Everest Properties II, LLC
Balance Sheets
(unaudited)
Dec 31, '03 Dec 31, '04 Jun 30, '05
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ASSETS
Current Assets
Cash and Equivalents 1,071,906 2,967,542 4,779,162
Other Current Assets 856,808 702,306 1,239,333
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Total Current Assets 1,928,714 3,669,848 6,018,495
Total Fixed Assets 76,007 44,101 105,635
Other Assets
Investments (1) 4,320,516 3,642,449 4,484,948
Loans Receivable 814,104 767,541 576,007
Prepaid Expenses 28,199 17,607 19,976
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Total Other Assets 5,162,819 4,427,597 5,080,931
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TOTAL ASSETS 7,167,540 8,141,546 11,205,061
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LIABILITIES & EQUITY
Liabilities 228,769 218,800 211,972
Equity
Members Capital 3,886,910 5,938,772 1,938,772
Retained Earnings 0 0 1,983,973
Net Income 3,051,862 1,983,973 7,070,344
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Total Equity 6,938,772 7,922,745 10,993,089
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TOTAL LIABILITIES & EQUITY 7,167,541 8,141,545 11,205,061
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(1) Represents direct or indirect interests in limited partnerships or
entities holding principally real estate assets that are illiquid.
Management periodically estimates the value of investments assuming an
orderly liquidation of such partnerships as of the date of such estimate.
Because it is not feasible to do so, such estimate does not adjust for
discounts that may result from the illiquidity or minority position of the
investment, and does not apply any discount rate to reflect that
liquidation proceeds would be received over an uncertain future period.
Such estimates were $10,652,084 as of December 31, 2003, and $11,944,721
as of December 31, 2004.
Everest Properties II, LLC
Profit and Loss Statements
(unaudited)
Jan - Dec '03 Jan - Dec '04 Jan - Jun '05
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Ordinary Income/Expense
Income 4,855,839 2,921,021 959,274
Expense 3,860,199 3,156,994 1,441,381
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Net Ordinary Income 995,640 (235,973) (482,107)
Other Income/Expense
Total Other Income 2,619,056 2,563,730 7,726,473
Total Other Expense 562,834 343,788 174,025
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Net Other Income 2,056,222 2,219,942 7,552,448
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Net Income 3,051,862 1,983,969 7,070,341
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