EXHIBIT (c)(10)

000608

Forest Ridge

Flagstaff, AZ

																																																	Trailing
				Trailing 12 Months (Actual)																																				2003			2004			2005			12 Month			90 Day			30 Day			Adjusted			Explanation
	Per Unit [1]			May-05			Jun-05			Jul-05			Aug-05			Sep-05			Oct-05			Nov-05			Dec-05			Jan-06			Feb-06			Mar-06			Apr-06			Actuals			Actuals			Actuals			Total			Annualized			Annualized			FCF			To Adjustment
Rental Income
Market Rent		7,638			204,172			205,512			211,366			208,360			158,330			161,852			159,376			160,888			163,784			160,948			164,244			164,564			2,235,714			2,349,748			2,273,426			2,123,396			1,959,024			1,974,768			2,161,141		May 06 Mkt Rent + 1% growth
Less: Loss to Lease		733			(4,637	)		(4,638	)		(6,432	)		(5,234	)		45,271			37,622			37,111			33,341			27,722			23,974			19,258			391			(14,301	)		(73,704	)		117,530			203,749			174,491			4,696			(160,280	)	Current Loss to Lease
Gross Potential Rent		8,371			199,535			200,874			204,934			203,126			203,601			199,474			196,487			194,229			191,506			184,922			183,502			164,955			2,221,413			2,276,044			2,390,956			2,327,145			2,133,515			1,979,464			2,000,861		Current GPR + 1% growth
Concessions		(324	)		(4,006	)		(3,710	)		(3,672	)		(5,701	)		(7,578	)		(9,514	)		(9,593	)		(9,085	)		(9,012	)		(9,630	)		(9,512	)		(9,129	)		(27,156	)		(82,885	)		(69,819	)		(90,142	)		(113,084	)		(109,549	)		(80,034	)	4% concession Loss
Vacancy		(475	)		(16,038	)		(16,585	)		(16,968	)		(9,953	)		(2,334	)		(6,710	)		(13,214	)		(19,977	)		(15,603	)		(6,036	)		(5,693	)		(2,907	)		(237,532	)		(189,133	)		(161,166	)		(132,017	)		(58,541	)		(34,878	)		(100,043	)	5% Vacancy Loss
Other Rent Losses		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			(10,004	)	.5% Other/Bad Debt Loss
Bad Debt		(46	)		280			(1,631	)		1,037			(5,655	)		(1,822	)		(2,674	)		(3,169	)		2,573			(1,399	)		(717	)		114			197			(6,484	)		(25,785	)		(13,629	)		(12,865	)		(1,625	)		2,365			—
Net Rental Income		7,526			179,772			178,949			185,330			181,817			191,867			180,577			170,512			167,739			165,492			168,539			168,411			153,117			1,950,241			1,978,241			2,146,342			2,092,122			1,960,266			1,837,402			1,810,779
Economic Occupancy		90	%		90	%		89	%		90	%		90	%		94	%		91	%		87	%		86	%		86	%		91	%		92	%		93	%		88	%		87	%		90	%		90	%		92	%		93	%		90	%
Physical Vacancy		5.7	%		8.0	%		8.3	%		8.3	%		4.9	%		1.1	%		3.4	%		6.7	%		10.3	%		8.1	%		3.3	%		3.1	%		1.8	%		10.7	%		8.3	%		6.7	%		5.7	%		2.7	%		1.8	%		5.0	%
Other Income		992			11,592			18,519			7,364			20,725			15,900			24,749			29,809			14,564			34,051			34,352			33,636			30,545			184,699			194,316			201,319			275,807			394,131			366,538			617,261		See Below for detail on RUBS
Gross Revenues		8,518			191,364			197,469			192,695			202,542			207,767			205,325			200,321			182,304			199,543			202,891			202,046			183,662			2,134,940			2,172,557			2,347,661			2,367,929			2,354,397			2,203,941			2,428,040
Operating Expenses
Utilities		1,446			30,975			29,544			23,873			21,990			30,831			24,836			35,561			25,000			36,477			73,278			72,775			(3,186	)		296,582			343,360			372,130			401,955			571,469			(38,231	)		432,831		Trailing 12 Months
Contract Services & Landscaping		56			1,302			1,007			1,144			972			1,103			2,325			(1,708	)		6,354			972			1,083			1,045			(83	)		70,335			65,607			19,515			15,513			8,177			(1,000	)		16,559		Trailing 12 Months
