<Page>

                                                                    Exhibit 10.9

PINNACLE                    ALDERWOOD PARK APARTMENTS                   PINNACLE
                                OPERATING BUDGET

                       188 APARTMENTS - STABILIZED BUDGET

PROPERTY: ALDERWOOD PARK
BUDGET FOR
YEAR ENDING  2003
DATE:     08-02

REVISION

<Table>
<Caption>
                                        MONTH 1    MONTH 2    MONTH 3    MONTH 4     MONTH 5    MONTH 6
<S>                                     <C>        <C>        <C>        <C>         <C>        <C>
RENTAL REVENUE:
  Rent Per Schedule                     153,820    153,820    153,820    153,820     153,820    153,820
  Loss To Lease                          -14924     -14924     -14924     -14577      -14229     -13880
  GROSS RENTS                           138,896    138,896    138,896    139,243     139,591    139,940
  VACANCY LOSS                          -13,890    -12,501    -11,112     -9,747      -9,073     -8,396
  BAD DEBT EXPENSE                         -694       -694       -694       -696        -698       -700
  RENT CREDITS                           -7,896     -7,896     -6,580     -7,050      -7,990     -7,520
                                        -------    -------    -------    -------     -------    -------
 RENT COLLECTIONS                       116,416    117,805    120,510    121,750     121,830    123,324
                                        -------    -------    -------    -------     -------    -------
PERCENT OF TOTAL GROSS SCHEDULED
COLLECTED                                 83.82%     84.82%     86.76%     87.44%      87.28%     88.13%

OTHER REVENUE:
  FORFEITED DEPOSITS                       2087       2087       2087       2087        2435       2782
  NON-REFUNDABLE FEES                      1974       1974       1974       2115        2397       2256
  LAUNDRY                                     0          0          0          0           0          0
  CARPORTS                                    0          0          0          0           0          0
  GARAGES                                     0          0          0          0           0          0
  LATE FEES                                 761        770        778        787         791        795
  NSF FEES                                   74         75         76         76          77         77
  TENANT SCREENING                            0          0          0          0           0          0
  BAD DEBT RECOVERY                         360        360        360        360         360        360
  UTILITY FEES                             5900       5900       6000       6100        6220       6220
  MISCELLANEOUS                            1687       1687       1687       1687        1687       1687
                                        -------    -------    -------    -------     -------    -------
 TOTAL OTHER COLLECTION                   12843      12853      12962      13212       13967      14178
                                        -------    -------    -------    -------     -------    -------
 TOTAL COLLECTIONS                       129259     130657     133472     134962      135796     137502
                                        -------    -------    -------    -------     -------    -------
DIFFERENCE BETWEEN PHYSICAL
AND ECONOMIC VACANCY                       6.18%      6.18%      5.24%      5.56%       6.22%      5.87%

<Caption>
                                                                                                              ANNUAL
                                        MONTH 7    MONTH 8    MONTH 9    MONTH 10    MONTH 11    MONTH 12     TOTALS
<S>                                     <C>        <C>        <C>         <C>         <C>         <C>        <C>          <C>
RENTAL REVENUE:
  Rent Per Schedule                     153,820    153,820    153,820     153,820     153,820     153,820    1,845,840
  Loss To Lease                          -13297     -12711     -12123      -11533      -10940      -10345      -158405
  GROSS RENTS                           140,523    141,109    141,697     142,287     142,880     143,475      1687435    3110
  VACANCY LOSS                           -8,431     -8,467     -8,502      -8,537      -8,573      -8,609      -115837    3130
  BAD DEBT EXPENSE                         -703       -706       -708        -711        -714        -717        -8437    3250
  RENT CREDITS                           -7,520     -7,520     -5,640      -4,700      -4,700      -4,700       -79712    3304
                                        -------    -------    -------     -------     -------     -------    ---------
 RENT COLLECTIONS                       123,869    124,417    126,847     128,339     128,893     129,450    1,483,449    3460
                                        -------    -------    -------     -------     -------     -------    ---------
PERCENT OF TOTAL GROSS SCHEDULED
COLLECTED                                 88.15%     88.17%     89.52%      90.20%      90.21%      90.22%       87.91%

OTHER REVENUE:
  FORFEITED DEPOSITS                       2782       2782       2782        2087        1739        1739        27476    3502
  NON-REFUNDABLE FEES                      2256       2256       1692        1410        1410        1410        23124    3512
  LAUNDRY                                     0          0          0           0           0           0            0    3520
  CARPORTS                                    0          0          0           0           0           0            0    3532
  GARAGES                                     0          0          0           0           0           0            0
  LATE FEES                                 795        795        795         795         795         795         9454    3540
  NSF FEES                                   77         77         77          77          77          77          919    3550
  TENANT SCREENING                            0          0          0           0           0           0            0
  BAD DEBT RECOVERY                         360        360        360         360         360         360         4320    3570
  UTILITY FEES                             6220       6220       6220        6220        6220        6220        73660
  MISCELLANEOUS                            1687       1687       1687        1687        1687        1687        20244    3600
                                        -------    -------    -------     -------     -------     -------    ---------
 TOTAL OTHER COLLECTION                   14178      14178      13614       12636       12289       12289      159,197    3650
                                        -------    -------    -------     -------     -------     -------    ---------
 TOTAL COLLECTIONS                       138047     138595     140461      140975      141181      141738    1,642,646    3700
                                        -------    -------    -------     -------     -------     -------    ---------
DIFFERENCE BETWEEN PHYSICAL
AND ECONOMIC VACANCY                       5.85%      5.83%      4.48%       3.80%       3.79%       3.78%        5.21%
</Table>

                                        1
<Page>

ALDERWOOD PAGE 2

<Table>
<Caption>
YEAR ENDING  2002                                  MONTH 1    MONTH 2    MONTH 3     MONTH 4    MONTH 5    MONTH 6     MONTH 7
<S>                                                  <C>        <C>        <C>         <C>        <C>        <C>         <C>
ADMINISTRATIVE EXPENSES:
  ADMINISTRATIVE LABOR                                6150       6150       6150        6150       6150       6150        6150
  ADMIN. PAYROLL TAXES &                              2572       2572       2572        2572       2572       2572        2572
  ACCOUNTING                                           220        220        220         220        220        220         220
  BANK CHARGES                                           0          0          0           0          0          0           0
  CHARITABLE CONTRIBUTI                                  0          0          0           0          0          0           0
  DUES AND SUBSCRIPTIONS                                 0          0          0           0          0          0           0
  FURNISHED SUITES                                       0          0          0           0          0          0           0
  FURNITURE RENTAL                                       0          0          0           0          0          0           0
  LEGAL                                                117        117        117         117        117        117         117
  TRAINING AND EDUCATIO                                 50         50         50          50         50         50          50
  MANAGEMENT FEE                                      4524       4573       4672        4724       4753       4813        4832
  OFFICE EQUIPMENT                                      20         20         20          20         20         20          20
  OFFICE SUPPLIES                                      219        219        219         219        219        219         219
  SHIPPING AND DELIVERY                                 40         40         40          40         40         40          40
  TELEPHONE                                            525        525        525         525        525        525         525
  OTHER ADMIN.                                          30         30         30          30         30         30          30
                                                   -------    -------    -------     -------    -------    -------     -------
 TOTAL ADMINISTRATION                                14467      14516      14615       14667      14696      14756       14775

MARKETING AND RETENTION EXPENSES:
  ADVERTISING                                         1650       1400       1650        1400       1400       1650        1400
  PROMOTIONS                                           259        259        259         314        331        350         343
  DESIGN SERVICES                                        0          0          0           0          0          0           0
  LEASING                                              461        461        461         494        559        526         526
  REFERRALS                                            400        400        400         400        400        400         400
  TENANT SCREENING                                       0          0          0           0          0          0           0
  COLLATERAL SUPPLIES                                    0          0          0         300          0          0           0
                                                   -------    -------    -------     -------    -------    -------     -------
TOTAL MARKETING AND RE                                2769       2519       2769        2907       2690       2926        2669

<Caption>
                                                                                                              ANNUAL       % OF
YEAR ENDING  2002                                   MONTH 8    MONTH 9    MONTH 10    MONTH 11    MONTH 12    TOTALS     TOT. RE
<S>                                                   <C>        <C>         <C>         <C>         <C>      <C>          <C>
ADMINISTRATIVE EXPENSES:
  ADMINISTRATIVE LABOR                                 6150       6150        6150        6150        6150     73800        4.49%
  ADMIN. PAYROLL TAXES &                               2572       2572        2572        2572        2572     30869        1.88%
  ACCOUNTING                                             20         20          20          20          20      1640        0.10%
  BANK CHARGES                                            0          0           0           0           0         0        0.00%
  CHARITABLE CONTRIBUTI                                   0          0           0           0           0         0        0.00%
  DUES AND SUBSCRIPTIONS                                  0          0           0           0           0         0        0.00%
  FURNISHED SUITES                                        0          0           0           0           0         0        0.00%
  FURNITURE RENTAL                                        0          0           0           0           0         0        0.00%
  LEGAL                                                 117        117         117         117         117      1404        0.09%
  TRAINING AND EDUCATIO                                   0          0          40           0           0       390        0.02%
  MANAGEMENT FEE                                       4851       4916        4934        4941        4961     57493        3.50%
  OFFICE EQUIPMENT                                       20         20          20          20          20       240        0.01%
  OFFICE SUPPLIES                                       219        219         219         219         219      2628        0.16%
  SHIPPING AND DELIVERY                                  40         40          40          40          40       480        0.03%
  TELEPHONE                                             525        525         525         525         525      6300        0.38%
  OTHER ADMIN.                                           30         30          30          30          30       360        0.02%
                                                    -------    -------    --------    --------    --------    ------    --------
 TOTAL ADMINISTRATION                                 14544      14610       14668       14635       14654    175603       10.69%

MARKETING AND RETENTION EXPENSES:
  ADVERTISING                                          1400       1650        1400        1400        1400     17800        1.08%
  PROMOTIONS                                            343        343         290         266         266      3619        0.22%
  DESIGN SERVICES                                         0          0           0           0           0         0        0.00%
  LEASING                                               526        395         329         329         329      5396        0.33%
  REFERRALS                                             400        400         400         400         400      4800        0.29%
  TENANT SCREENING                                        0          0           0           0           0         0        0.00%
  COLLATERAL SUPPLIES                                     0          0           0           0           0       300        0.02%
                                                    -------    -------    --------    --------    --------    ------    --------
TOTAL MARKETING AND RE                                 2669       2788        2419        2395        2395     31915        1.94%
</Table>

