1       MONTH 2       MONTH 3       MONTH 4       MONTH 5       MONTH 6
<S>                                        <C>           <C>           <C>           <C>           <C>           <C>
 POOLS AND FOUNTAINS
* NUMBER OF POOLS                                                 1
* POOL/SPA SUPPLIES REQUIRED PER POOL                    $   125.00
   POOL SUPPLIES                                  125           125           125           125           125           125
*  POOL LICENSES                                    0             0             0             0             0             0
*  POOL REPAIR                                      0             0             0             0             0           350
*  POOL CONTRACT MAINTE                             0             0             0             0             0             0
*  POOL EQUIPMENT                                   0             0             0             0             0             0
*  POOL FURNITURE                                   0             0             0             0           650             0
 COURTESY PAYROLL
* COURTESY LABOR RAISES -                        0.00%         0.00%         0.00%         0.00%         0.00%         0.00%
   COURTESY LABOR                                   0             0             0             0             0             0
   COURTESY RENT ALLOWA                             0             0             0             0             0             0
   COURTESY UTILITY ALLO                            0             0             0             0             0             0
 RECREATION ATT_PAYROLL TAXES AND
  INSURANCE
   FICA @            8.50%                          0             0             0             0             0             0
   FUTA @ APPROX     0.80%                          0             0             0             0             0             0
   SUTA @ APPROX     3.30%                          0             0             0             0             0             0
   TRI-MET           0.00%                          0             0             0             0             0             0
   SIIS              0.00%                          0             0             0             0             0             0
   WORKMANS COMP      1.1%                          0             0             0             0             0             0
   REC. ATT_ MEDICAL INS.                           0             0             0             0             0             0
*COURTESY SUPPLIES                                  0             0             0             0             0             0
 COURTESY SERVICES
* COURTESY HOURLY WAGE                     $     0.00    $     0.00    $     0.00    $     0.00    $     0.00    $     0.00
* COURTESY-  # OF HRS IN A                          0             0             0             0             0             0
   COURTESY CONTRACT SE                             0             0             0             0             0             0
*  ALARM SERVICE                                    0             0             0             0             0           850
*  EXTINGUISHER MAINTEN                             0             0           275             0             0             0
 VEHICLE EXPENSE (ONLY IF PROPERTY OWNS
  A VEHICLE)
*  VEHICLE GASOLINE                                80            80            80            80            80            80
*  VEHICLE INSURANCE                                0             0             0             0             0             0
*  VEHICLE LICENSE                                  0             0             0             0             0             0
*  VEHICLE OTHER                                    0             0             0             0             0             0

<Caption>
YEAR ENDING  2003                             MONTH 7       MONTH 8       MONTH 9      MONTH 10
<S>                                        <C>           <C>           <C>           <C>
 POOLS AND FOUNTAINS
* NUMBER OF POOLS
* POOL/SPA SUPPLIES REQUIRED PER POOL
   POOL SUPPLIES                                  125           125           125           125
*  POOL LICENSES                                    0             0             0             0
*  POOL REPAIR                                      0             0             0             0
*  POOL CONTRACT MAINTE                             0             0             0             0
*  POOL EQUIPMENT                                   0             0             0             0
*  POOL FURNITURE                                   0             0             0             0
 COURTESY PAYROLL
* COURTESY LABOR RAISES -                        0.00%         0.00%         0.00%         0.00%
   COURTESY LABOR                                   0             0             0             0
   COURTESY RENT ALLOWA                             0             0             0             0
   COURTESY UTILITY ALLO                            0             0             0             0
 RECREATION ATT_PAYROLL TAXES AND
  INSURANCE
   FICA @            8.50%                          0             0             0             0
   FUTA @ APPROX     0.80%                          0             0             0             0
   SUTA @ APPROX     3.30%                          0             0             0             0
   TRI-MET           0.00%                          0             0             0             0
   SIIS              0.00%                          0             0             0             0
   WORKMANS COMP      1.1%                          0             0             0             0
   REC. ATT_ MEDICAL INS                            0             0             0             0
*COURTESY SUPPLIES                                  0             0             0             0
 COURTESY SERVICES
* COURTESY HOURLY WAGE                     $     0.00    $     0.00    $     0.00    $     0.00
* COURTESY-  # OF HRS IN A                          0             0             0             0
   COURTESY CONTRACT SE                             0             0             0             0
*  ALARM SERVICE                                    0             0             0             0
*  EXTINGUISHER MAINTEN                             0           250             0             0
 VEHICLE EXPENSE (ONLY IF PROPERTY OWNS A
  VEHICLE)
*  VEHICLE GASOLINE                                80            80            80            80
*  VEHICLE INSURANCE                                0             0             0             0
*  VEHICLE LICENSE                                  0             0             0             0
*  VEHICLE OTHER                                    0             0             0             0