Repairs & Maintenance		178			3,061			3,984			3,515			2,752			5,221			2,658			2,861			4,634			2,112			13,744			2,543			2,422			97,572			34,650			37,025			49,507			74,833			29,061			49,337		Trailing 12 Months
Make-Ready/Turnover		173			3,395			3,130			3,835			3,818			6,113			3,372			2,138			8,745			5,367			2,362			3,274			2,543			88,245			50,547			47,183			48,094			32,717			30,520			48,094		Trailing 12 Months
Administrative		220			3,765			4,809			5,571			4,291			4,147			6,174			7,283			5,869			3,157			5,409			7,726			2,952			61,276			50,529			54,340			61,154			64,348			35,426			54,692		CY 2005 Actual
Marketing		157			2,629			3,690			4,462			2,815			4,732			3,667			3,468			4,040			3,781			2,503			6,139			1,644			49,952			34,070			40,782			43,569			41,143			19,732			44,797		Trailing 12 Months
Payroll		1,425			36,890			30,185			35,061			39,387			34,798			38,421			30,167			33,466			32,807			30,364			28,640			25,842			250,957			364,896			407,565			396,027			339,384			310,104			378,927		CY 2004 Actual
Management Fees		383			8,257			8,413			8,799			8,278			8,776			10,029			9,140			9,039			8,588			9,345			8,842			9,049			96,996			99,264			105,877			106,555			108,945			108,587			72,841		3% of EGR
Real Estate Taxes		340			7,775			7,594			7,775			7,775			7,775			7,843			7,333			8,038			8,146			8,087			8,087			8,258			96,919			90,671			93,250			94,485			97,723			99,090			115,815		75% reassessment of FCV
Insurance		216			4,776			4,745			4,745			4,745			5,584			4,789			4,789			4,789			4,789			4,789			5,698			5,698			51,450			57,663			56,085			59,937			64,736			68,370			55,600		Estimated at $200/unit
Operating Expenses Per Unit		4,593			102,826			97,101			98,781			96,824			109,082			104,114			101,032			109,973			106,195			150,963			144,768			55,138			1,160,284			1,191,259			1,233,753			1,276,796			1,403,475			661,659			1,269,494
																																																		4,593			5,048			2,380			4,567
																																																		10.0	%
Net Operating Income		3,925			88,538			100,367			93,914			105,719			98,684			101,212			99,289			72,331			93,348			51,929			57,279			128,523			974,656			981,298			1,113,908			1,091,133			950,922			1,542,281			1,158,546
Reserves																																																											97,300		Estimated at $300/unit
Free Cash Flow		3,925			88,538			100,367			93,914			105,719			98,684			101,212			99,289			72,331			93,348			51,929			57,279			128,523			974,656			981,298			1,113,908			1,091,133			950,922			1,542,281			1,061,246
Total Number of Units		278		Rent / Unit				640																																																			6.25	%	market cap rate
Net Rentable Square Feet		189,528		Rent / Sq Ft				0.86
Average Square Feet Per Unit		682		Built:				1967																																																			16,979,943		Gross Price
Ownership		22.05	%	Tax Assessment				0
Property Number:		000608

Current Debt Info:
Original Balance		4,743,752
Current Balance		2,012,584
Interest Rate		8.5	%			Price / Unit	61,079
Amortization Term	fill					Price/Ft.	89.59
Maturity Term		39,448
Origination Date		35,827		RE Tax Explanation:
Prepay Penalty	fill
Loan Type	CONVENTIONAL
YM expiration date	fill
Due Date	fill			Other Comments:	The property recently started charging approx $150/unit/month for RUBS for all utilities. As such, market rent has been significantly reduced. Total
Is Debt Prepayable? (Y/N)		—