<Page>

                                                                   Exhibit 10.14

                                    EXHIBIT A

                                REPORTING PACKAGE

                                  See Attached.

<Page>


                                                             The Bainbridge
                                                             Companies

                                                             BC-Bainbridge Bay
                                                             Pointe LLC

                                                             JULY 2003
                                                             FINANCIAL REPORTS

<Page>

                                TABLE OF CONTENTS

                                   BAY POINTE

<Table>
<S>                                                                   <C>
EXECUTIVE SUMMARY                                                     SECTION 1

BUDGET VARIANCE REPORT                                                SECTION 2

BALANCE SHEET                                                         SECTION 3

INCOME STATEMENT & BUDGET COMPARISON                                  SECTION 4

RENT ROLL                                                             SECTION 5

AGED DELINQUENCY DETAIL & PREPAID SUMMARY                             SECTION 6

CALCULATION OF PROPERTY MANAGEMENT FEE                                SECTION 7

CASH FLOW                                                             SECTION 8
</Table>

<Page>

                                   BAY POINTE
                              JACKSONVILLE, FLORIDA

                                EXECUTIVE SUMMARY
                                    JULY 2003

OPERATING STRATEGY

The operating strategy for Bay Pointe is to re-position the property in the
submarket through planned capital improvements and more opportunistic
management. During the third quarter, interior and exterior improvements will
begin. In addition, an elevated level of customer service will enhance value
from the perspective of the customer. During this time, an aggressive collection
program will be implemented in an effort to improve the resident profile.

OPERATIONAL HIGHLIGHTS

Continued emphasis was placed on providing excellent customer service to the
existing residents through the timely handling of resident service requests.
Additionally, through enhanced marketing and leasing efforts the leasing
activity through the month of July increased.

LEASING AND OCCUPANCY

During the month of July, a total of 65 prospective customers visited the
property. The leasing team achieved a closing ratio of 62% as 40 prospects were
converted into leases. The top source of new leases was drive-by traffoc,
representing over 37% of the total. Occupancy at the end of the period was 92%.
There were 16 move-outs during the period, with approximately 1/3 of the
move-outs being due to the purchase of a home.

MARKET CONDITIONS

See Market Survey.

MARKETING

In July advertising continued in Apartment Guide, Apartment Guide.com, Apts.com,
and Homestore.com. Flags and bandit signs were installed at the entrance to the
property, enhancing the drive by appeal. Finally, there were 7 new leases that
came from resident referrals.

                                        1
<Page>

STAFFING

Lori Meader                               Property Manager
Christina Colon                           Assistant Property Manager
Lorell Pugh                               Leasing Consultant
Kevin Parker                              Maintenance Supervisor
Willie Williams                           Maintenance Assistant
Edwin Walker                              Groundskeeper

CAPITAL EXPENDITURES/RENOVATION

Bids are being secured for projects associated with the renovation of the
property. The architect has made recommendations which are currently being
evaluated. Tree trimming has been completed, and the roof replacement contract
was awarded.

                                        2
<Page>

                      BCP MARKET SURVEY               Project : Bay Pointe
                           May-03                     Location: Jacksonville, FL

<Table>
<Caption>

<S>                                 <C>        <C>     <C>      <C>              <C>     <C>        <C>            <C>
Bay Pointe  - Bainbridge Company
Deerbrook                           144        94%     1988     12 - 1/1.5         875   $    785   $    0.?0        18 - 2/2
                                                                                                                      8 - 2/2
                                                                                                                     12 - 2/2
                                                                                                                   40 - 2/2.5
                                                                                                                   42 - 2/2.5

Baymeadows                                     96%     1972      142 - 1/1         724   $    589   $    0.79        48 - 2/1
                                                                  80 - 1/1         797   $    5??   $    0.75        ?9 - 2/2
                                                                  20 - 1/1       1,008   $    689   $    0.??       188 - 2/2
                                                                                                                    17? - 2/2
                                                                                                                   22 - 2/2.5

River Reach                         364        97%     1972      132 - 1/1       1,060   $          $    0.81        42 - 2/2
                                                                  24 - 1/1       1,100   $    728   $    0.88        48 - 2/2
                                                                                                                     84 - 2/2

Avg.   Deerbrook                    144        96%     1968                        875   $    785   $    0.90
Avg.   Baymeadows                   ???        96%     1972                        843   $    812   $    0.73
Avg.   River Reach                  ?64        97%     1972                      1,090   $    894   $    0.84
SUBJECT                             ?00                1972      120 - 1/1         7?5              $    0.72       130 - 2/1

<Caption>

<S>                               <C>     <C>       <C>         <C>              <C>     <C>        <C>
Bay Pointe  - Bainbridge Company
Deerbrook                         1,204   $   ?19   $  0.78       12 - 3/3       1,588      1,120   $    0.72
                                  1,207   $   ???   $  0.78
                                  1,298   $   940   $  0.72
                                  1,328   $   ?50   $  0.72
                                  1,350   $   950   $  0.70

Baymeadows                        1,084   $   879   $  0.83       18 - 3/2       1,477   $    679   $    0.50
                                  1,088   $   789   $  0.72       38 - 3/2       ?,58?   $    689   $    0.58
                                  1,162   $   619   $  0.60     30 - 3/2.5       ?,831   $    919   $    0.58
                                  1,326   $   799   $  0.60     74 - 3/2.5       ?,896   $    929   $    0.55
                                  1,457   $         $  0.57

River Reach                       1,200   $   7??   $  0.68       12 - 3/2       ?,550   $    989   $    0.84
                                  1,250   $   819   $  0.??       43 - 3/2       ?,575   $    969   $    0.63
                                  1,450   $   829   $  0.57

Avg.   Deerbrook                  1,218   $   938   $  0.73                      ?,566   $  1,120   $    0.72
Avg.   Baymeadows                 1,221   $   755   $  0.?2                      ?,597   $    804   $    0.57
Avg.   River Reach                1,300   $   817   $  0.03                      1,583   $    96?   $    0.83
SUBJECT                           1,10?             $  0.5?

<Caption>

<S>                              <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>
Bay Pointe  - Bainbridge Company
Deerbrook                                                 Y    Y    Y    Y              Y    O    Y    Y




Baymeadows





River Reach



Avg.   Deerbrook
Avg.   Baymeadows
Avg.   River Reach
SUBJECT

                            %=?  0%   0%   0%   0%
Notes:                                    Amenities


</Table>

<Page>

                                   BAY POINTE
                             BUDGET VARIANCE REPORT
                                    JULY 2003

REVENUE

TOTAL RENTAL INCOME

<Table>
<Caption>
                                ACTUAL          BUDGET         VARIANCE           %
<S>                            <C>             <C>              <C>                 <C>
MONTH                          158,017.50      137,862.00       20,155.50           14.62
YTD                            376,564.68      336,353.93       40,210.75           11.95
</Table>

COMMENTS:
Total rental income reflected a favorable variance for June due to higher
occupancy and fewer concessions.

OTHER INCOME

<Table>
<Caption>
                                ACTUAL          BUDGET         VARIANCE           %
<S>                             <C>             <C>             <C>                <C>
MONTH                            9,297.89       11,855.00       (2,587.11)         (21.77)
YTD                             15,501.52       22,063.45       (6,561.93)         (29.74)
</Table>

COMMENTS:
Other income reflected an unfavorable variance due to no redecorating or
termination fees collected.

EXPENSES

ON-SITE STAFF

<Table>
<Caption>
                               ACTUAL          BUDGET         VARIANCE            %
<S>                             <C>             <C>             <C>                 <C>
MONTH                           15,028.13       24,259.00        9,230.87           38.05
YTD                             30,369.90       44,260.00       13,890.10           31.38
</Table>

COMMENTS:
The favorable payroll variance was due to the timing of the start dates of the
new employees, including the property manager and maintenance assistant. In
addition, no leasing bonuses or employee benefit expenses were incurred.

UTILITIES

<Table>
<Caption>
                               ACTUAL          BUDGET         VARIANCE            %
<S>                             <C>             <C>             <C>                <C>
MONTH                           13,659.84       11,800.00       (1,859.84)         (15.76)
YTD                             24,494.91       24,153.58         (341.33)          (1.41)
</Table>

                                        3
<Page>

COMMENTS:
Utility expenses have been accrued due to the timing of the receipt of accurate
bills. Utility expenses are expected to be in line with the budget.

HVAC

<Table>
<Caption>
                               ACTUAL          BUDGET         VARIANCE            %
<S>                             <C>              <C>            <C>               <C>
MONTH                            2,835.42          700.00       (2,135.42)        (305.06)
YTD                              3,590.51        1,400.00       (2,190.51)        (156.47)
</Table>

COMMENTS:
Expenses were within budgeted guidelines.

REPAIRS AND MAINTENANCE

<Table>
<Caption>
                               ACTUAL          BUDGET         VARIANCE            %
<S>                             <C>             <C>             <C>                <C>
MONTH                           15,887.68        8,855.00       (7,032.68)         (79.42)
YTD                             24,091.11       17,816.45       (6,274.66)         (35.22)
</Table>

COMMENTS:
Expenses were within budgeted guidelines.

LANDSCAPE

<Table>
<Caption>
                               ACTUAL          BUDGET         VARIANCE            %
<S>                              <C>             <C>             <C>                <C>
MONTH                              463.87        5,300.00        4,836.13           91.25
YTD                              2,841.29        7,677.42        4,836.13           62.99
</Table>

COMMENTS:
Expenses were within budgeted guidelines.

CLEANING

<Table>
<Caption>
                               ACTUAL          BUDGET         VARIANCE            %
<S>                             <C>              <C>            <C>             <C>
MONTH                            7,945.36          700.00       (7,245.36)      (1,035.05)
YTD                             10,805.36        1,240.00       (9,565.36)        (771.40)
</Table>

COMMENTS:
The unfavorable cleaning variance was due to contract grounds service and carpet
cleaning not budgeted. Note the favorable payroll variance as it relates to
contract groundskeeping. Also note that carpet cleaning was necessary to prepare
units for move-in.

                                        4
<Page>

INSURANCE AND TAXES

<Table>
<Caption>
                                ACTUAL          BUDGET         VARIANCE           %
<S>                             <C>             <C>               <C>               <C>
Month                           24,039.00       23,543.00         (496.00)          (2.11)
YTD                             48,078.00       47,086.00         (922.00)          (2.11)
</Table>

COMMENTS:
Expenses were within budgeted guidelines.

FEES AND DUES

<Table>
<Caption>
                                ACTUAL          BUDGET         VARIANCE           %
<S>                             <C>             <C>              <C>                <C>
Month                            4,169.51        5,241.00        1,071.49           20.44
YTD                             10,681.12       12,576.17        1,895.05           15.07
</Table>

COMMENTS:
Lower management fees than budgeted due to high delinquency.

OFFICE EXPENSES

<Table>
<Caption>
                                ACTUAL          BUDGET         VARIANCE           %
<S>                              <C>             <C>              <C>              <C>
Month                            1,904.95        1,200.00         (704.95)         (58.75)
YTD                              3,280.46        2,468.99         (811.47)         (32.87)
</Table>

COMMENTS:
The unfavorable variance was due to printing costs associated with forms
required to organize the office.

POOL AND TENNIS COURTS

<Table>
<Caption>
                                ACTUAL          BUDGET         VARIANCE           %
<S>                              <C>             <C>               <C>              <C>
Month                              671.41          900.00          228.59           25.40
YTD                              1,197.45        1,800.00          602.55           33.48
</Table>

COMMENTS:
The favorable variance is a result of savings realized as a result of in-house
pool care versus contracting for services.

ADMINISTRATIVE

<Table>
<Caption>
                                ACTUAL          BUDGET         VARIANCE           %
<S>                              <C>             <C>            <C>               <C>
Month                            3,794.00        1,341.00       (2,453.00)        (182.92)
YTD                              5,124.00        2,556.00       (2,568.00)        (100.47)
</Table>

COMMENTS:
Expenses were within budgeted guidelines.

                                        5
<Page>

MARKETING AND ADVERTISING

<Table>
<Caption>
                                ACTUAL          BUDGET         VARIANCE           %
<S>                              <C>             <C>             <C>                <C>
Month                            1,217.66        2,990.00        1,772.34           59.28
YTD                              2,662.87        6,117.74        3,454.87           56.47
</Table>

COMMENTS:
The favorable variance was due to lower locator fees.

                                        6
<Page>

                          BC-Bainbridge Bay Pointe LLC
                                  Balance Sheet
                                  July 31, 2003

<Table>
<S>                                                  <C>
CURRENT ASSETS

CASH & CASH EQUIVALENTS
  Wachovia Operating Account                         $     116,105.19
  Wachovia Security Deposit                                 69,401.50
  Real Estate Tax Escrow                                    95,704.51
  Completion Escrow                                        598,424.00
  Capital Improvements Escrow                            4,078,336.00
                                                     ----------------
    TOTAL CASH                                       $   4,957,971.20

ACCOUNTS RECEIVABLE
  A/R. - Tenants                                     $      37,100.50
  A/R. - NSF Checks                                          1,185.00
                                                     ----------------
    TOTAL ACCOUNTS RECEIVABLE                        $      38,285.50

INVESTMENT PROPERTY
  Land                                               $   3,000,000.00
  Building                                               8,241,987.46
  Accum. Deprec. - Building                                (53,519.40)
  Furniture, Fixtures & Equip.                             903,405.31
  Accum. Deprec - Furn/Fix/Equ                            (113,442.00)
                                                     ----------------
    TOTAL INVESTMENT PROPERTY                        $  11,978,431.37

OTHER ASSETS
  Loan Costs                                         $     170,465.37
  Accum. Amort - Loan Costs                                 (4,058.70)
                                                     ----------------
    TOTAL OTHER ASSETS                               $     166,406.67

DEPOSITS
  Utility Deposits                                   $      13,300.00
                                                     ----------------
    TOTAL DEPOSITS                                   $      13,300.00

PREPAID EXPENSES
  Prepaid Insurance                                  $       5,748.20
                                                     ----------------
    TOTAL PREPAIDS                                   $       5,748.20

DEVELOPMENT IN PROGRESS
  Hard Costs- Construction                           $      11,413.72
                                                     ----------------

SOFT COSTS - DEV
    TOTAL DEVELOPMENT                                $      11,413.72
                                                     ----------------

  TOTAL ASSETS                                       $  17,171,556.66
                                                     ----------------
</Table>

<Page>

<Table>
<S>                                                  <C>
LIABILITIES

CURRENT LIABILITIES
  Accounts Payable                                   $      32,570.98
  Accrued Expenses                                          12,487.60
  Management Fee Payable                                     4,169.51
  A/P - Prior Owner                                         12,545.00
                                                     ----------------
    TOTAL CURRENT LIABILITIES                        $      61,773.09

OTHER LIABILITIES
  Accrued Property Taxes                             $      79,253.51
  Prepaid Rents - Monthly                                    6,759.00
  Security Deposits-Tenant                                  64,933.50
                                                     ----------------
    TOTAL OTHER LIABILITIES                          $     150,946.01

NOTES PAYABLE
  Mortgage Payable                                   $   9,800,000.00
                                                     ----------------
    TOTAL NOTES PAYABLE                              $   9,800,000.00
                                                     ----------------

TOTAL LIABILITIES                                    $  10,012,719.10

OWNER'S EQUITY
  Boston Capital Equity                              $   7,186,335.37
  Net Income (Loss)                                        (27,497.81)
                                                     ----------------
    TOTAL OWNERS' EQUITY                             $   7,158,837.56
                                                     ----------------

  TOTAL LIABILITIES & EQUITY                         $  17,171,556.66
                                                     ----------------
</Table>

<Page>

                          BC-Bainbridge Bay Pointe LLC
                                Income Statement
                       For the Period Ended July 31, 2003

<Table>
<Caption>
                                               CURRENT                           YTD
                                              ACTIVITY            %              NET               %
<S>                                        <C>                    <C>       <C>                    <C>
INCOME
   Market Rents                            $    184,880.00        110.50    $    436,807.35        111.41
   Vacancy Loss                                 (17,983.50)       (10.75)        (39,280.98)       (10.02)
   Rent Concessions                                (550.00)         (.33)         (4,030.50)        (1.03)
   Model & Employee Units                          (347.00)         (.21)         (2,863.75)         (.73)
   Loss/Gain to Lease                            (7,982.00)        (4.77)        (14,067.44)        (3.59)
                                           ---------------    ----------    ---------------    ----------
    TOTAL RENTAL INCOME                    $    158,017.50         94.44    $    376,564.68         96.05

OTHER INCOME
   Other Income                            $     (7,870.65)        (4.70)   $     (7,147.20)        (1.82)
   Late Charge Income                             5,582.00          3.34           7,306.93          1.86
   NSF Fee Income                                   245.00           .15             245.00           .06
   Vending Income                                   638.56           .38           2,404.06           .61
   Application Fee Income                           875.00           .52           1,125.00           .29
   Termination Fees                               6,195.00          3.70           6,740.00          1.72
   Move Out Income                                  447.98           .27             622.73           .16
   Washer & Dryer Rental Inco                     1,330.00           .79           1,330.00           .34
   Laundry Token Income                           1,655.00           .99           1,655.00           .42
   Month to Month Fees                              200.00           .12           1,220.00           .31
                                           ---------------    ----------    ---------------    ----------
    TOTAL OTHER INCOME                     $      9,297.89          5.56    $     15,501.52          3.95
                                           ---------------    ----------    ---------------    ----------
      TOTAL REVENUE                        $    167,315.39        100.00    $    392,066.20        100.00
                                           ---------------    ----------    ---------------    ----------

OPERATING EXPENSES

ON SITE STAFF
   Leasing Wages                           $      3,924.33          2.35    $      7,265.21          1.85
   Maintenance Wages                              7,569.70          4.52           8,746.40          2.23
   Property Manager Wages                         2,923.06          1.75           4,384.59          1.12
   Temporary Help - Admin                           178.50           .11             178.50           .05
   Payroll Taxes                                  1,158.30           .69           1,762.80           .45
   Employee Benefits                              1,069.71           .64           1,069.71           .27
   Employee Uniforms                                                                 300.00           .08
   Employee Education                               120.00           .07             120.00           .03
   Unemploy. Insur/Workers Co                       500.53           .30             667.76           .17
   Temporary Personnel                           (2,416.00)        (1.44)          5,874.93          1.50
                                           ---------------    ----------    ---------------    ----------
      TOTAL ON-SITE STAFF                  $     15,028.13          8.98    $     30,369.90          7.75

UTILITIES
Electricity-Vacant Units                   $        800.00           .48    $      1,600.00           .41
Electricity-Grounds                                  23.38           .01              23.38           .01
Electricity-House                                 1,200.00           .72           2,500.00           .64
Gas-Facilities                                      380.22           .23             761.71           .19
Trash Hauling                                     3,456.24          2.07           4,009.82          1.02
Water & Sewer - Facilities                        7,800.00          4.66          15,600.00          3.98
                                           ---------------    ----------    ---------------    ----------
    TOTAL UTILITIES                        $     13,659.84          8.16    $     24,494.91          6.25
</Table>

                       Confidential: For Internal Use Only

<Page>

<Table>
<Caption>
                                               CURRENT                           YTD
                                              ACTIVITY            %              NET               %
<S>                                        <C>                      <C>     <C>                      <C>
HVAC
HVAC Repairs & Maintenance                 $      2,835.42          1.69    $      3,590.51           .92
                                           ---------------    ----------    ---------------    ----------
     TOTAL HVAC                            $      2,835.42          1.69    $      3,590.51           .92

REPAIRS & MAINTENANCE
Pest Control                               $        795.00           .48    $        901.45           .23
Lightbulbs & Ballasts                               161.03           .10             188.73           .05
Window Replacement                                  227.40           .14             454.80           .12
Locks & Keys                                        540.85           .32             992.41           .25
Painting                                          5,835.00          3.49           8,030.00          2.05
Painting Supplies                                   172.78           .10             564.28           .14
Plumbing Contract                                 1,082.35           .65           1,082.35           .28
Plumbing Supplies                                 1,180.15           .71           2,294.77           .59
Carpet Replacement                                   57.92           .03           1,346.89           .34
General Building Supplies                            57.09           .03              57.09           .01
Janitorial Contract Services                                                          64.18           .02
Electrical Repairs                                  473.56           .28             757.91           .19
Flooring Repairs                                    690.83           .41             978.51           .25
Maintenance Supplies                                624.47           .37           1,285.78           .33
Maintenance Equipment                               594.47           .36             631.39           .16
Equip. Service/Maintenance                                                           210.79           .05
Misc. Repairs & Maintenance                                                          855.00           .22
Appliance Repair/Replacement                        123.42           .07             123.42           .03
Facilities Safety Equipment                         131.36           .08             131.36           .03
                                           ---------------    ----------    ---------------    ----------
     TOTAL REPAIRS & MAIN                  $     12,747.68          7.62    $     20,951.11          5.34

LANDSCAPE
Landscape - Contract Service               $      1,398.00           .84    $      4,198.00          1.07
Landscape - Maintenance                            (800.00)         (.48)         (1,422.58)         (.36)
Sprinkler Repairs                                  (200.00)         (.12)
Landscape Replacement                                65.87           .04              65.87           .02
                                           ---------------    ----------    ---------------    ----------
     TOTAL LANDSCAPE                       $        463.87           .28    $      2,841.29           .72

CLEANING
CLEANING                                   $      1,349.99           .81    $      1,349.99           .34
Carpet Cleaning                                   4,748.00          2.84           5,143.00          1.31
? ay Porter Service                                  358.00           .21             758.80           .19
Cleaning - Common Area                              955.00           .57             955.00           .24
Cleaning Supplies                                    53.57           .03              53.57           .01
Trash Expense                                    (1,500.00)         (.90)
Cleaning - Apartment                              1,980.00          1.18           2,545.00           .65
                                           ---------------    ----------    ---------------    ----------
     TOTAL CLEANING                        $      7,945.36          4.75    $     10,805.36          2.76

BUILDING SERVICES
Cable/Music/Murzak                         $         44.00           .03    $         44.00           .01
</Table>

<Page>

<Table>
<Caption>
                                               CURRENT                           YTD
                                              ACTIVITY            %              NET               %
                                           ---------------    ----------    ---------------    ----------
<S>                                        <C>                      <C>     <C>                     <C>
Washer & Dryer Rental Expens               $      1,567.84           .94    $      1,567.84           .40
                                           ---------------    ----------    ---------------    ----------
     TOTAL BLDING SERVICES                 $      1,611.84           .96    $      1,611.84           .41

SECURITY & SAFETY
Security & Safety                          $        184.23           .11    $        184.23           .05
Monitoring Services                                                                   59.00           .02
Security Services                                                                     26.50           .01
                                           ---------------    ----------    ---------------    ----------
     TOTAL SCRTY & SAFETY                  $        184.23           .11    $        269.73           .07

INSURANCE & TAXES
Insurance Expense                          $      8,621.00          5.15    $     17,242.00          4.40
Real Estate Taxes                                15,418.00          9.21          30,836.00          7.86
                                           ---------------    ----------    ---------------    ----------
     TOTAL INSR & TAXES                    $     24,039.00         14.37    $     48,078.00         12.26

FEES AND DUES
Management Fees                            $      4,169,51          2.49    $     10,681.12          2.72
                                           ---------------    ----------    ---------------    ----------
     TOTAL FEES & DUES                     $      4,169,51          2.49    $     10,681.12          2.72

OFFICE EXPENSES
Office Expenses                            $         83.62           .05    $         83.62           .02
Copier Expense                                      266.73           .16             338.11           .09
Office Equipment                                                                     238.54           .06
Office Supplies                                     200.00           .12             200.00           .05
Postage                                             164.40           .10             164.40           .04
Printing                                                                             370.18           .09
Telephone (Office)                                                                   396.34           .10
Internet Services                                   307.16           .18             307.16           .08
Office Utilities                                     29.10           .02              29.10           .01
Telephone - Dedicated Line                          329.08           .20             329.08           .08
Misc. Expenses                                       20.00           .01             167.32           .04
Office Expense                                                                        15.50
Mileage                                              67.60           .04              67.60           .02
Administrative Expense                              174.00           .10             174.00           .04
ClubHouse Supplies/Refreshme                         70.91           .04              70.91           .02
Answering Service                                   146.75           .09             283.00           .07
Telephone - Long Distance                            45.60           .03              45.60           .01
                                           ---------------    ----------    ---------------    ----------
     TOTAL OFFICE EXPENSES                 $      1,904.95          1.14    $      3,280.46           .84
                                           ---------------    ----------    ---------------    ----------

CORPORATE MODEL & UNITS
     TOTAL CORP MDL & UNIT

POOL & TENNIS COURTS
Pool Maintenance & Supplies                $        671.41           .40    $      1,197.45           .31
                                           ---------------    ----------    ---------------    ----------
     TOTAL POOL & TENNIS                   $        671.41           .40    $      1,197.45           .31
</Table>

<Page>

<Table>
<Caption>
                                               CURRENT                           YTD
                                              ACTIVITY            %              NET               %
                                           ---------------    ----------    ---------------    ----------
<S>                                        <C>                      <C>     <C>                     <C>
ADMINISTRATIVE

Bank Fees                                  $         42.25           .03    $         42.25           .01
Legal Fees                                        3,265.00          1.95           3,935.00          1.00
Other Professional Fees                                                              660.00           .17
Credit/Background Checks                            486.75           .29             486.75           .12
                                           ---------------    ----------    ---------------    ----------
     TOTAL ADMINISTRATIVE                  $      3,794.00          2.27    $      5,124.00          1.31