<Caption>
YEAR ENDING  2003                            MONTH 11      MONTH 12
<S>                                        <C>           <C>           <C>       <C>
 POOLS AND FOUNTAINS                                                   XX
* NUMBER OF POOLS                                                      XX
* POOL/SPA SUPPLIES REQUIRED PER POOL                                  XX
   POOL SUPPLIES                                  125           125    XX        4572
*  POOL LICENSES                                    0             0    XX        4574
*  POOL REPAIR                                      0             0    XX        4576
*  POOL CONTRACT MAINTE                             0             0    XX        4578
*  POOL EQUIPMENT                                   0             0    XX        4580
*  POOL FURNITURE                                   0             0    XX        4580
 COURTESY PAYROLL                                                      XX
* COURTESY LABOR RAISES -                        0.00%         0.00%   XX
   COURTESY LABOR                                   0             0    XX
   COURTESY RENT ALLOWA                             0             0    XX
   COURTESY UTILITY ALLO                            0             0    XX
 RECREATION ATT_PAYROLL TAXES AND                                      XX
  INSURANCE                                                            XX
   FICA @            8.50%                          0             0    XX        4602
   FUTA @ APPROX     0.80%                          0             0    XX        4604
   SUTA @ APPROX     3.30%                          0             0    XX        4606
   TRI-MET           0.00%                          0             0    XX         N/A
   SIIS              0.00%                          0             0    XX         N/A
   WORKMANS COMP      1.1%                          0             0    XX        4612
   REC. ATT_ MEDICAL INS.                           0             0    XX        4614
*COURTESY SUPPLIES                                  0             0    XX        4634
 COURTESY SERVICES                                                     XX
* COURTESY HOURLY WAGE                     $     0.00    $     0.00    XX
* COURTESY-  # OF HRS IN A                          0             0    XX        4634
   COURTESY CONTRACT SE                             0             0    XX
*  ALARM SERVICE                                    0           850    XX        4632
*  EXTINGUISHER MAINTEN                             0             0    XX        4636
 VEHICLE EXPENSE (ONLY IF PROPERTY OWNS A                              XX
  VEHICLE)                                                             XX
*  VEHICLE GASOLINE                                80            80    XX        4642
*  VEHICLE INSURANCE                                0             0    XX        4644
*  VEHICLE LICENSE                                  0             0    XX        4646
*  VEHICLE OTHER                                    0             0    XX        4648
</Table>