                                        2
<Page>

ALDERWOOD PAGE 3

<Table>
<Caption>
YEAR ENDING  2003                                  MONTH 1    MONTH 2    MONTH 3     MONTH 4    MONTH 5    MONTH 6     MONTH 7
<S>                                                   <C>        <C>        <C>         <C>        <C>       <C>          <C>
REPAIRS AND MAINTENANCE EXPENSES:
  R & M LABOR                                         4200       4200       4200        4200       4200       4200        4200
  R & M PAYROLL TAXES A                               1141       1141       1141        1141       1141       1141        1141
  R & M SUPPLIES                                       600        600        600         600        600        600         600
  R & M SERVICES                                       842        842        842         842        842        842         842
  ELEVATOR                                               0          0          0           0          0          0           0
  LANDSCAPE PAYROLL                                      0          0          0           0          0        650         650
  LANDSCAPE PAYROLL TA                                   0          0          0           0          0         89          89
  LANDSCAPE SERVICES                                  2412       2162       2162        2512       2162       2512        2162
  LANDSCAPE SUPPLIES                                     0          0          0           0          0          0           0
  POOLS AND FOUNTAINS                                  135        135        135         135        785        485         135
  SECURITY PAYROLL                                       0          0          0           0          0          0           0
  SECURITY PAYROLL TAXE                                  0          0          0           0          0          0           0
  SECURITY SUPPLIES                                      0          0          0           0          0          0           0
  SECURITY SERVICES                                      0          0        350           0          0          0           0
  VEHICLE EXPENSE                                       75         75         75          75         75         75          75
                                                   -------    -------    -------     -------    -------    -------     -------
TOTAL REPAIRS AND MAINT                               9405       9155       9505        9505       9805      10594        9894

TURNOVER MAINTENANCE EXPENSES:
  TURNOVER SUPPLIES                                    823        823        823         823        961       1098        1098
  TURNOVER SERVICES                                   1993       1993       1993        1993       2500       3007        3007
  TURNOVER UTILITIES                                   564        508        451         395        367        338         338
                                                   -------    -------    -------     -------    -------    -------     -------
TOTAL TURNOVER MAINT.                                 3380       3324       3267        3211       3827       4443        4443

<Caption>
                                                                                                              ANNUAL         % OF
YEAR ENDING  2003                                   MONTH 8    MONTH 9    MONTH 10    MONTH 11    MONTH 12    TOTALS       TOT. RE
<S>                                                    <C>       <C>          <C>         <C>         <C>     <C>           <C>
REPAIRS AND MAINTENANCE EXPENSES:
  R & M LABOR                                          4200       4200        4200        4200        4200     50400        3.07%
  R & M PAYROLL TAXES A                                1141       1141        1141        1141        1141     13693        0.83%
  R & M SUPPLIES                                        600        600         600         600         600      7200        0.44%
  R & M SERVICES                                        842        842         842         842         842     10104        0.62%
  ELEVATOR                                                0          0           0           0           0         0        0.00%
  LANDSCAPE PAYROLL                                     650        650           0           0           0      2600        0.16%
  LANDSCAPE PAYROLL TA                                   89         89           0           0           0       357        0.02%
  LANDSCAPE SERVICES                                   2162       2512        2162        2162        2162     27244        1.66%
  LANDSCAPE SUPPLIES                                      0          0           0           0           0         0        0.00%
  POOLS AND FOUNTAINS                                   135        135         135         135         135      2620        0.16%
  SECURITY PAYROLL                                        0          0           0           0           0         0        0.00%
  SECURITY PAYROLL TAXE                                   0          0           0           0           0         0        0.00%
  SECURITY SUPPLIES                                       0          0           0           0           0         0        0.00%
  SECURITY SERVICES                                       0          0           0           0           0       350        0.02%
  VEHICLE EXPENSE                                        75         75          75          75          75       900        0.05%
                                                    -------    -------    --------    --------    --------    ------    --------
TOTAL REPAIRS AND MAINT                                9894      10244        9155        9155        9155    115468        7.03%

TURNOVER MAINTENANCE EXPENSES:
  TURNOVER SUPPLIES                                    1098       1098         823         686         686     10842        0.66%
  TURNOVER SERVICES                                    3007       3007        1993        1486        1486     27463        1.67%
  TURNOVER UTILITIES                                    338        338         338         338         338      4653        0.28%
                                                    -------    -------    --------    --------    --------    ------    --------
TOTAL TURNOVER MAINT.                                  4443       4443        3155        2510        2510     42958        2.62%
</Table>

                                        3
<Page>

ALDERWOOD PAGE 4

<Table>
<Caption>
YEAR ENDING  2003                       MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6     MONTH 7
<S>                                   <C>          <C>          <C>          <C>          <C>          <C>          <C>
UTILITY EXPENSE:
  ELECTRICITY                                950          875          875          800          785          785          725
  WATER                                     4614            0         4614            0         4614            0         4614
  SEWER                                     7547            0         7547            0         7547            0         7547
  WASTE REMOVAL                             2535         2535         2535         2535         2535         2535         2535
  NATURAL GAS                                  0            0            0            0            0            0            0
  CABLE/SATELLITE TV                           0            0            0            0            0            0            0
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL UTILITIES                           15646         3410        15571         3335        15481         3320        15421

TAXES & INSURANCE EXPENSES:
  REAL PROPERTY TAXES                      11010        11010        11010        11010        11010        11010        11010
  PERSONAL PROPERTY TAX                        0            0            0            0            0            0            0
  MIP INSURANCE                                0            0            0            0            0            0            0
  LIABILITY AND CASUALTY                    2599         2599         2599         2599         2599         2599         2599
  SALES TAXES                                  0            0            0            0            0            0            0
  PROPERTY ASSESSMENTS                         0            0            0            0            0            0            0
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL TAX & INSURANCE                     13609        13609        13609        13609        13609        13609        13609
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
TOTAL EXPENSES                             59277        46534        59337        47234        60109        49649        60812
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
NET OPERATING INCOME                  $   69,982   $   84,124   $   74,135   $   87,728   $   75,688   $   87,853   $   77,235
                                      ==========   ==========   ==========   ==========   ==========   ==========   ==========

<Caption>
                                                                                                          ANNUAL           % OF
YEAR ENDING  2003                       MONTH 8      MONTH 9     MONTH 10     MONTH 11     MONTH 12       TOTALS         TOT. RE
<S>                                   <C>          <C>          <C>          <C>          <C>          <C>                <C>
UTILITY EXPENSE:
  ELECTRICITY                                725          725          800          875          950          9870         0.60%
  WATER                                        0         4614            0         4614            0         27684         1.69%
  SEWER                                        0         7547            0         7547            0         45282         2.76%
  WASTE REMOVAL                             2535         2535         2535         2535         2535         30420         1.85%
  NATURAL GAS                                  0            0            0            0            0             0         0.00%
  CABLE/SATELLITE TV                           0            0            0            0            0             0         0.00%
                                      ----------   ----------   ----------   ----------   ----------   -----------   ----------
 TOTAL UTILITIES                            3260        15421         3335        15571         3485        113256         6.89%

TAXES & INSURANCE EXPENSES:
  REAL PROPERTY TAXES                      11010        11010        11010        11010        11010        132120         8.04%
  PERSONAL PROPERTY TAX                        0            0            0            0            0             0         0.00%
  MIP INSURANCE                                0            0            0            0            0             0
  LIABILITY AND CASUALTY                    2599         2599         2599         2599         2599         31188         1.90%
  SALES TAXES                                  0            0            0            0            0             0         0.00%
  PROPERTY ASSESSMENTS                         0            0            0            0            0             0         0.00%
                                      ----------   ----------   ----------   ----------   ----------   -----------   ----------
 TOTAL TAX & INSURANCE                     13609        13609        13609        13609        13609        163308         9.94%
                                      ----------   ----------   ----------   ----------   ----------   -----------   ----------
TOTAL EXPENSES                             48420        61115        46340        57875        45808        642509        39.11%
                                      ----------   ----------   ----------   ----------   ----------   -----------   ----------
NET OPERATING INCOME                  $   90,175   $   79,346   $   94,635   $   83,307   $   95,930   $ 1,000,137        60.89%
                                      ==========   ==========   ==========   ==========   ==========   ===========   ==========
</Table>

                                        4
<Page>

ALDERWOOD PAGE 5

<Table>
<Caption>
  YEAR ENDING  2003                     MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7
<S>                                   <C>          <C>          <C>          <C>          <C>          <C>          <C>
PROPERTY REPLACEMENTS
  APPLIANCE REPLACEMENT                      400          400          400          400          400          400          400
  Capital Reimbursement                        0            0            0            0            0            0            0
  BUILDING IMPROVEMENT                         0            0            0            0            0         1500         1500
  CARPET/VINYL REPLACEM                     2679         2679         2679         2679         3126         3572         3572
  DRAPE/BLIND REPLACEME                      152          152          152          152          178          203          203
  EQUIPMENT PURCHASE                           0            0            0            0            0            0            0
  FURNITURE PURCHASE                           0            0            0            0            0            0            0
  CLUBHOUSE REHAB                              0            0         1000            0            0            0            0
  LAND IMPROVEMENTS                            0            0            0            0            0            0            0
  LANDSCAPE IMPROVEMEN                         0            0            0            0            0            0            0
  DOORS / GLASS / HARDWA                       0            0            0            0            0            0            0
  PERMANENT SIGNAGE                            0            0            0            0            0            0            0
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL CAPITAL IMPROVEM                     3231         3231         4231         3231         3703         5675         5675
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 CASH FLOW AFTER CAPITAL              $   66,751   $   80,892   $   69,904   $   84,496   $   71,985   $   82,178   $   71,560
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 DEBT SERVICE
  DEBT SERVICE - 1ST                           0            0            0            0            0            0            0
  DEBT SERVICE - 2ND                           0            0            0            0            0            0            0
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL DEBT SERVICE                            0            0            0            0            0            0            0
                                               0            0            0            0            0            0            0
                                               0            0            0            0            0            0            0
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 OPERATING CASH FLOW                       66751        80892        69904        84496        71985        82178        71560
                                      ==========   ==========   ==========   ==========   ==========   ==========   ==========