MARKETING & ADVERTISING
Advertising & Marketing                    $       (137.74)         (.08)
Marketing & Advertising                            (507.47)         (.30)
Meals & Entertainment                                86.27           .05              86.27           .02
Advertising & Promotion                             632.24           .38           1,432.24           .37
Locator Fees                                      1,144.36           .68           1,144.36           .29
                                           ---------------    ----------    ---------------    ----------
     TOTAL MRKT & ADVT                     $      1,217.66           .73    $      2,662.87           .68
                                           ---------------    ----------    ---------------    ----------

TOTAL OPERATING EXPENSES                   $     90,272.90         53.95    $    165,958.55         42.33
                                           ---------------    ----------    ---------------    ----------

NET OPERATING INCOME (NOI)                 $     77,042.49         46.05    $    226,107.65         57.67
                                           ---------------    ----------    ---------------    ----------

INTEREST EXPENSE
Mortgage Interest                          $     35,280.00         21.09    $     82,320.00         21.00
                                           ---------------    ----------    ---------------    ----------
     TOTAL INTEREST                        $     35,280.00         21.09    $     82,320.00         21.00

AMORTIZATION & DEPR
Amortization Expense                       $      2,029.35          1.21    $      4,058.70          1.04
Depreciation Expense                             83,570.70         49.95         166,961.40         42.59
                                           ---------------    ----------    ---------------    ----------
     TOTAL AMRTZ & DEPR                    $     85,600.05         51.16    $    171,020.10         43.62

OTHER EXPENSES
Professional Service Fees                  $        265.36           .16    $        265.36           .07
                                           ---------------    ----------    ---------------    ----------
     TOTAL OTHER EXPENSES                  $        265.36           .16    $        265.36           .07

                                           ---------------    ----------    ---------------    ----------
  TOTAL NON-OPERATING EXP                  $    121,145.41         72.41    $    253,605.46         64.68

                                           ---------------    ----------    ---------------    ----------
NET INCOME (LOSS)                          $    (44,102.92)       (26.36)   $    (27,497.81)        (7.01)
                                           ---------------    ----------    ---------------    ----------
</Table>

<Page>

                          BC-Bainbridge Bay Pointe LLC
                       Income Statement Budget Comparison
                       For the Period Ended July 31, 2003

<Table>
<Caption>
                                       CURRENT PERIOD        CURRENT
                                          ACTIVITY           BUDGET            VARIANCE               %
<S>                                   <C>                <C>                <C>                    <C>
INCOME
   Market Rents                       $    184,880.00    $    106,210.00    $     (1,??0.00)              (.71)
   Vacancy Loss                            (17,903.50)        (27,311.00)          5,327.50             (3?.15)
   Rent Concessions                           (550.00)        (16,013.00)         13,?63.00             (96.57)
   Model & Employee Units                     (?47.00)           (567.00)            220.00             (3?.?0)
   Loss/Gain to Lease                       17,982.00          (4,457.00)         (?,525.00)             79.09
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL RENTAL INCOME              $    150,?17.30    $    137,?62.00    $     20,155.50              14.62

OTHER INCOME
   Administrative Fee Income                             $      6,300.00    $     (6,300.00)           (100.00)
   Other Income                             (7,430.65)              4.00          (7,?14.65)       (196,86?.25)
   Telephone Income                                               2?1.00            (261.00)           (100.00)
   Late Charge Income                        5,502.00           3,000.00           2,582.00              16.07
   NSF Fee Income                              245.00             200.00              43.00              22.?0
   Vending Income                              630.56                                63?.56
   Application Fee Income                      ?73.00           1,240.00            (315.00)            (30.56)
   Termination Fees                          6,105.00           1,930.00           4,2?3.00             217.69
   Move Out Income                             447.9?                                4?7.90
   Washer & Dryer Rental Income              1,330.00           2,000.00            (670.00)            (33.50)
   Laundry Token Income                      2,6?5.00                              1,655.00
   Month to Month fees                         200.00                                200.00
   Bad Debt                                                    (3,0?0.00)          ?,090.00            (100.00)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL OTHER INCOME                    6??,797.89    $     11,9?8.00    $     (2,507.11)            (21.??)
                                      ---------------    ---------------    ---------------    ---------------
        TOTAL REVENUE                 $    167,315.39    $    1?9,747.00    $     ??,568.30              11.73
                                      ---------------    ---------------    ---------------    ---------------

OPERATING EXPENSES

ON SITE STAFF
   Leasing Wages                      $      3,?24.33    $      3,520.00    $       (404.?3)            (11.49)
   Leasing Bonuses                                              5,520.00           5,520.00             100.00
   Maintenance Wages                         7,569.70           6,??0.00            (609.70)            (10.02)
   Property Manager Wages                    2,923.06           2,923.00               (.06)
   Temporary Help - Admin                      17?.30                               (17?.5?)
   Payroll Taxes                             1,150.30           1,?69.00             610.70              34.52
   Employee Benefits                         1,069.71           2,8??.00           1,705.?9              62.53
   Employee Uniforms                                              500.00             ?00.00             100.00
   Employee Education                          120.00                               (120.00)
   Unemploy Insur/Workers Comp                 500.53             292.00            (20?.53)            (?1.41)
   Temporary Personnel                     ?7,416.00?                              2,416.00
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL ON-SITE STAFF              $     15,028.13    $     24,359.00    $      ?,230.?7              3?.05

UTILITIES
Electricity - Vacant Units                   ?,000.00           ? 000.00
Electricity - Grounds                           23.3?                                (23.38)
Electricity-House                            1,200.00           1,300.00             100.00               7.59
Gas-Facilities                                 300.22             400.00              19.7?               4.95
Trash Hauling                                3,454.24           1,500.00          (1,956.24)           (130.42)
Water & Sewer - Facilities                   7,800.00           7,000.00
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL UTILITIES                  $     13,639.?4    $     11,400.00    $     (1,??9.84)            (15.76)

HVAC
HVAC Repairs & Maintenance            $      2,?35.42    $        700.00    $     (2,135.42)           (305.06)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL HVAC                       $      2,?35.42    $        700.00    $     (2,135.42)           (305.06)

REPAIRS & MAINTENANCE
Pest Control                          $        793.00    $        733.00    $        (40.00)             (?.30)
Lightbulbs & Ballasts                          1?1.03                               (161.03)
Window Replacement                             227.40                               (?2?.40)
Locks & Keys                                   540.?5                               (540.?5)
Structural - Repairs &                         400.00             600.00             100.00
Painting                                     3,835.00           2,000.00          (3,035.00)           (191.7?)
Painting supplies                              172.7?                               (172.78)
Plumbing contract                            1,002.35                             (1,002.35)
                                                                  300.00             300.00             100.00
Plumbing Supplies                            1,??0.15           2,300.00           1,31?.?5              52.7?
Structural Repairs                                                600.00             60?.00             100.00
Carpet Replacement                              ?7.92                                (37.92)
General Building Supplies                       ?7.09             600.00             542.91              90.49
Janitorial Contract Services
Electrical Repairs                             473.?6           1,000.00             52?.44              52.64
Flooring Repairs                               690.?3                               (690.03)
Maintenance Supplies                           6?4.47                               (624.47)
Maintenance Equipment                          554.47                               (554.47)
Equip. Service/Maintenance
Misc. Repairs & Maintenance
Appliance Repair/Replacement                   123.4?             400.00             27?.50              69.15
Facilities Safety Equipment                    131.36             100.00             (31.36)            (31.36)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL REPAIRS & MAIN             $     12,747.60    $      ?,8??.00    $     (3,092.6?)            (43.96)

LANDSCAPE

Landscape - Contract Services         $      1,390.00    $      2,?00.00    $      1,?02.00              30.07
Landscape - Maintenance                       (?00.00)          2,300.00           3,100.00             134.78
Sprinkler Repairs                             (200.00)            200.00             400.00             200.00
Landscape Replacement                           63.?7                                (65.67)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL LANDSCAPE                  $        463.87    $      5,300.00    $      4,836.13              91.25

CLEANING
CLEANING                              $      1,349.?5                       $     (1,349.99)
Carpet Cleaning                              ?,748.00                             (4,74?.00)
 ? Porter Service                              358.00                               (35?.?0)

<Caption>
                                            YTD                TTD               TTD
                                            NET               BUDGET           VARIANCE               %
<S>                                   <C>                <C>                <C>                      <C>
INCOME
   Market Rents                       $    436,807.35    $    433,967.35    $     (1,160.00)              (.2?)
   Vacancy Loss                            (3?,2?0.58)        (63,544.4?)         24,363.50             (3?.29)
   Rent Concessions                         (4,030.50)        (27,15?.00)         23,428.50             (?5.32)
   Model & Employee Units                   (2,?63.75)         (1,129.00)         (1,73?.75)            153.65
   Loss/Gain to Lease                      (14,067.44)         (9,380.94)         (1,686.50)             ?9.96
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL RENTAL INCOME              $    376,564.60    $    33?,353.?3    $     40,210.75              11.9?

OTHER INCOME
   Administrative Fee Income                             $     10,000.00    $    (10,?00.00)           (100.00)
   Other Income                             (7,147.20)            170.43          (7,317.65)         (4,293.??)
   Telephone Income                                               261.00            (261.00)           (100.00)
   Late Charge Income                        7,306.97           6,000.00           1,30?.9?              21.7?
   NSF Fee Income                              2?5.00             400.00            (155.00)            (30.75)
   Vending income                            2,404.0?                              2,404.06
   Application fee Income                    1,125.00           ?,160.00          (1,03?.00)            (47.92)
   Termination fees                          6,740.00           4,445.00           2,?95.00              51.63
   Move Out Income                             622.73                                622.?3
   Washer & Dryer Rental Income              1,330.00           4,000.00          (2,670.00)            (66.75)
   Laundry Token Income                      1,655.00                              1,6??.00
   Month to Month fees                       1,220.00                              1,220.00
   Bad Debt                                                    (6,173.00)          ?,17?.00            (10?.00)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL OTHER INCOME               $     15,3?1.52    $     22,0??.??    $     (6,561.93)            (29,?4)
                                      ---------------    ---------------    ---------------    ---------------
        TOTAL REVENUE                 $    397,??6.?0    $    358,417.36    $     33,54?.82               9.39
                                      ---------------    ---------------    ---------------    ---------------

OPERATING EXPENSES

ON SITE STAFF
   Leasing Wages                      $      7,26?.21    $      ?,120.00    $     (2,143.21)            (42.90)
   Leasing Bonuses                                              ?,270.00           ?,2?0.00             100.00
   Maintenance Wages                         ?,746.40          13,760.00           ?,013.60              36.44
   Property Manager Wages                    4,384.59           7,7?6.00           3,301.41              43.54
   Temporary Help - Admin                      178.50                               (1?0.50)
   Payroll Taxes                             1,762.80           3,1??.00           1,421.20              44.54
   Employee Benefits                         1,?69.71           5,634.00           4,56?.29              ?1.01
   Employee Uniforms                           300.00           1,000.00             100.00              70.00
   Employee Education                          120.00                               (120.00)
   Unemploy Insur/Workers Comp                 667.76             326.00            (141.7?)            (26.?5)
   Temporary Personnel                       5,074.03                             (3,874.93)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL ON-SITE STAFF              $     30,369.90    $     44,2?0.00    $     11,490.10              31.??

UTILITIES
Electricity - Vacant Units            $      1,600.00    $      1,600.00
Electricity - Grounds                           23.3?                                (23.30)
Electricity-House                            2,500.00           2,600.00             100.00               ?.05
         Facilities                            761.71             600.00              38.29               4.?9
Trash Hauling                                4,00?.02           3,553.50    $       (456.24)            (12.?4)
Water & Sewer - Facilities                  15,600.00          15,600.00
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL UTILITIES                  $     24,494.?1    $     24,153.5?    $       (341.33)             (1.?1)

HVAC                                  $      3,??0.51    $      1,4?0.00    $     (2,190.51)           (156.47)
HVAC Repairs & Maintenance            ---------------    ---------------    ---------------    ---------------
     TOTAL HVAC                       $      3,??0.51    $      1,400.00    $     (2,190.51)           (156.47)

REPAIRS & MAINTENANCE
list Control                          $        901.45    $      1,?1?.45    $        715.00              4?.23
Lightbulbs & Ballasts                          1??.73                               (1??.75)
Window Replacement                             454.00                               (454.?0)
Locks & Keys                                   992.41                               (992.41)
Roofing - Repairs &                                             1,200.00           1,200.00             100.00
Painting                                     1,030.00           4,000.00          (4,030.00)           (100.75)
Painting supplies                              3??.2?                               (?6?.28)
Plumbing contract                            1,002.35                             (1,002.35)
                                                                  600.00             600.00             100.00
Plumbing Supplies                            2,29?.77           5,000.00           2,705.22              54.10
Structural Repairs                                              1,200.00           1,200.00             100.00
Carpet Replacement                           1,346.??                             (1,346. 9)
General Building Supplies                       37.09           2,200.00           1,142.91              95.24
Janitorial Contract Services                    64.1?                                (64.1?)
Electrical Repairs                             7?7.91           2,000.00           1,242.09              62.10
Flooring Repairs                               ???.51                               (978.51)
Maintenance Supplies                         1,2?3.70                             (1,205.7?)
Maintenance Equipment                          631.39                               (631.39)
Equip Service/Maintenance                      210.79                               (210.79)
Misc. Repairs & Maintenance                    ?55.00                               (?55.00)
Appliance Repair/Replacement                   123.42             100.00             676.50              ?4.57
Facilities Safety Equipment                    131.36             200.00              68.?4              34.3?
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL REPAIRS & MAIN             $     20,931.?1    $     17,?16.45    $     (3,134.66)            (17.59)

LANDSCAPE

Landscape - Contract Services         $      4,198.00    $      5,?00.00    $      1,102.00              25.04
Landscape - Maintenance                     (1,422.3?)          1,6??.42           3,100.00             1??.?1
Sprinkler Repairs                                                 400.00             400.00             100.00
Landscape Replacement                           65.07                                (65.87)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL LANDSCAPE                  $      2,84?.29    $      7,6??,42    $      4,?36.13              62.??

CLEANING

CLEANING                              $      1,349.99                       $     (1,349.99)
Carpet Cleaning                              5,143.00                             (5,143.00)
 ? Porter Service                              75?.00                               (75?.??)
</Table>

<Page>

<Table>
<S>                                   <C>                <C>                <C>                      <C>
Cleaning - Common Area                $           955                       $       (955.00)
Cleaning Supplies                               53.57                                (51.57)
Cash Expense                                (1,300.00)                             ?,500.00
Cleaning - Apartment                         1,910.00             700.00          (1,240.00)          ????.861
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL CLEANING                   $      7,945.36    $        700.00    $     (1,245.36)         (1,035.05)

BUILDING SERVICES
     Cable/Music/Murzak                $         44.00                       $        (44.00)
     Washer & Dryer Rental Expense           1,567.??                             (1,567.??)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL BLDING SERVICES            $      1,611.64                       $     (1,611.64)

SECURITY & SAFETY
Security & Safety                     $        1?4.23                       $       (114.23)
Monitoring Services
Security Services
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL SCRTY & SAFETY             $        1?4.23                       $       (114.23)

INSURANCE & TAXES
Insurance Expense                     $      ?,621.00    $      6,125.00    $       (196.00)             (6.10)
Real Estate Taxes                           ??,516.00          15,418.00
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL INSR & TAXES               $     2?,039.00    $     23,543.00    $       (196.00)             (2.11)

FEES & DUES
Management Fees                       $      4,169.51    $      ?,241.00    $      1,071.49              20.44
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL FEES & DUES                $      4,169.51    $      ?,241.00    $      1,071.49              20.44

OFFICE EXPENSES
Office Expenses                       $         63.62                       $        (83.62)
Copier Expense                                 2??.73                               (266.73)
Office Equipment
Office Supplies                                200.00             200.00
Postage                                        164.40             100.00             (64.40)            (64.10)
Printing
Telephone (Office)                                                600.00             600.00             100.00
Internet Services                              307.16                               (307.16)
Office Utilities                                29.10                                (29.10)
Telephone - Dedicated Line                     329.00             100.00            (229.00)           (229.00)
Misc. Expenses                                  20.00                                (20.00)
Office Expense
Mileage                                         67.60                                (67.60)             67.60
? & Subscriptions                                                 100.00             100.00             100.00
Administrative Expense                         174.00                               (174.00)
Telephone (cell/pagers)                                           100.00             100.00             100.00
ClubHouse Supplies/Refreshment                  70.91                                (70.51)
Answering Service                              145.75                               (146.75)
Telephone - Long Distance                       45.60                                (45.60)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL OFFICE EXPENSES            $      1,904.95    $      1,200.00    $       (704.95)            (50.75)
                                      ---------------    ---------------    ---------------    ---------------

CORPORATE MODEL & UNITS
     TOTAL CORP MDL & UNIT

POOL & TENNIS COURTS

Pool Maintenance & Supplies           $        671.41    $        900.00    $        22?.59              25.40
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL POOL & TENNIS              $        671.41    $        900.00    $        22?.59              25.40

ADMINISTRATIVE
Bank Fees                             $         42.25                       $        (42.25)
Legal Fees                                   ?,265.00             900.00          (2,365.00)           (162.78)
Other Professional Fees
Credit/Background Checks                       486.75             441.00             (45.75)            (10.27)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL ADMIN                      $      3,794.00    $      1,341.00    $     (7,453.00)           (182.92)

MARKETING & ADVERTISING
Advertising & Marketing               $       (137.74)                      $        137.74
Marketing & Advertising                       (507.47)                               307.47
Brochure Printing Costs                                           990.00             150.00             100.00
Meals & Entertainment                           45.27                                (86.27)
Advertising & Promotion                        632.24             400.00             16?.76              20.97
                 Fees                        1,1??.36           1,200.00              55.64               1.61
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL MKT & ADVT                 $      1,23?.60    $      2,990.00    $      1,772.34              39.21
                                      ---------------    ---------------    ---------------    ---------------
  TOTAL OPERATING EXPENSES            $     90,272.90    $     16,02?.00    $     (3,???.90)             (?.?7)
                                      ---------------    ---------------    ---------------    ---------------

NET OPERATING INCOME (NOI)            $     77,047.4?    $     62,910.00    $     14,124.40              22.45
                                      ---------------    ---------------    ---------------    ---------------

INTEREST EXPENSE
Mortgage Interest                     $     35,200.00                       $    (35,280.00)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL INTEREST                   $     35,200.00                       $    (35,280.00)

AMORTIZATION & DEPR
Amortization Expense                  $      2,025.3?                       $     (2,0?9.35)
Depreciation Expense                        13,570.70                            (83,570.70)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL AMRTZ & DEPR               $     15,600.05                       $    (85,400.05)

            EXPENSE

Professional Service fees             $        26?.36                       $       (265.36)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL OTHER EXPENSE              $        26?.36                       $       (265.36)
                                      ---------------    ---------------    ---------------    ---------------
  TOTAL NON-OPERATING EXP             $    121,145.41                       $   (121,145.42)
                                      ---------------    ---------------    ---------------    ---------------
NET INCOME (LOSS)                     $    (44,107.92)   $     62,910.00    $   (107,020.92)           (170.10)
                                      ---------------    ---------------    ---------------    ---------------

<Caption>
<S>                                   <C>                <C>                <C>                      <C>
Cleaning - Common Area                $        955.00                       $       (955.00)
Cleaning Supplies                               52.57                                (53.57)
Cash Expense
Cleaning - Apartment                         2,5?5.00           1,240.00          (1,305.85)           (105.74)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL CLEANING                   $     10,?05.36    $      1,240.00    $     (9,5?5.36)           (771.40)

BUILDING SERVICES
     Cable/Music/Murzak               $         44.00                       $        (44.00)
     Washer & Dryer Rental Expense          (1,567.00)                            (1,567.44)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL BLDING SERVICES            $     (1,611.64)                      $     (1,611.44)

SECURITY & SAFETY
Security & Safety                     $        184.23                       $       (184.25)
Monitoring Services                             38.00                                (?8.00)
Security Services                               2?.50              2?.50
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL SCRTY & SAFETY             $        269.73    $         26.50    $       (243.23)           (927.95)

INSURANCE & TAXES
Insurance Expense                     $    17, 242.00    $     16,250.00    $       (992.00)             (6.10)
Real Estate Taxes                           30,036.00          30,036.00
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL INSR & TAXES               $     48,078.00    $     47,0?6.00    $       (992.00)             (2.11)

FEES & DUES
Management Fees                       $     10,601.12       $ 12, 576.17    $      1,895.05              15.01
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL FEES & DUES                $     10,601.12       $ 12, 576.17    $      1,895.05              15.01

OFFICE EXPENSES
Office Expenses                       $         13.62                       $        (13.67)
Copier Expense                                 338.11              71.30            (266.33)           (373.68)
Office Equipment                               ???.54                               (230.54)
Office Supplies                                200.?0             400.00             200.00              50.00
Postage                                        164.00             200.00              35.60              17.00
Printing                                       310.18                               (370.10)
Telephone (Office)                             395.34           1,200.00             103.66              66.37
Internet Services                              307.16                               (307.18)
Office Utilities                                29.10                                (29.10)
Telephone - Dedicated Line                     329.00             200.00            (129.02)            (50.54)
Misc. Expenses                                 157.32                               (147.32)
Office Expense                                  15.50                                (15.50)
Mileage                                         67.60                                (67.60)
 ? & Subscriptions                                                200.00             200.00             100.00
Administrative Expense                         174.00                               (174.00)
Telephone (cell/pagers)                                           200.00             200.00             100.00
ClubHouse Supplies/Refreshment                  70.91                                (70.?1)
Answering Service                              283.00              (2.3?)           (203.30)         11,341.00
Telephone - Long Distance                       45.60                                (45.60)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL OFFICE EXPENSES            $      3,2?0.45    $      2,468.99    $       (?11.47)            (32.67)
                                      ---------------    ---------------    ---------------    ---------------

     CORPORATE MODEL & UNITS
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL CORP mDL & UNITS

POOL & TENNIS COURTS
Pool Maintenance & Supplies           $      1,197.45    $      1,000.00    $        602.55              33.40
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL POOL & TENNIS              $      1,197.45    $      1,000.00    $        602.55              33.40

ADMINISTRATIVE
Bank Fees                             $         42.23                       $        (42.25)
Legal Fees                                   3,935.00           1,000.00          (2,135.00)           (114.61)
Other Professional Fees                        660.00                               (660.00)
Credit/Background Checks                       486.75             756.00             269.75              35.42
                                      ---------------    ---------------    ---------------    ---------------
TOTAL ADMIN                           $      3,124.00    $      2,336.00    $     (2,560.00)           (100.47)

MARKETING & ADVERTISING
Advertising & Marketing
Marketing & Advertising
Brochure Printing Costs                                         1,980.00           1,980.00             100.00
Meals & Entertainment                           46.27                                (06.27)
Advertising & Promotion                      1,432.24           1,737.74             305.50              17.51
Locator Fees                                 1,144.36           2,400.00           1,955.64              37.32
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL MRKT & ADVT                $      2,662.07    $      5,117.74    $      3,454.?7              56.47
                                      ---------------    ---------------    ---------------    ---------------

     TOTAL OPERATING EXPENSES         $    165,950.55    $    169,171.85    $      3,720.30               1.90
                                      ---------------    ---------------    ---------------    ---------------

NET OPERATING INCOME (NOI)            $    276,107.65    $    1?3,230.53    $     36,?69.1?              19.48
                                      ---------------    ---------------    ---------------    ---------------

INTEREST EXPENSE
Mortgage Interest                     $     42,320.00    $     11,760.00    $    (70,560.00)           (600.00)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL INTEREST                   $     42,320.00    $     11,760.00    $    (70,560.00)           (600.00)

AMORTIZATION & DEPR
Amortization Expense                  $      4,050.70                       $     (4,050.30)
Depreciation Expense                       166,961.40                           (156,451.40)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL AMRTZ & DEPR               $    171,020.10                       $   (171,020.10)

OTHER EXPENSE

Professional Service fees             $        265.36                       $       (2?5.36)
                                      ---------------    ---------------    ---------------    ---------------
     TOTAL OTHER EXPENSE              $        265.36                       $       (265.36)
                                      ---------------    ---------------    ---------------    ---------------
  TOTAL NON-OPERATING EXP             $    753,605.05    $     11,760.00    $   (241,645.46)         (2,056.51)
                                      ---------------    ---------------    ---------------    ---------------
NET INCOME (LOSS)                     $    (27,497.81)   $    177,478.53    $   (204,976.34)           (115.49)
                                      ---------------    ---------------    ---------------    ---------------
</Table>

<Page>

                                        1

SS                                  RENT ROLL REPORT
005                           BC-BAINBRIDGE BAY POINTE LLC               07/2003
Select: 07/31/03                  BAY POINTE APARTMENTS                 08/01/03
300 Apts., 291,076 Sq.Ft.                7-31-03                           11:43

<Table>
<Caption>
                                                                                         ACTUAL           LEASE
               APT.                        R           MARKET          LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER   ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE CHARGES POSSIBLE   CHARGES M/O DATE   TERM     DEPOSIT  BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>     <C>      <C>       <C>    <C>      <C>         <C>    <C>
01 - 001 2X1   OC     MR Michael Geary     C     1,109 650.00 Rent    635.00   635.00    635.00 09/07/01 08/31/03    299.00     0.00
               N      MRS Krista Geary                        Total:  635.00                                11       200.00

01 - 002 2X1   OC     MS Vanessa R Cole    C     1,109 650.00 Rent    635.00   635.00    635.00 11/01/00 10/31/03    200.00     0.00
               N      MR William A
                      Anderson                                Total:  635.00                                12       200.00

01 - 003 2X1   NL     MRS Kimberlee Jarvis N     1,109 650.00 Rent    635.00   635.00    635.00 08/01/02 07/31/03     99.00     0.00
               N      MR Mark Jarvis                          Total:  635.00                                12         0.00
                      DEVEN JARVIS