                                       15

<Page>

<Table>
<Caption>
YEAR ENDING  2003                             MONTH 1       MONTH 2       MONTH 3       MONTH 4       MONTH 5       MONTH 6
<S>                                               <C>    <C>                  <C>           <C>          <C>           <C>
 *TURNOVER MAINTENANCE EXPENSES
 TURNOVER SUPPLIES
* *CLEANING SUPPLIE    $8
   TURNOVER CLEANING                              106           106           106           106           124           141
* PAINT SUPPLIES PER   $65
   TURNOVER PAINTING                              862           862           862           862          1006          1149
 TURNOVER SERVICES
* CARPET CLEANING PER TURNOVER                           $    55.00
* % OF CARPETS REPLACED UPON TURNOV                              20%
* AVE COST OF NEW CARPET/VINYL (CAP D                    $  1,100.0
* DRAPE/BLIND CLEANING PER TURNOVER                      $    15.00
* % OF DRAPES/BLIND REPLACED UPON TU                            15%
* AVE COST OF NEW DRAPE/BLIND (CAP IM                    $   135.00
* CONTRACT CLEANING PER TURNOVER                         $    65.00
* # OF UNITS CLEANED IN-HOUSE                                     0
* CONTRACT PAINTING PER TURNOVER                         $   150.00
* # OF UNITS PAINTED IN-HOUSE                                     7

   TURNOVER CARPET CLEA                           583           583           583           583           681           778
   TURNOVER DRAPE CLEAN                           169           169           169           169           197           225
   TURNOVER CONTRACT CL                           862           862           862           862          1006          1149
   TURNOVER CONTRACT PA                           939           939           939           939          1271          1602

 TURNOVER UTILITIES
* AVE. ELEC. EXPENSE PER VACANT UNIT                     $    30.00
* AVE. GAS EXPENSE PER VACANT UNIT                       $     0.00

   TURNOVER ELECTRIC                              332           332           332           332           332           332
   TURNOVER GAS                                     0             0             0             0             0             0

<Caption>
YEAR ENDING  2003                             MONTH 7       MONTH 8       MONTH 9      MONTH 10
<S>                                              <C>           <C>           <C>            <C>
 *TURNOVER MAINTENANCE EXPENSES
 TURNOVER SUPPLIES
* *CLEANING SUPPLIE   $8
   TURNOVER CLEANING                              141           14?           141           106
* PAINT SUPPLIES PER $65
   TURNOVER PAINTING                             1149          1149          1149           862
 TURNOVER SERVICES
* CARPET CLEANING PER TURNOVER
* % OF CARPETS REPLACED UPON TURNOV
* AVE COST OF NEW CARPET/VINYL (CAP D
* DRAPE/BLIND CLEANING PER TURNOVER
* % OF DRAPES/BLIND REPLACED UPON TU
* AVE COST OF NEW DRAPE/BLIND (CAP IM
* CONTRACT CLEANING PER TURNOVER
* # OF UNITS CLEANED IN-HOUSE
* CONTRACT PAINTING PER TURNOVER
* # OF UNITS PAINTED IN-HOUSE

   TURNOVER CARPET CLEA                           778           778           778           583
   TURNOVER DRAPE CLEAN                           225           225           225           169
   TURNOVER CONTRACT CL                          1149          1149          1149           862
   TURNOVER CONTRACT PA                          1602          1602          1602           939

 TURNOVER UTILITIES
* AVE. ELEC. EXPENSE PER VACANT UNIT
* AVE. GAS EXPENSE PER VACANT UNIT

   TURNOVER ELECTRIC                              332           332           332           332
   TURNOVER GAS                                     0             0             0             0