<Caption>
                                                                                                         ANNUAL          % OF
  YEAR ENDING  2003                     MONTH 8      MONTH 9     MONTH 10     MONTH 11     MONTH 12      TOTALS         TOT. RE
<S>                                   <C>          <C>          <C>          <C>          <C>          <C>               <C>
PROPERTY REPLACEMENTS
  APPLIANCE REPLACEMENT                      400          400          400          400          400         4800         0.29%
  Capital Reimbursement                        0            0            0            0            0            0
  BUILDING IMPROVEMENT                         0            0            0            0            0         3000         0.18%
  CARPET/VINYL REPLACEM                     3572         3572         2679         2233         2233        35274         2.15%
  DRAPE/BLIND REPLACEME                      203          203          152          127          127         2005         0.12%
  EQUIPMENT PURCHASE                           0            0            0            0            0            0         0.00%
  FURNITURE PURCHASE                           0            0            0            0            0            0         0.00%
  CLUBHOUSE REHAB                              0            0            0            0            0         1000         0.06%
  LAND IMPROVEMENTS                            0            0            0            0            0            0         0.00%
  LANDSCAPE IMPROVEMEN                         0            0            0            0            0            0         0.00%
  DOORS / GLASS / HARDWA                       0            0            0            0            0            0         0.00%
  PERMANENT SIGNAGE                            0            0            0            0            0            0         0.00%
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL CAPITAL IMPROVEM                     4175         4175         3231         2759         2759        46079         2.81%
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 CASH FLOW AFTER CAPITAL              $   86,000   $   75,171   $   91,404   $   80,548   $   93,171   $  954,059        58.08%
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 DEBT SERVICE
  DEBT SERVICE - 1ST                           0            0            0            0            0            0         0.00%
  DEBT SERVICE - 2ND                           0            0            0            0            0            0         0.00%
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 TOTAL DEBT SERVICE                            0            0            0            0            0            0         0.00%
                                               0            0            0            0            0            0         0.00%
                                               0            0            0            0            0            0         0.00%
                                      ----------   ----------   ----------   ----------   ----------   ----------   ----------
 OPERATING CASH FLOW                       86000        75171        91404        80548        93171       954059        58.08%
                                      ==========   ==========   ==========   ==========   ==========   ==========   ==========
</Table>

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

                                        5
<Page>

                                 ALDERWOOD PARK
                                YEAR ENDING 2003
                               PERFORMANCE REVIEW

<Table>
<Caption>
                                 1ST 6 MONTHS       2ND 6 MONTHS     FOR THE TWELVE
                                    OF BUDGET          OF BUDGET      MONTHS ENDING
<S>                           <C>                <C>                <C>
ANNUALIZED EXPENSE PER        $         3,427    $         3,408    $         3,418
                              ===============    ===============    ===============
VARIABLE EXP.                 $           319                       $         1,947
FIXED EXP.                    $           311                       $         1,471

ANNUALIZED EXPENSES AS
A PERCENTAGE OF INCOME                  40.18%             38.09%             39.11%
                              ===============    ===============    ===============
ANNUALIZED NO                         959,019          1,041,256          1,000,137
                              ===============    ===============    ===============
</Table>

                                        6
<Page>

                             BUDGET VARIABLE SECTION

ALDERWOOD FOR PAGE 1

<Table>
<Caption>
YEAR ENDING  2003
RENTAL REV. BUDGET VARI                 MONTH 1      MONTH 2      MONTH 3      MONTH 4      MONTH 5      MONTH 6      MONTH 7

<S>                                         <C>          <C>          <C>          <C>          <C>          <C>          <C>
* OCCUPANCY PERCENTAGE                      90.0%        91.0%        92.0%        93.0%        93.5%        94.0%        94.0%
  UNITS OCCUPIED                             169          171          173          175          176          177          177
  UNITS VACANT                                19           17           15           13           12           11           11
* TURNOVER PERCENT, 188                        6%           6%           6%           6%           7%           8%           8%
  UNITS TURNED OVER                           11           11           11           11           13           15           15
                                              13           13           13           14           16                        15
  NET ABSORB. BY 1ST OF FOL                    2            2            2            1            1            0            0
* BAD DEBT EXPENSE                          0.50%        0.50%        0.50%        0.50%        0.50%        0.50%        0.50%
* ANNUALIZED % INCREASE PI                  0.00%        0.00%        0.00%        3.00%        3.00%        3.00%        5.00%

<Caption>
YEAR ENDING  2003                                                                                        ANNUAL        % OF
RENTAL REV. BUDGET VARI                 MONTH 8      MONTH 9     MONTH 10     MONTH 11     MONTH 12      TOTALS      TOT. RE

<S>                                         <C>          <C>          <C>          <C>          <C>         <C>      <C>
* OCCUPANCY PERCENTAGE                      94.0%        94.0%        94.0%        94.0%        94.0%       93.13%   (AVERA
  UNITS OCCUPIED                             177          177          177          177          177          175    (AVERA
  UNITS VACANT                                11           11           11           11           11           13    (AVERA
* TURNOVER PERCENT, 188                        8%           8%           6%           5%           5%          79%   (TOTAL)
  UNITS TURNED OVER                           15           15           11            9            9          149    (TOTAL)
                                              15           11            9            ?            ?                 (TOTAL)
  NET ABSORB. BY 1ST OF FOL                    0            0            0            0            0            8    (TOTAL)
* BAD DEBT EXPENSE                          0.50%        0.50%        0.50%        0.50%        0.50%        0.50%   (AVERA
* ANNUALIZED % INCREASE PI                  5.00%        5.00%        5.00%        5.00%        5.00%        3.25%   (AVERA
</Table>

<Table>
<Caption>
                      # OF       SQ.      UNIT
                     UNITS       FT.      RENT
<S>                     <C>      <C>  <C>       <C>       <C>       <C>       <C>       <C>
* RENT - ST -            0         0  $      0  $      0  $      0  $      0  $      0  $      0
* AVE RENT-1/           84       640  $    660  $    660  $    660  $    662  $    663  $    665
* AVE RENT-1/            0         0  $      0  $      0  $      0  $      0  $      0  $      0
* AVE RENT-1/            0         0  $      0  $      0  $      0  $      0  $      0  $      0
* AVE RENT-2/           32       820  $    790  $    790  $    790  $    792  $    794  $    796
* AVE RENT-2/            0         0  $      0  $      0  $      0  $      0  $      0  $      0
* AVE RENT-2/           72       880  $    808  $    808  $    808  $    810  $    812  $    814
* AVE RENT-3/            0         0  $      0  $      0  $      0  $      0  $      0  $      0

                       188

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

<Caption>
                    # OF       SQ.
                   UNITS       FT.
<S>                   <C>      <C>  <C>       <C>       <C>       <C>       <C>       <C>          <C>
* RENT - ST -          0         0  $      0  $      0  $      0  $      0  $      0  $      0     $       0 (AVERA
* AVE RENT-1/         84       640  $    668  $    671  $    673  $    676  $    679  $    682     $     668 (AVERA
* AVE RENT-1/          0         0  $      0  $      0  $      0  $      0  $      0  $      0     $       0 (AVERA
* AVE RENT-1/          0         0  $      0  $      0  $      0  $      0  $      0  $      0     $       0 (AVERA
* AVE RENT-2/         32       820  $    799  $    803  $    806  $    809  $    813  $    816     $     800 (AVERA
* AVE RENT-2/          0         0  $      0  $      0  $      0  $      0  $      0  $      0     $       0 (AVERA
* AVE RENT-2/         72       880  $    817  $    821  $    824  $    828  $    831  $    835     $     818 (AVERA
* AVE RENT-3/          0         0  $      0  $      0  $      0  $      0  $      0  $      0     $       0 (AVERA

                     188

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

                                    7
<Page>

ALDERWOOD FOR PAGE 1

<Table>
<Caption>
YEAR ENDING  2003
OTHER REVENUE BUDGET V                 MONTH 1     MONTH 2     MONTH 3     MONTH 4     MONTH 5     MONTH 6     MONTH 7     MONTH 8
<S>                                 <C>         <C>         <C>         <C>         <C>         <C>         <C>         <C>
* AVE. FOR S.D.S, PER UNIT TU       $   135.00  $   135.00  $   135.00  $   135.00  $   135.00  $   135.00  $   135.00  $   135.00
* AVE. FOR PET DEPOSITS PER         $    50.00  $    50.00  $    50.00  $    50.00  $    50.00  $    50.00  $    50.00  $    50.00
* NON-REF ADMIN. FEES PER U         $   125.00  $   125.00  $   125.00  $   125.00  $   125.00  $   125.00  $   125.00  $   125.00
* NON-REF CLEANING FEES PE          $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00
* NON-REF PET FEES PER UNIT         $    25.00  $    25.00  $    25.00  $    25.00  $    25.00  $    25.00  $    25.00  $    25.00
* TRANSFER FEES PER MONTH           $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00
* LAUNDRY PER OCCUPIED UN           $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00
* CARPORT PER MONTH           0              0           0           0           0           0           0           0           0
*                                            0  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00
LATE CHARGES
* PERCENTAGE OF OCCUP. UNO               18.00%      18.00%      18.00%      18.00%      18.00%      18.00%      18.00%      18.00%
LATE CHARGES PER MONTH              $   761.40  $   769.86  $   778.32  $   786.78  $   791.01  $   795.24  $   795.24  $   795.24
NSF FEE
* PERCENTAGE OF OCCUP. UN                 1.75%       1.75%       1.75%       1.75%       1.75%       1.75%       1.75%       1.75%
* NSF FEE CHARGED                   $    25.00  $    25.00  $    25.00  $    25.00  $    25.00  $    25.00  $    25.00  $    25.00
NSF FEES PER MONTH                  $    74.03  $    74.85  $    75.67  $    76.49  $    76.90  $    77.32  $    77.32  $    77.32
* TENANT SCREENING- PER A           $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00
* BAD DEBT RECOVERY PER M           $   360.00  $   360.00  $   360.00  $   360.00  $   360.00  $   360.00  $   360.00  $   360.00
* VENDING PER MONTH                 $     2.00  $     2.00  $     2.00  $     2.00  $     2.00  $     2.00  $     2.00  $     2.00
* PAY PHONE PER MONTH               $   410.00  $   410.00  $   410.00  $   410.00  $   410.00  $   410.00  $   410.00  $   410.00
* TANNING BED PER MONTH             $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00
* FURNITURE RENTAL INC. PE          $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00
* INTEREST PER MONTH                $    75.00  $    75.00  $    75.00  $    75.00  $    75.00  $    75.00  $    75.00  $    75.00
* CABANA RENTAL PER MONT            $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00
* UTILITY FEES PER MONTH            $ 5,900.00  $ 5,900.00  $ 6,000.00  $ 6,100.00  $ 6,220.00  $ 6,220.00  $ 6,220.00  $ 6,220.00
* INSURANCE RECOVERY PER            $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00
* STORAGE                           $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00
* OTHER PER MONTH                   $ 1,200.00  $ 1,200.00  $ 1,200.00  $ 1,200.00  $ 1,200.00  $ 1,200.00  $ 1,200.00  $ 1,200.00