01 - 003 2X1   NL     CAMERON ROUNTREE     L     1,109 650.00                            273.00          02/29/04      0.00     0.00
               N      MITA ANTOINE                                                                          6          0.00

01 - 004 2X1   OC     MR. Bajron Likaj     C     1,109 650.00 Rent    645.00   645.00    645.00 05/16/03 15/31/04    500.00     0.00
               N      MRS. Arqilini Likaj                     Total:  645.00                                12         0.00
                      Franc Likaj

01 - 005 2X1   OC     MR. Cesar B Duarte   C     1,109 650.00 Rent    645.00   645.00    645.00 03/14/00 03/31/04    200.00     0.00
               N      MRS Norma Duarte                        Total:  645.00                                12         0.00
                      MR Cesar Duarte
                      MR Bernardo Duarte

01 - 006 2X1   OC     Amy Taylor           C     1,109 650.00 Rent    640.00   640.00    640.00 10/15/02 10/31/03     99.00     0.00
               N                                              Total:  640.00                                12       200.00

01 - 007 2X1   OC     MR Melvin C Costanza C     1,109 650.00 Rent    650.00   650.00    630.00 05/21/01 06/30/03     99.00  -645.00
               N      MR Deniz N Castillo                     Total:  650.00                                13         0.00

01 - 008 2X1   OC     MR Curtis Shipman    C     1,109 650.00 Rent    645.00   645.00    645.00 02/27/03 02/29/04    399.00   937.00
               N      MS Michelle Shipman                     Total:  645.00                                12         0.00
                      Kameron Maseley

01 - 009 2X1   OC     MR Joe Shin          C     1,109 650.00 Rent    635.00   635.00    635.00 08/20/02 07/31/03     99.00     0.00
               N      MRS Kyung Shin                          Total:  635.00                                11         0.00

01 - 010 2X1   NL     MS Rasheeda N Thomas N     1,109 650.00 Rent    630.00   630.00    630.00 05/24/02 06/30/03    630.00 1,625.00
               N      MR Dana Devoe                           Total:  630.00                                13         0.00

01 - 010 2X1   NL     DAMIR MIYAKOVIC      L     1,109 650.00                                                          0.00     0.00
               N      ALAN ARAPOVIC                                                                         12         0.00

01 - 011 2X1   OC     MRS CARLI DONNAL     C     1,109 650.00 Rent    640.00   640.00    640.00 02/07/02 01/31/04    625.00    45.00
               N      MR MICHAEL DONNAL                       w/d      45.00                                12         0.00
                                                              Total:  685.00

01 - 012 2X1   OC     MR Will Watts III    C     1,109 650.00 Rent    635.00   635.00    635.00 08/30/02 08/31/03     99.00     0.00
               N      MR Will J Watts                         Total:  635.00                                12         0.00
</Table>

<Page>

                                        2

<Table>
<Caption>
                                                                                         ACTUAL           LEASE
               APT.                       R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER   ENDING
APT.     TYPE  STATUS      NAMES          S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/O DATE   TERM     DEPOSIT  BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                 <C>   <C>   <C>    <C>    <C>        <C>       <C>    <C>      <C>         <C>    <C>
01 - 013 2X1   OC     Mr Douglas Olmstead C     1,109 650.00 Rent     572.00   572.00    508.00 01/27/95 08/31/03     99.00     0.00
               N      Ms. Virginia                           con      -64.00                                12        47.50
                      Olmstead                               Total:   508.00

01 - 014 2X1   OC     MR Joaquim Nunes    C     1,109 650.00 Rent     650.00   650.00    440.00 05/19/03 05/31/04     99.00     0.00
               N                                             Total:   650.00                                12         0.00

01 - 015 2X1   OC     MS Tameka Dixon     C     1,109 650.00 Rent     635.00   635.00    635.00 10/24/01 10/31/03     99.00   706.00
               N      MR Airin Dixon                         Total:   635.00                                12         0.00
                      MISS Soraya Perez

01 - 016 2X1   OC     MR Brandon Stockton P     1,109 650.00                                    03/13/03 03/31/04      0.00 1,972.00
               N                                                                                05/30/03    12         0.00

01 - 016 2X1   OC     Tracey Bechtel      C     1,109 650.00 Rent     650.00   650.00    294.00 07/25/03 02/29/04     99.00     0.00
               N      So Kargbo Soondu                       con     -650.00                                 7         0.00
                                                             Total:     0.00

01 - 017 1X1   OC     MR. Gregory Howell  C       765 560.00 Rent     560.00   560.00    560.00 05/16/03 05/31/04     99.00     0.00
               N                                             Total:   560.00                                12         0.00

01 - 018 1X1   OC     Kirk Gordon         C       765 560.00 Rent     545.00   545.00    545.00 06/25/02 07/31/03     99.00     0.00
               N                                             Total:   545.00                                13         0.00

01 - 019 1X1   NA     Tracy L Babich      N       765 560.00 Rent     545.00   545.00    545.00 06/28/02 07/31/03    545.00     0.00
               N                                             Total:   545.00                                13       200.00

01 - 020 1X1   OC     MS Barbara Saunders C       765 560.00 Rent     555.00   555.00    555.00 03/24/02 03/31/04    100.00     0.00
               N                                             Total:   555.00                                12         0.00

01 - 021 1X1   OC     MS Elba             C       765 560.00 Rent     490.50   490.50    436.00 12/22/01 12/31/03     99.00     0.00
               N      Rosario                                con      -54.50                                12         0.00
                                                             Total:   436.00

01 - 022 1X1   OC     MR. PETER M Riordan C       765 560.00 Rent     560.00   560.00    560.00 04/26/03 04/30/04     99.00     0.00
               N      MRS Jennifer L
                      Riordan                                Total:   560.00                                12         0.00

01 - 023 1X1   OC     Mrs Pamela Koller   C       765 560.00 Rent     550.00   550.00    550.00 11/25/02 11/30/03    550.00     0.00
               N                                             w/d       45.00                                12       200.00
                                                             Total:   595.00

01 - 024 1X1   NA     MS. Cathy Carrier   N       765 560.00 Rent     555.00   555.00    555.00 03/15/03 03/31/04     99.00     0.00
               N                                             Total:   555.00                                12         0.00

01 - 025 2X1   OC     Desiree Cox         C     1,109 650.00 Rent     650.00   650.00    232.00 06/21/03 05/31/04     99.00     0.00
               N      Rodney Cox                             con      650.00                                11         0.00
                      Desmond Lee                            Total: 1,300.00
                      Samara Shields

01 - 026 2X1   OC     MS Raquel Hernandez C     1,109 650.00 Rent     645.00   645.00    645.00 06/23/01 04/30/04     99.00     0.00
               N      MR Ronald W Carney                     Total:   645.00                                10         0.00

</Table>

<Page>

                                        3

<Table>
<Caption>
                                                                                          ACTUAL            LEASE
               APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/I DATE  EXPIRES SEC/OTHER  ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/O DATE     TERM   DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>      <C>      <C>       <C>    <C>      <C>         <C>    <C>
01 - 027 2X1   OC     MS AISHA CURRY       C     1,109 650.00 Rent     625.00   625.00    625.00 07/01/00 06/30/04    100.00    0.00
               N                                              mtm       62.00                                12         0.00
                                                              Total:   687.00

01 - 028 2X1   OC     John Odom            P     1,109 650.00                             287.00 08/13/02 18/31/03      0.00  287.00
               O      Michael Hillery                                                            07/14/03    12         0.00
                      Akeyana Hillery
                      Milyscent


01 - 028 2X1   OC     Michael Johnson      C     1,109 650.00 Rent     650.00   650.00     42.00 07/30/03 12/31/03      0.00 -325.00
               O      Darius Jones                            Total:   650.00                                5          0.00

01 - 029 2X1   OC     MR Phillip Cupples   C     1,109 650.00 Rent     650.00   650.00    650.00 05/02/03 04/30/04    150.00    0.00
               N                                              Total:   650.00                                12         0.00

01 - 030 2X1   OC     MS Nineta Gjergji    C     1,109 650.00 Rent     650.00   650.00    650.00 01/16/02 01/31/03    200.00    0.00
               N      Mr Pjeter Gjergji                       mtm      100.00                                 0         0.00
                      MR Leonard Gjergji                      Total:   750.00
                      Andorelo Gjergji

01 - 031 2X1   OC     Danuy Banks          C     1,109 650.00 Rent     635.00   635.00    635.00 09/09/02 08/31/03    399.00    0.00
               N      Nicole Banks                            Total:   635.00                                12         0.00
                      Yvette Jones

01 - 032 2X1   OC     MS LAURA H BALDIVINO C     1,109 650.00 Rent     640.00   640.00    640.00 07/20/97 12/31/03    200.00    0.00
               N      MR Frank Baldivino                      Total:   640.00                                12       150.00

01 - 033 1X1   OC     MR John Kitchens     C       765 560.00 Rent     560.00   560.00    560.00 04/30/03 04/30/04      0.00    0.00
               N                                              Total:   560.00                                12         0.00

01 - 034 1X1   OC     MR Jan Spurrier      C       765 560.00 Rent     540.00   540.00    540.00 07/12/01 07/31/03     99.00    0.00
               N                                              Total:   540.00                                12         0.00

01 - 035 1X1   OC     MS. Terrianna
                      Wilcher              C       765 560.00 Rent     560.00   560.00    560.00 06/01/03 05/31/04      0.00  645.00
               N      Terrionna Wilcher                       Total:   560.00                                12         0.00

01 - 036 1X1   OC     MS. Christine P
                      Soderman             C       765 560.00 Rent     555.00   555.00    555.00 02/28/03 02/29/04    399.00    0.00
               N      MR. Michael Anderson                    Total:   555.00                                12         0.00

01 - 037 1X1   OC     MR Charles T Feustel C       765 560.00 Rent     486.00   486.00    456.00 06/29/98 06/30/03    200.00    0.00
               N      MS. Marion Feustel                      con      -54.00                                12         0.00
                                                              Total:   432.00

01 - 038 1X1   OC     Mr Klingebiel Ryan   C       765 560.00 Rent     545.00   545.00    545.00 10/01/02 09/30/03    399.00    0.00
               N                                              Total:   545.00                                12         0.00

01 - 039 1X1   OC     MRS Shirlene Manning C       765 560.00 Rent     550.00   550.00    540.00 08/02/00 02/28/04    300.00    0.00
               N      MR Steve Toussaint                      Total:   550.00                                 8         0.00
</Table>

<Page>

                                        4

<Table>
<Caption>
                                                                                          ACTUAL           LEASE
               APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/1 DATE EXPIRES  SEC/OTHER  ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT CODE    CHARGES POSSIBLE   CHARGES M/0 DATE   TERM     DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>    <C>        <C>       <C>    <C>      <C>         <C>    <C>
01 - 040 1X1   OC     MS Pilar L Colqui    C       765 560.00 Rent     555.00   555.00    555.00 01/08/99 02/29/04    200.00    0.00
               N                                              Total:   555.00                                12       150.00

01 - 041 2X1   OC     Bruce Budreau        C     1,109 650.00 Rent     640.00   640.00    650.00 07/01/02 04/30/04     99.00    0.00
               N      Alexander Budreau                       Total:   640.00                                10         0.00

01 - 042 2X1   OC     MR Leonard Shllaku   C     1,109 650.00 Rent     635.00   635.00    635.00 09/01/01 08/31/03     99.00    0.00
               N      MS MAJLINDA CORRI                       Total:   635.00                                12         0.00

01 - 043 2X1   OC     Mr. Hassan           C     1,109 650.00 Rent     625.00   625.00    625.00 12/20/96 05/31/03    150.00    0.00
               N      Abdulkarim                              Total:   625.00                                12         0.00

01 - 044 2X1   OC     Mr. Willie Dixon     C     1,109 650.00 Rent     576.00   576.00    512.00 02/08/97 11/30/03     99.00    0.00
               N      MR WILLIE A                             con      -64.00                                11         0.00
                      DIXON, JR                               Total:   512.00

01 - 045 2X1   OC     MR ERVIN L HENLEY    C     1,109 650.00 Rent     645.00   645.00    645.00 08/18/98 02/28/04    200.00    0.00
               N      MS JOCELINE REYNOLDS                    Total:   645.00                                12         0.00
                      MR JAMAAL REYNOLDS

01 - 046 2X1   OC     MRS Dara Cardona     C     1,109 650.00 Rent     640.00   640.00    640.00 11/05/02 10/31/03     99.00    0.00
               N      MASTR Joseph Orengo                     Total:   640.00                                12         0.00

01 - 047 2X1   OC     Bobby Seak           C     1,109 650.00 Rent     650.00   650.00    419.00 07/12/03 02/29/04     99.00 -398.00
               N      Mrs. Sokratana Seak                     con     -650.00                                 8         0.00
                      Sophane    Seak                         Total:     0.00
                      Sonita Seak

01 - 048 2X1   OC     MS JANET COLLINS     C     1,109 650.00 Rent     640.00   640.00    640.00 11/16/02 10/31/03     99.00    0.00
               N      NATHANIEL PARRISH                       Total:   640.00                                12         0.00

01 - 049 2X1   OC     MR Jeremy Ma  ffey   C     1,109 650.00 Rent     650.00   650.00    650.00 04/15/03 03/31/04    650.00  297.00
               N      MR Jerrod Me  ffey                      Total:   650.00                                12         0.00
                      MS Ingrid Vargas

01 - 050 2X1   OC     MS. Michelle Futch   C     1,109 650.00 Rent     645.00   645.00    645.00 02/08/03 01/31/04     99.00    0.00
               N      Vollie Futch                            Total:   645.00                                12         0.00

01 - 051 2X1   OC     Jacy Yanez           C     1,109 650.00 Rent     650.00   650.00      0.00 07/03/03 02/29/04     99.00  -42.00
               N      Jodie Yanez                             con      650.00                                 8         0.00
                                                              Total: 1,300.00

01 - 052 2X1   OC     MS Josephine Cole    C     1,109 650.00 Rent     650.00   650.00    650.00 04/15/02 03/31/03     99.00  992.00
               N      MS MARGARET COLE                        mtm      100.00                                 0         0.00
                      MISS Jessica Meetze                     Total:   750.00

01 - 053 2X1   OC     MR. Franklyn Godwin  C     1,109 650.00 Rent     650.00   650.00    582.00 05/10/03 05/31/04     99.00    0.00
               N      MS. Shauna Pabon                        Total:   650.00                                12         0.00
</Table>

<Page>

                                        5

<Table>
<Caption>
                                                                                         ACTUAL           LEASE
               APT.                        R           MARKET          LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER   ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE CHARGES POSSIBLE   CHARGES M/O DATE   TERM     DEPOSIT  BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>    <C>       <C>       <C>    <C>      <C>         <C>    <C>
01 - 054 2X1   OC     MR Osbell M Martinez C     1,109 650.00 Rent    645.00   645.00    645.00 0?/05/03 01/31/04    399.00     5.00
               N      MR TIFILO BRAVO                         Total:  645.00                                12         0.00
                      MR ROBERTO S FAUSEBA

01 - 055 2X1   NA     MS MELISSA D
                      LUDINGTON            N     1,109 650.00 Rent    635.00   635.00    635.00 11/01/01 10/?1/03     99.00     0.00
               N      MS BONNIE G HARNEY                      Total:  635.00                                12         0.00

01 - 056 2X1   OC     Ms Suzanne M Trimble P     1,109 650.00                                   11/01/02 10/31/03      0.00   241.00
               N                                                                                06/21/03    12         0.00

01 - 056 2X1   OC     MR Brian Holmes      C     1,109 650.00 Rent    650.00   650.00    252.00 07/26/03 02/29/04    545.00    86.00
               N      MR NATHAN RAINER                        con    -650.00                                 6         0.00
                                                              Total:    0.00

01 - 057 1X1   OC     MR CARLOS M LIMARDO  C       765 560.00 Rent    499.00   499.00    443.00 04/02/01 03/31/04     99.00     0.00
               N      MRS ANNA LIMARDO                        con     -56.00                                12       200.00
                                                              Total:  443.00

01 - 058 1X1   OC     MS Melanie Yelity    C       765 560.00 Rent    555.00   555.00    555.00 03/03/03 03/31/04     99.00     0.00
               N                                              Total:  555.00                                12         0.00

01 - 059 1X1   NA     MR James Stanley     N       765 560.00 Rent    545.00   545.00    545.00 06/22/02 07/31/03     99.00     0.00
               N                                              Total:  545.00                                13         0.00

01 - 060 1X1   OC     MR SUBRAMANIAN       C       765 560.00 Rent    555.00   555.00    555.00 03/04/03 03/31/04     99.00     0.00
               N      RENGAKRISHNAN                           Total:  555.00                                12         0.00

01 - 061 1X1P  OC     Mrs Sallie James     C       765 600.00 Rent    565.00   565.00    565.00 08/15/01 07/31/03     99.00     0.00
               N      MR Nathan L James                       Total:  565.00                                12         0.00

01 - 062 1X1P  OC     TINA REDDY           C       765 600.00 Rent    513.00   513.00    456.00 01/08/03 12/31/03     99.00  -571.00
               N                                              con      57.00                                12         0.00
                                                              Total:  570.00

01 - 064 1X1P  OC     MS NEKA N ADAMS      C       765 600.00 Rent    585.00   585.00    585.00 03/12/99 09/30/03    200.00     0.00
               N                                              Total:  585.00                                12         0.00

01 - 065 2X1   OC     MS. JAMIE B THOMAS   C     1,109 650.00 Rent    635.00   635.00    635.00 07/31/99 02/29/04     99.00 1,828.00
               N      MASTR JUSTIN THOMAS                             100.00                                12       100.00
                                                              Total:  735.00

01 - 066 2X1   OC     MR. Tobias Sager     C     1,109 650.00 Rent    640.00   640.00    640.00 02/08/03 01/31/04    399.00     0.00
               N      MRS. Taleta Sager                       Total:  640.00                                12         0.00

01 - 067 2X1   OC     Fermin Lo  as        C     1,109 650.00 Rent    650.00   650.00    609.00 07/18/03 02/29/04    650.00     0.00
               N                                              con    -650.00                                 7         0.00
                                                              Total:    0.00

01 - 068 2X1   OC     MS Michele Edwards   C     1,109 670.00 Rent    690.00   690.00    690.00 05/02/03 04/30/04     99.00     0.00
               N                                              Total:  690.00                                12         0.00
</Table>

<Page>

                                        6

<Table>
<Caption>
                                                                                          ACTUAL           LEASE
               APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER  ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/0 DATE   TERM     DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>     <C>       <C>       <C>    <C>      <C>         <C>     <C>
01 - 069 2X1   OC     Mr Steven Walter     C     1,109 650.00 Rent     610.00   610.00    610.00 09/29/95 12/31/03     99.00    0.00
               N      MRS ELIZABETH WALTER                    Total:   610.00                                12         0.00
                      MASTR BRENDON WALTER
                      MASTR ZACHARY WALTER

01 - 070 2X1   VL     KRISTY QUADROZZI     L     1,109 650.00                                                          99.00    0.00
               N                                                                                             12         0.00

01 - 070 2X1   VL     VACANCY                    1,109 650.00                   650.00
               N

01 - 071 2X1   OC     JOSE RODRIGUEZ       C     1,109 670.00 Rent     650.00   650.00    566.00 07/07/03 04/30/04     99.00  -84.00
               N      MARIA RODRIGUEZ                         con     -650.00                                10         0.00
                                                              Total:     0.00

01 - 072 2X1   OC     MR Ricardo   Acosta  C     1,109 650.00 Rent     640.00   640.00    666.00 10/02/02 09/?0/03    640.00    0.00
               N      MRS Cathy Markfo t                      Total:   640.00                                12         0.00

01 - 073 1X1   OC     MR Henry Dewitt      P       765 560.00                                    04/28/02 05/31/03      0.00   42.50
               N                                                                                 05/31/03    13         0.00

01 - 073 1X1   OC     JAMES DAHL           C       765 560.00 Rent     560.00   560.00    290.00 07/24/03 04/30/04     99.00    0.00
               N                                              con     -560.00                                 9         0.00
                                                              Total:     0.00

01 - 074 1X1   OC     MS Ashley Harris     C       765 560.00 Rent     560.00   560.00    550.00 05/16/03 05/31/04    100.00    0.00
               N      MR William   Harris                     Total:   560.00                                12         0.00

01 - 075 1X1   OC     MR Chester Meghee    C       765 560.00 Rent     550.00   550.00    550.00 06/15/01 06/30/03     99.00    0.00
               N                                              Total:   550.00                                12         0.00

01 - 076 1X1   OC     MR Willie Session    C       765 560.00 Rent     545.00   545.00    545.00 09/07/00 08/31/03    100.00    3.00
               N      MRS Cathlyn Session                     Total:   545.00                                12         0.00

01 - 077 1X1   OC     MS Vanessa R Reddy   C       765 560.00 Rent     555.00   555.00    555.00 02/13/03 01/31/04    399.00    0.00
               N                                              Total:   555.00                                12         0.00

01 - 078 1X1   OC     MR Hayden C
                      Mepherson            C       765 560.00 Rent     540.00   540.00    540.00 08/28/99 08/31/03     99.00    0.00
               N                                              Total:   540.00                                12         0.00

01 - 079 1X1   OC     MR Anthony Jackson   C       765 560.00 Rent     550.00   550.00    550.00 10/05/02 09/30/03     99.00    0.00
               N                                              Total:   550.00                                12         0.00

01 - 080 1X1   OC     MRS Shakila
                      Nayimi-Memic         C       765 560.00 Rent     545.00   545.00    545.00 05/02/01 01/31/04     99.00    0.00
               N      MR Fadil Memic                          Total:   545.00                                12         0.00

01 - 081 2X1   OC     MS Lina Jalouk       C     1,109 650.00 Rent     645.00   645.00    645.00 03/29/03 03/31/04     99.00  120.00
               N      MS Mery Farah                           w/d       40.00                                12         0.00
                      MS Raooa Farah                          Total:   685.00
                      MS Joyce Bishara
                      (CO-SIGNER)
</Table>

<Page>

                                        7

<Table>
<Caption>
                                                                                         ACTUAL           LEASE
               APT.                       R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER   ENDING
APT.     TYPE  STATUS      NAMES          S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/O DATE   TERM     DEPOSIT  BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                 <C>   <C>   <C>    <C>     <C>       <C>      <C>     <C>      <C>         <C>    <C>
01 - 082 2X1   NL     MS Henrieka P Moore N     1,109 650.00 Rent     635.00   635.00    635.00 06/22/01 07/01/03    300.00     0.00
               N                                             Total:   635.00                                12         0.00

01 - 082 2X1   NL     Marvin Whitfield    L     1,109 650.00                                                          99.00     0.00
               N      Elsic Whitfeild                                                                        6         0.00

01 - 083 2X1   OC     Donna Patel         C     1,109 650.00 Rent     650.00   650.00      0.00 07/05/03 04/30/04    325.00     0.00
               N      Quavades Bridges                       Total:   650.00                                 9         0.00

01 - 084 2X1   OC     MS Elizabeth Hacker C     1,109 650.00 Rent     650.00   650.00    650.00 05/16/03 05/31/04     99.00     0.00
               E      MR Matthew Hacker                      w/d       45.00                                12       200.00
                                                             Total:   695.00

01 - 085 2X1   OC     MR Allen L Perry    P     1,109 650.00                                    02/28/03 02/29/04      0.00 1,920.00
               N      MS Amanda L Perry                                                         05/30/03    12         0.00
                      Claudia Perry

01 - 085 2X1   OC     EBONY BOGINS        C     1,109 650.00 Rent     650.00   650.00    567.00 07/19/03 02/29/04    100.00     0.00
               N      Gary Youmans                           con     -650.00                                 7         0.00
                      Jaquan Lawrence                        Total:     0.00
                      Shaquan Lawrence
                      Rhiana Youm  s

01 - 086 2X1   OC     Chrissy Colon       C     1,109 650.00 Rent     650.00   520.00    260.00 07/01/03 12/31/03      0.00     0.00
               E      Mariah Godwin                          emp     -130.00*                                7         0.00
                                                             Total:   520.00

01 - 087 2X1   OC     MRS KRISTA EAGERTON C     1,109 650.00 Rent     640.00   640.00    640.00 11/16/02 10/31/03     99.00     0.00
               N      JASEN L EAGERTON                       Total:   640.00                                12         0.00

01 - 088 2X1   OC     Amanda Beck         C     1,109 650.00 Rent     650.00   650.00    411.00 07/23/03 01/31/04     99.00     0.00
               N      Joshua Kloepper                        con     -650.00                                 6         0.00
                      Aaron Mitzan                           con      -32.00
                                                             Total:   -32.00

01 - 089 2X1   OC     MRS. Barbara
                      Christopher         C     1,109 650.00 Rent     650.00   650.00    650.00 05/23/03 05/31/04     99.00     0.00
               N      MR Robert
                      Christopher                            Total:   650.00                                12         0.00

01 - 090 2X1   OC     MR Sebastain Paiva  C     1,109 650.00 Rent     630.00   630.00    630.00 06/04/02 06/30/03    630.00     0.00
               N      MR GERALDO VENTURA                     Total:   630.00                                12         0.00

01 - 092 2X1   OC     Anesti Kosho        C     1,109 650.00 Rent     650.00   650.00  1,048.00 07/07/03 05/31/04     99.00     0.00
               N      Lili Zhapa                             con     -650.00                                11         0.00

01 - 093 2X1   OC     MR BRADLEY F SHIER  C     1,109 650.00 Total:     0.00
               N      MRS Alissa K                           Rent     635.00   635.00    635.00 06/01/00 07/31/03    300.00     0.00
                      Vanoc  ten                             Total:   635.00                                12         0.00
</Table>