<Caption>
YEAR ENDING  2003                            MONTH 11      MONTH 12
<S>                                               <C>           <C>    <C>        <C>
 *TURNOVER MAINTENANCE EXPENSES                                        XX
 TURNOVER SUPPLIES                                                     XX
* *CLEANING SUPPLIE    $8                                              XX
   TURNOVER CLEANING                               88            88    XX         4702
* PAINT SUPPLIES PER   $65                                             XX
   TURNOVER PAINTING                              718           718    XX         4704
 TURNOVER SERVICES                                                     XX
* CARPET CLEANING PER TURNOVER                                         XX
* % OF CARPETS REPLACED UPON TURNOV                                    XX
* AVE COST OF NEW CARPET/VINYL (CAP D                                  XX
* DRAPE/BLIND CLEANING PER TURNOVER                                    XX
* % OF DRAPES/BLIND REPLACED UPON TU                                   XX
* AVE COST OF NEW DRAPE/BLIND (CAP IM                                  XX
* CONTRACT CLEANING PER TURNOVER                                       XX
* # OF UNITS CLEANED IN-HOUSE                                          XX
* CONTRACT PAINTING PER TURNOVER                                       XX
* # OF UNITS PAINTED IN-HOUSE                                          XX
                                                                       XX
   TURNOVER CARPET CLEA                           486           486    XX         4712
   TURNOVER DRAPE CLEAN                           141           141    XX         4714
   TURNOVER CONTRACT CL                           718           718    XX         4716
   TURNOVER CONTRACT PA                           608           608    XX         4718
                                                                       XX
 TURNOVER UTILITIES                                                    XX
* AVE. ELEC. EXPENSE PER VACANT UNIT                                   XX
* AVE. GAS EXPENSE PER VACANT UNIT                                     XX
                                                                       XX
   TURNOVER ELECTRIC                              332           332    XX         4722
   TURNOVER GAS                                     0             0    XX         4724
</Table>

                                       16
<Page>

Ridgetop Apart  FOR PAGE 4

<Table>
<Caption>
YEAR ENDING  2003                           MONTH 1       MONTH 2       MONTH 3        MONTH 4      MONTH 5       MONTH 6
<S>                                             <C>           <C>           <C>           <C>           <C>           <C>
 UTILITY EXPENSE:
   lease-up factor                               0.00          0.00          0.00          0.00          0.00          0.00
 ELECTRICITY
*  COMMON AREA ELECTRIC                           950           850           850           775           655           630
*  MODEL ELECTRICITY                                0             0             0             0            60            60
*  OFFICE/CABANA ELECTRIC                           0             0             0             0             0             0
*  POOL AND SPA ELECTRIC                            0             0             0             0             0             0
 WATER
*  COMMON AREA WATER                             2610          2610          2610          2610          2610          2610
*  IRRIGATION WATER                                 0             0             0             0             0             0
*SEWER                                           8150          8150          8150          8150          8150          8150
*WASTE REMOVAL                                   2800          2800          2800          2800          2800          2800
 NATURAL GAS
*  COMMON AREA GAS                                  0             0             0             0             0             0
*  POOL AND SPA GAS                               135           135           135           135           135           450
 CABLE/SATELLITE TV
*  BULK RATE TV                                     0             0             0             0             0             0
*  OFFICE/CABANA TV                                 0             0             0             0             0             0

 TAXES & INSURANCE EXPENSES:
* REAL PROPERTY TAXES                           12677         12677         12677         12677         12677         12677
  MIP INSURANCE                                     0             0             0             0             0             0
* PERSONAL PROPERTY TAXES                           0             0             0             0             0             0
* LIABILITY AND CASUALTY                         2716          2716          2716          2716          2716          2716
* SALES TAX                                         0             0             0             0             0             0
* PROPERTY ASSESSMENTS                              0             0             0             0             0             0

 DEBT SERVICE
*  DEBT SERVICE - IST                               0             0             0             0             0             0
*  DEBT SERVICE -                                   0             0             0             0             0             0

<Caption>
YEAR ENDING  2003                           MONTH 7       MONTH 8       MONTH 9       MONTH 10
<S>                                             <C>           <C>           <C>           <C>
 UTILITY EXPENSE:
   lease-up factor                               0.00          0.00          0.00          0.00
 ELECTRICITY
*  COMMON AREA ELECTRIC                           630           630           645           775
*  MODEL ELECTRICITY                                0             0             0             0
*  OFFICE/CABANA ELECTRIC                           0             0             0             0
*  POOL AND SPA ELECTRIC                            0             0             0             0
 WATER
*  COMMON AREA WATER                             2610          2610          2610          2610
*  IRRIGATION WATER                                 0             0             0             0
*SEWER                                           8150          8150          8150          8150
*WASTE REMOVAL                                   2800          2800          2800          2800
 NATURAL GAS
*  COMMON AREA GAS                                  0             0             0             0
*  POOL AND SPA GAS                               450           450           450           150
 CABLE/SATELLITE TV
*  BULK RATE TV                                     0             0             0             0
*  OFFICE/CABANA TV                                 0             0             0             0