<Caption>
YEAR ENDING  2003
OTHER REVENUE BUDGET V.                MONTH 9    MONTH 10    MONTH 11    MONTH 12
<S>                                 <C>         <C>         <C>         <C>          <C>
* AVE. FOR S.D.S, PER UNIT TU       $   135.00  $   135.00  $   135.00  $   135.00   XX
* AVE. FOR PET DEPOSITS PER         $    50.00  $    50.00  $    50.00  $    50.00   XX
* NON-REF ADMIN. FEES PER U         $   125.00  $   125.00  $   125.00  $   125.00   XX
* NON-REF CLEANING FEES PE          $     0.00  $     0.00  $     0.00  $     0.00   XX
* NON-REF PET FEES PER UNIT         $    25.00  $    25.00  $    25.00  $    25.00   XX
* TRANSFER FEES PER MONTH           $     0.00  $     0.00  $     0.00  $     0.00   XX
* LAUNDRY PER OCCUPIED UN           $     0.00  $     0.00  $     0.00  $     0.00   XX
* CARPORT PER MONTH           0              0           0           0           0   XX
*                                   $     0.00  $     0.00  $     0.00  $     0.00   XX
                                                                                     XX
* PERCENTAGE OF OCCUP. UN                18.00%      18.00%      18.00%      18.00%  XX
LATE CHARGES PER MONTH              $   795.24  $   795.24  $   795.24  $   795.24   XX
NSF FEE                                                                              XX
* PERCENTAGE OF OCCUP. UN                 1.75%       1.75%       1.75%       1.75%  XX
* NSF FEE CHARGED                   $    25.00  $    25.00  $    25.00  $    25.00   XX
NSF FEES PER MONTH                  $    77.32  $    77.32  $    77.32  $    77.32   XX
* TENANT SCREENING- PER A           $     0.00  $     0.00  $     0.00  $     0.00   XX
* BAD DEBT RECOVERY PER M           $   360.00  $   360.00  $   360.00  $   360.00   XX
* VENDING PER MONTH                 $     2.00  $     2.00  $     2.00  $     2.00   XX
* PAY PHONE PER MONTH               $   410.00  $   410.00  $   410.00  $   410.00   XX
* TANNING BED PER MONTH             $     0.00  $     0.00  $     0.00  $     0.00   XX
* FURNITURE RENTAL INC. PE          $     0.00  $     0.00  $     0.00  $     0.00   XX
* INTEREST PER MONTH                $    75.00  $    75.00  $    75.00  $    75.00   XX
* CABANA RENTAL PER MONT            $     0.00  $     0.00  $     0.00  $     0.00   XX
* UTILITY FEES PER MONTH            $ 6,220.00  $ 6,220.00  $ 6,220.00  $ 6,220.00   XX
* INSURANCE RECOVERY PER            $     0.00  $     0.00  $     0.00  $     0.00   XX
* STORAGE                           $     0.00  $     0.00  $     0.00  $     0.00   XX
* OTHER PER MONTH                   $ 1,200.00  $ 1,200.00  $ 1,200.00  $ 1,200.00   XX
</Table>

                                        8
<Page>

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

                              TYPICAL PAYROLL MONTH

<Table>
<Caption>
                                                              ADMINISTRATIVE PAYROLL                       R & M PAYROLL
                                          ----------------------------------------------------------  ----------------------
                                                         ASST.                                            LEAD       HSE
                                            MANAGER     MANAGER     LEASING     LEASING     LEASING      MAINT.      KEEP
<S>                                       <C>         <C>         <C>         <C>         <C>         <C>         <C>
* CASH COMPENSATION                             3350        1850         950           0           0        2500           0
* TOTAL RENT ALLOWANCE                             0           0           0           0           0           0           0
* TOTAL UTILITY ALLOWANCE                          0           0           0           0           0           0           0
                                          ----------------------------------------------------------------------------------
  TOTAL MONTHLY COMPENS                         3350        1850         950           0           0        2500           0
                                          ==========  ==========  ==========  ==========  ==========  ==========  ==========
                                          $    19.34  $    12.21  $    13.71  $     0.00  $     0.00  $    14.43  $     0.00
                                                 JAN         FEB         MAR         APR         MAY         JUN        JULY
  AVE. MONTHLY MANAGER BONUS -
* EXCLUDING LEASE COMMIS                  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00
* AVE. COMMISSION RENTAL                  $    35.00  $    35.00  $    35.00  $    35.00  $    35.00  $    35.00  $    35.00
* COMMISSION PER RENEWAL                  $    15.00  $    15.00  $    15.00  $    15.00  $    15.00  $    15.00  $    15.00
* NUMBER OF RENEWALS PER                           0           0           0           0           0           0           0

* MONTHLY COST PER EMPLO                  $   282.00  $   282.00  $   282.00  $   282.00  $   282.00  $   282.00  $   282.00
* NO. OF QUALIFIED R & MEM                         2           2           2           2           2           2           2
* NO. OF QUALIFIED LANDSCA                         0           0           0           0           0           0           0
* NO. OF QUALIFIED SECURITY                        0           0           0           0           0           0           0

 ADMINISTRATIVE EXPENSES:
 ADMINISTRATIVE LABOR
* ADMINISTRATIVE LABOR R                        0.00%       0.00%       0.00%       0.00%       0.00%       0.00%       0.00%
   MANAGER SALARY                               3350        3350        3350        3350        3350        3350        3350
   ASST. MANAGER SALARY                         1850        1850        1850        1850        1850        1850        1850
   LEASING SALARIES                              950         950         950         950         950         950         950
   ADMIN. RENT ALLOWANC                            0           0           0           0           0           0           0
   ADMIN. UTILITY ALLOWAN                          0           0           0           0           0           0           0
   ADMIN. INCENTIVES                               0           0           0           0           0           0           0

<Caption>
                                               R & M PAYROLL
                                          ----------------------    TURN-
                                            ASST.       ASST.        OVER       PORTER/    SECURITY
                                            MAINT.      MAINT.      MAINT.      GROUNDS     PATROL
<S>                                       <C>         <C>         <C>         <C>         <C>          <C>    <C>
* CASH COMPENSATION                             1700           0           0         650           0   XX
* TOTAL RENT ALLOWANCE                             0           0           0           0           0   XX
* TOTAL UTILITY ALLOWANCE                          0           0           0           0           0   XX
                                          ----------------------------------------------------------   XX
  TOTAL MONTHLY COMPENS                         1700           0           0         650           0   XX
                                          ==========  ==========  ==========  ==========  ==========   XX
                                          $     9.82  $     0.00  $     0.00  $     7.51  $     0.00   XX
                                                 AUG        SEPT         OCT         NOV         DEC   XX
                                                                                                       XX
  AVE. MONTHLY MANAGER BONUS -                                                                          XX
* EXCLUDING LEASE COMMIS                  $     0.00  $     0.00  $     0.00  $     0.00  $     0.00   XX
* AVE. COMMISSION RENTAL                  $    35.00  $    35.00  $    35.00  $    35.00  $    35.00   XX
* COMMISSION PER RENEWAL                  $    15.00  $    15.00  $    15.00  $    15.00  $    15.00   XX
* NUMBER OF RENEWALS PER                           0           0           0           0           0   XX

* MONTHLY COST PER EMPLO                  $   282.00  $   282.00  $   282.00  $   282.00  $   282.00   XX
* NO. OF QUALIFIED R & MEM                         2           2           2           2           2   XX
* NO. OF QUALIFIED LANDSCA                         0           0           0           0           0   XX
* NO. OF QUALIFIED SECURITY                        0           0           0           0           0   XX
                                                                                                       XX
   ADMINISTRATIVE EXPENSES:                                                                            XX
   ADMINISTRATIVE LABOR                                                                                XX
* ADMINISTRATIVE LABOR R                        0.00%       0.00%       0.00%       0.00%       0.00%  XX
   MANAGER SALARY                               3350        3350        3350        3350        3350   XX     4112
   ASST. MANAGER SALARY                         1850        1850        1850        1850        1850   XX     4114
   LEASING SALARIES                              950         950         950         950         950   XX     4116
   ADMIN. RENT ALLOWANC                            0           0           0           0           0   XX     4118
   ADMIN. UTILITY ALLOWAN                          0           0           0           0           0   XX     4120
   ADMIN. INCENTIVES                               0           0           0           0           0   XX     4122
</Table>

                                        9
<Page>

<Table>
<Caption>
YEAR ENDING  2003
EXPENSE BUDGET VARIABLE               MONTH 1   MONTH 2   MONTH 3   MONTH 4   MONTH 5   MONTH 6   MONTH 7   MONTH 8   MONTH 9
<S>                                       <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
 PAYROLL TAXES & INSURANCE
   FICA @           * 8.50%               523       523       523       523       523       523       523       523       523
   FUTA @ API       * 0.80%                49        49        49        49        49        49        49        49        49
   SUTA @ API       * 3.30%               203       203       203       203       203       203       203       203       203
   TRI-MET          * 0.00%                 0         0         0         0         0         0         0         0         0
   SIIS             * 0.00%                 0         0         0         0         0         0         0         0         0
   WORKMAN 11.14 Pr. Hr. 1.1%             952       952       952       952       952       952       952       952       952
   ADMIN. MEDICAL INS.                    846       846       846       846       846       846       846       846       846
 ACCOUNTING
*  OWNERSHIP ACCOUNTING                     0         0         0         0         0         0         0         0         0
*  PAYROLL FEES PER MONTH                 220       220       220       220       220       220       220       220       220
* BANK CHARGES PER MONTH                    0         0         0         0         0         0         0         0         0
* CHARITABLE CONTRIBUTION                   0         0         0         0         0         0         0         0         0
* DUES AND SUBSCRIPTIONS(                   0         0         0         0         0         0         0         0         0
  FURNISHED SUITES
*   # OF FURNISHED SUITES                   0         0         0         0         0         0         0         0         0