<Page>

                                        8

<Table>
<Caption>
                                                                                          ACTUAL           LEASE
               APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER  ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/0 DATE   TERM     DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>      <C>      <C>       <C>    <C>      <C>         <C>     <C>
01 - 094 2X1   OC     MS CLARTRICIA
                      COOPER               C     1,109 650.00 Rent     640.00   640.00    640.00 02/01/02 01/31/04    625.00    0.00
               N      MS PATRICIA GILBERT                     Total:   640.00                                12         0.00

01 - 095 2X1   OC     MR Juan TORRES       C     1,109 650.00 Rent     640.00   640.00    640.00 02/19/00 01/31/04    200.00    0.00
               N      JOANNA TORRES                           mtm      100.00                                12         0.00
                      PETER TORRES                            Total:   740.00

01 - 096 2X1   OC     MS. Samantha Pereira C     1,109 650.00 Rent     650.00   650.00    650.00 05/01/03 04/30/04    200.00    0.00
               N      MS. Britteny Deck                       Total:   650.00                                12         0.00

01 - 097 1X1   OC     MR George L Martinez C       765 560.00 Rent     545.00   545.00    545.00 12/01/00 11/30/03     99.00    0.00
               N                                              Total:   545.00                                12         0.00

01 - 098 1X1   OC     MS TOMOSA L LONGORIA C       765 560.00 Rent     545.00   545.00    545.00 07/19/02 07/31/03    545.00    0.00
               N      MR Margarito Urbano                     Total:   545.00                                12         0.00

01 - 099 1X1   OC     MR CHARLES W MANN    C       765 560.00 Rent     555.00   555.00    555.00 03/10/01 02/29/04      0.00    0.00
               N                                              mtm      100.00                                12         0.00
                                                              Total:   655.00

01 - 100 1X1   NA     MR Roman Ramirez     N       765 560.00 Rent     540.00   540.00    541.00 07/20/01 07/31/03    399.00    0.00
               N      MR Emilio Mejia                         Total:   540.00                                12         0.00

01 - 101 1X1   VA     MS Stacey Donnelly   P       765 560.00                             545.00 07/26/02 07/31/03      0.00   68.00
               N                                                                                 07/16/03    12         0.00

01 - 101 1X1   VA      VACANCY                     765 560.00                   560.00
               N

01 - 102 1X1   OC     MR Tyree Lyons       C       765 560.00 Rent     560.00   560.00    560.00 05/24/03 05/31/04    100.00  993.00
               N      Tyree Lyons                             con       30.00                                12         0.00
                                                              Total:   590.00

01 - 103 1X1   OC     Mr Raymond   Clary   C       765 560.00 Rent     560.00   560.00    545.00 07/10/93 04/30/03     99.00    0.00
               N                                              mtm      100.00                                 0         0.00
                                                              Total:   660.00

01 - 104 1X1   OC     MR Andrew Bobretsou  C       765 560.00 Rent     560.00   560.00    560.00 04/06/03 04/30/04     99.00    0.00
               N                                              Total:   560.00                                12         0.00

01 - 105 2X1   OC     MR Andrew Guthrie    C     1,109 650.00 Rent     635.00   635.00    635.00 07/30/01 07/31/03     99.00    0.00
               N      MRS Heather Barnes                      Total:   635.00                                12         0.00

01 - 106 2X1   NA     MS Pamela Walker     N     1,109 650.00 Rent     635.00   635.00    635.00 06/15/01 07/31/03      0.00    0.00
               N      MR Travis Wilbanks                      Total:   635.00                    07/31/03    13         0.00

01 - 107 2X1   OC     MR Marty L Durrence  C     1,109 650.00 Rent     630.00   630.00    630.00 06/22/02 02/29/04     99.00    0.00
               N      MISS Savannah
                      Durrence                                Total:   630.00                                 7         0.00
</Table>

<Page>

                                        9

<Table>
<Caption>
                                                                                          ACTUAL           LEASE
               APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER  ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/0 DATE   TERM     DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>    <C>        <C>       <C>    <C>      <C>         <C>    <C>
01 - 108 2X1   VL     JENNIFER HAGELGANS   L     1,109 650.00                              63.00                        0.00    0.00
               N      SHELLEY RILEY                                                                          12         0.00
                      BRYANNA J MCDONALD

01 - 108 2X1   VL      VACANCY                   1,109 650.00                   650.00
               N

01 - 109 2X1   NA     MR Robert W RISCH    N     1,109 650.00 Rent     635.00   635.00    635.00 08/15/01 07/31/03     99.00    0.00
               N      MR Philip M
                      Froesc  le                              Total:   635.00                                12         0.00

01 - 110 2X1   OC     MR PAULO AQUIRO      C     1,109 650.00 Rent     645.00   645.00    645.00 03/04/03 03/31/04     99.00 -495.00
               N                                              Total:   645.00                                12         0.00

01 - 111 2X1   OC     MS Teddy Suarez      C     1,109 650.00 Rent     650.00   650.00    645.00 02/07/03 03/31/03     99.00    0.00
               N      MR NICHOLAS TIRRI                       mtm      100.00                                 0         0.00
                      MR JEREME SUAREZ                        Total:   750.00
                      MISS DESTYNEE TIRRI

01 - 112 2X1   OC     MR HASAN KALATSI     C     1,109 650.00 Rent     580.00   580.00    515.00 01/14/03 12/31/03    399.00    0.00
               N      MRS MERITA KALATSI                      con      -65.00                                12         0.00
                                                              Total:   515.00

01 - 113 1X1   VA      VACANCY                     765 560.00                   560.00
               N

01 - 114 1X1   OC     MR Richard White     C       765 560.00 Rent     560.00   560.00    560.00 05/09/03 05/31/04    399.00    0.00
               N                                              Total:   560.00                                12         0.00

01 - 115 1X1   VA      VACANCY                     765 560.00                   560.00
               N

01 - 116 1X1   NA     MR JOHN A TENNANT    N       765 560.00 Rent     540.00   540.00    540.00 07/03/01 06/30/03     99.00  569.00
               N                                              Total:   540.00                                12         0.00

01 - 117 1X1   VA      VACANCY                     765 560.00                   560.00
               N

01 - 118 1X1   OC     Marcus Mills         C       765 560.00 Rent     560.00   560.00      0.00 06/18/03 05/31/04      0.00    0.00
               N                                              con      560.00                                11         0.00
                                                              w/d       45.00
                                                              Total: 1,165.00

01 - 119 1X1   OC     SHERSCHACK HALL      C       765 560.00 Rent     560.00   560.00    560.00 06/01/03 05/31/04     99.00    0.00
               N                                              Total:   560.00                                12         0.00

01 - 120 1X1   OC     MR Robert Sing       C       765 560.00 Rent     550.00   550.00    550.00 09/28/02 09/30/03     99.00    0.00
               N                                              Total:   550.00                                12         0.00

01 - 121 2X1   OC     MRS Regina Sterling  C     1,109 650.00 Rent     640.00   640.00    640.00 12/05/97 11/30/03    565.00    0.00
               N      MR Kyle Barkley                         Total:   640.00                                12         0.00
</Table>

<Page>

                                       10

<Table>
<Caption>
                                                                                          ACTUAL           LEASE
               APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER  ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/O DATE   TERM     DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>      <C>      <C>       <C>    <C>      <C>         <C>     <C>
01 - 122 2X1   OC     MR. DARRIEN SUFFERN  C     1,109 650.00 Rent     650.00   650.00    650.00 05/09/03 05/31/04    267.00    0.00
               N                                              Total:   650.00                                12         0.00
01 - 123 2X1   OC     MR. Phillip E Spicer C     1,109 650.00 Rent     625.00   625.00    625.00 06/08/95 03/31/04    200.00    0.00
               N                                              Total:   625.00                                10       150.00
01 - 124 2X1   OC     Mr. James G Coleman  C     1,109 650.00 Rent     600.00   600.00    650.00 12/07/90 06/30/03    150.00  130.00
               N                                              Total:   600.00                                12         0.00
01 - 125 2X1   OC     MRS Brenda Taylor    C     1,109 650.00 Rent     635.00   635.00    635.00 09/19/02 09/30/03     99.00    0.00
               N      Schawang Taylor                         Total:   635.00                                12         0.00
01 - 126 2X1   OC     MR Joao Rodrigues    C     1,109 650.00 Rent     650.00   650.00    650.00 05/31/03 05/31/04     99.00    0.00
               N      MR. Francisco Sousa                     Total:   650.00                                12         0.00
                      MR. Sidney Garcia
01 - 127 2X1   OC     MRS Mary Mcneil      C     1,109 650.00 Rent     571.50   571.50    508.00 08/01/02 07/31/03     99.00    0.00
               N      MRS Turneka Mcneil                      con      -63.50                                12         0.00
                                                              Total:   508.00
01 - 128 2X1   VA     MRS Brandie Kenny    P     1,109 650.00                                    09/07/01 08/31/03      0.00  921.00
               N      MR Skyler Kenny                                                            06/23/03    12         0.00
                      MISS Haley Kenny
01 - 128 2X1   VA      VACANCY                   1,109 650.00                   650.00
               N
01 - 129 2X1   OC     MS Teri L Peltz      C     1,109 650.00 Rent     635.00   635.00    635.00 09/01/01 08/31/03    399.00    0.00
               N                                              Total:   635.00                                12       200.00
01 - 130 2X1   VL     MR Joao Neto         P     1,109 650.00                             645.00 02/22/03 02/28/04      0.00  645.00
               E      MRS. Celi Pereira                                                          07/05/03    12         0.00
                      Pedro Silva
                      Joao Silva
01 - 130 2X1   VL     Willie Williams      L     1,109 650.00                                             12/31/03      0.00    0.00
               E                                                                                              5         0.00
01 - 130 2X1   VL      NON-REV EMPLOYE           1,109 650.00                   650.00
               E
01 - 131 2X1   OC     MS. Linda Wood       C     1,109 650.00 Rent     645.00   645.00    645.00 02/21/03 01/31/04     99.00    0.00
               N                                              Total:   645.00                                11         0.00
01 - 132 2X1   OC     MRS Carrie M Flake   C     1,109 650.00 Rent     635.00   635.00    635.00 09/01/00 08/31/03    300.00    0.00
               N                                              Total:   635.00                                12       200.00
01 - 133 2X1   OC     JACQUELINE JACKSON   C     1,109 650.00 Rent     650.00   650.00    650.00 04/22/03 04/30/04    399.00  915.00
               N                                              Total:   650.00                                12         0.00
</Table>

<Page>

                                       11

<Table>
<Caption>
                                                                                          ACTUAL           LEASE
               APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER  ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/0 DATE   TERM     DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>     <C>       <C>      <C>     <C>      <C>         <C>    <C>
01 - 134 2X1   OC     MR Timothy Swint     C     1,109 650.00 Rent     630.00   630.00    654.00 06/07/02 06/30/03    399.00    0.00
               N      MS LaQuanna Williams                    Total:   630.00                                12         0.00
                      MR K     Burrell
                      MISS Tiana Swint

01 - 135 2X1   VL     Esilitn Baucham      L     1,109 650.00                            -126.00 08/01/03 02/29/04     99.00    0.00
               N      Kevin Roundtree                                                                         7         0.00

01 - 135 2X1   VL      VACANCY                   1,109 650.00                   650.00
               N

01 - 136 2X1   OC     PATTABIRAMAN         C     1,109 650.00 Rent     640.00   640.00    640.00 12/18/02 12/31/03     99.00    0.00
               N      KARTHIKEYAN                             Total:   640.00                                12         0.00
                      SUBBULAKSAMI
                      KARTHIKEYAN
                      SRIVIDYA KARTHIKEYAN

01 - 137 1X1   OC     MR. William H Evans  C       765 560.00 Rent     555.00   555.00    555.00 02/01/03 01/31/04    555.00    0.00
               N                                              Total:   555.00                                12         0.00

01 - 138 1X1   OC     MS Valentina Cuko    C       765 560.00 Rent     545.00   545.00    545.00 11/07/01 10/31/03    924.00    0.00
               N                                              Total:   545.00                                12         0.00

01 - 139 1X1   OC     MR Jason M Scott     C       765 560.00 Rent     540.00   540.00    540.00 08/11/01 07/31/03    399.00    0.00
               N      MRS Beverly Scott                       Total:   540.00                                12       200.00

01 - 140 1X1   OC     MR. RICHARD W
               N      Caldwell             C       765 560.00 Rent     545.00   545.00    545.00 01/31/00 01/31/04     99.00    0.00
                                                              Total:   545.00                                12         0.00

01 - 141 1X1   OC     GERARDO BAUTISTA     C       765 560.00 Rent     560.00   560.00      0.00 07/21/03 02/29/04    560.00 -199.00
               N                                              con     -560.00                                 7         0.00
                                                              Total:     0.00

01 - 142 1X1   OC     MR David E Nash      C       765 560.00 Rent     545.00   545.00    545.00 12/12/00 11/30/03     99.00    0.00
               N                                              Total:   545.00                                12         0.00

01 - 143 1X1   OC     MS Sheila A Leawis   C       765 560.00 Rent     555.00   555.00    555.00 02/01/03 01/31/04    399.00    0.00
               N                                              Total:   555.00                                12         0.00

01 - 144 1X1   VA      VACANCY             C       765 560.00                   560.00
               N

01 - 145 2X1   OC     LORELL PUGH          C     1,109 650.00 Rent     480.00   640.00    640.00 11/29/02 12/31/03    640.00    0.00
               E      JEROME HEATH                            emp      160.00*                                9         0.00
                      EN-VOGUE PUGH                           Total:   640.00

01 - 146 2X1   OC     MR Paul Stewart      C     1,109 650.00 Rent     650.00   650.00    650.00 04/25/03 04/30/04    650.00  632.00
               N                                              Total:   650.00                                12         0.00
</Table>

<Page>

                                       12

<Table>
<Caption>
                                                                                          ACTUAL           LEASE
               APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER  ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/O DATE   TERM     DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>      <C>      <C>       <C>    <C>      <C>         <C>      <C>
01 - 147 2X1P  NA     Ms Heather Venero    N     1,109 690.00 Rent     670.00   670.00    670.00 06/23/02 07/31/03      0.00    0.00
               N      Ms Sabrina L Rutland                    Total:   670.00                    07/31/03    13         0.00
                      Miss Alina Venero

01 - 148 2X1P  OC     MS Jane Schayes      C     1,109 690.00 Rent     645.00   645.00    645.00 02/17/03 02/29/04     99.00   45.00
               N                                              w/d       45.00                                12         0.00
                                                              Total:   690.00

01 - 149 2X1P  VL     Fannie Watson        L     1,109 690.00                                             01/31/04     99.00    0.00
               N      Ronald Grant                                                                            6         0.00

01 - 149 2X1P  VL      VACANCY                   1,109 690.00                   690.00
               N

01 - 150 2X1P  OC     MISS Rhonda Keegan   C     1,109 690.00 Rent     650.00   650.00    813.75 05/16/03 12/13/03    555.00    0.00
               N      MS CHRISTINA COLON                      Total:   650.00                                 8         0.00

01 - 151 2X1   OC     Tobin Drosier        C     1,109 650.00 Rent     630.00   630.00    630.00 06/18/02 07/31/03     99.00    0.00
               N                                              Total:   630.00                                13       200.00

01 - 152 2X1   OC     MR Joseph C Gray     C     1,109 650.00 Rent     630.00   630.00    660.00 06/01/01 05/31/04     99.00    0.00
               N                                              Total:   630.00                                12         0.00

01 - 153 1X1   OC     MR. ROBERT WOOD      C       765 560.00 Rent     545.00   545.00    545.00 12/01/01 11/30/03    100.00    0.00
               N                                              Total:   545.00                                12         0.00

01 - 154 1X1   OC     MR John I Lee        C       765 560.00 Rent     550.00   550.00    550.00 01/04/03 12/31/03    399.00   82.00
               N                                              Total:   550.00                                12         0.00

01 - 155 1X1   NA     MR. Matthew Kreger   N       765 560.00 Rent     545.00   545.00    545.00 07/19/02 07/31/03    399.00    0.00
               N                                              Total:   545.00                                12         0.00

01 - 156 1X1   OC     MR Nrusimhadevn
                      Murthy               C       765 560.00 Rent     555.00   555.00    555.00 05/31/03 05/31/04     99.00    0.00
               N      MS Manikanda Aparna                     Total:   555.00                                12         0.00

01 - 157 1X1   VA      VACANCY                     765 560.00                   560.00
               N

01 - 158 1X1   OC     MR Kyle C Palmer     C       765 560.00 Rent     555.00   555.00    555.00 03/01/03 02/29/04     99.00   -5.00
               N                                              Total:   555.00                                12         0.00

01 - 159 1X1   OC     MS GLENDA WASHINGTON C       765 560.00 Rent     550.00   550.00    550.00 12/14/02 11/30/03     99.00    0.00
               N      MR KENNETH L PAYNE                      Total:   550.00                                12         0.00

01 - 160 1X1   OC     Mr. John O S         C       765 560.00 Rent     550.00   550.00    550.00 07/13/01 03/31/04     99.00    0.00
               N                                              Total:   550.00                                10         0.00

01 - 161 2X1   OC     MR Carlos E Lopez    C     1,109 650.00 Rent     650.00   650.00    630.00 01/05/01 07/31/03     99.00    0.00
               N      MR Orlando R Lopez                      Total:   650.00                                12         0.00
                      MR Francisco Lopez

01 - 162 2X1   OC     MS. Phyllis Rogers   C     1,109 650.00 Rent     645.00   645.00    645.00 03/12/03 03/31/04     99.00    0.00
               N      Terence Bacon                           Total:   645.00                                12         0.00
</Table>

<Page>

                                       13

<Table>
<Caption>
                                                                                         ACTUAL           LEASE
               APT.                        R           MARKET          LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER   ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE CHARGES POSSIBLE   CHARGES M/0 DATE   TERM     DEPOSIT  BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>    <C>       <C>       <C>    <C>      <C>         <C>    <C>
01 - 163 2X1   OC     MR NELSON HERRERA    C     1,109 650.00 Rent    650.00   650.00    635.00 04/10/01 07/31/03     99.00     0.00
               N      MR SANTOS CASTILLO                      Total:  650.00                                12         0.00
                      VILLADORO
01 - 164 2X1   OC     Ashley Cho  e        C     1,109 650.00 Rent    635.00   635.00    635.00 08/30/02 08/31/03    635.00     0.00
               N      Nathan Ponchot                          Total:  635.00                                12         0.00
01 - 165 2X1   OC     MR Michael
                      Hershberger          P     1,109 650.00                            640.00 10/28/02 10/31/03      0.00 1,626.00
               N                                                                                07/05/03    12         0.00
01 - 165 2X1   OC     Michael Coughlan     C     1,109 650.00 Rent    650.00   650.00    294.00 07/25/03 02/29/04     99.00     0.00
               N      Alexandra Coughlan                      con    -650.00                                 7         0.00
                                                              Total:    0.00
01 - 166 2X1   OC     MR Glenn McKEITHAN   C     1,109 650.00 Rent    581.00   581.00    517.00 04/17/98 04/30/04    200.00     0.00
               N      MS Loniva Washington                    con     -64.00                                12         0.00
                      MS Kiara Washington                     Total:  517.00
01 - 167 2X1   OC     MR Pedro Torres      C     1,109 650.00 Rent    630.00   630.00    630.00 06/04/02 06/30/03    630.00     0.00
               N                                              Total:  630.00                                12         0.00
01 - 168 2X1   OC     MR Robert G
                      Torreyson            C     1,109 650.00 Rent    645.00   645.00    635.00 07/28/01 02/29/04     99.00     0.00
               N      MELISSA A TORREYSON                     Total:  645.00                                 7         0.00
01 - 169 2X1   OC     MRS Dorothy J Lamee  C     1,109 650.00 Rent    571.00   571.00    507.00 01/13/03 12/31/03    100.00     0.00
               N                                              con     -64.00                                12         0.00
                                                              Total:  507.00
01 - 170 2X1   OC     MRS DONDREA LOMAS    C     1,109 650.00 Rent    635.00   635.00    635.00 08/31/02 08/31/03    399.00 1,620.00
               N      BRIONNA MENDOZA                         Total:  635.00                                12         0.00
01 - 171 2X1   OC     Walter Huaman        C     1,109 650.00 Rent    650.00   650.00    -21.00 07/29/03 01/31/04     99.00     0.00
               N      Lordes Huaman                           con    -650.00                                 6         0.00
                      Daniel Huaman                           Total:    0.00
01 - 172 2X1   OC     MR Stuart Speckman   C     1,109 650.00 Rent    630.00   630.00    630.00 05/02/02 06/30/03    630.00 1,625.00
               N                                              Total:  630.00                                14         0.00
01 - 174 2X1   OC     MR Emmanuel Williams C     1,109 650.00 Rent    630.00   630.00    640.00 05/07/02 03/31/04     99.00     0.00
               N      MR Dustin B Williams                    Total:  630.00                                12         0.00
01 - 175 2X1   OC     MS Jill R Thomas     C     1,109 650.00 Rent    650.00   650.00    650.00 05/02/03 04/30/04    250.00    45.00
               N      Devan Duncan                            w/d      45.00                                12         0.00
                                                              Total:  695.00
01 - 176 2X1   OC     MS. Teresa Womack    C     1,109 650.00 Rent    650.00   650.00    650.00 04/27/03 04/30/04    348.00   915.00
               N                                              Total:  650.00                                12         0.00
</Table>

<Page>

                                       14

<Table>
<Caption>
                                                                                         ACTUAL           LEASE
               APT.                        R           MARKET          LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER   ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE CHARGES POSSIBLE   CHARGES M/O DATE   TERM     DEPOSIT  BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>    <C>       <C>       <C>    <C>      <C>         <C>    <C>
01 - 177 1X1   OC     MS. Melissa Smith    C       765 560.00 Rent    555.00   555.00    555.00 03/29/03 03/31/04     99.00     0.00
               N      MR Daluxe Chim                          Total:  555.00                                12         0.00
                      Brandon Chim
01 - 178 1X1   NA     MS Jameta Smith      N       765 560.00 Rent    555.00   555.00    555.00 01/27/03 07/31/03    635.00     0.00
               N      MS Shauonna Bonsell                     Total:  555.00                                12         0.00
01 - 179 1X1   OC     Tashenna Arthur      C       765 560.00 Rent    550.00   550.00    550.00 10/18/02 10/31/03     99.00  -550.00
               N                                              Total:  550.00                                12       200.00
01 - 180 1X1   OC     MS. Melinda Skinner  C       765 560.00 Rent    555.00   555.00    555.00 02/26/03 02/28/04     99.00     0.00
               N                                              Total:  555.00                                12         0.00
01 - 181 1X1   OC     MR Daniel B Akel     C       765 560.00 Rent    540.00   540.00    540.00 10/13/00 11/30/03     99.00     0.00
               N                                              Total:  540.00                                12         0.00
01 - 182 1X1   OC     MS. Soraiya Mojadidi C       765 560.00 Rent    560.00   560.00    560.00 05/31/03 05/31/04     99.00     0.00
               N                                              Total:  560.00                                12         0.00
01 - 183 1X1   OC     MR Adam J Dolan      C       765 560.00 Rent    545.00   545.00    545.00 10/01/02 09/30/03    545.00     0.00
               N                                              Total:  545.00                                12         0.00
01 - 184 1X1   OC     Jacquelyn Martin     P       765 560.00                             18.00 02/15/03 01/31/04      0.00 2,808.00
               N                                                                                07/01/03    12         0.00
01 - 184 1X1   OC     TAMMIE PEARL         C       765 560.00 Rent    560.00   560.00    144.00 07/28/03 02/29/04     99.00     0.00
               N      ALBERTO NAVA                            con    -560.00                                 7         0.00
                                                              Total:    0.00
01 - 185 2X1   VL     MS Yrma Levinshon    P     1,109 650.00                            630.00 06/01/01 06/30/03    300.00 1,925.00
               N      CHRISTOPHER
                      LEVINSHON                                                                 07/05/03    12         0.00
01 - 185 2X1   VL     Chris Chaney         L     1,109 650.00 Rent    650.00*  650.00     21.00          03/31/04     99.00    20.00
               N      Colleen Moody                           Total:  650.00                                 8       400.00
01 - 185 2X1   VL      VACANCY                   1,109 650.00                  650.00
               N
01 - 186 2X1   OC     MS JENNIFER S SMITH  C     1,109 650.00 Rent    640.00   640.00    640.00 12/14/02 11/30/03     99.00     0.00
               N      PHILIP M GRACE                          Total:  640.00                                12         0.00
                      DAVID SHEALY
01 - 187 2X1   OC     MS Irris Wallace     C     1,109 650.00 Rent    630.00   630.00    630.00 04/30/02 05/31/03    630.00    20.00
               N      MR Daelin Worthern                      w/d      45.00                                13         0.00
                                                              Total:  675.00
01 - 188 2X1   OC     Mr. ARBEN PEPAJ      C     1,109 650.00 Rent    640.00   640.00    640.00 01/22/00 01/31/04     99.00     0.00
               N      RAFAEL PEPAJ                            Total:  640.00                                12         0.00
</Table>

