EXHIBIT (c)(11)

000603

North Park

EVANSVILLE, IN

																																																	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		6,458			137,716			147,508			153,068			158,876			156,102			156,102			154,286			155,668			155,818			150,978			151,130			156,922			1,899,722			1,968,944			1,823,990			1,834,174			1,836,120			1,883,064			1,909,264		May 06 Mkt Rent + 1% growth
Less: Loss to Lease		(32	)		14,158			4,232			(1,481	)		(6,953	)		(4,352	)		(5,234	)		(1,935	)		(3,488	)		(2,041	)		778			1,709			(4,412	)		(124,813	)		(126,659	)		9,633			(9,019	)		(7,700	)		(52,939	)		(60,235	)	Current Loss to Lease
Gross Potential Rent		6,427			151,874			151,740			151,587			151,923			151,750			150,868			152,351			152,180			153,777			151,756			152,839			152,510			1,774,909			1,842,285			1,833,623			1,825,155			1,828,420			1,830,125			1,849,029
Concessions		(62	)		(3,083	)		(2,738	)		(1,834	)		(1,520	)		(1,345	)		(1,203	)		(1,259	)		(1,138	)		(889	)		(879	)		(901	)		(795	)		(63,687	)		(48,508	)		(29,129	)		(17,583	)		(10,298	)		(9,536	)		(9,245	)	.5% Concession Loss
Vacancy		(283	)		(6,303	)		(6,380	)		(6,225	)		(10,485	)		(7,074	)		(6,347	)		(4,136	)		(4,835	)		(7,483	)		(8,176	)		(7,164	)		(5,849	)		(90,065	)		(130,294	)		(110,414	)		(80,456	)		(84,755	)		(70,192	)		(92,451	)	5% Vacancy Loss
Other Rent Losses		(20	)		(399	)		(436	)		(466	)		(509	)		(488	)		(488	)		(489	)		(492	)		(492	)		(452	)		(452	)		(472	)		—			—			(4,316	)		(5,635	)		(5,504	)		(5,664	)		(36,981	)	2% Other/Bad Debt Loss
Bad Debt		(112	)		(2,670	)		(74	)		(3,933	)		(2,136	)		(3,078	)		(3,986	)		(5,874	)		(1,106	)		(1,340	)		(1,582	)		(3,089	)		(2,962	)		(62,733	)		(34,338	)		(31,315	)		(31,831	)		(30,530	)		(35,540	)		—
Net Rental Income		5,949			139,419			142,112			139,129			137,273			139,765			138,844			140,593			144,609			143,573			140,667			141,234			142,433			1,558,425			1,629,146			1,658,448			1,689,650			1,697,333			1,709,193			1,710,352
Economic Occupancy		93	%		92	%		94	%		92	%		90	%		92	%		92	%		92	%		95	%		93	%		93	%		92	%		93	%		88	%		88	%		90	%		93	%		93	%		93	%		93	%
Physical Vacancy		4.4	%		4.1	%		4.2	%		4.1	%		6.9	%		4.7	%		4.2	%		2.7	%		3.2	%		4.9	%		5.4	%		4.7	%		3.8	%		5.1	%		7.1	%		6.0	%		4.4	%		4.6	%		3.8	%		5.0	%
Other Income		659			17,633			10,163			14,044			13,546			20,274			18,181			19,892			12,962			13,980			18,856			10,944			16,740			139,200			145,121			174,651			187,216			186,162			200,879			187,216		Trailing 12 Months
Gross Revenues		6,609			157,053			152,275			153,173			150,818			160,038			157,025			160,486			157,571			157,553			159,523			152,178			159,173			1,697,625			1,774,267			1,833,099			1,876,865			1,883,494			1,910,072			1,897,568
Operating Expenses
Utilities		909			19,996			14,693			14,680			14,131			16,765			14,893			20,650			31,292			32,563			32,315			27,304			19,012			174,586			189,053			242,474			258,293			314,521			228,145			259,171		Trailing 12 Months
Contract Services & Landscaping		245			7,657			4,747			13,804			(3,565	)		5,774			5,660			2,061			11,101			2,057			5,544			5,050			9,798			67,946			63,922			66,399			69,688			81,569			117,582			69,688		Trailing 12 Months
Repairs & Maintenance		74			1,135			2,111			1,185			1,828			2,884			2,887			1,901			1,609			1,669			306			962			2,588			20,077			22,398			24,921			21,065			15,424			31,052			21,065		Trailing 12 Months
Make-Ready/Turnover		229			10,215			4,818			5,459			6,707			6,312			6,022			3,303			4,489			3,559			5,313			3,631			5,124			84,334			64,842			76,821			64,950			56,271			61,494			64,950		Trailing 12 Months
Administrative		172			4,404			3,334			4,581			3,929			2,528			3,168			6,271			3,283			2,533			2,024			9,602			3,321			31,564			40,682			46,498			48,977			59,789			39,856			51,294		Trailing 12 Months
Marketing		153			4,671			3,483			3,892			3,176			5,266			6,586			3,051			3,296			2,704			2,464			3,642			1,133			30,942			39,146			47,532			43,364			28,955			13,596			44,828		Trailing 12 Months
Payroll		660			18,044			12,845			9,302			16,894			9,751			15,482			16,269			15,943			19,528			16,815			18,020			18,447			152,059			201,896			177,901			187,341			213,132			221,367			239,744		Trailing 12 Months
Management Fees		261			6,002			5,967			5,944			6,054			6,020			6,189			6,454			6,908			6,328			6,165			6,245			5,935			67,452			69,771			72,480			74,210			73,380			71,225			56,927		3% of EGR
Real Estate Taxes		834			30,024			16,473			16,473			16,473			16,473			16,540			18,848			16,077			18,088			17,592			17,592			36,132			172,122			213,245			203,632			236,784			285,263			433,578			163,192		2006 taxes (includes deduct for replace cdt)
Insurance		269			5,369			5,297			5,297			5,297			6,433			5,352			5,352			5,352			5,352			5,352			11,043			11,043			64,586			65,620			64,047			76,537			109,747			132,511			71,000		Est at $250/unit
Operating Expenses Per Unit		3,807			107,516			73,768			80,616			70,923			78,205			82,780			84,159			99,350			94,379			93,889			103,090			112,534			865,669			970,574			1,022,705			1,081,209			1,238,051			1,350,407			1,041,859
																																																		3,807			4,359			4,755			3,669
																																																		24.9	%
Net Operating Income		2,802			49,536			78,507			72,557			79,895			81,833			74,245			76,326			58,222			63,174			65,634			49,088			46,639			831,957			803,693			810,393			795,657			645,443			559,665			855,708
Reserves																																																											85,200		Est at $300/unit
Free Cash Flow		2,802			49,536			78,507			72,557			79,895			81,833			74,245			76,326			58,222			63,174			65,634			49,088			46,639			831,957			803,693			810,393			795,657			645,443			559,665			770,508
Total Number of Units		284		Rent / Unit				537																																																			7.75	%	market cap rate
Net Rentable Square Feet		257,600		Rent / Sq Ft				0.59
Average Square Feet Per Unit		907		Built:				1970																																																			9,942,045		Gross Price
Ownership		22.05	%	Tax Assessment				0
Property Number:		000603

Current Debt Info:
Original Balance		4,743,752
Current Balance		2,012,584
Interest Rate		8.5	%		Price / Unit	35,007
Amortization Term	fill				Price/Ft.	38.59
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:
Is Debt Prepayable? (Y/N)		—