<Caption>
                         PER UNIT
                           COST
<S>                        <C>            <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
    ACCESSORI *            $  0             0         0         0         0         0         0         0         0         0
                           $  0             0         0         0         0         0         0         0         0         0
    RENTAL FU *            $  0             0         0         0         0         0         0         0         0         0
    MAID SERV *            $  0             0         0         0         0         0         0         0         0         0
    TELEPHONE *            $  0             0         0         0         0         0         0         0         0         0
    UTILITIES *            $  0             0         0         0         0         0         0         0         0         0
 FURNITURE RENTAL
*   FURNITURE RENTAL-CAB                    0         0         0         0         0         0         0         0         0
*   FURNITURE RENTAL-OFF                    0         0         0         0         0         0         0         0         0
 LEGAL
*   EVICTION PER MONTH                    117       117       117       117       117       117       117       117       117
*   OTHER LEGAL PER MONTH                   0         0         0         0         0         0         0         0         0
 TRAINING AND EDUCATION
*    REM                                    0         0         0         0         0         0         0         0         0
*   GFS                                    50        50        50        50        50        50        50        50        50
*   OTHER                                   0         0         0         0         0         0         0         0         0

<Caption>
YEAR ENDING  2003
EXPENSE BUDGET VARIABLE              MONTH 10  MONTH 11  MONTH 12
<S>                                       <C>       <C>       <C>        <C>    <C>
 PAYROLL TAXES & INSURANCE
   FICA @           * 8.50%               523       523       523        XX     4132
   FUTA @ API       * 0.80%                49        49        49        XX     4134
   SUTA @ API       * 3.30%               203       203       203        XX     4136
   TRI-MET          * 0.00%                 0         0         0        XX      N/A
   SIIS             * 0.00%                 0         0         0        XX      N/A
   WORKMAN 11.14 Pr.  Hr. 1.1%            952       952       952        XX     4142
   ADMIN. MEDICAL INS.                    846       846       846        XX     4144
 ACCOUNTING                                                              XX
*  OWNERSHIP ACCOUNTING                     0         0         0        XX     4152
*  PAYROLL FEES PER MONTH                 220       220       220        XX     4154
* BANK CHARGES PER MONTH                    0         0         0        XX     4156
* CHARITABLE CONTRIBUTION                   0         0         0        XX     4158
* DUES AND SUBSCRIPTIONS(                   0         0         0        XX     4160
  FURNISHED SUITES                                                       XX
*   # OF FURNISHED SUITES                   0         0         0        XX

<Caption>
<S>                                       <C>       <C>       <C>        <C>    <C>
    ACCESSORI *                             0         0         0        XX     4164
                                            0         0         0        XX
    RENTAL FU *                             0         0         0        XX     4168
    MAID SERV *                             0         0         0        XX     4171
    TELEPHONE *                             0         0         0        XX     4174
    UTILITIES *                             0         0         0        XX     4176
 FURNITURE RENTAL                                                       XX
*   FURNITURE RENTAL-CAB                    0         0         0        XX
*   FURNITURE RENTAL-OFF                    0         0         0        XX     4184
 LEGAL                                                                   XX
*   EVICTION PER MONTH                    117       117       117        XX     4192
*   OTHER LEGAL PER MONTH                   0         0         0        XX     4194
 TRAINING AND EDUCATION                                                  XX
*    REM                                    0         0         0        XX     4196
*   GFS                                    50        50        50        XX     4196
*   OTHER                                   0         0         0        XX     4196
</Table>

                                         10
<Page>

<Table>
<Caption>
YEAR ENDING  2003                     MONTH 1   MONTH 2   MONTH 3   MONTH 4   MONTH 5   MONTH 6   MONTH 7   MONTH 8   MONTH 9
<S>                                      <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
 MANAGEMENT FEE
* GFS MANAGEMENT FEE % C                 3.50%
* GFS MINIMUM                         $     0
    GFS MANAGEMENT FEE                   4524      4573      4672      4724      4753      4813      4832      4851      4916
*   ASSET MANAGER   0.00%                   0         0         0         0         0         0         0         0         0
*   PARTNERSHIP FEE: 0.00%                  0         0         0         0         0         0         0         0         0
 OFFICE EQUIPMENT
*   EQUIP LEAS PER MONTH                    0         0         0         0         0         0         0         0         0
*   EQUIP REP PER MONTH                    20        20        20        20        20        20        20        20        20
*   EQUIP OTH PER MONTH                     0         0         0         0         0         0         0         0         0
 OFFICE SUPPLIES
*   ACCOUNT PER MONTH                      65        65        65        65        65        65        65        65        65
*   PAPER SUP PER MONTH                    45        45        45        45        45        45        45        45        45
*   PRINTED    PER MONTH                   70        70        70        70        70        70        70        70        70
*   OTHER SUP PER MONTH                    39        39        39        39        39        39        39        39        39
 SHIPPING AND DELIVERY
*   OVERNIGHT PER MONTH                    20        20        20        20        20        20        20        20        20
*   PACKAGE PER MONTH                       0         0         0         0         0         0         0         0         0
*   POSTAGE PER MONTH                      20        20        20        20        20        20        20        20        20
 TELEPHONE
*   ANSWERING PER MONTH                     0         0         0         0         0         0         0         0         0
*   COMPUTER PER MONTH                      0         0         0         0         0         0         0         0         0
*   FAX MACHI PER MONTH                     0         0         0         0         0         0         0         0         0
*   OFFICE TEL PER MONTH                  525       525       525       525       525       525       525       525       525
 OTHER ADMIN.
*   MOVING EX PER MONTH                     0         0         0         0         0         0         0         0         0
*   STORAGE E PER MONTH                     0         0         0         0         0         0         0         0         0
*                                          25        25        25        25        25        25        25        25        25
*   OTHER AD PER MONTH                      5         5         5         5         5         5         5         5         5
 ADVERTISING
*   RENT NET                              245       245       245       245       245       245       245       245       245
*   APARTMENT GUIDE                       795       795       795       795       795       795       795       795       795
*   APARTMENT MAP                           0         0         0         0         0         0         0         0         0
*   BILLBOARDS/TRANSIT                    250         0       250         0         0       250         0         0       250
*   DIRECT MAIL                             0         0         0         0         0         0         0         0         0
*   FOR RENT                                0         0         0         0         0         0         0         0         0
*   NEWSPAPER                             250       250       250       250       250       250       250       250       250
*   NOW RENTING                             0         0         0         0         0         0         0         0         0
*   RADIO AND TV                            0         0         0         0         0         0         0         0         0
*   SIGNS AND BANNERS                     110       110       110       110       110       110       110       110       110
*   YELLOW PAGES                            0         0         0         0         0         0         0         0         0

<Caption>
YEAR ENDING  2003                    MONTH 10  MONTH 11  MONTH 12
<S>                                      <C>       <C>       <C>         <C>    <C>
 MANAGEMENT FEE
* GFS MANAGEMENT FEE % C
* GFS MINIMUM
    GFS MANAGEMENT FEE                   4934      4941      4961        XX     4222
*   ASSET MANAGER   0.00%                   0         0         0        XX     4226
*   PARTNERSHIP FEE: 0.00%                  0         0         0        XX     4226
 OFFICE EQUIPMENT                                                        XX
*   EQUIP LEAS PER MONTH                    0         0         0        XX     4232
*   EQUIP REP PER MONTH                    20        20        20        XX     4234
*   EQUIP OTH PER MONTH                     0         0         0        XX     4236
 OFFICE SUPPLIES                                                         XX
*   ACCOUNT PER MONTH                      65        65        65        XX     4242
*   PAPER SUP PER MONTH                    45        45        45        XX     4244
*   PRINTED    PER MONTH                   70        70        70        XX     4246
*   OTHER SUP PER MONTH                    39        39        39        XX     4248
 SHIPPING AND DELIVERY                                                   XX
*   OVERNIGHT PER MONTH                    20        20        20        XX     4252
*   PACKAGE PER MONTH                       0         0         0        XX     4252
*   POSTAGE PER MONTH                      20        20        20        XX     4256
 TELEPHONE                                                               XX
*   ANSWERING PER MONTH                     0         0         0        XX     4262
*   COMPUTER PER MONTH                      0         0         0        XX     4264
*   FAX MACHI PER MONTH                     0         0         0        XX     4266
*   OFFICE TEL PER MONTH                  525       525       525        XX     4268
 OTHER ADMIN.                                                            XX
*   MOVING EX PER MONTH                     0         0         0        XX     4272
*   STORAGE E PER MONTH                     0         0         0        XX     4274
*                                          25        25        25        XX
*   OTHER AD PER MONTH                      5         5         5        XX     4278
 ADVERTISING                                                             XX
*   RENT NET                              245       245       245        XX     4314
*   APARTMENT GUIDE                       795       795       795        XX     4304
*   APARTMENT MAP                           0         0         0        XX     4302
*   BILLBOARDS/TRANSIT                      0         0         0        XX     4306
*   DIRECT MAIL                             0         0         0        XX     4308
*   FOR RENT                                0         0         0        XX     4310
*   NEWSPAPER                             250       250       250        XX     4312
*   NOW RENTING                             0         0         0        XX     4343
*   RADIO AND TV                            0         0         0        XX     4362
*   SIGNS AND BANNERS                     110       110       110        XX     4318
*   YELLOW PAGES                            0         0         0        XX     4320
</Table>

                                       11
<Page>

<Table>
<Caption>
YEAR ENDING  2003                     MONTH 1   MONTH 2   MONTH 3   MONTH 4   MONTH 5   MONTH 6   MONTH 7   MONTH 8   MONTH 9
<S>                        <C>            <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
 PROMOTIONS
*   ACTIVITIES PER MONTH                   30        30        30        85        95       100       100       100       100
*   HOSPITALIT PER MONTH                   45        45        45        45        45        45        45        45        45
*  COST OF MOVE IN GI      $  8
    MOVE IN GI PER MONTH                   99        99        99        99       106       120       113       113       113
*   NEWSLETT PER MONTH                     85        85        85        85        85        85        85        85        85
 DESIGN SERVICES
*   AD AGENCY PER MONTH                     0         0         0         0         0         0         0         0         0
*   PHOTOGRA PER MONTH                      0         0         0         0         0         0         0         0         0
*   PRINTING PER MONTH                      0         0         0         0         0         0         0         0         0
 LEASING
*  NUMBER OF MODELS                         0         0         0         0         0         1         0         0         0
*  EACH MODEL RENTAL PER                    0         0         0         0         0         0         0         0         0
    MODEL FUR PER MONTH                     0         0         0         0         0         0         0         0         0
    COMMISSIO PER MOVE IN                 461       461       461       494       559       526       526       526       395
*   SHOPPING PER MONTH                      0         0         0         0         0         0         0         0         0
*   TRAINING PER MONTH                      0         0         0         0         0         0         0         0         0
 REFERRALS
*   LOCATORS PER MONTH                    150       150       150       150       150       150       150       150       150
*   MERCHANT PER MONTH                      0         0         0         0         0         0         0         0         0
*   RESIDENT PER MONTH                    250       250       250       250       250       250       250       250       250
 TENANT SCREENING
*  COST PER SCREEN         $  0
*  DENIAL RATE               45%
    TENANT SCREENING EXPE                   0         0         0         0         0         0         0         0         0
 COLLATERAL SUPPLIES
*   BROCHURES                               0         0         0         0         0         0         0         0         0
*                                           0         0         0         0         0         0         0         0         0
*   GIFTS                                   0         0         0         0         0         0         0         0         0
*   PRINTED FORMS                           0         0         0         0         0         0         0         0         0
*   UNIFORMS                                0         0         0       300         0         0         0         0         0