<Page>

                                       15

<Table>
<Caption>
                                                                                          ACTUAL           LEASE
               APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER  ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/0 DATE   TERM     DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>    <C>        <C>       <C>    <C>      <C>         <C>    <C>
01 - 189 2X1   CA     MR Genaro Sandoval   P     1,109 650.00                             143.00 06/29/01 06/30/03      0.00   39.00
               C      MRS Tamera B
                      Sandoval                                                                   07/07/03    12         0.00
                      MR MICHAEL ANGELO
                      SANDOVAL
01 - 190 2X1   OC     Walton Do Santos     C     1,109 650.00 Rent     645.00   645.00    458.00 07/10/03 02/29/04      0.00    0.00
               N      Carolina Ferreira                       Total:   645.00                                 8         0.00
01 - 191 2X1   OC     MR Ian Barnett       C     1,109 650.00 Rent     635.00   635.00    635.00 08/06/02 08/31/03     99.00    0.00
               N      MRS Christina
                      Barnett                                 Total:   635.00                                13       200.00
                      MISS Audrey Barnett
01 - 193 1X1   OC     Ms Christy Morris    C       765 560.00 Rent     555.00   555.00    555.00 01/31/03 03/31/04    100.00  887.00
               N                                              Total:   555.00                                12       200.00
01 - 194 1X1   OC     MS Tasha M Harrison  C       765 560.00 Rent     555.00   555.00    555.00 01/31/03 01/31/04    555.00 -555.00
               N                                              Total:   555.00                                12       200.00
01 - 195 1X1   OC     MS. Karen Mckinney   C       765 560.00 Rent     555.00   555.00    705.00 04/19/03 04/30/04     99.00    0.00
               N                                              Total:   555.00                                12         0.00
01 - 196 1X1   OC     MR Braudon Means     C       765 560.00 Rent     560.00   560.00    560.00 04/15/03 03/31/04    399.00    0.00
               N      MS Michelle Clement                     Total:   560.00                                12         0.00
01 - 197 1X1   OC     MR Joseph C
                      Earnhardt            C       765 560.00 Rent     545.00   545.00    545.00 05/11/02 03/31/04     99.00    0.00
               N                                              Total:   545.00                                 8         0.00
01 - 198 1X1   OC     Heidi Nordt          C       765 560.00 Rent     650.00   650.00    663.00 07/15/03 02/29/04     99.00    0.00
               N      Larry Tagert                            con     -650.00                                 7         0.00
                      Karen Tagert                            Total:     0.00
01 - 199 1X1   OC     Mr Roger Marsh       C       765 560.00 Rent     490.00   490.00    435.00 11/04/95 11/30/03     99.00    0.00
               N                                              con      -55.00                                12         0.00
                                                              Total:   435.00
01 - 200 1X1   OC     MR Benjamin C
                      Painter III          C       765 560.00 Rent     545.00   545.00    545.00 06/22/00 04/30/04     49.00    0.00
               N      MS Frankie E Taylor                     Total:   545.00                                10         0.00
01 - 201 2X1   OC     Miss Quetzy Martinez C     1,109 650.00 Rent     635.00   635.00    635.00 12/01/90 11/30/03    200.00    0.00
               N                                              Total:   635.00                                12         0.00
01 - 202 2X1   OC     MS Maika Williams    C     1,109 650.00 Rent     630.00   630.00    630.00 05/06/02 06/30/03    630.00  -20.00
               N      MISS Maiva White                        Total:   630.00                                14         0.00
01 - 203 2X1   OC     Antonio Neto         C     1,109 650.00 Rent     650.00   650.00     53.00 06/20/03 05/31/04      0.00    0.00
               N                                              con      650.00                                11         0.00
                                                              Total: 1,300.00
01 - 204 2X1   OC     MR Andrey Kubanov    C     1,109 650.00 Rent     645.00   645.00    645.00 04/03/99 03/31/04    200.00    0.00
               N                                              Total:   645.00                                12         0.00
</Table>

<Page>

                                       16

<Table>
<Caption>
                                                                                          ACTUAL           LEASE
               APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER  ENDING
APT.     TYPE  STATUS      NAMES           S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/0 DATE   TERM     DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>    <C>        <C>       <C>    <C>      <C>         <C>    <C>
01 - 205 2X1   NL     Ms Jaynae D Johnson  N     1,109 650.00 Rent     635.00   635.00    635.00 08/01/01 07/31/03     99.00  953.00
               N      Mr Javaris Johnson                      w/d       45.00                                12         0.00
                      Ms Jasmine Johnson                      Total:   680.00

01 - 205 2X1   NL     EDIR MENDES          L     1,109 650.00                                                           0.00    0.00
               N                                                                                             12         0.00

01 - 206 2X1   OC     MR Mark E Romero     C     1,109 650.00 Rent     630.00   630.00    684.00 09/08/98 08/30/03    200.00    0.00
               N      MS Amy P ROMERO                         Total:   630.00                                12       100.00

01 - 207 2X1   OC     MR John F Breen      C     1,109 650.00 Rent     645.00   645.00    645.00 02/22/03 02/28/04     99.00 -173.00
               N                                              Total:   645.00                                12         0.00

01 - 208 2X1   OC     Maureen Shackleton   C     1,109 650.00 Rent     650.00   650.00      0.00 06/28/03 05/31/04     99.00    0.00
               N      Matthew Shackleton                      con      650.00                                11         0.00
                      Claude Hilton                           w/d       45.00
                                                              Total: 1,345.00

01 - 209 2X1   OC     David Johnson        C     1,109 650.00 Rent     650.00   650.00      0.00 06/21/03 05/31/04     99.00 -551.00
               N                                              con      650.00                                11         0.00
                                                              Total: 1,300.00

01 - 210 2X1   VL     Angela Pointe        L     1,109 650.00                                             02/29/04      0.00    0.00
               N      LARRY POINTE                                                                            7         0.00
                      ASIA POINTE
                      SETH POINTE

01 - 210 2X1   VL      VACANCY                   1,109 650.00                   650.00
               N

01 - 211 2X1   OC     Mrs Nitin Kudre      C     1,109 650.00 Rent     640.00   640.00    640.00 05/17/02 03/31/04     99.00    0.00
               N      Mr Prajakta N Kudre                     Total:   640.00                                10         0.00

01 - 212 2X1   OC     MS. LORRIE GIVENS    C     1,109 650.00 Rent     645.00   645.00    647.00 03/27/03 03/31/04    795.00    1.00
               N                                              Total:   645.00                                12         0.00

01 - 213 1X1   OC     MR JUAN A PLAZA      C       765 560.00 Rent     555.00   555.00    555.00 03/23/01 03/31/04     99.00    0.00
               N      MRS HERMELINDA C
                      PEREZ                                   Total:   555.00                                12         0.00

01 - 214 1X1   OC     MS. Jennifer Brickey C       765 560.00 Rent     560.00   560.00    550.00 05/03/03 05/31/04     99.00    0.00
               N                                              Total:   560.00                                12         0.00

01 - 215 1X1   OC     MS Amy Taaffe        C       765 560.00 Rent     550.00   550.00    550.00 04/19/02 05/31/04     99.00    0.00
               N                                              Total:   550.00                                12         0.00

01 - 216 1X1   OC     MR William Mcnabb    C       765 560.00 Rent     540.00   540.00    540.00 09/28/01 09/30/03     99.00    0.00
               N                                              Total:   540.00                                12        50.00

01 - 217 1X1   OC     Mr Kevin Washburn    C       765 560.00 Rent     535.00   535.00    535.00 06/01/97 05/31/03    200.00    0.00
               N      MS MELISSA M JOHNSON                    Total:   535.00                                12         0.00
</Table>

<Page>

                                       17

<Table>
<Caption>
                                                                                         ACTUAL           LEASE
               APT.                        R           MARKET          LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER   ENDING
APT.     TYPE  STATUS         NAMES        S   SQ. FT.   RENT   CODE CHARGES POSSIBLE   CHARGES M/0 DATE   TERM     DEPOSIT  BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>    <C>       <C>       <C>    <C>      <C>         <C>    <C>
01 - 218 1X1   OC     MR. Anthony Lodolce  C       765 560.00 Rent    560.00   560.00    560.00 04/30/03 04/30/04     99.00  -524.00
               N                                              w/d      45.00                                12         0.00
                                                              Total:  605.00

01 - 219 1X1   OC     MRS Marie Hidely     C       765 560.00 Rent    545.00   545.00    545.00 09/04/02 09/01/03     99.00     0.00
               N      MR Anthonse
                      Desauguste                              Total:  545.00                                12         0.00

01 - 220 1X1   OC     MR Nathaniel
                      Robinson             C       765 560.00 Rent    555.00   555.00    555.00 04/14/01 03/31/04     99.00     0.00
               N                                              Total:  555.00                                12         0.00

01 - 221 2X1   OC     MR Mark Sherrill     C     1,109 650.00 Rent    635.00   635.00    635.00 08/02/02 07/31/03     49.00     0.00
               N                                              Total:  635.00                                12        50.00

01 - 222 2X1P  OC     MRS Georgianna
                      Santos               C     1,109 690.00 Rent    655.00   655.00    655.00 10/01/02 09/30/03     99.00     0.00
               N      Luis ( Vazquez                          Total:  655.00                                12         0.00

01 - 223 2X1P  OC     Lisa M MCALISTER     P     1,109 690.00                                   01/10/03 12/31/03      0.00   697.00
               N      CATHY MALONEY                                                             05/31/03    12         0.00
                      MARION MCALISTER

01 - 223 2X1P  OC     Majeid Bidel         C     1,109 690.00 Rent    675.00   675.00      0.00 07/01/03 04/30/04    100.00     0.00
               N      Samantha Crupper                        con    -675.00                                10         0.00
                                                              Total:    0.00

01 - 224 2X1P  OC     MRS Cynthia
                      Rodriguez            C     1,109 690.00 Rent    655.00   655.00    655.00 10/01/02 09/30/03     99.00     4.00
               N      MR Jose Ortiz                           Total:  655.00                                12         0.00
                      Amanada Rodriguez
                      NOAH RODRIGUEZ

01 - 225 2X1   NA     MR Jamey Ferrell     N     1,109 650.00 Rent    635.00   635.00    635.00 08/09/02 08/31/03     99.00     0.00
               N      MRS Leslie Ferrell                      Total:  635.00                                12         0.00
                      Jamey(c) Ferrell
                      Tyler ( Ferrell

01 - 226 2X1   OC     Stephen Walker       C     1,109 650.00 Rent    650.00   650.00    579.00 07/18/03 02/29/04    650.00    -9.00
               N      Ruthmarie Rivera                        con    -650.00                                 7         0.00
                      Laquan Rivera                           Total:    0.00
                      Leahie Smith

01 - 227 2X1   OC     MS Miriam Wishart    P     1,109 650.00                                   07/10/02 07/31/03      0.00 1,192.00
               N      MR Jason Beard                                                            06/01/03    13         0.00

01 - 227 2X1   OC     Trinicia M Logan     C     1,109 650.00 Rent    650.00   650.00      0.00 07/07/03 05/31/04     99.00   609.00
               N      Trinicia S Logan                        con    -650.00                                11         0.00
                      Dayton Logan                            Total:    0.00
                      Calvin Logan
</Table>

<Page>

                                       18

<Table>
<Caption>
                                                                                         ACTUAL           LEASE
               APT.                        R           MARKET          LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER  ENDING
APT.     TYPE  STATUS         NAMES        S   SQ. FT.   RENT   CODE CHARGES POSSIBLE   CHARGES M/O DATE   TERM     DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>     <C>      <C>       <C>    <C>      <C>         <C>     <C>
01 - 228 2X1   OC     MS Kellie S Gordon   C     1,109 650.00 Rent    645.00   645.00    645.00 03/17/03 03/31/04     99.00     0.00
               N                                              Total:  645.00                                12         0.00

01 - 229 2X1   OC     MS. Cerissa Thrift   C     1,109 650.00 Rent    645.00   645.00    645.00 02/27/03 02/29/04    399.00    75.00
               N      MS. Ashley Pace                         Total:  645.00                                12         0.00

01 - 230 2X1   OC     MR Micheal Robinson  C     1,109 650.00 Rent    645.00   645.00    645.00 02/27/03 12/31/03     99.00    45.00
               N      MS Melinda N Joseph                     w/d      45.00                                10         0.00
                                                              Total:  690.00

01 - 231 2X1   OC     Mr Christopher
                      Sutton               C     1,109 650.00 Rent    640.00   640.00    646.00 04/14/02 11/30/03    200.00     0.00
               N      Mrs Hillary Sutton                      Total:  640.00                                12         0.00
                      MISS LEJHORNA
                      GEORGE
                      MS K'KHRISSHARR
                      SUTTON

01 - 232 2X1   OC     MR. Roger Atkins     C     1,109 650.00 Rent    645.00   645.00    645.00 05/29/03 05/31/04     99.00     0.00
               N      Hayley Atkins                           Total:  645.00                                12         0.00
                      Roger Atkins

01 - 233 2X1   OC     Jessica Walton       C     1,109 650.00 Rent    635.00   635.00    635.00 08/02/02 07/31/03     99.00     0.00
               N      Jonathan Walton                         w/d      45.00                                12         0.00
                      Ellis W Tij                             Total:  680.00

01 - 234 2X1   OC     MR Charle
                      Padathuruthy         C     1,109 650.00 Rent    650.00   650.00    800.00 04/09/03 04/30/04     99.00     0.00
               N                                              Total:  650.00                                12         0.00

01 - 235 2X1   OC     MR Rircado Martinez  C     1,109 650.00 Rent    645.00   645.00    645.00 04/13/02 03/31/04    630.00     0.00
               N      MS Maria Castro                         Total:  645.00                                12         0.00

01 - 236 2X1   OC     MS Tonya E Marquez   C     1,109 650.00 Rent    645.00   645.00    645.00 06/29/01 04/30/04     99.00    -5.00
               N                                              Total:  645.00                                 9         0.00

01 - 237 1X1   OC     Shannon Ward         C       765 560.00 Rent    550.00   550.00    550.00 10/29/02 10/31/03    399.00     0.00
               N      Joshua Adams                            Total:  550.00                                12         0.00

01 - 239 1X1   VL     MR Emilio V Mejia    P       765 560.00                                   11/27/99 11/30/03      0.00 1,189.00
               N                                                                                05/29/03    12         0.00

01 - 239 1X1   VL     WILLIE WRIGHT        L       765 560.00                                                          0.00     0.00
               N                                                                                            12         0.00

01 - 239 1X1   VL      VACANCY                     765 560.00                  560.00
               N

01 - 240 1X1   OC     MR James Dawson      C       765 560.00 Rent    545.00   545.00    545.00 08/01/02 07/31/03     99.00     0.00
               N                                              Total:  545.00                                12         0.00

01 - 241 1X1   OC     MR Raymond Frechette C       765 560.00 Rent    535.00   535.00    535.00 08/09/02 07/31/03     99.00     0.00
               N      MRS Christine
                      Frechette                               Total:  535.00                                12         0.00
</Table>

<Page>

                                       19

<Table>
<Caption>
                                                                                         ACTUAL           LEASE
               APT.                        R           MARKET          LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER  ENDING
APT.     TYPE  STATUS         NAMES        S   SQ. FT.   RENT   CODE CHARGES POSSIBLE   CHARGES M/O DATE   TERM     DEPOSIT BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>    <C>       <C>       <C>    <C>      <C>         <C>     <C>
01 - 242 1X1   OC     MS Nichole Paimieri  C       765 560.00 Rent    560.00   560.00    555.00 04/01/01 03/31/03     99.00     0.00
               N                                              mtm     100.00                                 0         0.00
                                                              Total:  660.00

01 - 243 1X1   OC     Ms. Linda King       C       765 560.00 Rent    545.00   545.00    545.00 12/09/93 12/31/03     99.00     0.00
               N      TARVIA LEE                              Total:  545.00                                12         0.00

01 - 244 1X1   OC     MR Artoun Hulej      C       765 560.00 Rent    555.00   555.00    555.00 01/31/03 01/31/04     99.00     0.00
               N      MR Arben Pepej                          Total:  555.00                                12         0.00

01 - 245 2X1   NA     Lisa Gainey          N     1,109 650.00 Rent    635.00   635.00    635.00 09/13/02 08/31/03    399.00     0.00
               N      Robert Gainey                           Total:  635.00                                12         0.00
                      Zachary Gainey
                      Celena Gainey

01 - 246 2X1   OC     Lakeon Lamb          C     1,109 650.00 Rent    640.00   640.00    640.00 01/15/03 11/30/03    399.00     0.00
               N                                              Total:  640.00                                12         0.00

01 - 247 2X1   OC     MR Mark Burgos       C     1,109 650.00 Rent    650.00   650.00    735.00 06/24/99 06/30/03    200.00  -565.00
               N                                              mtm     100.00                                12       200.00
                                                              Total:  750.00

01 - 248 2X1   OC     MS Ana Cisnaros      C     1,109 650.00 Rent    650.00   650.00    231.00 07/21/03 02/29/04    555.00   231.00
               N                                              Total:  650.00                                 7         0.00

01 - 249 2X1   OC     MR Charles D Herman  C     1,109 650.00 Rent    599.00   599.00    579.00 05/20/00 05/31/03    300.00     0.00
               N      MRS Misty S Herman                      con     -31.00                                12       400.00
                      MISS Alyssa T Herman                    Total:  568.00

01 - 250 2X1   OC     MR Michael Walker    C     1,109 650.00 Rent    635.00   635.00    635.00 09/29/00 09/30/03     99.00     0.00
               N                                              Total:  635.00                                12         0.00

01 - 251 2X1   OC     MR Angel Claudio     C     1,109 650.00 Rent    630.00   630.00    630.00 07/29/02 07/31/03    630.00     0.00
               N      NIODYA BERLINGERI                       Total:  630.00                                12         0.00

01 - 252 2X1   OC     MS Sokha Chan        P     1,109 650.00                            630.00 06/01/01 05/31/03      0.00   386.00
               N                                                                                07/06/03    12         0.00

01 - 252 2X1   OC     Lebnys De La Cruz    C     1,109 650.00 Rent    650.00   650.00    670.00 07/16/03 03/31/04     99.00     0.00
               N      Fidel De La Cruz                        con    -650.00                                 9         0.00
                      Hector Suarez                           Total:    0.00
                      Alyanis De La Cruz

01 - 253 1X1   OC     MR Brett Jacobs      C       765 560.00 Rent    555.00   555.00    555.00 03/16/02 03/31/04    530.00     0.00
               N                                              Total:  555.00                                12         0.00

01 - 254 1X1   OC     MR David E Wayne     C       765 560.00 Rent    540.00   540.00    540.00 08/25/00 08/31/03     49.00     0.00
               N      MS BARBARA WAYNE                        Total:  540.00                                12         0.00

01 - 255 1X1   NA     MRS Ocla M Howard    N       765 560.00 Rent    545.00   545.00    545.00 07/21/00 08/31/03     49.00     0.00
               N                                              Total:  545.00                                12         0.00
</Table>

<Page>

                                       20

<Table>
<Caption>
                                                                                        ACTUAL           LEASE
              APT.                       R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER    ENDING
APT.     TYPE STATUS         NAMES       S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/0 DATE   TERM     DEPOSIT   BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>  <C>    <C>                 <C>   <C>   <C>    <C>     <C>       <C>       <C>    <C>      <C>         <C>    <C>
01 - 256 1X1  OC     MR Alberto Milion   C       765 560.00 Rent     545.00   545.00    545.00 07/23/02 07/31/03     99.00 -1,635.00
              N                                             Total:   545.00                                12         0.00

01 - 257 1X1  OC     MR WAYNE G RAGAN    C       765 560.00 Rent     495.00   495.00    440.00 12/01/02 11/30/03     99.00      0.00
              N                                             con      -55.00                                12         0.00
                                                            Total:   440.00

01 - 258 1X1  OC     MR Vernon Armstrong C       765 560.00 Rent     535.00   535.00    735.00 04/20/02 05/31/03     99.00      0.00
              N                                             Total:   535.00                                13         0.00

01 - 259 1X1  OC     MR Adilson Motos    C       765 560.00 Rent     545.00   545.00    545.00 05/31/02 06/30/03    545.00  2,100.00
              N                                             Total:   545.00                                13         0.00

01 - 260 1X1  OC     MR Robert Pharis    C       765 560.00 Rent     550.00   550.00    550.00 02/14/01 02/29/04     99.00    -20.00
              N                                             Total:   550.00                                12         0.00

01 - 261 2X1  OC     MR Adam Pyfrom      C     1,109 670.00 Rent     650.00   650.00    650.00 04/24/03 04/30/04     99.00      0.00
              N      John A Tyler                           Total:   650.00                                12         0.00

01 - 262 2X1  NA     Ms Ana G Kitoyan    N     1,109 650.00 Rent     630.00   630.00    630.00 05/31/01 07/31/03    300.00      0.00
              N      Mrs Anjelika
                     Kitoyan                                Total:   630.00                                12         0.00
                     AIDA KITOYAN

01 - 263 2X1  OC     CHARISSE DEAN       C     1,109 650.00 Rent     645.00   645.00    645.00 02/15/02 02/28/04    150.00      0.00
              N                                             Total:   645.00                                12       200.00

01 - 264 2X1  OC     MR FREDERICK
                     GJERGJI             C     1,109 650.00 Rent     640.00   640.00    640.00 09/01/00 08/31/03    200.00      0.00
              N                                             Total:   640.00                                12         0.00

01 - 265 2X1  OC     MS Andrea Griesemer C     1,109 670.00 Rent     635.00   635.00    635.00 09/28/01 09/30/03     99.00      0.00
              N      MR Daniel Griesmer                     Total:   635.00                                12         0.00

01 - 266 2X1  OC     MR. Andrei Florin   C     1,109 650.00 Rent     650.00   650.00      0.00 06/29/03 05/31/04     99.00      0.00
              N      Fogna Viadeseu                         con      650.00                                11         0.00
                                                            Total: 1,300.00

01 - 267 2X1  OC     MS Parthenia Myers  C     1,109 650.00 Rent     650.00   650.00    520.00 05/30/03 05/31/04    399.00      0.00
              N      MR Brewton Madison                     Total:   650.00                                12         0.00

01 - 268 2X1  NA     MRS Brenda Wiley    N     1,109 650.00 Rent     635.00   635.00    635.00 07/17/01 07/31/03     99.00      0.00
              N                                             Total:   635.00                                12         0.00

01 - 269 2X1P OC     Heather Russell     C     1,109 690.00 Rent     675.00   675.00    607.50 08/20/02 08/31/03     99.00      0.00
              N      Gerald Baldwin                         con      -67.50                                12         0.00
                                                            Total:   607.50

01 - 270 2X1P NA     MRS Kristin Rivera  N     1,109 690.00 Rent     655.00   655.00    655.00 08/21/02 08/31/03     99.00      0.00
              N      MR Dominic Rivera                      Total:   655.00                                12         0.00
                     Mcauley Rivera
                     Mariah Rivera
</Table>

<Page>

                                       21

<Table>
<Caption>
                                                                                         ACTUAL           LEASE
              APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER   ENDING
APT.     TYPE STATUS         NAMES        S   SQ. FT.   RENT   CODE  CHARGES POSSIBLE   CHARGES M/0 DATE   TERM     DEPOSIT  BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>  <C>    <C>                  <C>   <C>   <C>    <C>      <C>      <C>       <C>    <C>      <C>         <C>      <C>
01 - 271 2X1P OC     MRS Joline Miller    C     1,109 690.00 Rent     675.00   675.00    675.00 08/07/02 07/31/03    399.00   940.00
              N      MR Dennis Miller                        Total:   675.00                                12         0.00
                     MS Tabitha Miller
                     MR Christopher
                     Miller

01 - 272 2X1P OC     MR. DAVID NASH       C     1,109 690.00 Rent     599.00   599.00    534.00 05/13/95 05/30/03    199.00     0.00
              N      BETTY NASH                              con       66.00                                12         0.00
                                                             Total:   665.00

01 - 273 2X1  OC     MS Nannette Peoples  C     1,109 650.00 Rent     650.00   650.00    580.00 04/25/98 04/30/03    200.00     0.00
              N                                              mtm      100.00                                 0         0.00
                                                             Total:   750.00

01 - 274 2X1  OC     MR Ken Mitchell      C     1,109 650.00 Rent     482.00   482.00    561.00 05/19/03 05/31/03    399.00     0.00
              N      MRS Mary Mitchell                       con       53.00                                12         0.00
                                                             Total:   535.00

01 - 275 2X1  OC     Mr Tom R. Hawthorne  C     1,109 650.00 Rent     650.00   650.00    630.00 05/31/02 06/30/03     99.00    90.00
              N      MR David A
                     Casselberry                             mtm      100.00                                14       200.00
                                                             Total:   750.00

01 - 276 2X1  OC     MR Brian W Volkmann  C     1,109 650.00 Rent     645.00   645.00    645.00 02/11/03 01/31/04     99.00     0.00
              N      MR Randall Wright                       Total:   645.00                                12       200.00

01 - 277 1X1  OC     MRS. Betty S Prosch  C       765 560.00 Rent     495.00   495.00    440.00 02/05/00 01/31/04     49.00     0.00
              N                                              con       55.00                                12         0.00
                                                             Total:   550.00

01 - 278 1X1  OC     MR Joseph Dvoroznak  C       765 560.00 Rent     540.00   540.00    540.00 09/27/97 09/30/03    150.00     0.00
              N                                              Total:   540.00                                12         0.00

01 - 279 1X1  OC     MRS June S Martinez  C       765 560.00 Rent     486.00   486.00    432.00 01/31/99 01/31/04    200.00     0.00
              N                                              con      -54.00                                12         0.00
                                                             Total:   432.00

01 - 280 1X1  OC     MS Kathleen Moeller  C       765 560.00 Rent     555.00   555.00    555.00 03/08/03 03/31/04     99.00     0.00
              N                                              Total:   555.00                                12       200.00

01 - 281 1X1  NA     MISS Joanne M Giglia N       765 560.00 Rent     540.00   540.00    540.00 08/14/01 07/31/03     99.00     0.00
              N                                              Total:   540.00                                12         0.00

