EXHIBIT (C)(9)

000606
Chapelle Le Grande (IN)

Merrillville, IN

	Trailing 12 Months (Actual)																																																Trailing
																																								2002			2003			2004			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		9,590			84,395			84,565			84,975			85,709			85,721			85,615			85,615			81,217			80,995			82,675			82,675			82,835			942,320			961,840			1,026,250			1,006,992			992,740			994,020			995,460		May 06 Market Rent
Less: Loss to Lease		(78	)		254			(1,512	)		(1,680	)		(1,587	)		(2,587	)		(2,565	)		(1,656	)		2,174			2,439			(1,264	)		(294	)		39			(37,139	)		(41,430	)		(67,343	)		(8,239	)		(6,076	)		466			(974	)	Current Loss to Lease
Gross Potential Rent		9,512			84,649			83,053			83,295			84,122			83,134			83,050			83,959			83,391			83,434			81,411			82,382			82,874			905,181			920,410			958,907			998,753			986,664			994,486			994,486
Concessions		(677	)		(9,143	)		(7,921	)		(7,013	)		(5,959	)		(6,105	)		(5,584	)		(5,691	)		(5,307	)		(5,034	)		(4,951	)		(4,138	)		(4,201	)		(22,142	)		(30,350	)		(56,167	)		(71,046	)		(53,158	)		(50,411	)		(49,724	)	5% Concession Loss
Vacancy		(545	)		(4,880	)		(4,644	)		(624	)		(3,649	)		(1,577	)		(3,527	)		(6,343	)		(8,330	)		(7,901	)		(5,052	)		(5,455	)		(5,278	)		(53,906	)		(38,877	)		(53,372	)		(57,260	)		(63,138	)		(63,331	)		(39,779	)	4% Vacancy Loss
Other Rent Losses		—			—			—			—			—			—			—			—			—			—			—			—			—			14,701			—			—			—			—			—			(14,917	)	1.5% Other/Bad Debt Loss
Bad Debt		(151	)		212			(4,570	)		(515	)		(1,351	)		(353	)		(3,005	)		(1,411	)		(1,117	)		(1,037	)		748			(93	)		(3,381	)		(26,605	)		(23,088	)		(73,560	)		(15,873	)		(10,906	)		(40,576	)		—
Net Rental Income		8,139			70,838			65,919			75,143			73,164			75,099			70,934			70,514			68,637			69,462			72,155			72,696			70,014			817,228			828,094			775,808			854,573			859,462			840,168			890,065
Economic Occupancy		86	%		84	%		79	%		90	%		87	%		90	%		85	%		84	%		82	%		83	%		89	%		88	%		84	%		90	%		90	%		81	%		86	%		87	%		84	%		90	%
Physical Vacancy		5.7	%		5.8	%		5.6	%		0.7	%		4.3	%		1.9	%		4.2	%		7.6	%		10.0	%		9.5	%		6.2	%		6.6	%		6.4	%		6.0	%		4.2	%		5.6	%		5.7	%		6.4	%		6.4	%		4.0	%
Other Income		759			5,817			8,063			7,234			6,097			5,689			8,191			5,878			5,798			6,958			5,315			5,554			9,050			70,444			82,082			122,067			79,646			79,676			108,602			79,646		Trailing 12 Months
Gross Revenues		8,897			76,655			73,982			82,377			79,261			80,788			79,125			76,392			74,436			76,420			77,470			78,250			79,064			887,672			910,176			897,875			934,219			939,137			948,769			969,711
Operating Expenses
Utilities		1,059			9,492			6,355			6,267			6,140			6,424			7,995			9,451			10,072			12,035			12,801			14,104			10,070			83,667			113,631			117,024			111,207			147,902			120,844			111,475		Trailing 12 Months
Contract Services & Landscaping		333			1,210			4,416			3,971			4,812			3,212			4,290			650			1,959			4,401			1,131			1,506			3,370			45,655			35,610			46,128			34,930			24,023			40,435			34,930		Trailing 12 Months
Repairs & Maintenance		113			278			1,449			222			1,009			603			1,152			1,200			1,170			844			966			1,081			1,942			15,949			5,553			7,511			11,916			15,957			23,306			11,916		Trailing 12 Months
Make-Ready/Turnover		236			1,284			4,132			1,730			2,951			1,648			2,392			1,201			3,745			390			2,322			1,951			1,001			14,620			14,205			16,452			24,747			21,096			12,011			25,917		Trailing 12 Months
Administrative		298			3,060			3,672			1,721			3,348			3,110			2,307			2,380			4,143			1,331			2,574			2,310			1,368			30,903			23,439			25,321			31,323			25,005			16,413			33,177		Trailing 12 Months
Marketing		166			2,056			2,480			4,411			(1,773	)		1,506			1,358			1,244			1,114			686			1,109			2,653			588			13,120			12,744			14,494			17,432			17,402			7,060			18,685		Trailing 12 Months
Payroll		1,748			18,514			14,238			14,823			17,350			15,609			16,127			15,003			15,736			12,343			16,176			12,085			15,502			82,113			88,719			113,090			183,507			175,052			186,023			126,000		Estimated at $1,200/unit
Management Fees		350			2,928			2,943			2,908			2,947			3,183			3,174			3,208			3,326			3,276			2,894			3,196			2,752			35,317			36,327			35,126			36,734			35,367			33,019			38,788		4% of EGR
Real Estate Taxes		909			7,127			6,636			6,636			6,636			5,518			6,704			8,853			6,484			10,729			10,000			10,000			10,150			74,787			67,521			159,595			95,473			120,600			121,800			116,643		85% reassessment of BOV pricing
Insurance		262			2,195			2,169			2,169			2,169			2,615			2,189			2,189			2,189			2,189			2,189			2,638			2,638			21,935			24,792			26,245			27,539			29,862			31,659			26,250		Estimated at $250/unit
Operating Expenses Per Unit		5,474			48,146			48,490			44,858			45,589			43,429			47,687			45,379			49,937			48,225			52,162			51,524			49,381			418,066			422,541			560,985			574,807			612,266			592,571			543,780
																																																		5,474			5,831			5,644			5,179
																																																		37.5	%
Net Operating Income		3,423			28,509			25,492			37,519			33,672			37,359			31,438			31,013			24,499			28,195			25,308			26,726			29,683			469,605			487,635			336,890			359,412			326,871			356,198			425,931
Reserves																																																											31,500		Estimated at $300/unit
Free Cash Flow		3,423			28,509			25,492			37,519			33,672			37,359			31,438			31,013			24,499			28,195			25,308			26,726			29,683			469,605			487,635			336,890			359,412			326,871			356,198			394,431
																																																											7.75	%	market cap rate
Total Number of Units		105		Rent / Unit				783
Net Rentable Square Feet		86,705		Rent / Sq Ft				0.95																																																			5,089,436		Gross Price
Average Square Feet Per Unit		826		Built:				1972
Ownership		22.05	%	Tax Assessment				1,308,700
Property Number:		000606

Current Debt Info:
Original Balance		5,536,142
Current Balance		4,155,384
Interest Rate		6.2	%		Price / Unit	48,471
Amortization Term	fill				Price/Ft.	58.70
Maturity Term	fill
Origination Date	fill			RE Tax Explanation:
Prepay Penalty	fill
Loan Type		CONVENTIONAL
YM expiration date		1/0/00
Due Date		1/0/00		Other Comments:
Is Debt Prepayable? (Y/N)		Y