<Caption>
YEAR ENDING  2003                    MONTH 10  MONTH 11  MONTH 12
<S>                        <C>            <C>       <C>       <C>      <C>      <C>
PROMOTIONS
*   ACTIVITIES PER MONTH                   75        65        65      XX       4332
*   HOSPITALIT PER MONTH                   45        45        45      XX       4334
*  COST OF MOVE IN GI      $  8                                        XX
    MOVE IN GI PER MONTH                   85        71        71      XX       4336
*   NEWSLETT PER MONTH                     85        85        85      XX       4338
 DESIGN SERVICES                                                       XX
*   AD AGENCY PER MONTH                     0         0         0      XX       4343
*   PHOTOGRA PER MONTH                      0         0         0      XX       4343
*   PRINTING PER MONTH                      0         0         0      XX       4343
 LEASING                                                               XX
*  NUMBER OF MODELS                         0         0         0      XX
*  EACH MODEL RENTAL PER                    0         0         0      XX       4357
    MODEL FUR PER MONTH                     0         0         0      XX       4354
    COMMISSIO PER MOVE IN                 329       329       329      XX       4352
*   SHOPPING PER MONTH                      0         0         0      XX       4356
*   TRAINING PER MONTH                      0         0         0      XX       4358
 REFERRALS                                                             XX
*   LOCATORS PER MONTH                    150       150       150      XX       4362
*   MERCHANT PER MONTH                      0         0         0      XX       4364
*   RESIDENT PER MONTH                    250       250       250      XX       4366
 TENANT SCREENING                                                      XX
*  COST PER SCREEN         $  0                                        XX
*  DENIAL RATE               45%                                       XX
    TENANT SCREENING EXPE                   0         0         0      XX       4370
 COLLATERAL SUPPLIES                                                   XX
*   BROCHURES                               0         0         0      XX       4382
*                                           0         0         0      XX
*   GIFTS                                   0         0         0      XX       4386
*   PRINTED FORMS                           0         0         0      XX       4390
*   UNIFORMS                                0         0         0      XX       4391
</Table>

                                       12
<Page>

ALDERWOOD FOR PAGE 3

<Table>
<Caption>
YEAR ENDING  2003                     MONTH 1   MONTH 2   MONTH 3   MONTH 4   MONTH 5   MONTH 6   MONTH 7   MONTH 8   MONTH 9
<S>                             <C>      <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
 REPAIRS AND MAINTENANCE
  EXPENSES:
 R & M LABOR
* R & M LABOR RAISES - YTD               0.00%     0.00%     0.00%     0.00%     0.00%     0.00%     0.00%     0.00%     0.00%
    MAINTENANCE SUPERVIS                 2500      2500      2500      2500      2500      2500      2500      2500      2500
    ASST. MAINTENANCE LAB                1700      1700      1700      1700      1700      1700      1700      1700      1700
    R & M RENT ALLOWANCE                    0         0         0         0         0         0         0         0         0
    R & M UTILITY ALLOWAN                   0         0         0         0         0         0         0         0         0
 R & M PAYROLL TAXES AND
  INSURANCE
    FICA @                      8.50%     357       357       357       357       357       357       357       357       357
    FUTA @ APPROX               0.80%      34        34        34        34        34        34        34        34        34
    SUTA @ APPROX               3.30%     139       139       139       139       139       139       139       139       139
    TRI-MET                     0.00%       0         0         0         0         0         0         0         0         0
    SIIS                        0.00%       0         0         0         0         0         0         0         0         0
    WORKMANS COMP                ?.?%      48        48        48        48        48        48        48        48        48
    R & M MEDICAL INS.                    564       564       564       564       564       564       564       564       564
 R & M SUPPLIES
*   APPLIANCE                              60        60        60        60        60        60        60        60        60
*   CLEANING (NOT TURNOVE                  40        40        40        40        40        40        40        40        40
*   ELECTRICAL                             60        60        60        60        60        60        60        60        60
*   EQUIPMENT                              15        15        15        15        15        15        15        15        15
*   GLASS AND SCREEN                       10        10        10        10        10        10        10        10        10
*   HARDWARE                               90        90        90        90        90        90        90        90        90
*   HVAC                                   25        25        25        25        25        25        25        25        25
*   KEY AND LOCK                           20        20        20        20        20        20        20        20        20
*   PAINT (NOT TURNOVER)                   45        45        45        45        45        45        45        45        45
*   PARKING LOT                            45        45        45        45        45        45        45        45        45
*   PEST CONTROL                           60        60        60        60        60        60        60        60        60
*   PLUMBING                              110       110       110       110       110       110       110       110       110
*   RECREATIONAL                           10        10        10        10        10        10        10        10        10
*   ROOF REPAIRS                           10        10        10        10        10        10        10        10        10
*   UNIFORMS                                0         0         0         0         0         0         0         0         0
 R & M SERVICES
*   APPLIANCE REPAIR                       90        90        90        90        90        90        90        90        90
*   CARPET CLEANING (NOT T                  0         0         0         0         0         0         0         0         0
*   CLEANING (NOT TURNOVE                  15        15        15        15        15        15        15        15        15
*   DRAPE CLEANING (NOT T                   0         0         0         0         0         0         0         0         0
*   ELECTRICAL                             75        75        75        75        75        75        75        75        75
*   EQUIPMENT                              12        12        12        12        12        12        12        12        12
*   GLASS AND SCREEN                       65        65        65        65        65        65        65        65        65

<Caption>
YEAR ENDING  2003                    MONTH 10  MONTH 11  MONTH 12
<S>                            <C>       <C>       <C>       <C>       <C>      <C>
 REPAIRS AND MAINTENANCE
  EXPENSES:
 R & M LABOR
* R & M LABOR RAISES - YTD               0.00%     0.00%     0.00%     XX
    MAINTENANCE SUPERVIS                 2500      2500      2500      XX       4402
    ASST. MAINTENANCE LAB                1700      1700      1700      XX       4404
    R & M RENT ALLOWANCE                    0         0         0      XX       4406
    R & M UTILITY ALLOWANCE                 0         0         0      XX       4408
 R & M PAYROLL TAXES AND
  INSURANCE                                                            XX
    FICA @                     8.50%      357       357       357      XX       4412
    FUTA @ APPROX              0.80%       34        34        34      XX       4414
    SUTA @ APPROX              3.30%      139       139       139      XX       4416
    TRI-MET                    0.00%        0         0         0      XX        N/A
    SIIS                       0.00%        0         0         0      XX        N/A
    WORKMANS COMP               ?.?%       48        48        48      XX       4422
    R & M MEDICAL INS.                    564       564       564      XX       4424
 R & M SUPPLIES                                                        XX
*   APPLIANCE                              60        60        60      XX       4432
*   CLEANING NOT TURNOVE                   40        40        40      XX       4434
*   ELECTRICAL                             60        60        60      XX       4436
*   EQUIPMENT                              15        15        15      XX       4438
*   GLASS AND SCREEN                       10        10        10      XX       4440
*   HARDWARE                               90        90        90      XX       4442
*   HVAC                                   25        25        25      XX       4444
*   KEY AND LOCK                           20        20        20      XX       4446
*   PAINT (NOT TURNOVER)                   45        45        45      XX       4448
*   PARKING LOT                            45        45        45      XX       4450
*   PEST CONTROL                           60        60        60      XX       4452
*   PLUMBING                              110       110       110      XX       4454
*   RECREATIONAL                           10        10        10      XX       4456
*   ROOF REPAIRS                           10        10        10      XX       4458
*   UNIFORMS                                0         0         0      XX       4460
 R & M SERVICES                                                        XX
*   APPLIANCE REPAIR                       90        90        90      XX       4472
*   CARPET CLEANING (NOT T                  0         0         0      XX       4474
*   CLEANING (NOT TURNOVE                  15        15        15      XX       4476
*   DRAPE CLEANING (NOT T                   0         0         0      XX       4478
*   ELECTRICAL                             75        75        75      XX       4482
*   EQUIPMENT                              12        12        12      XX       4484
*   GLASS AND SCREEN                       65        65        65      XX       4486
</Table>

                                       13
<Page>

<Table>
<Caption>
YEAR ENDING  2003                     MONTH 1   MONTH 2   MONTH 3   MONTH 4   MONTH 5   MONTH 6   MONTH 7   MONTH 8   MONTH 9
<S>                          <C>      <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
*   HVAC                                    0         0         0         0         0         0         0         0         0
*   KEY AND LOCK                           80        80        80        80        80        80        80        80        80
*   PAINT (NOT TURNOVER)                    0         0         0         0         0         0         0         0         0
*   PARKING LOT                             0         0         0         0         0         0         0         0         0
*   PEST CONTROL                          110       110       110       110       110       110       110       110       110
*   PLUMBING                              325       325       325       325       325       325       325       325       325
*   RECREATIONAL                            0         0         0         0         0         0         0         0         0
*   ROOF REPAIRS                           20        20        20        20        20        20        20        20        20
*   UNIFORMS                                0         0         0         0         0         0         0         0         0
    PAGERS                                 50        50        50        50        50        50        50        50        50
* # OF PAGERS                               2         2         2         2         2         2         2         2         2
* COST PER PAGER PER MONT             $ 25.00   $ 25.00   $ 25.00   $ 25.00   $ 25.00   $ 25.00   $ 25.00   $ 25.00   $ 25.00