01 - 282 1X1  OC     MR KENAN MORROW      C       765 560.00 Rent     560.00   560.00    532.00 06/01/03 05/31/04      0.00     0.00
              N                                              con       28.00                                12         0.00
                                                             Total:   588.00

01 - 283 1X1  NA     MR Scott Moose       N       765 560.00 Rent     545.00   545.00    540.00 09/04/02 09/30/03     99.00     0.00
              N      MRS Sandy Moose                         Total:   545.00                                12         0.00
                     JOSIAH MOOSE
</Table>

<Page>

                                       22

<Table>
<Caption>
                                                                                         ACTUAL            LEASE
               APT.                        R           MARKET          LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER   ENDING
APT.     TYPE  STATUS         NAMES        S   SQ. FT.   RENT  CODE  CHARGES POSSIBLE   CHARGES M/0 DATE    TERM    DEPOSIT  BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>   <C>   <C>    <C>    <C>       <C>      <C>     <C>      <C>         <C>        <C>
01 - 284 1X1   VA      VACANCY                     765 560.00                  560.00
               N

01 - 285 2X1   OC     MRS SONIA RUSSELL    C     1,109 650.00 Rent    635.00   635.00    635.00 01/06/01 12/31/03    300.00     0.00
               N      MR DARIAN E RUSSELL                     Total:  635.00                                12         0.00
                      DARIAN K RUSSELL
                      CASSANDRA RUSSELL

01 - 286 2X1   OC     MS Laurie Hofiman    C     1,109 650.00 Rent    645.00   645.00    645.00 03/24/00 03/31/04    200.00     0.00
               N                                              Total:  645.00                                12       150.00

01 - 287 2X1   OC     Mr. William SMITH    C     1,109 650.00 Rent    645.00   645.00    645.00 07/23/97  1/31/04     99.00     0.00
               N      MRS REGINA SMITH                        Total:  645.00                                11         0.00
                      MISS DASIA SMITH
                      MISS DANIELLE SMITH

01 - 288 2X1   OC     Ms Christina
                      Y Palacios           C     1,109 650.00 Rent    645.00   645.00    635.00 09/13/02 03/31/04     99.00     0.00
               N      MISS GRACE PALACIOS                     Total:  645.00                                 7         0.00

01 - 289 2X1   OC     Ms Erika N Walker    C     1,109 650.00 Rent    650.00   650.00    650.00 05/02/03 04/30/04      0.00     0.00
               N                                              Total:  650.00                                12         0.00

01 - 290 2X1   NA     MRS Jamie Forester   N     1,109 650.00 Rent    635.00   635.00    585.00 08/11/02 07/31/03     99.00     0.00
               N      MR Daniel Forrester                     Total:  635.00                                12       200.00

01 - 291 2X1   OC     MR Ramesh Gopu       C     1,109 650.00 Rent    630.00   630.00    630.00 04/26/02 05/31/03     99.00     0.00
               N      MRS Kanchana Ramesh                     Total:  630.00                                13         0.00
                      MR Ashwanth Ramesh
                      MISS Arthi Ramesh

01 - 292 2X1   OC     MR Enrique A Archiga C     1,109 650.00 Rent    645.00   645.00    645.00 02/05/03 01/31/04    645.00     0.00
               N      MS Angelica V
                      Aguilar                                 Total:  645.00                                12         0.00
                      MS Stefany A
                      Velazquez

01 - 293 1X1   OC     Walter W Moore       C       765 560.00 Rent    560.00   280.00    144.00 07/16/03 12/31/03      0.00     0.00
               O                                              crtsy  -280.00*                                5         0.00
                                                              Total:  280.00

01 - 294 1X1   OC     MR Dionysus R Earles C       765 560.00 Rent    545.00   545.00    545.00 11/02/00 01/31/04     99.00     0.00
               N                                              Total:  545.00                                12         0.00

01 - 295 1X1   VL     Michael Shoto        L       765 560.00                                                          0.00     0.00
               N                                                                                            12         0.00

01 - 295 1X1   VL      VACANCY                     765 560.00                  560.00
               N

01 - 296 1X1   OC     MS Amber D Wightman  C       765 560.00 Rent    555.00   555.00   -555.00 02/25/03  2/28/04     99.00     0.00
               N      MR Richard J Murphy                     Total:  555.00                                12         0.00
</Table>

<Page>

                                       23

<Table>
<Caption>
                                                                                         ACTUAL            LEASE
               APT.                        R           MARKET          LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER   ENDING
APT.     TYPE  STATUS         NAMES        S   SQ. FT.   RENT CODE   CHARGES POSSIBLE   CHARGES M/0 DATE    TERM    DEPOSIT  BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>   <C>    <C>                  <C>     <C> <C>    <C>     <C>      <C>       <C>    <C>      <C>         <C>      <C>
01 - 297 1X1   OC     MR. Corey Carrington C       765 560.00 Rent    527.00   527.00    499.00 03/06/03 03/31/04      0.00    87.00
               N                                              con     -28.00                                12         0.00
                                                              Total:  499.00

01 - 298 1X1   OC     MR. Stuart M
                      Mattocks             C       765 560.00 Rent    545.00   545.00    545.00 05/17/02 03/31/04     99.00     0.00
               N                                              Total:  545.00                                10         0.00

01 - 299 1X1   OC     MS Tina Jones        C       765 560.00 Rent    555.00   555.00    555.00 04/25/03 04/30/04    555.00     0.00
               N                                              Total:  555.00                                12         0.00

01 - 300 1X1   OC     MR. Carey L Wyatt    C       765 560.00 Rent    540.00   540.00    540.00 08/06/00 07/31/03     49.00   832.00
               N      MRS. MARY WYATT                         Total:  540.00                                12         0.00

01 -     1X1   VL     Gail King            L       735 560.00 Rent    560.00*  560.00                    02/29/04      0.00     0.00
WAITI          W      Tish Onalt                              Total:  560.00                                 6         0.00

     TOTAL:

<Caption>
                                                                              ACTUAL
                                    MARKET         LEASE         GROSS     POTENTIAL    SECURITY       OTHER       TOTAL     ENDING
                                      RENT          RENT      POSSIBLE       CHARGES    DEPOSITS    DEPOSITS    DEPOSITS     BALANCE
                                ----------    ----------    ----------    ----------   ---------    --------   ---------   ---------
                                <S>           <C>           <C>           <C>          <C>          <C>        <C>         <C>
                                181,770.00    160,782.50    176,898.00    154,861.25   57,765.00    5,947.50   63,712.50   30,341.50
</Table>

                    INCOME CODE:

                    con     CONCESSION
                    crtsy   COURTESY OFF
                    demag   DAMAGES
                    emp     NON-REV EMPLOYE
                    mtm     MONTH TO MONT
                    Rent    BASE RENT
                    w/d     WASHER DRYER

                    RESIDENT STAT.

                    C       Current
                    L       Leased
                    N       Notice
                    P       Previous
                    X       Cancel

                    UNIT STAT.

                    CA      Construction Available
                    NA      On Notice Available
                    NL      On Notice Leased
                    OC      Occupied
                    VA      Vacant Available
                    VL      Vacant Leased

                    UNIT ANALYSIS

<Table>
<Caption>
                    DESCRIPTION          UNITS         PERCENT
                    <S>                    <C>          <C>
                    Occupied               275           93.54
                    Vacant                  17            5.78
                    Down                     0            0.00
                    Total Units            294          100.00
                    Construction             6
                    Waiting Lists            4
                    Employee                 4
                    Model                    0
                    Other Use                2
                    Total Special Use        6            2.04
</Table>

This Rent Roll includes Current Resident, Applicants, WaitList Applicants,
Canceled Applicants, Previous Resident. '*' Indicates amounts not included in
summary of lease charges

<Page>

                                       24

<Table>
<Caption>
                                                                                        ACTUAL            LEASE
             APT.                        R           MARKET           LEASE    GROSS POTENTIAL M/I DATE EXPIRES  SEC/OTHER    ENDING
APT.   TYPE  STATUS         NAMES        S   SQ. FT.   RENT  CODE   CHARGES POSSIBLE   CHARGES M/0 DATE    TERM    DEPOSIT   BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>  <C>     <C>    <C>                  <C> <C>     <C>     <C>    <C>     <C>      <C>       <C>      <C>      <C>         <C>
     GRAND TOTAL:

<Caption>
                                                                              ACTUAL
                                    MARKET         LEASE         GROSS     POTENTIAL    SECURITY       OTHER       TOTAL      ENDING
                                      RENT          RENT      POSSIBLE       CHARGES    DEPOSITS    DEPOSITS    DEPOSITS     BALANCE
                                ----------    ----------    ----------    ----------   ---------    --------   ---------   ---------
                                <S>           <C>           <C>           <C>          <C>          <C>        <C>         <C>
                                181,770.00    160,782.50    176,898.00    154,861.25   57,765.00    5,947.50   63,712.50   30,341.50
</Table>

<Page>

                                        1

SS1437                       Aged Delinquency Detail
005                       BC-Bainbridge Bay Pointe LLC
Select: 07/31/03              BAY POINTE APARTMENTS
300 Apts., 291,076 Sq.Ft            7/31/2003

<Table>
<Caption>
                                                 RESIDENT       CR  #    #                                                   0 - 30
APT.   NAME                                      STATUS         ST  LT  RTN DESCRIPTION     TOTAL DUE    PREPAID  FUTURE       DAYS
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>                    <C>            <C>                <C> <C>  <C><C>              <C>         <C>        <C>      <C>
01-007 MR Melvin C. Costanza  (   ) 268-0106     Current        N   3    0  BASE RENT         -645.00    -645.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                              -645.00    -645.00    0.00       0.00
01-008 MR Curtis Shipman      (000) 000-0000     Current        N   1    0  LATE CHARGE         82.00       0.00    0.00      82.00
                                                                            LEGAL FEE          210.00       0.00    0.00     210.00
                                                                            BASE RENT          645.00       0.00    0.00     645.00
                                                                                            ---------------------------------------
                                                                                               937.00       0.00    0.00     937.00

01-010 MS Rasheeda N. Thomas  (904) 886-0689     Notice         N   1    0  LATE CHARGE        182.00       0.00    0.00      82.00
                                                                            LEGAL FEE          183.00       0.00    0.00     183.00
                                                                            BASE RENT        1,260.00       0.00    0.00     630.00
                                                                                            ---------------------------------------
                                                                                             1,625.00       0.00    0.00     895.00

01-011 MRS CARLI DONNAL       (  ) 636-7487      Current        N   1    0  WASHER DRYER        45.00       0.00    0.00      45.00

                                                                                            ---------------------------------------
                                                                                                45.00       0.00    0.00      45.00
01-015 MS Tomeka Dixon        (904) 367-1588     Current        N   3    1  LATE CHARGE         86.00       0.00    0.00      86.00
                                                                            NSF CHECK FEE       35.00       0.00    0.00      35.00
                                                                            BASE RENT          585.00       0.00    0.00     585.00
                                                                                            ---------------------------------------
                                                                                               706.00       0.00    0.00     706.00

01-016 MR Brandon Stockton    (000) 000-0000     Previous       N   2    0  BREACH OF LEASE    645.00       0.00    0.00       0.00
                                             Move out:5/30/2003             LATE CHARGE        125.00       0.00    0.00       0.00
                                                                            LEGAL FEE          253.00       0.00    0.00       0.00
                                                                            BASE RENT          949.00       0.00    0.00       0.00
                                                                                            ---------------------------------------
                                                                                             1,972.00       0.00    0.00       0.00

01-028 John Odom                                 Previous       N   1    0  BREACH OF LEASE    287.00       0.00    0.00     287.00
                                             Move out:7/14/2003
                                                                                            ---------------------------------------
                                                                                               287.00       0.00    0.00     287.00
01-028 Michael Johnson                           Current        N   0    0  BASE RENT         -325.00    -325.00    0.00       0.00
                                                                                            ---------------------------------------
                                                                                              -325.00    -325.00    0.00       0.00
01-035 MS. Terrianna Wilcher                     Current        N   1    1  LATE CHARGE         50.00       0.00    0.00      50.00
                                                                            NSF CHECK FEE       35.00       0.00    0.00      35.00
                                                                            BASE RENT          560.00       0.00    0.00     560.00
                                                                                            ---------------------------------------
                                                                                               645.00       0.00    0.00     645.00
01-047 Bobby Seak                                Current        N   0    0  BASE RENT         -398.00    -398.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                              -398.00    -398.00    0.00       0.00
01-049 MR Jeremy Mahaffey                        Current        N   1    0  BASE RENT          297.00       0.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                               297.00       0.00    0.00       0.00
01-051 Jacy Yanez                                Current        N   0    0  BASE RENT          -42.00     -42.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                               -42.00     -42.00    0.00       0.00
01-052 MS Josephine Cole      (904) 778-4527     Current        C   1    2  LATE CHARGE        382.00       0.00    0.00      82.00
                                                                            LEGAL FEE          210.00       0.00    0.00       0.00
                                                                            MONTH TO MONTH     400.00       0.00    0.00     100.00

<Caption>
                                 31-60    61-90  OVER 90
APT.   NAME                       DAYS     DAYS     DAYS
--------------------------------------------------------
<S>    <C>                      <C>      <C>    <C>
01-007 MR Melvin C. Costanza      0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-008 MR Curtis Shipman          0.00     0.00     0.00
                                  0.00     0.00     0.00
                                  0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-010 MS Rasheeda N. Thomas    100.00     0.00     0.00
                                  0.00     0.00     0.00
                                630.00     0.00     0.00
                              --------------------------
                                730.00     0.00     0.00

01-011 MRS CARLI DONNAL           0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-015 MS Tomeka Dixon            0.00     0.00     0.00
                                  0.00     0.00     0.00
                                  0.00     0.00     0.00
                              --------------------------
                                  0.00     0.00     0.00

01-016 MR Brandon Stockton        0.00   645.00     0.00
                                  0.00    21.00   104.00
                                  0.00    70.00   183.00
                                  0.00     0.00   949.00
                              --------------------------
                                  0.00   736.00 1,236.00
01-028 John Odom                  0.00     0.00     0.00
                              --------------------------
                                  0.00     0.00     0.00
01-028 Michael Johnson            0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-035 MS. Terrianna Wilcher      0.00     0.00     0.00
                                  0.00     0.00     0.00
                                  0.00     0.00     0.00
                              --------------------------
                                  0.00     0.00     0.00
01-047 Bobby Seak                 0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-049 MR Jeremy Mahaffey       650.00     0.00  -353.00

                              --------------------------
                                650.00     0.00  -353.00
01-051 Jacy Yanez                 0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-052 MS Josephine Cole        100.00     0.00   200.00
                                  0.00     0.00   210.00
                                100.00     0.00   200.00
</Table>

<Page>

                                        2

<Table>
<Caption>
                                                 RESIDENT       CR  #    #                                                   0 - 30
APT.   NAME                                      STATUS         ST  LT  RTN DESCRIPTION     TOTAL DUE    PREPAID  FUTURE       DAYS
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>                    <C>            <C>                <C> <C>  <C><C>              <C>         <C>        <C>     <C>
01-054 MR Osbell M. Martinez                     Current        N   1    0  BASE RENT            5.00       0.00    0.00       5.00

                                                                                            ---------------------------------------
                                                                                                 5.00       0.00    0.00       5.00
01-056 MS Suzanne M. Trimble  (904) 733-7526     Previous       N   1    0  BREACH OF LEASE    241.00       0.00    0.00       0.00
                                             Move out:6/21/2003
                                                                                            ---------------------------------------

                                                                                               241.00       0.00    0.00       0.00
01-056 MR Brian Holmes        (   ) 619-5529     Current        C   7    2  BASE RENT           86.00       0.00    0.00      86.00

                                                                                            ---------------------------------------
                                                                                                86.00       0.00    0.00      86.00
01-062 TINA REDDY                                Current        N   1    0  BASE RENT         -571.00    -571.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                              -571.00    -571.00    0.00       0.00

01-065 MS. JAMIE B. THOMAS                       Current        C   1    3  LATE CHARGE        175.00       0.00    0.00      75.00
                                                                            LEGAL FEE          183.00       0.00    0.00     183.00
                                                                            MONTH TO MONTH     200.00       0.00    0.00     100.00
                                                                            BASE RENT        1,270.00       0.00    0.00     635.00
                                                                                            ---------------------------------------
                                                                                             1,828.00       0.00    0.00     993.00

01-071 JOSE RODRIGUEZ                            Current        N   0    0  CONCESSION         566.00       0.00    0.00     560.00
                                                                            BASE RENT         -650.00     -84.00    0.00    -566.00
                                                                                            ---------------------------------------
                                                                                               -84.00     -84.00    0.00       0.00

01-073 MR Henry Dewitt        (   )   -904       Previous       N   1    0  DAMAGES             42.50       0.00    0.00       0.00
                                             Move out:5/31/2003
                                                                                            ---------------------------------------
                                                                                                42.50       0.00    0.00       0.00

01-076 MR Willie Session      (   ) 739-8196     Current        C   1    2  LATE CHARGE          3.00       0.00    0.00       3.00

                                                                                            ---------------------------------------
                                                                                                 3.00       0.00    0.00       3.00

01-081 MS Lina Jolouk                            Current        N   0    0  BASE RENT         -120.00    -120.00    0.00       0.00
                                                                            WASHER DRYER       240.00       0.00    0.00      80.00
                                                                                            ---------------------------------------
                                                                                               120.00    -120.00    0.00      80.00

01-085 MR Allen L. Perry                         Previous       N   3    0  BREACH OF LEASE    645.00       0.00    0.00       0.00
                                             Move out:5/30/2003             LATE CHARGE        125.00       0.00    0.00       0.00
                                                                            LEGAL FEE          280.00       0.00    0.00       0.00
                                                                            BASE RENT          870.00       0.00    0.00       0.00
                                                                                            ---------------------------------------
                                                                                             1,920.00       0.00    0.00       0.00

01-101 MS Sincey Donnelly     (904) 707-6657     Previous       N   1    1  LATE CHARGE         68.00       0.00    0.00      68.00
                                             Move out:7/16/2003
                                                                                            ---------------------------------------
                                                                                                68.00       0.00    0.00      68.00

01-102 MR Tyree Lyons         (   ) -            Current        N   1    0  LATE CHARGE         75.00       0.00    0.00      75.00
                                                                            LEGAL FEE          183.00       0.00    0.00     183.00
                                                                            BASE RENT          735.00       0.00    0.00     590.00
                                                                                            ---------------------------------------
                                                                                               993.00       0.00    0.00     848.00
01-110 MR PAULO AQUIRO        (   ) 813-3439     Current        N   3    0  BASE RENT         -495.00    -462.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                              -495.00    -462.00    0.00       0.00

<Caption>
                                 31-60    61-90  OVER 90
APT.   NAME                       DAYS     DAYS     DAYS
--------------------------------------------------------
<S>    <C>                      <C>      <C>    <C>
01-054 MR Osbell M. Martinez      0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-056 MS Suzanne M. Trimble    241.00     0.00     0.00
                              --------------------------
                                241.00     0.00     0.00
01-056 MR Brian Holmes            0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-062 TINA REDDY                 0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00

01-065 MS. JAMIE B. THOMAS      100.00     0.00     0.00
                                  0.00     0.00     0.00
                                100.00     0.00     0.00
                                635.00     0.00     0.00
                              --------------------------
                                835.00     0.00     0.00

01-071 JOSE RODRIGUEZ             0.00     0.00     0.00
                                  0.00     0.00     0.00
                              --------------------------
                                  0.00     0.00     0.00

01-073 MR Henry Dewitt            0.00    42.50     0.00

                              --------------------------
                                  0.00    42.50     0.00

01-076 MR Willie Session          0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-081 MS Lina Jolouk             0.00     0.00     0.00
                                 80.00     0.00    80.00
                              --------------------------
                                 80.00     0.00    80.00

01-085 MR Allen L. Perry          0.00   645.00     0.00
                                  0.00    21.00   104.00
                                  0.00    70.00   210.00
                                  0.00     0.00   870.00
                              --------------------------
                                  0.00   736.00 1,184.00

01-101 MS Sincey Donnelly         0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-102 MR Tyree Lyons             0.00     0.00     0.00
                                  0.00     0.00     0.00
                                  0.00   145.00     0.00
                              --------------------------
                                  0.00   145.00     0.00

01-110 MR PAULO AQUIRO            0.00     0.00   -33.00

                              --------------------------
                                  0.00     0.00   -33.00
</Table>

<Page>

                                        3

<Table>
<Caption>
                                                 RESIDENT       CR  #    #                                                   0 - 30
APT.   NAME                                      STATUS         ST  LT  RTN DESCRIPTION     TOTAL DUE    PREPAID  FUTURE       DAYS
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>                    <C>            <C>                <C> <C>  <C><C>              <C>          <C>       <C>    <C>
01-116 MR JOHN A. TENNANT     (904) 374-5027     Notice         N   1    0  LATE CHARGE         29.00       0.00    0.00      29.00
                                                                            BASE RENT          540.00       0.00    0.00     540.00
                                                                                            ---------------------------------------
                                                                                               569.00       0.00    0.00     569.00

01-124 Mr. James G. Coleman   (   ) 448-8785     Current        N   5    0  MONTH TO MONTH     100.00       0.00    0.00     100.00
                                                                            BASE RENT           30.00       0.00    0.00      30.00
                                                                                            ---------------------------------------
                                                                                               130.00       0.00    0.00     130.00
01-128 MRS Brandie Kenny      (904) 221-7878     Previous       N   8    1  BREACH OF LEASE    615.00       0.00    0.00       0.00
                                             Move out:6/23/2003             LATE CHARGE         52.00       0.00    0.00       0.00
                                                                            BASE RENT          254.00       0.00    0.00       0.00
                                                                                            ---------------------------------------
                                                                                               921.00       0.00    0.00       0.00

01-130 MR. Joao Nero                             Previous       N   3    0  BASE RENT          645.00       0.00    0.00     645.00
                                             Move out:7/5/2003
                                                                                            ---------------------------------------
                                                                                               645.00       0.00    0.00     645.00

01-133 JACQUELINE JACKSON     (   ) 568-0663     Current        N   1    0  LATE CHARGE         82.00       0.00    0.00      82.00
                                                                            LEGAL FEE          183.00       0.00    0.00     183.00
                                                                            BASE RENT          650.00       0.00    0.00     650.00
                                                                                            ---------------------------------------
                                                                                               915.00       0.00    0.00     915.00

01-141 GERARDO BAUTISTA                          Current        N   0    0  BASE RENT         -199.00       0.00    0.00    -199.00

                                                                                            ---------------------------------------
                                                                                              -199.00       0.00    0.00    -199.00

01-146 MR. Paul Stewart                          Current        N   1    0  LATE CHARGE         82.00       0.00    0.00      82.00
                                                                            BASE RENT          550.00       0.00    0.00     550.00
                                                                                            ---------------------------------------
                                                                                               632.00       0.00    0.00     632.00

01-148 MS. Jane Schayes                          Current        N   0    0  BASE RENT          -45.00     -45.00    0.00       0.00
                                                                            WASHER DRYER        90.00       0.00    0.00      90.00
                                                                                            ---------------------------------------
                                                                                                45.00     -45.00    0.00      90.00

01-154 MR John I. Lee                            Current        N   1    1  LATE CHARGE         82.00       0.00    0.00      82.00

                                                                                            ---------------------------------------
                                                                                                82.00       0.00    0.00      82.00

01-158 MR Kyle C. Palmer                         Current        N   1    0  BASE RENT           -5.00      -5.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                                -5.00      -5.00    0.00       0.00

01-165 MR Michael Hershberger (904) 737-4056     Previous       C   0    3  BREACH OF LEASE    640.00       0.00    0.00     640.00
                                             Move out:7/5/2003              NSF CHECK FEE      105.00       0.00    0.00       0.00
                                                                            BASE RENT          881.00       0.00    0.00     640.00
                                                                                            ---------------------------------------
                                                                                             1,626.00       0.00    0.00   1,280.00

01-170 MRS DONDREA LOMAS      (904) 264-4188     Current        C   1    2  LATE CHARGE        132.00       0.00    0.00     132.00
                                                                            LEGAL FEE          183.00       0.00    0.00     183.00
                                                                            NSF CHECK FEE       35.00       0.00    0.00      35.00
                                                                            BASE RENT        1,270.00       0.00    0.00     635.00
                                                                                            ---------------------------------------
                                                                                             1,620.00       0.00    0.00     985.00

01-172 MR Stuart Speckman     (904) 742-4716     Current        N   1    0  LATE CHARGE        182.00       0.00    0.00      82.00
                                                                            LEGAL FEE          183.00       0.00    0.00     183.00
                                                                            BASE RENT        1,260.00       0.00    0.00     630.00

<Caption>
                                31-60    61-90  OVER 90
APT.   NAME                      DAYS     DAYS     DAYS
-------------------------------------------------------
<S>    <C>                     <C>        <C>    <C>
01-116 MR JOHN A. TENNANT        0.00     0.00     0.00
                                 0.00     0.00     0.00
                             --------------------------
                                 0.00     0.00     0.00

01-124 Mr. James G. Coleman      0.00     0.00     0.00
                                 0.00     0.00     0.00
                             --------------------------
                                 0.00     0.00     0.00
01-128 MRS Brandie Kenny       615.00     0.00     0.00
                                 0.00     0.00    52.00
                               254.00     0.00     0.00
                             --------------------------
                               869.00     0.00    52.00

01-130 MR. Joao Nero             0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00
01-133 JACQUELINE JACKSON        0.00     0.00     0.00
                                 0.00     0.00     0.00
                                 0.00     0.00     0.00
                             --------------------------
                                 0.00     0.00     0.00

01-141 GERARDO BAUTISTA          0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00