 TAXES & INSURANCE EXPENSES:
* REAL PROPERTY TAXES                           12677         12677         12677         12677
  MIP INSURANCE                                     0             0             0             0
* PERSONAL PROPERTY TAXES                           0             0             0             0
* LIABILITY AND CASUALTY                         2716          2716          2716          2716
* SALES TAX                                         0             0             0             0
* PROPERTY ASSESSMENTS                              0             0             0             0

 DEBT SERVICE
*  DEBT SERVICE - IST                               0             0             0             0
*  DEBT SERVICE -                                   0             0             0             0

<Caption>
YEAR ENDING  2003                           MONTH 11      MONTH 12
<S>                                             <C>           <C>      <C>        <C>
 UTILITY EXPENSE:                                                      XX
   lease-up factor                               0.00          0.00    XX
 ELECTRICITY                                                           XX
*  COMMON AREA ELECTRIC                           850           950    XX         4802
*  MODEL ELECTRICITY                                0             0    XX         4802
*  OFFICE/CABANA ELECTRIC                           0             0    XX         4802
*  POOL AND SPA ELECTRIC                            0             0    XX         4802
 WATER                                                                 XX
*  COMMON AREA WATER                             2610          2610    XX         4812
*  IRRIGATION WATER                                 0             0    XX         4812
*SEWER                                           8150          8150    XX         4820
*WASTE REMOVAL                                   2800          2800    XX         4830
 NATURAL GAS                                                           XX
*  COMMON AREA GAS                                  0             0    XX         4842
*  POOL AND SPA GAS                               150           150    XX         4842
 CABLE/SATELLITE TV                                                    XX
*  BULK RATE TV                                     0             0    XX         4852
*  OFFICE/CABANA TV                                 0             0    XX         4854
                                                                       XX
 TAXES & INSURANCE EXPENSES:                                           XX
* REAL PROPERTY TAXES                           12677         12677    XX         5002
  MIP INSURANCE                                     0             0    XX         5003
* PERSONAL PROPERTY TAXES                           0             0    XX         5004
* LIABILITY AND CASUALTY                         2716          2716    XX         5006
* SALES TAX                                         0             0    XX         5008
* PROPERTY ASSESSMENTS                              0             0    XX         5010
                                                                       XX
 DEBT SERVICE                                                          XX
*  DEBT SERVICE - IST                               0             0    XX         6502
*  DEBT SERVICE -                                   0             0    XX         6504
</Table>

                                       17
<Page>

Ridgetop Apart  FOR PAGE 5

<Table>
<Caption>
YEAR ENDING 2003                   MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                    <C>          <C>          <C>          <C>          <C>          <C>          <C>
PROPERTY REPLACEMENTS
* APPLIANCE REPLACEMENT                 400          400          400          400          400          400          400
  BUILDING IMPROVEMENTS
   Capital Reimbursement                  0            0            0            0            0            0            0
*  INTERIOR DESIGN MODIFI                 0            0            0            0            0            0            0
*  EXTERIOR LIGHTING                      0            0            0            0            0            0            0
*  EXTERIOR PAINTING                      0            0            0            0            0            0            0
*  EXTERIOR REPAIR                        0            0            0            0            0         1500         1500
*  ROOF REPLACEMENT                       0            0            0            0            0            0            0
 CARPET/VINYL REPLACEMENT              2917         2917         2917         2917         3403         3890         3890
 DRAPE/BLIND REPLACEMENT                269          269          269          269          313          358          358
*EQUIPMENT PURCHASE                       0            0            0            0            0            0            0
 DECK REPAIR/REPLACE                      0            0            0            0            0            0            0
*FURNITURE PURCHASE                       0            0            0            0            0            0            0
*CLUBHOUSE REHAB                          0            0            0            0            0            0            0
 LAND IMPROVEMENTS
*  CARPORT INSTALLATION                   0            0            0            0            0            0            0
*  PARKING LOT REPAIRS                    0            0            0            0            0            0            0
*LANDSCAPE IMPROVEMENTS                   0            0            0            0            0            0            0
*DOORS/GLASS/HARDWARE                     0            0            0            0            0            0            0
*PERMANENT SIGNAGE                        0            0            0            0            0            0            0