 ELEVATOR
*   ELEVATOR PER MONTH                      0         0         0         0         0         0         0         0         0
*   ELEVATOR PER MONTH                      0         0         0         0         0         0         0         0         0
*   ELEVATOR PER MONTH                      0         0         0         0         0         0         0         0         0
*   ELEVATOR PER MONTH                      0         0         0         0         0         0         0         0         0
 LANDSCAPE PAYROLL
* LANDSCAPE LABOR RAISES                 0.00%     0.00%     0.00%     0.00%     0.00%     0.00%     0.00%     0.00%     0.00%
    LANDSCAPE LABOR                         0         0         0         0         0       650       650       650       650
    LANDSCAPE RENTAL ALLC                   0         0         0         0         0         0         0         0         0
    LANDSCAPE UTILITY ALLC                  0         0         0         0         0         0         0         0         0
 LANDSCAPE PAYROLL TAXES AND
    INSURANCE
    FICA @                   8.50%          0         0         0         0         0        55        55        55        55
    FUTA @ APPROX            0.80%          0         0         0         0         0         5         5         5         5
    SUTA @ APPROX            3.30%          0         0         0         0         0        21        21        21        21
    TRI-MET                  0.00%          0         0         0         0         0         0         0         0         0
    SIIS                     0.00%          0         0         0         0         0         0         0         0         0
    WORKMANS COMP            1.14%          0         0         0         0         0         7         7         7         7
    LANDSCAPE MEDICAL INS.                  0         0         0         0         0         0         0         0         0
 LANDSCAPE SERVICES
* LANDSCAPE SERV. PER DOOR PER MONTH            $ 11.50      2162
*   LANDSCAPE MONTH CONT                 2162      2162      2162      2162      2162      2162      2162      2162      2162
*   LANDSCAPE EQUIPMENT                     0         0         0         0         0         0         0         0         0
*   LANDSCAPE IRRIGATION                    0         0         0         0         0         0         0         0         0
*   LANDSCAPE SEASONAL SE                 250         0         0       350         0       350         0         0       350
*LANDSCAPE SUPPLIES                         0         0         0         0         0         0         0         0         0

<Caption>
YEAR ENDING  2003                    MONTH 10  MONTH 11  MONTH 12
<S>                          <C>      <C>       <C>       <C>          <C>      <C>
*   HVAC                                    0         0         0      XX       4488
*   KEY AND LOCK                           80        80        80      XX       4490
*   PAINT (NOT TURNOVER)                    0         0         0      XX       4494
*   PARKING LOT                             0         0         0      XX       4496
*   PEST CONTROL                          110       110       110      XX       4498
*   PLUMBING                              325       325       325      XX       4500
*   RECREATIONAL                            0         0         0      XX       4502
*   ROOF REPAIRS                           20        20        20      XX       4504
*   UNIFORMS                                0         0         0      XX       4460
    PAGERS                                 50        50        50      XX       4462
* # OF PAGERS                               2         2         2      XX
* COST PER PAGER PER MONT             $ 25.00   $ 25.00   $ 25.00      XX
                                                                       XX
 ELEVATOR                                                              XX
*   ELEVATOR PER MONTH                      0         0         0      XX       4512
*   ELEVATOR PER MONTH                      0         0         0      XX       4514
*   ELEVATOR PER MONTH                      0         0         0      XX       4516
*   ELEVATOR PER MONTH                      0         0         0      XX       4518
 LANDSCAPE PAYROLL                                                     XX
* LANDSCAPE LABOR RAISES                 0.00%     0.00%     0.00%     XX
    LANDSCAPE LABOR                         0         0         0      XX       4522
    LANDSCAPE RENTAL ALLC                   0         0         0      XX       4526
    LANDSCAPE UTILITY ALLC                  0         0         0      XX
 LANDSCAPE PAYROLL TAXES AND
    INSURANCE                                                          XX
    FICA @                   8.50%          0         0         0      XX       4528
    FUTA @ APPROX            0.80%          0         0         0      XX       4530
    SUTA @ APPROX            3.30%          0         0         0      XX       4536
    TRI-MET                  0.00%          0         0         0      XX        N/A
    SIIS                     0.00%          0         0         0      XX        N/A
    WORKMANS COMP            1.14%          0         0         0      XX       4542
    LANDSCAPE MEDICAL INS.                  0         0         0      XX       4544
 LANDSCAPE SERVICES                                                    XX
* LANDSCAPE SERV. PER DOOR PER MONTH                                   XX
*   LANDSCAPE MONTH CONT                 2162      2162      2162      XX       4552
*   LANDSCAPE EQUIPMENT                     0         0         0      XX       4554
*   LANDSCAPE IRRIGATION                    0         0         0      XX       4556
*   LANDSCAPE SEASONAL SE                   0         0         0      XX       4558
*LANDSCAPE SUPPLIES                         0         0         0      XX       4560
</Table>

                                       14
<Page>

<Table>
<Caption>
YEAR ENDING  2003                     MONTH 1    MONTH 2  MONTH 3   MONTH 4   MONTH 5   MONTH 6   MONTH 7   MONTH 8   MONTH 9
<S>                          <C>      <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
POOLS AND FOUNTAINS
* NUMBER OF POOLS                                      1
* POOLSPA SUPPLIES REQUIRED
    PER POOL                                    $ 135.00
    POOL SUPPLIES                         135        135      135       135       135       135       135       135       135
*   POOL LICENSES                           0          0        0         0         0         0         0         0         0
*   POOL REPAIR                             0          0        0         0         0       350         0         0         0
*   POOL CONTRACT MAINTE                    0          0        0         0         0         0         0         0         0
*   POOL EQUIPMENT                          0          0        0         0         0         0         0         0         0
*   POOL FURNITURE                          0          0        0         0       650         0         0         0         0
 COURTESY PAYROLL
* COURTESY LABOR RAISES -                0.00%      0.00%    0.00%     0.00%     0.00%     0.00%     0.00%     0.00%     0.00%
    COURTESY LABOR                          0          0        0         0         0         0         0         0         0
    COURTESY RENT ALLOWA                    0          0        0         0         0         0         0         0         0
    COURTESY UTILITY ALLO                   0          0        0         0         0         0         0         0         0
RECREATION ATT. PAYROLL TAXES
 AND INSURANCE
    FICA @                   8.50%          0          0        0         0         0         0         0         0         0
    FUTA @ APPROX            0.80%          0          0        0         0         0         0         0         0         0
    SUTA @ APPROX            3.30%          0          0        0         0         0         0         0         0         0
    TRI-MET                  0.00%          0          0        0         0         0         0         0         0         0
    SIIS                     0.00%          0          0        0         0         0         0         0         0         0
    WORKMANS COMP             1.1%          0          0        0         0         0         0         0         0         0
    REC. ATT-MEDICAL INS.                   0          0        0         0         0         0         0         0         0
* COURTESY SUPPLIES                         0          0        0         0         0         0         0         0         0
  COURTESY SERVICES
* COURTESY HOURLY WAGE                $  0.00   $   0.00  $  0.00   $  0.00   $  0.00   $  0.00   $  0.00   $  0.00   $  0.00
* COURTESY-# OF HRS IN A                    0          0        0         0         0         0         0         0         0
    COURTESY CONTRACT SE                    0          0        0         0         0         0         0         0         0
*   ALARM SERVICE                           0          0        0         0         0         0         0         0         0
*   EXTINGUISHER MAINTEN                    0          0      350         0         0         0         0         0         0
 VEHICLE EXPENSE (ONLY IF
   PROPERTY OWNS A VEHICLE)
*   VEHICLE GASOLINE                       75         75       75        75        75        75        75        75        75
*   VEHICLE INSURANCE                       0          0        0         0         0         0         0         0         0
*   VEHICLE LICENSE                         0          0        0         0         0         0         0         0         0
*   VEHICLE OTHER                           0          0        0         0         0         0         0         0         0

<Caption>
YEAR ENDING  2003                    MONTH 10  MONTH 11  MONTH 12
<S>                          <C>     <C>       <C>        <C>          <C>      <C>
POOLS AND FOUNTAINS                                                    XX
* NUMBER OF POOLS                                                      XX
* POOLSPA SUPPLIES REQUIRED
    PER POOL                                                           XX
    POOL SUPPLIES                         135       135       135      XX       4572
*   POOL LICENSES                           0         0         0      XX       4574
*   POOL REPAIR                             0         0         0      XX       4576
*   POOL CONTRACT MAINTE                    0         0         0      XX       4578
*   POOL EQUIPMENT                          0         0         0      XX       4580
*   POOL FURNITURE                          0         0         0      XX       4580
 COURTESY PAYROLL                                                      XX
* COURTESY LABOR RAISES -                0.00%     0.00%     0.00%     XX
    COURTESY LABOR                          0         0         0      XX
    COURTESY RENT ALLOWA                    0         0         0      XX
    COURTESY UTILITY ALLO                   0         0         0      XX
RECREATION ATT. PAYROLL TAXES
  AND INSURANCE                                                        XX
    FICA @                   8.50%          0         0         0      XX       4602
    FUTA @ APPROX            0.80%          0         0         0      XX       4604
    SUTA @ APPROX            3.30%          0         0         0      XX       4606
    TRI-MET                  0.00%          0         0         0      XX        N/A
    SIIS                     0.00%          0         0         0      XX        N/A
    WORKMANS COMP             1.1%          0         0         0      XX       4612
    REC. ATT-MEDICAL INS.                   0         0         0      XX       4614
* COURTESY SUPPLIES                         0         0         0      XX       4634
  COURTESY SERVICES                                                    XX
* COURTESY HOURLY WAGE               $   0.00  $   0.00  $   0.00      XX
* COURTESY-# OF HRS IN A                    0         0         0      XX       4634
    COURTESY CONTRACT SE                    0         0         0      XX
*   ALARM SERVICE                           0         0         0      XX       4632
*   EXINGUISHER MAINTEN                     0         0         0      XX       4636
 VEHICLE EXPENSE (ONLY IF
   PROPERTY OWNS A VEHICLE)                                            XX
*   VEHICLE GASOLINE                       75        75        75      XX       4642
*   VEHICLE INSURANCE                       0         0         0      XX       4644
*   VEHICLE LICENSE                         0         0         0      XX       4646
*   VEHICLE OTHER                           0         0         0      XX       4648
</Table>