01-146 MR. Paul Stewart          0.00     0.00     0.00
                                 0.00     0.00     0.00
                             --------------------------
                                 0.00     0.00     0.00

01-148 MS. Jane Schayes          0.00     0.00     0.00
                                 0.00     0.00     0.00
                             --------------------------
                                 0.00     0.00     0.00

01-154 MR John I. Lee            0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00

01-158 MR Kyle C. Palmer         0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00

01-165 MR Michael Hershberger    0.00     0.00     0.00
                                 0.00     0.00   105.00
                               241.00     0.00     0.00
                             --------------------------
                               241.00     0.00   105.00

01-170 MRS DONDREA LOMAS         0.00     0.00     0.00
                                 0.00     0.00     0.00
                                 0.00     0.00     0.00
                               635.00     0.00     0.00
                             --------------------------
                               635.00     0.00     0.00

01-172 MR Stuart Speckman      100.00     0.00     0.00
                                 0.00     0.00     0.00
                               630.00     0.00     0.00
</Table>

<Page>

                                        4

<Table>
<Caption>
                                                 RESIDENT       CR  #    #                                                   0 - 30
APT.   NAME                                      STATUS         ST  LT  RTN DESCRIPTION     TOTAL DUE    PREPAID  FUTURE       DAYS
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>                    <C>            <C>                <C> <C> <C> <C>              <C>         <C>        <C>      <C>
01-175 Ms Jill R. Thomas                         Current        N   1    0  WASHER DRYER        45.00       0.00    0.00      45.00

                                                                                            ---------------------------------------
                                                                                                45.00       0.00    0.00      45.00

01-176 MS. Teresa Womack                         Current        N   1    0  LATE CHARGE         82.00       0.00    0.00      82.00
                                                                            LEGAL FEE          183.00       0.00    0.00     183.00
                                                                            BASE RENT          650.00       0.00    0.00     650.00
                                                                                            ---------------------------------------
                                                                                               915.00       0.00    0.00     915.00

01-179 Tashenna Arthur                           Current        N   0    0  BASE RENT         -550.00    -550.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                              -550.00    -550.00    0.00       0.00

01-184 Jacquelyn Martin                          Previous       C   3    3  BREACH OF LEASE    550.00       0.00    0.00     550.00
                                             Move out:7/1/2003              LATE CHARGE        104.00       0.00    0.00       0.00
                                                                            LEGAL FEE          183.00       0.00    0.00       0.00
                                                                            NSF CHECK FEE       70.00       0.00    0.00       0.00
                                                                            BASE RENT        1,901.00       0.00    0.00      18.00
                                                                                            ---------------------------------------
                                                                                             2,808.00       0.00    0.00     568.00

01-185 MS Yrma Levinshon                         Previous       N   5    1  LATE CHARGE         52.00       0.00    0.00       0.00
                                             Move out:7/5/2003              BASE RENT        1,873.00       0.00    0.00     630.00
                                                                                            ---------------------------------------
                                                                                             1,925.00       0.00    0.00     630.00

01-185 Chris Chaney                              Leased         N   0    0  BASE RENT           20.00       0.00    0.00      20.00

                                                                                            ---------------------------------------
                                                                                                20.00       0.00    0.00      20.00
01-187 MS Chris Wallace       (   ) -904         Current        C   1    2  BASE RENT          -20.00     -20.00    0.00       0.00
                                                                            WASHER DRYER        40.00       0.00    0.00      40.00
                                                                                            ---------------------------------------
                                                                                                20.00     -20.00    0.00      40.00

01-189 MR Genaro Sandoval     (904) 374-2537     Previous       N   1    0  BASE RENT           39.00       0.00    0.00      39.00
                                             Move out:7/7/2003              SECURITY             0.00       0.00    0.00       0.00
                                                                                            ---------------------------------------
                                                                                                39.00       0.00    0.00      39.00

01-193 Ms Christy Morris      (   ) 379-6529     Current        N   1    0  LATE CHARGE        154.00       0.00    0.00     154.00
                                                                            LEGAL FEE          183.00       0.00    0.00     183.00
                                                                            BASE RENT          550.00       0.00    0.00     550.00
                                                                                            ---------------------------------------
                                                                                               887.00       0.00    0.00     887.00

01-194 MS Tasha M.Harrison    (   ) 287-0471     Current        N   0    0  BASE RENT         -555.00    -555.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                              -555.00    -555.00    0.00       0.00
01-202 MS Mulko Williams      (904) 739-7395     Current        N   2    0  BASE RENT          -20.00     -20.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                               -20.00     -20.00    0.00       0.00
01-205 Ms Jaynae D. Johnson   (   ) 374-3028     Notice         N   1    1  LATE CHARGE         85.00       0.00    0.00      85.00
                                                                            LEGAL FEE          183.00       0.00    0.00     183.00
                                                                            BASE RENT          595.00       0.00    0.00     595.00
                                                                            WASHER DRYER        90.00       0.00    0.00      45.00
                                                                                            ---------------------------------------
                                                                                               953.00       0.00    0.00     908.00

<Caption>
                                 31-60    61-90  OVER 90
APT.   NAME                       DAYS     DAYS     DAYS
--------------------------------------------------------
<S>    <C>                      <C>        <C>  <C>
01-175 Ms Jill R. Thomas          0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00

01-176 MS. Teresa Womack          0.00     0.00     0.00
                                  0.00     0.00     0.00
                                  0.00     0.00     0.00
                              --------------------------
                                  0.00     0.00     0.00

01-179 Tashenna Arthur            0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00

01-184 Jacquelyn Martin           0.00     0.00     0.00
                                  0.00     0.00   104.00
                                  0.00     0.00   183.00
                                  0.00     0.00    70.00
                                550.00     0.00 1,333.00
                              --------------------------
                                550.00     0.00 1,690.00

01-185 MS Yrma Levinshon          0.00     0.00    52.00
                                630.00     0.00   613.00
                              --------------------------
                                630.00     0.00   665.00

01-185 Chris Chaney               0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-187 MS Chris Wallace           0.00     0.00     0.00
                                  0.00     0.00     0.00
                              --------------------------
                                  0.00     0.00     0.00

01-189 MR Genaro Sandoval         0.00     0.00     0.00
                                  0.00     0.00     0.00
                              --------------------------
                                  0.00     0.00     0.00

01-193 Ms Christy Morris          0.00     0.00     0.00
                                  0.00     0.00     0.00
                                  0.00     0.00     0.00
                              --------------------------
                                  0.00     0.00     0.00

01-194 MS Tasha M.Harrison        0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-202 MS Mulko Williams          0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-205 Ms Jaynae D. Johnson       0.00     0.00     0.00
                                  0.00     0.00     0.00
                                  0.00     0.00     0.00
                                 45.00     0.00     0.00
                              --------------------------
                                 45.00     0.00     0.00
</Table>

<Page>

                                        5

<Table>
<Caption>
                                                 RESIDENT       CR  #    #                                                   0 - 30
APT.   NAME                                      STATUS         ST  LT  RTN DESCRIPTION     TOTAL DUE    PREPAID  FUTURE       DAYS
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>                    <C>            <C>                <C> <C>  <C><C>              <C>         <C>       <C>      <C>
01-207 MR John F. Breen                          Current        N   0    0  BASE RENT         -173.00    -173.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                              -173.00    -173.00    0.00       0.00

01-209 David Johnson                             Current        N   1    0  BASE RENT         -551.00       0.00    0.00    -768.00

                                                                                            ---------------------------------------
                                                                                              -551.00       0.00    0.00    -768.00

01-212 MS. LORRIE GIVENS                         Current        N   1    0  BASE RENT            1.00       0.00    0.00       1.00

                                                                                            ---------------------------------------
                                                                                                 1.00       0.00    0.00       1.00

01-218 MR. Anthony Lodolce                       Current        N   1    0  LATE CHARGE          0.00       0.00    0.00       0.00
                                                                            BASE RENT         -569.00    -500.00  -60.00      -9.00
                                                                            WASHER DRYER        45.00       0.00    0.00      45.00
                                                                                            ---------------------------------------
                                                                                              -524.00    -500.00  -60.00      36.00

01-223 Lisa M. MCALISTER                         Previous       N   3    0  BREACH OF LEASE    645.00       0.00    0.00       0.00
                                             Move Out:5/31/2003             LATE CHARGE         52.00       0.00    0.00       0.00
                                                                                            ---------------------------------------
01-224 MRS. Cynthia Rodriguez (773) 220-6331     Current        N   1    0                     697.00       0.00    0.00       0.00

                                                                            LATE CHARGE          4.00       0.00    0.00       4.00

                                                                                            ---------------------------------------
                                                                                                 4.00       0.00    0.00       4.00
01-226 Stephen Walker                            Current        N   0    0  BASE RENT           -9.00      -9.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                                -9.00      -9.00    0.00       0.00

01-227 MS Miriam Wishart                         Previous       N   0    0  BREACH OF LEASE    557.00       0.00    0.00       0.00
                                             Move Out:6/1/2003              CONCESSION         635.00       0.00    0.00       0.00
                                                                                            ---------------------------------------
                                                                                             1,192.00       0.00    0.00       0.00

01-227 Trinicia M. Logan                         Current        N   0    1  LATE CHARGE         50.00       0.00    0.00      50.00
                                                                            NSF CHECK FEE       35.00       0.00    0.00      35.00
                                                                            BASE RENT          524.00       0.00    0.00     524.00
                                                                                            ---------------------------------------
                                                                                               609.00       0.00    0.00     609.00

01-229 MS. Cerissa Thrift                        Current        N   0    0  DAMAGES             75.00       0.00   75.00       0.00

                                                                                            ---------------------------------------
                                                                                                75.00       0.00   75.00       0.00

01-230 MR. Micheal Robinson                      Current        N   1    0  WASHER DRYER        45.00       0.00    0.00      45.00

                                                                                            ---------------------------------------
                                                                                                45.00       0.00    0.00      45.00

01-236 MS Tonya E. Marquez    (   ) 448-6987     Current        N   0    1  BASE RENT           -5.00      -5.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                                -5.00      -5.00    0.00       0.00

01-239 MR  Emilio V. Mejia    (904) 997-6157     Previous       N   4    0  BREACH OF LEASE    545.00       0.00    0.00       0.00
                                             Move Out:5/29/2003             SECURITY            99.00       0.00    0.00       0.00
                                                                            TERMINATION FEE    545.00       0.00    0.00       0.00
                                                                                            ---------------------------------------
                                                                                             1,189.00       0.00    0.00       0.00

01-247 MR Mark Burgos         (   ) 448-4648     Current        N   1    0  BASE RENT         -565.00    -565.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                              -565.00    -565.00    0.00       0.00

<Caption>
                                31-60    61-90  OVER 90
APT.   NAME                      DAYS     DAYS     DAYS
-------------------------------------------------------
<S>    <C>                   <C>      <C>         <C>
01-207 MR John F. Breen          0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00

01-209 David Johnson           217.00     0.00     0.00

                             --------------------------
                               217.00     0.00     0.00

01-212 MS. LORRIE GIVENS         0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00

01-218 MR. Anthony Lodolce       0.00     0.00     0.00
                                 0.00     0.00     0.00
                                 0.00     0.00     0.00
                             --------------------------
                                 0.00     0.00     0.00

01-223 Lisa M. MCALISTER         0.00   645.00     0.00
                                 0.00     0.00    52.00
                             --------------------------
01-224 MRS. Cynthia Rodriguez    0.00   645.00    52.00

                                 0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00
01-226 Stephen Walker            0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00

01-227 MS Miriam Wishart       557.00     0.00     0.00
                               635.00     0.00     0.00
                             --------------------------
                             1,192.00     0.00     0.00

01-227 Trinicia M. Logan         0.00     0.00     0.00
                                 0.00     0.00     0.00
                                 0.00     0.00     0.00
                             --------------------------
                                 0.00     0.00     0.00

01-229 MS. Cerissa Thrift        0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00

01-230 MR. Micheal Robinson      0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00

01-236 MS Tonya E. Marquez       0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00

01-239 MR Emilio V. Mejia        0.00   545.00     0.00
                                 0.00    99.00     0.00
                                 0.00   545.00     0.00
                             --------------------------
                                 0.00 1,189.00     0.00

01-247 MR Mark Burgos            0.00     0.00     0.00

                             --------------------------
                                 0.00     0.00     0.00
</Table>

<Page>

                                        6

<Table>
<Caption>
                                                 RESIDENT       CR  #    #                                                   0 - 30
APT.   NAME                                      STATUS         ST  LT  RTN DESCRIPTION     TOTAL DUE    PREPAID  FUTURE       DAYS
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>                    <C>            <C>                <C> <C>  <C><C>             <C>        <C>        <C>     <C>
01-248 MS Ana Cisneros                           Current            1    0  BASE RENT          231.00       0.00    0.00     231.00

                                                                                            ---------------------------------------
                                                                                               231.00       0.00    0.00     231.00
01-252 MS Soklan Chan         (   ) 737-0869     Previous       N   1    0  BASE RENT          386.00       0.00    0.00     386.00
                                             Move Out:7/6/2003
                                                                                            ---------------------------------------
                                                                                               386.00       0.00    0.00     386.00

01-256 MR Alberto Milton      (888) 976-1585     Current        N   1    0  BASE RENT       -1,635.00  -1,635.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                            -1,635.00  -1,635.00    0.00       0.00

01-259 MR Adilson Matus                          Current        N   1    0  LATE CHARGE        282.00       0.00    0.00      82.00
                                                                            LEGAL FEE          183.00       0.00    0.00     183.00
                                                                            BASE RENT        1,635.00       0.00    0.00     545.00
                                                                                            ---------------------------------------
                                                                                             2,100.00       0.00    0.00     810.00

01-260 MR Robert Pharis       (   ) 262-3176     Current        N   0    0  BASE RENT          -20.00     -20.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                               -20.00     -20.00    0.00       0.00

01-271 MRS Joline Miller      (   ) 993-7829     Current        N   1    0  LATE CHARGE         82.00       0.00    0.00      82.00
                                                                            LEGAL FEE          183.00       0.00    0.00     183.00
                                                                            BASE RENT          675.00       0.00    0.00     675.00
                                                                                            ---------------------------------------
                                                                                               940.00       0.00    0.00     940.00

01-275 Mr Tom R. Hawthorne    (   ) 616-5951     Current        N   1    0  MONTH TO MONTH     100.00       0.00  100.00       0.00
                                                                            BASE RENT          -10.00     -10.00    0.00       0.00
                                                                                            ---------------------------------------
                                                                                                90.00     -10.00  100.00       0.00

01-297 MR. Corey Carrington                      Current        N   1    0  BASE RENT           87.00       0.00    0.00       0.00

                                                                                            ---------------------------------------
                                                                                                87.00       0.00    0.00       0.00
01-300 MR Carey L. Wyatt      (859) 261-2628     Current        N   1    0  LATE CHARGE         82.00       0.00    0.00      82.00
                                                                            LEGAL FEE          210.00       0.00    0.00     210.00
                                                                            BASE RENT          540.00       0.00    0.00     540.00
                                                                                            ---------------------------------------
                                                                                               832.00       0.00    0.00     832.00

-----------------------------------------------------------------------------------------------------------------------------------
       Property Total                                                                       30,341.50  -6,759.00  115.00  18,982.00

<Caption>
                                 31-60    61-90  OVER 90
APT.   NAME                       DAYS     DAYS     DAYS
--------------------------------------------------------
<S>    <C>                    <C>      <C>      <C>
01-248 MS Ana Cisneros            0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00
01-252 MS Soklan Chan             0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00

01-256 MR Alberto Milton          0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00

01-259 MR Adilson Matus         100.00     0.00   100.00
                                  0.00     0.00     0.00
                                545.00     0.00   545.00
                              --------------------------
                                645.00     0.00   645.00

01-260 MR Robert Pharis           0.00     0.00     0.00

                              --------------------------
                                  0.00     0.00     0.00

01-271 MRS Joline Miller          0.00     0.00     0.00
                                  0.00     0.00     0.00
                                  0.00     0.00     0.00
                              --------------------------
                                  0.00     0.00     0.00

01-275 Mr Tom R. Hawthorne        0.00     0.00     0.00
                                  0.00     0.00     0.00
                              --------------------------
                                  0.00     0.00     0.00

01-297 MR. Corey Carrington      87.00     0.00     0.00

                              --------------------------
                                 87.00     0.00     0.00
01-300 MR Carey L. Wyatt          0.00     0.00     0.00
                                  0.00     0.00     0.00
                                  0.00     0.00     0.00
                              --------------------------
                                  0.00     0.00     0.00

--------------------------------------------------------
       Property Total         8,577.00 3,493.50 5,933.00
</Table>

<Page>

                                        7

                            Aged Delinquency Summary

<Table>
<Caption>
                                                  TOTAL                        0 - 30        31 - 60        61 - 90        OVER 90
DESCRIPTION                                         DUE         FUTURE           DAYS           DAYS           DAYS           DAYS
----------------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>               <C>         <C>             <C>            <C>            <C>
BREACH OF LEASE                                5,370.00           0.00       1,477.00       1,413.00       2,480.00           0.00
CONCESSION                                     1,201.00           0.00         566.00         635.00           0.00           0.00
DAMAGES                                          117.50          75.00           0.00           0.00          42.50           0.00
LATE CHARGE                                    3,023.00           0.00       1,713.00         500.00          42.00         768.00
LEGAL FEE                                      3,359.00           0.00       2,433.00           0.00         140.00         786.00
MONTH TO MONTH                                   800.00         100.00         300.00         200.00           0.00         200.00
NSF CHECK FEE                                    315.00           0.00         140.00           0.00           0.00         175.00
BASE RENT                                     21,631.00         -60.00      11,918.00       5,704.00         145.00       3,924.00
SECURITY                                          99.00           0.00           0.00           0.00          99.00           0.00
TERMINATION FEE                                  545.00           0.00           0.00           0.00         545.00           0.00
WASHER DRYER                                     640.00           0.00         435.00         125.00           0.00          80.00
                                           ---------------------------------------------------------------------------------------
                                              37,100.50         115.00      18,982.00       8,577.00       3,493.50       5,933.00
                                           ---------------------------------------------------------------------------------------
</Table>

                 Aged Prepaid Summary

<Table>
<Caption>
DESCRIPTION                                   TOTAL DUE
-------------------------------------------------------
<S>                                           <C>
BASE RENT                                     -6,759.00
                                           ------------
                                              -6,759.00
                                           ------------
</Table>

<Page>

                                        8

                             Summary By Apt. Status

<Table>
<Caption>
DESCRIPTION                                       TOTAL      APPLICANT        CURRENT       PREVIOUS
----------------------------------------------------------------------------------------------------
<S>                                           <C>                <C>        <C>            <C>
BREACH OF LEASE                                5,370.00           0.00           0.00       5,370.00
CONCESSION                                     1,201.00           0.00         566.00         635.00
DAMAGES                                          117.50           0.00          75.00          42.50
LATE CHARGE                                    3,023.00           0.00       2,445.00         578.00
LEGAL FEE                                      3,359.00           0.00       2,643.00         716.00
MONTH TO MONTH                                   800.00           0.00         800.00           0.00
NSF CHECK FEE                                    315.00           0.00         140.00         175.00
BASE RENT                                     14,872.00          20.00       7,054.00       7,798.00
SECURITY                                          99.00           0.00           0.00          99.00
TERMINATION FEE                                  545.00           0.00           0.00         545.00
WASHER DRYER                                     640.00           0.00         640.00           0.00
                                           ---------------------------------------------------------
                                              30,341.50          20.00      14,363.00      15,958.50
                                           ---------------------------------------------------------
</Table>

<Page>

                                        9

<Table>
<Caption>
                                             RESIDENT           CR  #    #                                                   0 - 30
APT.   NAME                                  STATUS             ST  LT  RTN DESCRIPTION     TOTAL DUE    PREPAID  FUTURE       DAYS
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>                    <C>            <C>                <C> <C> <C> <C>              <C>       <C>        <C>      <C>
       GRAND TOTAL                                                                           30,341.50 -6,759.00  115.00   18,982.00

<Caption>
                                31-60    61-90  OVER 90
APT.   NAME                      DAYS     DAYS     DAYS
-------------------------------------------------------
<S>    <C>                   <C>      <C>      <C>
       GRAND TOTAL           8,577.00 3,493.50 5.933.00
</Table>

<Page>

Bay Pointe
MANAGEMENT FEE CALCULATION
      (Recalculated to deduct prepaid rents)

<Table>
<Caption>
                                                                         RATE
                                                                         0.035
                                                                      ----------
  <S>                                                   <C>            <C>
  03-May Rents collected per closing                     57,833.50
         Less ppd rents                                  -5,455.11
                                                       -----------
         Collections subject to mgmt fee                 52,378.39      1,833.24

  03-Jun Rents collected                                125,487.43
         Plus other income                                2,725.04
         Plus/Minus dif in ppd rent                      -1,580.89
         Less NSFs                                            0.00
                                                       -----------
         Collections subject to mgmt fee                126,631.58      4,432.11

  03-Jul Rents collected                                126,501.00
         Plus other income                                2,057.97
         Plus/Minus dif in ppd rent                         277.00
         Less NSFs                                       -2,671.00
                                                       -----------
         Collections subject to mgmt fee                126,164.97      4,415.77

         TOTAL                                                         10,681.12

<Caption>
G/L 20301 PREPAID RENTS-MONTHLY                                      (INCR)/DECR
--------------------------------------------------------------------------------
                              <S>                        <C>           <C>
                              05/01/2003                      0.00
                              05/31/2003                 -5,455.11     -5,455.11
                              06/30/2003                 -7,036.00     -1,580.89
                              07/31/2003                 -6,759.00        277.00
</Table>

<Page>

                          BC-Bainbridge Bay Pointe LLC
                       CASH FLOW CURRENT - CURRENT BALANCE
                       For the Period Ended July 31, 2003

<Table>
<Caption>
                                           CURRENT PERIOD         CURRENT
                                              ACTIVITY            BALANCE
<S>                                        <C>                <C>
ADJUSTMENTS
Wachovia Operating Account                 $     (1,310.09)   $    116,105.19
Wachovia Security Deposit                         1,239.00          69,401.50
Real Estate Tax Escrow                           21,267.66          95,704.51
Completion Escrow                                                  598,424.00
Capital Improvements Escro                                       4,078,336.00
A/R. - Tenants                                    1,116.61          37,100.50
A/R. - NSF Checks                                  (635.00)          1,185.00
A/R Oaks @ Timuquana                            (10,155.00)
    to/from Property Mgmt                        (2,104.16)
Wachovia Operating Account                       (1,310.09)        116,105.19
Wachovia Security Deposit                         1,239.00          69,401.50
Real Estate Tax Escrow                           21,267.66          95,704.51
Completion Escrow                                                  598,424.00
Capital Improvements Escro                                       4,078,336.00
                                           ---------------    ---------------
  TOTAL ADJUSTMENTS                        $     30,615.59    $  9,954,227.90

INVESTMENT PROPERTY
Building                                                      $  8,241,987.46
Land                                                             3,000,000.00
Furniture, Fixtures & Equip                       2,456.57         903,405.31
Loan Costs                                                         170,465.37
Accum. Deprec. - Building                       (26,759.70)        (53,519.40)
Accum. Amort - Loan Costs                        (2,029.35)         (4,058.70)
Accum. Deprec - Furn/Fix/E                      (56,811.00)       (113,442.00)
                                           ---------------    ---------------
  TOTAL INVESTMENT PRPTY                   $    (83,143.48)   $ 12,144,838.04
                                           ---------------    ---------------
TOTAL OTHER ASSETS                         $    (52,527.89)   $ 22,099,065.94
                                           ---------------    ---------------

PREPAIDS
Utility Deposits                                              $     13,300.00
Prepaid Insurance                                (5,746.90)          5,748.20
                                           ---------------    ---------------
  TOTAL PREPAID                            $     (5,746.90)   $     19,048.20

CURRENT LIABILITIES
  rd Costs- Construction                   $     11,413.72    $     11,413.72
Accounts Payable                                 32,260.98          32,570.98
A/P - BC-Bainbridge LLC                         (11,495.10)
Accrued Expenses                                (17,183.40)         12,487.60
Accrued Property Taxes                           15,418.00          79,253.51
Accrued Interest Payable                        (35,280.00)
Management Fee Payable                           (2,342.10)          4,169.51
A/P- Tenants                                       (134.00)
A/P - Prior Owner                                                   12,545.00
</Table>

<Page>

                                    EXHIBIT B

                    EXECUTIVE PERSONNEL AND BUILDING MANAGER


                   Rick Giles - President, Property Management
                            Brian Cohen - Controller
                        Jennifer Hardiman - Asset Manager

                   Bay Pointe - Lori Meader, Property Manager
                       Oaks at Timuquana - Michele Kimpson
                        Spicewood Springs - Kris Squires

<Page>

                                    EXHIBIT C

                     REIMBURSABLE EMPLOYEE EXPENSE SCHEDULE


                                  See Attached.