<Caption>
YEAR ENDING 2003                   MONTH 8      MONTH 9     MONTH 10     MONTH 11     MONTH 12
<S>                                    <C>          <C>          <C>          <C>          <C>   <C>        <C>
PROPERTY REPLACEMENTS
* APPLIANCES REPLACEMENT                400          400          400          400          400  XX         6002
  BUILDING IMPROVEMENTS                                                                          XX
   Capital Reimbursement                  0            0            0            0            0             6011
*  INTERIOR DESIGN MODIFI                 0            0            0            0            0  XX         6012
*  EXTERIOR LIGHTING                      0            0            0            0            0  XX         6014
*  EXTERIOR PAINTING                      0            0            0            0            0  XX         6016
*  EXTERIOR REPAIR                        0            0            0            0            0  XX         6018
*  ROOF REPLACEMENT                       0            0            0            0            0  XX         6020
 CARPET/VINYL REPLACEMENT              3890         3890         2917         2431         2431  XX         6030
 DRAPE/BLIND REPLACEMENT                358          358          269          224          224  XX         6040
*EQUIPEMNT PURCHASE                       0            0            0            0            0  XX         6050
 DECK REPAIR/REPLACE                      0            0            0            0            0             6060
*FURNITURE PURCHASE                       0            0            0            0            0  XX         6065
*CLUBHOUSE REHAB                          0            0            0            0            0  XX
 LAND IMPROVEMENTS                                                                               XX
* CARPORT INSTALLATION                    0            0            0            0            0  XX         6082
* PARKING LOT REPAIRS                     0            0            0            0            0  XX         6084
* LANDSCAPE IMPROVEMENTS                  0            0            0            0            0  XX         6090
* DOORS/GLASS/HARDWARE                    0            0            0            0            0  XX         6100
* PERMANENT SIGNAGE                       0            0            0            0            0  XX         6110
</Table>

                                       18
<Page>

   Cell: G480
Comment: Craig S. Dwyer:
         Hours = 40
         Days = 5

   Cell: H480
Comment: Craig S. Dwyer:
         Hours = 35/wk
         days = 4 - 5

   Cell: I480
Comment: Craig S. Dwyer:
         Hours = 18/wk
         days = 2-3

   Cell: L480
Comment: Craig S. Dwyer:
         Hours = 40
         days = 5

   Cell: M480
Comment: Craig S. Dwyer:
         Hours = 32/wk
         days = 4-5

   Cell: Q480
Comment: Craig S. Dwyer:
         Hours = 20/wk
         days = 2-3

                                       19
<Page>

PINNACLE REALTY MANAGEMENT COMPANY

                                    EXHIBIT C
                     Reimbursable Employee Expense Schedule

<Table>
<S>                                                      <C>                    <C>                          <C>            <C>
Company Name: Pinnacle Realty Management Company         Property Name:         The Ridgetop
                                                                                Total Sq. Ft.   192,471      # of Units     221
</Table>