                                       15
<Page>

<Table>
<Caption>
YEAR ENDING  2003                       MONTH 1    MONTH 2   MONTH 3   MONTH 4   MONTH 5   MONTH 6   MONTH 7   MONTH 8   MONTH 9
<S>                        <C>              <C>   <C>            <C>       <C>       <C>      <C>       <C>       <C>       <C>
 *TURNOVER MAINTENANCE EXPENSES:
 TURNOVER SUPPLIES
* *CLEANING SUPPLIES       $  8
   TURNOVER CLEANING                         90         90        90        90       105       120       120       120       120
* PAINT SUPPLIES PER       $ 65
    TURNOVER PAINTING                       733        733       733       733       855       978       978       978       978
 TURNOVER SERVICES
* CARPET CLEANING PER TURNOVER                    $  55.00
* % OF CARPETS REPLACED UPON TURNOV                     25%
* AVE COST OF NEW CARPET/VINYL (CAP               $  950.0
* DRAPE/BLIND CLEANING PER TURNOVER               $  15.00
* % OF DRAPES/BLIND REPLACED UPON TU                    10%
* AVE COST OF NEW DRAPE/BLIND (CAP IM             $ 135.00
* CONTRACT CLEANING PER TURNOVER                  $  65.00
* # OF UNITS CLEANED IN-HOUSE                            0
* CONTRACT PAINTING PER TURNOVER                  $ 150.00
* # OF UNITS PAINTED IN-HOUSE                            7

    TURNOVER CARPET CLEAN                   465        465       465       465       543       620       620       620       620
    TURNOVER DRAPE CLEAN                    152        152       152       152       178       203       203       203       203
    TURNOVER CONTRACT CL                    733        733       733       733       855       978       978       978       978
    TURNOVER CONTRACT PA                    642        642       642       642       924      1206      1206      1206      1206

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

    TURNOVER ELECTRIC                       564        508       451       395       367       338       338       338       338
    TURNOVER GAS                              0          0         0         0         0         0         0         0         0


<Caption>
YEAR ENDING 2003                        MONTH 10   MONTH 11   MONTH 12
<S>                        <C>               <C>        <C>        <C>    <C>       <C>
 *TURNOVER MAINTENANCE EXPENSES:                                          XX
 TURNOVER SUPPLIES                                                        XX
* *CLEANING SUPPLIES       $  8                                           XX
   TURNOVER CLEANING                          90         75         75    XX        4702
* PAINT SUPPLIES PER       $ 65                                           XX
    TURNOVER PAINTING                        733        611        611    XX        4704
 TURNOVER SERVICES                                                        XX
* CARPET CLEANING PER TURNOVER                                            XX
* % OF CARPETS REPLACED UPON TURNOV                                       XX
* AVE COST OF NEW CARPET/VINYL (CAP                                       XX
* DRAPE/BLIND CLEANING PER TURNOVER                                       XX
* % OF DRAPES/BLIND REPLACED UPON TU                                      XX
* AVE COST OF NEW DRAPE/BLIND (CAP IM                                     XX
* CONTRACT CLEANING PER TURNOVER                                          XX
* # OF UNITS CLEANED IN-HOUSE                                             XX
* CONTRACT PAINTING PER TURNOVER                                          XX
* # OF UNITS PAINTED IN-HOUSE                                             XX
                                                                          XX
    TURNOVER CARPET CLEAN                    465        388        388    XX        4712
    TURNOVER DRAPE CLEAN                     152        127        127    XX        4714
    TURNOVER CONTRACT CL                     733        611        611    XX        4716
    TURNOVER CONTRACT PA                     642        360        360    XX        4718
                                                                          XX
 TURNOVER UTILITIES                                                       XX
* AVE. ELEC. EXPENSE PER VACANT UNIT                                      XX
* AVE. GAS EXPENSE PER VACANT UNIT                                        XX
                                                                          XX
    TURNOVER ELECTRIC                        338        338        338    XX        4722
    TURNOVER GAS                               0          0          0    XX        4724
</Table>

                                       16
<Page>

ALDERWOOD FOR PAGE 4

<Table>
<Caption>
YEAR ENDING  2003                       MONTH 1   MONTH 2   MONTH 3   MONTH 4   MONTH 5   MONTH 6   MONTH 7   MONTH 8   MONTH 9
<S>                                       <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
UTILITY EXPENSE:
  lease-up factor                          0.00      0.00      0.00      0.00      0.00      0.00      0.00      0.00      0.00
ELECTRICITY
* COMMON AREA ELECTRIC                      950       875       875       800       725       725       725       725       725
* MODEL ELECTRICITY                           0         0         0         0        60        60         0         0         0
* OFFICE/CABANA ELECTRIC                      0         0         0         0         0         0         0         0         0
* POOL AND SPA ELECTRIC                       0         0         0         0         0         0         0         0         0
 WATER
* COMMON AREA WATER                        4614         0      4614         0      4614         0      4614         0      4614
* IRRIGATION WATER                            0         0         0         0         0         0         0         0         0
*SEWER                                     7547         0      7547         0      7547         0      7547         0      7547
*WASTE REMOVAL                             2535      2535      2535      2535      2535      2535      2535      2535      2535
 NATURAL GAS
* COMMON AREA GAS                             0         0         0         0         0         0         0         0         0
* POOL AND SPA GAS                            0         0         0         0         0         0         0         0         0
 CABLE/SATELLITE TV
* BULK RATE TV                                0         0         0         0         0         0         0         0         0
* OFFICE/CABANA TV                            0         0         0         0         0         0         0         0         0

TAXES & INSURANCE EXPENSES:
* REAL PROPERTY TAXES                     11010     11010     11010     11010     11010     11010     11010     11010     11010
  MIP INSURANCE                               0         0         0         0         0         0         0         0         0
* PERSONAL PROPERTY TAXES                     0         0         0         0         0         0         0         0         0
* LIABILITY AND CASUALTY                   2599      2599      2599      2599      2599      2599      2599      2599      2599
* SALES TAX                                   0         0         0         0         0         0         0         0         0
* PROPERTY ASSESSMENTS                        0         0         0         0         0         0         0         0         0

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

<Caption>
YEAR ENDING  2003                      MONTH 10  MONTH 11  MONTH 12
<S>                                       <C>       <C>       <C>        <C>     <C>
UTILITY EXPENSE:
  lease-up factor                          0.00      0.00      0.00      XX
ELECTRICITY                                                              XX
* COMMON AREA ELECTRIC                      800       875       950      XX      4802
* MODEL ELECTRICITY                           0         0         0      XX      4802
* OFFICE/CABANA ELECTRIC                      0         0         0      XX      4802
* POOL AND SPA ELECTRIC                       0         0         0      XX      4802
 WATER                                                                   XX
* COMMON AREA WATER                           0      4614         0      XX      4812
* IRRIGATION WATER                            0         0         0      XX      4812
*SEWER                                        0      7547         0      XX      4820
*WASTE REMOVAL                             2535      2535      2535      XX      4830
 NATURAL GAS                                                             XX
* COMMON AREA GAS                             0         0         0      XX      4842
* POOL AND SPA GAS                            0         0         0      XX      4842
 CABLE/SATELLITE TV                                                      XX
* BULK RATE TV                                0         0         0      XX      4852
* OFFICE/CABANA TV                            0         0         0      XX      4854
                                                                         XX
TAXES & INSURANCE EXPENSES:                                              XX
* REAL PROPERTY TAXES                     11010     11010     11010      XX      5002
  MIP INSURANCE                               0         0         0      XX      5003
* PERSONAL PROPERTY TAXES                     0         0         0      XX      5004
* LIABILITY AND CASUALTY                   2599      2599      2599      XX      5006
* SALES TAX                                   0         0         0      XX      5008
* PROPERTY ASSESSMENTS                        0         0         0      XX      5010
                                                                         XX
DEBT SERVICE                                                             XX
* DEBT SERVICE - IST                          0         0         0      XX      6502
* DEBT SERVICE -                              0         0         0      XX      6504
</Table>

                                       17
<Page>

ALDERWOOD FOR PAGE 5

<Table>
<S>                           <C>    <C>    <C>    <C>    <C>    <C>   <C>    <C>    <C>    <C>    <C>    <C>      <C>   <C>
PROPERTY REPLACEMENTS
* APPLIANCE REPLACEMENT        400    400    400    400    400    400   400    400    400    400    400    400     XX    6002
  BUILDING IMPROVEMENTS                                                                                            XX
    Capital Reimbursement        0      0      0      0      0      0     0      0      0      0      0      0           6011
*   INTERIOR DESIGN MODIFI       0      0      0      0      0      0     0      0      0      0      0      0     XX    6012
*   EXTERIOR LIGHTING            0      0      0      0      0      0     0      0      0      0      0      0     XX    6014
*   EXTERIOR PAINTING            0      0      0      0      0      0     0      0      0      0      0      0     XX    6016
*   EXTERIOR REPAIR              0      0      0      0      0   1500  1500      0      0      0      0      0     XX    6018
*   ROOF REPLACEMENT             0      0      0      0      0      0     0      0      0      0      0      0     XX    6020
 CARPET/VINYL REPLACEME       2679   2679   2679   2679   3126   3572  3572   3572   3572   2679   2233   2233     XX    6030
 DRAPE/BLIND REPLACEMEN        152    152    152    152    178    203   203    203    203    152    127    127     XX    6040
*EQUIPMENT PURCHASE              0      0      0      0      0      0     0      0      0      0      0      0     XX    6050
 DECK REPAIR/REPLACE             0      0      0      0      0      0     0      0      0      0      0      0           6060
*FURNITURE PURCHASE              0      0      0      0      0      0     0      0      0      0      0      0     XX    6065
*CLUBHOUSE REHAB                 0      0   1000      0      0      0     0      0      0      0      0      0     XX
 LAND IMPROVEMENTS                                                                                                 XX
* CARPORT INSTALLATION           0      0      0      0      0      0     0      0      0      0      0      0     XX    6082
* PARKING LOT REPAIRS            0      0      0      0      0      0     0      0      0      0      0      0     XX    6084
*LANDSCAPE IMPROVEMENTS          0      0      0      0      0      0     0      0      0      0      0      0     XX    6090
*DOORS/GLASS/HARDWARE            0      0      0      0      0      0     0      0      0      0      0      0     XX    6100
*PERMANENT SIGNAGE               0      0      0      0      0      0     0      0      0      0      0      0     XX    6110
</Table>

                                       18
<Page>

   Cell:  F415
 omment:  Craig S. Dwyer:
          Telephone/Cable revenue share.

   Cell:  G454
 omment:  Craig S. Dwyer:
          Hours = 40
          Days = 5

   Cell:  H454
 omment:  Craig S. Dwyer:
          Hours = 35/wk
          days = 4 - 5

   Cell:  I454
 omment:  Craig S. Dwyer:
          Hours=18/wk
          days = 2-3

   Cell:  L454
 omment:  Craig S. Dwyer:
          Hours=40
          days = 5

   Cell:  H454
 omment:  Craig S. Dwyer:
          Hours=32/wk
          days = 4-5

   Cell:  0454
 omment:  Craig S. Dwyer:
          Hours=20/wk
          days = 2-3

                                       19