<Page>

                     REIMBURSABLE EMPLOYEE EXPENSE SCHEDULE

<Table>
<Caption>
                                                                                                 WAGES      BONDED/COVERED
                                                                                               CHARGED TO       UNDER
                   EMPLOYEE                   TITLE              SALARY     START DATE  FT/PT   PROPERTY    CRIME INSURANCE
<S>          <C>                   <C>                         <C>             <C>      <C>          <C>         <C>
The Oaks     Michele Kimpson       Manager                     $ 38,000.00     7/13/03  FT           100%        Yes
             LeeAnn Galloway       Assistant Property Manager  $     14.42     5/22/03  FT           100%        Yes
             Teana Myers           Leasing Consultant          $      9.50     5/22/03  FT           100%        Yes
             Ramon DeClemente      Maintenance Supervisor      $     15.00     5/22/03  FT           100%        Yes
             Warren Hodges         Maintenance Assistant       $     10.50      7/9/03  FT           100%        Yes
             Fern Childs           Groundskeeper               $      8.00     8/16/03  FT           100%        Yes

BAY POINTE   Lori Meader           Manager                     $ 38,000.00      6/9/03  FT           100%        Yes
             Christina Colon       Assistant Property Manager  $     11.50     5/22/03  FT           100%        Yes
             Lorell Fugh           Leasing Consultant          $      9.00     5/22/03  FT           100%        Yes
             Kevin Parker          Maintenance Supervisor      $     17.00     6/23/03  FT           100%        Yes
             Willie Williams       Maintenance Assistant       $     12.00     7/14/03  FT           100%        Yes
             Edwin Walker          Groundskeeper               $      8.00     7/14/03  FT           100%        Yes
             Open                  Groundskeeper                                        FT           100%        Yes

SPICEWOOD    Anne (Kris) Squires   Manager                     $ 42,000.00      6/5/03  FT           100%        Yes
             Heather Esquillin     Assistant Property Manager  $     13.45     6/23/03  FT           100%        Yes
             Katonya Hardridge     Leasing Consultant          $      8.42     5/30/03  FT           100%        Yes
             Darlena Shreve        Leasing Consultant          $     10.00      7/2/03  FT           100%        Yes
             Open                  Leasing Consultant                                   FT           100%        Yes
             Russel Henderson      Maintenance Supervisor      $     17.00     6/11/03  FT           100%        Yes
             Robert Neubert        Maintenance Technician      $     10.50     7/14/03  FT           100%        Yes
             Andre Haynes          Groundskeeper               $      8.75     6/11/03  FT           100%        Yes
             Chris Martin          Groundskeeper               $      9.00     6/23/03  FT           100%        Yes
             Daniel Robertson      Groundskeeper               $      8.00     7/11/03  FT           100%        Yes
</Table>

<Page>

                                    EXHIBIT D

                              ANNUAL BUSINESS PLAN


                                  See Attached.

<Page>

                                   BAY POINTE


                          MARKETING AND MANAGEMENT PLAN
                                   MAY 8, 2003


                      PREPARED BY: THE BAINBRIDGE COMPANIES

<Page>

                                TABLE OF CONTENTS

-     MACRO MARKET

-     MICRO MARKET

-     COMPETITIVE SET

-     OPERATING BUDGET

-     MARKETING PLAN

-     STAFFING PLAN

<Page>

MACRO MARKET OVERVIEW

The Jacksonville economy has benefited in recent years from strong job growth,
and continues to display favorable trends, even as many other regions struggle
to emerge from the recent recession. The region's diverse industry base -
including a large military presence and low dependence on weak sectors such as
tourism and technology - has allowed it to avoid much of the negative economic
impact experienced in other areas. Through February, 2003 non-farm employment
was up 1.4% from 12 months earlier. Primary business sector concentrations
currently include transportation, retail, services and the military. Expansion
in the business and financial service industries has offset declines in trade
and transportation. Over the last five years companies expanding or relocating
to the area have created over 60,000 new jobs. Jacksonville is outgrowing 5 out
of 6 metropolitan areas in the United States, and is now the 44th largest metro
area in the country.

     ECONOMIC CONDITIONS
     -  MSA. POPULATION OF 1.2 MILLION, A 21.4% INCREASE FROM 1990
     -  UNEMPLOYMENT OF 5.2% IS BELOW THE NATIONAL AVERAGE BY .60%
     -  TOTAL EMPLOYMENT OF OVER 400,000, AN INCREASE OF .43% OVER LAST YEAR
     -  MEDIAN SINGLE-FAMILY HOME PRICE $163,930
     -  HOME APPRECIATION 9.3%
     -  MEDIAN AGE 35
     -  PROJECTED ANNUAL EMPLOYMENT GROWTH 2.2%
     -  2nd FASTEST GROWING CITY IN THE SOUTHEAST
     -  8th FASTEST GROWING LARGE CITY IN THE UNITED STATES
     -  OFFICE VACANCY RATE 17%
     -  11th RANKED JOB GROWTH MARKET IN THE UNITED STATES IN 2002 + .8%
     -  $6.1 BILLION ECONOMIC IMPACT DUE TO MILITARY PRESENCE
     -  2005 SUPER BOWL ECONOMIC IMPACT - OVER $300 MILLION

MICRO MARKET VIEW

The Southside/Southeast Jacksonville sub market is among the strongest and most
vibrant in the Jacksonville area due to its central location and convenience to
employment centers, retail facilities, downtown, and the beaches. The Southside
sub market is home to numerous Fortune 500 firms, as there is over 8.5 million
square feet of high-end office space in the area with tenants such as Blue Cross
Blue Shield, Bank of America, Aetna, Merrill Lynch, American Express and GE
Capital.

Surrounding developments consist of a variety of uses including commercial,
single family residential and multi-family residential. The commercial area is
concentrated along major arteries such as Baymeadows Road and Phillips Highway.

The Southside is experiencing strong population, employment, and income growth.
The central location to nearby employment centers and recreational outlets makes
the area a highly desirable place to live.

<Page>

     LOCATIONAL FACTORS
     -  CLOSE PROXIMITY TO THE 1 MILLION SQUARE FOOT AVENUES MALL
     -  THE UNIVERSITY OF NORTH FLORIDA IS JUST EAST WITH OVER 13,000 STUDENTS.
     -  10 MINUTES FROM MAYO CLINIC
     -  8.5 MILLION SQUARE FEET OF HIGH END OFFICE SPACE LOCATED NEARBY
     -  THERE ARE TWO DEVELOPERS PROPOSING LUXURY MALLS IN THE SOUTHSIDE AREA,
        BOTH ARE CURRENTLY IN THE PERMITTING PROCESS

COMPETITIVE SET ANALYSIS

The Jacksonville rental market remains strong as occupancy is at 94%, an
increase of over 1% from the previous year. In contrast to the downward national
trend, Jacksonville is among only 16 markets in the United States in which
demand has increased. In addition, Jacksonville is one of only 10 metro areas
that have experienced rent growth over the last 12 months in excess of 2%. Only
1,300 new units were delivered in 2002, and another 2,165 units are expected in
2003. Between 2004 and 2007, demand will continue to exceed supply.

Bay Pointe is located in the desirable Southside/Southeast Jacksonville sub
market. As a result of the repositioning of the property, the competition will
be located primarily along the Baymeadows Road corridor. In 2002 the sub market
outperformed even the strong overall Jacksonville market, as rental rates
increased by and additional 90 basis points. In addition the sub market exceeded
the occupancy level of the overall market by 1% last year. No new supply was
added to the inventory of the market during the past two years, and none is
anticipated this year or next.

The top competitors for Bay Pointe are River Reach, Baymeadows, and Deerbrook.

     DEERBROOK - Built in 1986, Deerbrook consists of 144 units. This property
     is positioned as a market leader in absolute rent terms as well as on a
     rent per square foot basis, with rental rates between $200 and $300 higher
     than those at Bay Pointe. Occupancy has been stable above 92% over the past
     year.

     BAYMEADOWS - Built in 1972, Baymeadows is a primary competitor of Bay
     Pointe. The property consists of 904 units, averaging nearly 1,200 square
     feet. Rental rates are between $30 and $50 higher than Bay Pointe,
     enhancing upside rent growth opportunities.

     RIVER REACH - Built in 1972, River Reach is also a primary competitor of
     Bay Pointe. Consisting of 364 units, this property has achieved a
     stabilized occupancy of 97%. Absolute rental rates are at least $100 higher
     than those at Bay Pointe, also indicating that an opportunity exists to
     reposition Bay Pointe.

<Page>

OPERATING BUDGET

REVENUE:

<Table>
<S>                                                            <C>
Market Rent Growth month 1 - month 12                          16.40%

Annualized Loss to Lease                                         7.4%

Gross Potential Rent Growth month 1 - month 12                     5%

Annualized Physical Occupancy                                  93.30%

Annualized Uncollected Rent/Bad Debt                             1.3%

Annualized Economic Occupancy                                  88.53%

Concessions                                                      2.5%
</Table>

Gross revenue is budgeted to increase in year one by 10.81% over 2002, as the
property will undergo a complete renovation and be repositioned in the market.
Rental rates are projected to increase by approximately 16%. Value will be
enhanced as a result of a combination of exterior upgrades, interior renovation,
and improved property operations.

The exterior upgrades will have a significant impact on the marketability of the
community. Planned upgrades include:

     -  LANDSCAPE/GROUND IMPROVEMENTS
     -  INSTALLATION OF VINYL SIDING
     -  THE ADDITION OF POOL FURNITURE AND PARK BENCHES
     -  UPGRADES TO POOL AREA AND FENCE SURROUNDING THE AMENITY

These improvements will have a significant impact on demand, as the appearance
of the property will create a favorable first impression, due to the high degree
of visibility from Baymeadows Road.

It is likely that the improved curb appeal will result in increased demand. As
the exterior improvements stimulate demand, the interior renovation program will
result in a higher capture ratio. The high impact items included in the interior
upgrade scope are:

     -  ADDITIONAL LIGHT FIXTURE IN LIVING ROOM
     -  NEW CARPET
     -  REFINISHED KITCHEN CABINETS AND NEW COUNTERTOPS
     -  NEW APPLIANCES
     -  NEW BATHROOM VANITIES
     -  INSTALLATION OF WASHER/DRYERS IN KITCHENS

An average of 25 renovated units will be delivered per month. These units will
be absorbed within 30 days of being placed back in service.

<Page>

The most critical element of the repositioning of the community is improved
property operations. A professional team of highly motivated individuals is
necessary to provide the level of customer service required as rental rates
increase. A significant opportunity exists to elevate the level of service at
the property. Essential components of improved customer service include:

     -  RESPONSIVE MAINTENANCE SERVICE
     -  STRONG RESIDENT RETENTION PROGRAMS
     -  EXTENDED OFFICE HOURS
     -  STAFF SALES TRAINING
     -  MANAGEMENT FOLLOW UP

As an incentive to provide exceptional customer service and achieve goals, a
bonus program will be implemented for the team. All incentive programs will be
related to property performance versus expectations.

EXPENSES

Total controllable operating expenses are budgeted to increase over 2002 by
3.16% primarily due to increased allocations to landscaping (16%) and payroll
(5%). These costs are projected to increase due to the repositioning of the
property as it relates to curb appeal and effective management. In year one it
will be necessary to maintain and market the community at a much higher level
than in previous years, which will result in increased rental rates and an
improved resident profile.

Non-controllable expenses are expected to increase by 13%, due to increased
property taxes (42%) associated with the assessed value post closing.
Additionally, insurance is expected to increase by 8%, as insurance costs have
risen dramatically over the last three years.

Total expenses are budgeted to increase by 6.54% in year one, however net
operating income is projected to increase by 15% in year one, as the property is
repositioned in the market. The property will be positioned to achieve
accelerated NOI growth in years 2 - 5 as a result of the operational/physical
improvements implemented in year one.

<Page>

MARKETING PLAN

Due to the favorable location of the property, an effort to capture additional
drive by traffic by improving curb appeal will create increased demand. The
overall marketability of this property is driven primarily by the high
visibility location.

The following areas have been identified as key components to a successful
marketing campaign.

     -  OUTREACH PROGRAM FOCUSED ON RETAIL, ENTERTAINMENT, DINING, OFFICE, AND
        MILITARY SECTORS. RELATIONSHIPS WITH THESE BUSINESSES WILL GENERATE
        ADDITIONAL TRAFFIC TO THE PROPERTY. ($1,200 ANNUAL EXPENSE)
     -  STRONG INTERNET MARKETING PRESENCE THROUGH VARIOUS WEB SITES INCLUDING
        Homestor.com AND Rentnet. ($2,400 ANNUAL EXPENSE)
     -  UTILIZATION OF PRINT ADVERTISING INCLUDING THE APARTMENT GUIDE AND FOR
        RENT MAGAZINES. ($11,880 ANNUAL EXPENSE)
     -  LOCATOR/REALTOR COOPERATION INCLUDING OPEN HOUSES AND SPECIAL INCENTIVES
        TO INTRODUCE THE NEW BAY POINTE. ($7,200 ANNUAL EXPENSE).
     -  BI-WEEKLY/MONTHLY RESIDENT AND PROSPECT SOCIAL FUNCTIONS. ($6,000 ANNUAL
        EXPENSE)
     -  STRONG RESIDENT REFERRAL PROGRAM CONTINUALLY MARKETED TO EXISTING
        RESIDENTS. ($7,200 ANNUAL EXPENSE)
     -  COMMUNITY INVOLVEMENT WILL RESULT IN A GENERAL AWARENESS OF THE PROPERTY
        AND THE EXCELLENT LOCATION. THE ON SITE TEAM WILL SEEK OUT CITYWIDE
        PROJECTS AND FUNDRAISING EVENTS TO ENHANCE THE VISIBILITY OF THE
        PROPERTY WITHIN THE AREA.
     -  IMPROVED CUSTOMER SERVICE AND MAINTENANCE PROGRAMS WHICH WILL RESULT IN
        INCREASED RESIDENT RETENTION.

PROPOSED STAFFING PLAN

<Table>
<Caption>
TITLE                                                 SALARY
-----                                                 ------
<S>                                                  <C>
Property Manager                                     $  38,000
Assistant Manager                                       24,960
Leasing Consultant                                      20,800
Maintenance Supervisor                                  31,200
Maintenance Assistant                                   20,800
Service Technician                                      18,720
Groundskeeper                                           18,720
---------------------------------------------------------------

Total Salaries                                       $ 173,200
</Table>

<Page>

                     2003/2004 MARKETING AND MANAGEMENT PLAN
                                   ASSUMPTIONS

                                   BAY POINTE

RENTAL RATES

The current market rental rates at Bay Pointe are:

<Table>
<Caption>

        <S>               <C>                                <C>
        ILLEGIBLE
        Bd                1,107 square feet                  650
        ILLEGIBLE
</Table>

Note: Total market rental rates budgeted for June of 2003 match those reflected
on the March rent roll provided by the prior owner.

Market rental rates for all unit types are budgeted to increase by $5 during the
months of June, July, August, November, February, and May. The total rental
increase from month 1 to month 12 is 15.64% (see Market Rent Schedule page of
budget). The renovated units being absorbed at the new rates will result in the
projected rent growth.

Renovated units will be delivered based upon the following schedule:

<Table>
<Caption>
  AUG    SEP    OCT    NOV    DEC    JAN    FEB    MAR    APR    MAY    JUN    JUL
  <S>    <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>
  25     25     30     30     30     26     23     ??     26     14     27     27
</Table>

The rental rates will be increased by $87 as units are placed back into service.
Approximately 40% of the projected increase will be a result of the addition of
washers and dryers. (See Rehab Schedule of budget.) During the months of June,
July, and August, non-renovated units will be offered for lease in an effort to
boost occupancy until renovated units are delivered in August or September. All
new leases on non-renovated units will not expire later than May of 2004. This
strategy will position the property to withstand a slight drop in occupancy as
units are placed with construction to be renovated.

OCCUPANCY PROJECTION

The occupancy level at the property is projected to increase as scheduled
improvements begin to impact the marketability of the property. During the
period between June and September, an average of 28 new residents will move into
the property. Occupancy is budgeted to stabilize at 94% in December. The
projected occupancy over the 12-month period is:

<Table>
<Caption>
  JUN    JUL    AUG    SEP    OCT    NOV    DEC    JAN    FEB    MAR    APR    MAY
  <S>    <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>
  85.3   85.3   90.3   92     93.3   93.3   94.7   95     91     96     96     96
</Table>

CONCESSION STRATEGY

During the renovation period, concessions will be offered as the property will
be marketed at a higher rent schedule. The concession program will be structured
in a manner that will maximize leasing velocity during the renovation of the
property. A concession of one-month free will be offered to 75% of the new
leases for the months of June through November. Concessions will be reduced to
25% of the new leases for the months of December through April. (See Discounts
page of budget.)

<Page>

BAD DEBT

Due to the declining condition of the property and the deferral of necessary
maintenance, the resident profile has deteriorated over the last few years. As a
result, bad debt is initially expected to exceed normal levels at 1.70% of gross
rent potential. Delinquent rents should level off at a normalized .50% by May of
2004. An aggressive collection/eviction policy has been implemented which may
contribute to increased bad debt during the third quarter.

RENEWAL PROGRAM

Renewal terms will be offered to residents in non-renovated units during June,
July, and August. Renewals secured during this time will expire not later than
May of 2004. The lease expiration pattern will be managed to not more than 10%
exposure during any given month. Renewal rates for non-renovated units are
budgeted at 1-2% below the market rent. Residents may also choose to continue
their lease on a month-to-month basis until renovated units are delivered,
however, not more than 10% of the leases may be month-to-month at any given
time. The month-to-month rental rate will equal the non-renovated market rate,
plus 10%. An aggressive program to market renovated units to existing residents
will be implemented as the first renovated units are delivered. A total of
30-35% are budgeted to renew leases on non-renovated units or accept
month-to-month lease terms.

MILITARY DISCOUNT PROGRAM

The initial marketing plan for the property did not include a military discount
program. Over the least six weeks, it has been determined that the lack of a
discount as incentive to lease for military personnel may put the property at a
competitive disadvantage. In an effort to stay competitive in the market, a
discount of 5% will be offered to military personnel. Not more than 15% of the
units will be made available to be included in this program. The overall
economic impact of this program is expected to reduce revenue by less than 1%
annually.

<Page>

Bainbridge
Bay Pointe
RENTAL RATE COMPARISON BY PROPERTY
May 2003

<Table>
<Caption>
                                                    PERCENT
                                    OCC.   NUMBER     OF      UNIT   SQUARE                RENT/
   PROPERTY NAME     YEAR BUILT      %     UNITS     TOTAL    TYPE   FOOTAGE     RENT      SQ.FT
-------------------------------------------------------------------------------------------------
<S>                <C>               <C>      <C>   <C>       <C>      <C>      <C>        <C>
Bay Pointe           1972            85%      120    40.00%    1/1       765    $  550     $0.72
Bay Pointe                                    180    60.00%    2/1     1,109    $  640     $0.58
                   TOTAL/AVERAGE:             300   100.00%              971       604     $0.62

Deerbrook            1986            96%       12     8.33%   1/1.5      875    $  785     $0.90
Deerbrook                                      18    12.50%    2/2      1204    $  919     $0.76
Deerbrook                                       8     5.56%    2/2      1207    $  919     $0.76
Deerbrook                                      12     8.33%    2/2      1298    $  940     $0.72
Deerbrook                                      40    27.78%   2/2.5     1326    $  950     $0.72
Deerbrook                                      42    29.17%   2/2.5     1356    $  950     $0.70
Deerbrook                                      12     8.33%    3/3      1566    $1,120     $0.72
                   TOTAL/AVERAGE:             144   100.00%            1,293       944     $0.73

Baymeadows           1972            96%       24     2.65%    Eff       586    $  539     $0.92
Baymeadows                                    142    15.71%    1/1       724    $  569     $0.79
Baymeadows                                     60     6.64%    1/1       797    $  599     $0.75
Baymeadows                                     26     2.88%    1/1      1009    $  669     $0.66
Baymeadows                                     48     5.31%    2/1      1084    $  679     $0.63
Baymeadows                                     19     2.10%    2/2      1068    $  769     $0.72
Baymeadows                                    186    20.58%    2/2      1162    $  699     $0.60
Baymeadows                                    176    19.47%    2/2      1326    $  799     $0.60
Baymeadows                                     22     2.43%   2/2.5     1467    $  829     $0.57
Baymeadows                                     16     1.77%    3/2      1477    $  879     $0.60
Baymeadows                                     58     6.42%    3/2      1583    $  889     $0.56
Baymeadows                                     30     3.32%   3/2.5     1631    $  919     $0.56
Baymeadows                                     74     8.19%   3/2.5     1698    $  929     $0.55
Baymeadows                                     23     2.54%    4/2      2132    $1,109     $0.52
                   TOTAL/AVERAGE:             904   100.00%            1,199       742     $0.62

River Reach          1972            97%      132    36.26%    1/1      1080    $  659     $0.61
River Reach                                    24     6.59%    1/1      1100    $  729     $0.66
River Reach                                    42    11.54%    2/2      1200    $  789     $0.66
River Reach                                    48    13.19%    2/2      1250    $  819     $0.66
River Reach                                    64    17.58%    2/2      1450    $  829     $0.57
River Reach                                    12     3.30%    3/2      1550    $  989     $0.64
River Reach                                    42    11.54%    3/2      1575    $  989     $0.63
                   TOTAL/AVERAGE:             364   100.00%            1,255       779     $0.62
</Table>

<Page>

                                    EXHIBIT E

                            LIST OF SERVICE CONTRACTS


                                  See Attached.

<Page>

                                SERVICE CONTRACTS

<Table>
<Caption>
 CONTRACT             SERVICE                         NATURE OF           LENGTH OF    ECONOMIC
   DATE               PROVIDER                         SERVICE            CONTRACT     TERMS(1)
<S>          <C>                              <C>                         <C>          <C>
BAY POINTE
    2/1/02   Heald Laundries                  Laundry Lease               7 Years      See Contract
   11/4/98   Bell South                       Telephone                   5 Years      See Contract
  11/12/97   MediaOne                         Cable                       10 Years     See Contract
    8/1/00   BFI                              Trash Removal               18 Months    $1,430.07/month
    5/1/02   Nanak's Landscaping              Landscaping Services        1 Year       $3,084/month
    8/1/02   A Greener Image, Inc.            Landscaping Services        1 Year       Turf Program $970 in March,
                                                                                       June, August & November.
                                                                                       Shrub Program $627 in March
                                                                                       & November; $237 in June &
                                                                                       August
  12/20/02   Homestore.com                    Internet Advertising        1 Year       $231.80/month
  12/27/02   Apartments.com                   Internet Advertising        1 Year       $24.??/month (approximate
                                                                                       pro-rated amount)

OAKS OF TIMUQUARA
   1/30/00   Heald Laundries                  Laundry Lease               7 Years      See Contract
   11/4/9?   Bell South                       Telephone                   5 Years      See Contract
  11/12/97   MediaOne                         Cable                       10 Years     See Contract
   10/8/01   Copytronics                      Copler Rental               3 Years      $339/month plus $.019
                                                                                       for additional copies
    9/1/02   Valley Crest                     Landscape                   1 Year       $1,500/month
  12/31/01   Apartment Fire                   Fire Equipment Service                   $788/annually
             Extinguisher Services, Inc.
    8/1/00   BFI                              Trash Removal               16 Months    $1,257/month
    2/1/99   Weeks Utility Services           Environmental Consulting    1 Year       $35/month
    8/5/02   Turner Pest Control              Pest Control                1 Year       $3,450/annually
    8/1/02   Crown Pest Control               Pest Control                1 Year       $228/monthly
             ADT                              Security Services                        $3205/month
    8/1/02   A Greener Image, Inc.            Landscape Services          1 Year       Turf Program ???? in March
                                                                                       & November; ???? in June &
                                                                                       August. Shrub program $294
                                                                                       in March & November; $164
                                                                                       in June & August.
  10/24/97   Scott Alarm                      Security Services           3 Years      $31.80/month
  12/18/02   Homestore.com                    Internet Advertising        1 Year       $1,031/month

SPICEWOOD SPRINGS
    5/1/02   Nanaks                           Landscape                   1 Year       $5,120/month
    2/1/03   Crown Pest Control               Pest Control                1 Year       $401/month
    3/1/03   BFI                              Trash Removal               3 Years      $85/haul, $31/ton plus 12% franchise fee.
             Commercial Chemical              Pool Chemical                            Verbal Agreement - no contract
                                                                                       available.
    1/1/02   Greater Jacksonville             Apartment Guide             1 Year       $420/month
             Apartment Guide
  12/1?/9?   Coinmach                         Laundry Equipment           10 Years     See Contract
   3/12/9?      Office                        Copier Maintenance          13 Months    $520/month plus $.015/per
                                                                                       copy of 28,000 copies.
   8/19/9?   Estate Management Services       Lake Maintenance            1 Year       $90/month
             Allsafe Paging                   Pagers                      36 Months    See Contract
   8/16/02   Apartments.com                   Internet Advertising                     See Contract
   8/2?/01   Resident Update                  Newsletters                 1 Year       See Contract
  10/31/97   BellSouth                        Telephone                   7 Years      See Contract
   8/12/9?   Comcast                          Cable                       7 Years      See Contract
</Table>

(1) See contract for specific details of economic terms.

<Page>

                                    EXHIBIT F

                              AFFILIATES OF MANAGER

Bainbridge Wellington Green Limited Partnership

Bainbridge Presidential Towers Limited Partnership

Fairview Forest Apartments, LLC

Bainbridge Vero, LLLP


Each of the foregoing entities owns a rental apartment property within the State
of Florida and is an Affiliate of the Manager. There are numerous other entities
which are Affiliates of Manager, but all of those other entities either has an
ownership interest in or a contractual relationship with the foregoing entities.

<Page>

                                    EXHIBIT G

               COMPETING PROPERTY IN WHICH MANAGER HAS AN INTEREST

                                   Bay Pointe
                              4500 Baymeadows Road
                             Jacksonville, FL 32217

                                Oaks at Timuquana
                            6017 Roosevelt Boulevard
                             Jacksonville, FL 32244

                                Spicewood Springs
                                445 Monument Road
                             Jacksonville, FL 32225

<Page>

                                   EXHIBIT G-1

                           MANAGER'S OTHER PROPERTIES

                                2501 Ocean Drive
                               2501 S. Ocean Drive
                               Hollywood, FL 33019


                         The Estates at Wellington Green
                           2301 Wellington Green Drive
                              Wellington, FL 33414