                     STAFFING SCHEDULE AND ESTIMATED PAYROLL

<Table>
<Caption>
                                                                         ESTIMATED PAYROLL BURDEN (PERCENTAGE OF
                                                                             SALARY & MONTHLY DOLLAR AMOUNT)
                          FULL OR PART TIME                       ------------------------------------------------------
      POSITION               % ALLOCATED        MONTHLY SALARY          FICA            FUTA/SUTA
------------------------------------------------------------------------------------------------------------------------
<S>                                      <C>    <C>               <C>                <C>                <C>
                                                                             ?.50%              4.10%               1. 0%
Manager                                  100%   $     3,250.00    $        27?.2?    $        133.2     $          ?1.75
                                                                             8.50%              4.10%               1.80%
Asst. Mgr.                               100%   $     1,850.00    $        157.25    $         75.?5    $          35.15
                                                                             8.50%              4.10%               1.?0%
Leasing Consultant                        50%   $       850.00    $         72.25    $         34.85    $          16.15
                                                                             8.50%              4.10%               1.90%
Maint. Manager                           100%   $     2,500.00    $        212.50    $        102.60    $          47.50
                                                                             8.50%              4.10%               1.?0%
Asst. Maint. Manager                     100%   $     1,650.00    $        140.25    $         67.65    $          31.35
                                                                             8.50%              4.10%               1.?0%
Painter                                  100%   $     1,600.00    $        136.00    $         65.60    $          30.40
                                                                                                4.10%               1.?0%
Porter                                    50%   $       900.00    $         68.85    $         36.90    $          17.10

                                                                             ?.44%              4.10%               1.90%
       TOTALS                                   $    12,600.00    $      1,063.35    $        516.50    $         239.40

<Caption>
                                                                                                                    TOTAL MONTHLY
                                 ENTRUSTED PAYROLL BARDOR PERCENTAGE OF SALARY & MONTHLY DOLLAR (AMOUNT)           PAYROLL (TOTAL %
                            --------------------------------------------------------------------------------          BURDEN &
       POSITION                                                  PAYROLL PROCESSING FEE                             MONTHLY PAYROLL)
----------------------------------------------------------------------------------------------------------------------------------
<S>                         <C>                <C>                  <C>                         <C>                <C>
                                          ?%              8.68%                2.00%             15% Monthly                 31.24%
Manager                     $        197.00    $        282.00      $         65.00             $     487.50       $      4,752.75
                                      10.?5%             15.24%                2.00%             15% Monthly                 42.3?%
Asst. Mgr                   $        197.00    $        282.00      $         37.00             $     277.50       $      2,911.75
                                      11.63%                                   2.00%             15% Monthly                 28.03%
Leasing Consultant          $         98.00                         $         17.00             $     127.50       $      1,215.75
                                       7.88%             11.28%                2.00%             10% Monthly                 35.66%
Maint. Manager              $        197.00    $        282.00      $         50.00             $     250.00       $      3,641.50
                                      11.94%             17.09%                2.00%              8% Monthly                 45.53%
ASST. Maint. Manager        $        197.00    $        282.00      $         33.00             $     132.00       $      2,533.25
                                      12.31%             17.63%                2.00%              8% Monthly                 45.44
Painter                     $        197.00    $        282.00      $         32.00             $     128.00       $      2,471.00
                                      10.?9%             31.33%                2.00%              8% Monthly
Porter                      $         98.00    $        282.00      $         18.00             $     135.00       $      1,555.85

                                       9.37%             13.43%                                        12.20%
       TOTALS               $      1,181.00    $      1,692.00      $        252.00             $   1,537.50       $     19,081.85
                                                                                                ?/SF/YEAR          $          1.19
                                                                                                ?/UNIT/YEAR        $      1,03?.12
                                                                                                ?/UNIT/MONTH       $          ?.34
</Table>

* PLEASE NOTE THE ABOVE PAYROLL PROJECTIONS DO NOT INCLUDE O/T AND/OR CHANGES
TO THE APPROVED BUDGETS.

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