EXHIBIT (c)(12)

000637

Shadow-Wood (LA)

Monroe, LA

																																																	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		8,188			74,980			78,740			77,420			81,580			86,020			89,620			87,220			82,220			81,100			84,300			79,380			80,020			891,984			939,914			960,120			982,600			974,800			960,240			999,600		Market Rent as of May 2006
Less: Loss to Lease		(350	)		676			(2,905	)		(1,135	)		(4,321	)		(6,983	)		(11,479	)		(7,092	)		(2,279	)		(1,339	)		(4,444	)		374			(1,086	)		(37,442	)		(46,854	)		(34,122	)		(42,013	)		(20,620	)		(13,026	)		(52,386	)	Current Loss to Lease
Gross Potential Rent		7,838			75,656			75,835			76,285			77,259			79,037			78,141			80,128			79,941			79,761			79,856			79,754			78,934			854,542			893,060			925,998			940,587			954,180			947,214			947,214
Concessions		(55	)		(327	)		(337	)		(346	)		(421	)		(575	)		(1,020	)		(500	)		(650	)		(441	)		(739	)		(882	)		(373	)		(13,424	)		(5,706	)		(5,409	)		(6,612	)		(7,975	)		(4,481	)		(4,736	)	.5% Concession Loss
Vacancy		(487	)		(9,695	)		(7,510	)		(4,608	)		(1,244	)		(216	)		(1,835	)		(7,013	)		(7,789	)		(6,508	)		(5,716	)		(3,550	)		(2,780	)		(44,859	)		(66,267	)		(90,637	)		(58,464	)		(48,183	)		(33,360	)		(47,361	)	5% Vacancy Loss
Other Rent Losses		(9	)		—			—			—			—			—			—			—			—			—			—			(559	)		(569	)		26,915			—			—			(1,128	)		(4,512	)		(6,828	)		(14,208	)	1.5% Other/Bad Debt Loss
Bad Debt		(87	)		20			(1,426	)		(384	)		(39	)		(1,138	)		(2,131	)		(1,219	)		(1,363	)		(429	)		(1,208	)		(105	)		(1,004	)		(2,760	)		(19,967	)		(10,793	)		(10,426	)		(9,266	)		(12,045	)		—
Net Rental Income		7,200			65,654			66,562			70,947			75,554			77,107			73,155			71,396			70,140			72,382			72,193			74,659			74,208			820,415			801,121			819,158			863,958			884,244			890,499			880,909
Economic Occupancy		92	%		87	%		88	%		93	%		98	%		98	%		94	%		89	%		88	%		91	%		90	%		94	%		94	%		96	%		90	%		88	%		92	%		93	%		94	%		93	%
Physical Vacancy		6.2	%		12.8	%		9.9	%		6.0	%		1.6	%		0.3	%		2.3	%		8.8	%		9.7	%		8.2	%		7.2	%		4.5	%		3.5	%		5.2	%		7.4	%		9.8	%		6.2	%		5.0	%		3.5	%		5.0	%
Other Income		385			4,024			3,789			2,468			5,462			3,977			2,796			4,794			5,397			2,597			2,282			4,895			3,691			69,140			61,286			50,690			46,172			43,472			44,291			46,172		Trailing 12 Months
Gross Revenues		7,584			69,678			70,350			73,415			81,016			81,084			75,951			76,190			75,536			74,979			74,475			79,554			77,899			889,555			862,407			869,849			910,130			927,715			934,790			927,081
Operating Expenses
Utilities		789			8,209			6,721			6,515			7,176			6,332			8,257			8,409			8,510			10,036			9,448			7,884			7,134			76,348			77,849			92,529			94,632			97,865			85,608			94,632		Trailing 12 Months
Contract Services & Landscaping		223			1,948			1,785			2,314			3,235			2,330			2,939			1,989			2,454			1,467			1,978			2,058			2,231			25,844			22,641			25,780			26,728			25,070			26,773			26,728		Trailing 12 Months
Repairs & Maintenance		72			872			677			711			724			489			574			509			1,098			245			986			940			815			8,549			9,748			8,802			8,642			10,968			9,783			9,008		Trailing 12 Months
Make-Ready/Turnover		164			1,221			2,922			2,916			2,621			2,308			47			1,418			1,287			605			1,654			1,014			1,609			19,161			17,052			19,963			19,623			17,109			19,307			19,866		Trailing 12 Months
Administrative		235			1,811			1,925			1,831			2,757			2,331			2,049			1,366			4,111			1,215			3,958			2,161			2,644			24,442			28,622			28,783			28,159			35,052			31,723			40,828		Trailing 12 Months
Marketing		177			222			2,302			1,895			1,559			3,253			2,396			1,049			1,420			1,100			1,079			3,098			1,899			14,397			13,470			20,335			21,271			24,305			22,786			20,286		Trailing 12 Months
Payroll		1,133			13,527			9,852			12,741			12,684			11,835			11,101			11,848			11,866			11,017			8,635			11,465			9,363			103,216			134,096			143,867			135,935			117,851			112,351			140,377		Trailing 12 Months
Management Fees		349			2,989			3,330			3,256			3,227			3,680			3,633			3,760			3,780			3,646			3,385			3,693			3,535			40,252			39,669			40,456			41,916			42,454			42,423			37,083		4% of EGR
Real Estate Taxes		343			1,576			2,885			2,885			2,885			3,165			3,312			2,885			9,666			3,030			2,971			2,971			2,971			43,362			40,941			42,690			41,200			35,654			35,654			50,858		Reassessed at 90% of BOV
Insurance		349			15,837			2,233			2,222			2,222			3,475			1,542			2,312			2,312			2,312			2,312			2,636			2,505			24,865			26,218			40,375			41,921			29,812			30,057			48,000		Estimated at $400/unit
Operating Expenses Per Unit		3,834			48,212			34,632			37,286			39,089			39,198			35,853			35,545			46,505			34,673			36,408			37,921			34,705			380,437			410,305			463,579			460,027			436,140			416,465			487,665
																																																		3,834			3,634			3,471			4,064
																																																		20.9	%
Net Operating Income		3,751			21,466			35,719			36,129			41,927			41,886			40,098			40,645			29,031			40,306			38,067			41,633			43,194			509,118			452,102			406,270			450,102			491,575			518,325			439,416
Reserves																																																											36,000		Estimated at $300/unit
Free Cash Flow		3,751			21,466			35,719			36,129			41,927			41,886			40,098			40,645			29,031			40,306			38,067			41,633			43,194			509,118			452,102			406,270			450,102			491,575			518,325			403,416
																																																											8.00	%	market cap rate
Total Number of Units		120		Rent / Unit				663
Net Rentable Square Feet		106,920		Rent / Sq Ft				0.76																																																			5,042,697		Gross Price
Average Square Feet Per Unit		891		Built:				1974
Ownership		22.05	%	Tax Assessment				0
Property Number:		000637

Current Debt Info:
Original Balance			4,743,752
Current Balance			2,012,584
Interest Rate			8.5	%		Price / Unit	42,022
Amortization Term	fill					Price/Ft.	47.16
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)			—