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EXHIBIT 99.15
PDINCSTSUM INCOME STATEMENT SUMMARY PAGE 1
M2 SOUTHGREEN APARTMENTS SYSTEM DATE: 07/06/98
MSP SELECT DATE: 07/06/98
Cur. Period 06/98 As of 12:05:53
Set. Period 06/98 JUNE 15, 1998
CURRENT CURRENT YTD YTD
ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE
REVENUE
RENT PER SCHEDULE 43,720 105.4% 43,245 475 259,845 105.7% 257,470 2,375
LOSS/GAIN TO LEASE (2,234) (5.4)% (1,545) (689) (14,034) (5.7)% (10,270) (3,764)
-------- -------- -------- -------- -------- -------- -------- --------
GROSS POSSIBLE RENT 41,486 100.0% 41,700 (214) 245,811 100.0% 247,200 (1,389)
-------- -------- -------- -------- -------- -------- -------- --------
VACANCY LOSS 2,789 6.7% 800 (1,989) 6,805 2.8% 4,800 (2,005)
OTHER RENTAL LOSSES 278 0.7% 0 (278) (175) (0.1)% 0 175
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TOTAL RENTAL LOSSES 3,067 7.4% 800 (2,267) 6,630 2.7% 4,800 (1,830)
-------- -------- -------- -------- -------- -------- -------- --------
NET RENTAL REVENUE 38,419 92.6% 40,900 (2,481) 239,181 97.3% 242,400 (3,219)
TOTAL OTHER REVENUE 1,110 2.7% 1,900 (790) 8,142 3.3% 11,400 (3,258)
-------- -------- -------- -------- -------- -------- -------- --------
TOTAL REVENUE 39,529 95.3% 42,800 (3,271) 247,323 100.6% 253,800 (6,477)
-------- -------- -------- -------- -------- -------- -------- --------
OPERATING EXPENSES
SALARY EXPENSE 4,670 11.3% 5,402 732 32,527 13.2% 32,412 (115)
MANAGEMENT FEES 1,944 4.7% 1,704 (240) 12,041 4.9% 10,104 (1,937)
PROPERTY ADMINISTRATION 552 1.3% 490 (62) 3,925 1.6% 2,940 (985)
LEASING EXPENSE 1,290 3.1% 400 (890) 2,616 1.1% 2,400 (216)
UTILITIES EXPENSE 1,463 3.5% 1,645 182 9,514 3.9% 9,870 356
SERVICE EXPENSES 2,329 5.6% 2,331 2 15,701 6.4% 14,286 (1,415)
CLEANING & DECORATING 2,299 5.5% 600 (1,699) 3,750 1.5% 3,600 (150)
REPAIRS & MAINTENANCE 1,104 2.7% 835 (269) 4,941 2.0% 5,310 369
PROPERTY TAXES 5,422 13.1% 3,634 (1,788) 30,480 12.4% 21,804 (8,676)
HAZARD INSURANCE 851 2.1% 838 (13) 5,066 2.1% 5,028 (38)
-------- -------- -------- -------- -------- -------- -------- --------
TOTAL OPERATING EXPENSES 21,924 52.8% 17,879 (4,045) 120,562 49.0% 107,754 (12,808)
-------- -------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME 17,605 42.4% 24,921 (7,316) 126,761 51.6% 146,046 (19,285)
PROPERTY REPLACEMENT
RECURRING REPLACEMENT 1,537 3.7% 1,000 (537) 4,737 1.9% 6,000 1,263
NON-RECURRING REPLACEMENT 9,800 23.6% 0 (9,800) 43,046 17.5% 0 (43,046)
-------- -------- -------- -------- -------- -------- -------- --------
TOTAL PROPERTY REPLACEMENT 11,337 27.3% 1,000 (10,337) 47,783 19.4% 6,000 (41,783)
-------- -------- -------- -------- -------- -------- -------- --------
AVAILABLE FOR DEBT SERVICE 6,268 15.1% 23,921 (17,653) 78,978 32.1% 140,046 (61,068)
TOTAL DEBT SERVICE 16,289 39.3% 16,000 (289) 97,567 39.7% 96,000 (1,567)
-------- -------- -------- -------- -------- -------- -------- --------
CASH FLOW (DEFICIT) (10,021) (24.2)% 7,921 (17,942) (18,589) (7.6)% 44,046 (62,635)
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