Exhibit (c)(15)

000636
Watergate
Little Rock, AR

																																																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	8,190			96,500			95,560			95,160			95,610			95,610			95,430			94,430			94,430			95,390			95,390			96,370			96,690			1,112,718			1,116,052			1,139,010			1,146,570			1,153,800			1,160,280			1,233,827		May 06 Mkt Rent + 4.3% growth
Less: Loss to Lease	(134	)		(3,677	)		(5,000	)		(1,627	)		(930	)		(2,254	)		(1,060	)		350			(469	)		(27	)		(289	)		(2,026	)		(1,814	)		(46,054	)		(28,212	)		(27,356	)		(18,823	)		(16,519	)		(21,772	)		(44,452	)	Current Loss to Lease
Gross Potential Rent	8,055			92,823			90,560			93,533			94,680			93,356			94,370			94,780			93,961			95,363			95,101			94,344			94,876			1,066,664			1,087,840			1,111,654			1,127,747			1,137,281			1,138,508			1,189,375
Concessions	(140	)		(1,091	)		(988	)		(1,457	)		(1,605	)		(1,943	)		(2,030	)		(1,942	)		(1,997	)		(1,465	)		(1,641	)		(1,808	)		(1,603	)		(29,855	)		(9,368	)		(15,809	)		(19,569	)		(20,207	)		(19,232	)		(17,841	)	1.5% Concession Loss
Vacancy	(735	)		(4,135	)		(11,893	)		(11,102	)		(11,131	)		(6,654	)		(7,742	)		(8,557	)		(9,225	)		(10,571	)		(7,140	)		(6,962	)		(7,802	)		(71,292	)		(177,425	)		(89,745	)		(102,912	)		(87,614	)		(93,621	)		(83,256	)	7% Vacancy Loss
Other Rent Losses	253			(679	)		(679	)		—			(22	)		(699	)		(912	)		30,486			(639	)		(639	)		10,417			(639	)		(639	)		(6,647	)		(7,626	)		24,617			35,357			36,557			(7,668	)		(11,894	)	1% Other/Bad Debt Loss
Bad Debt	(57	)		(1,487	)		(680	)		9			(1,816	)		(333	)		(80	)		(1,175	)		114			(2,072	)		(396	)		62			(191	)		(51,796	)		(58,493	)		(11,953	)		(8,044	)		(2,100	)		(2,291	)		—
Net Rental Income	7,376			85,432			76,321			80,983			80,107			83,728			83,605			113,593			82,215			80,616			96,341			84,997			84,641			907,074			834,928			1,018,764			1,032,579			1,063,917			1,015,696			1,076,384
Economic Occupancy	92	%		92	%		84	%		87	%		85	%		90	%		89	%		120	%		87	%		85	%		101	%		90	%		89	%		85	%		77	%		92	%		92	%		94	%		89	%		91	%
Physical Vacancy	9.1	%		4.5	%		13.1	%		11.9	%		11.8	%		7.1	%		8.2	%		9.0	%		9.8	%		11.1	%		7.5	%		7.4	%		8.2	%		6.7	%		16.3	%		8.1	%		9.1	%		7.7	%		8.2	%		7.0	%
Other Income	721			8,152			10,040			4,478			6,779			9,378			7,937			10,340			12,823			8,597			6,350			6,843			9,264			85,547			98,310			101,226			100,980			89,827			111,170			100,980		Trailing 12 Months
Gross Revenues	8,097			93,583			86,360			85,461			86,886			93,105			91,542			123,934			95,039			89,213			102,691			91,839			93,905			992,621			933,238			1,119,990			1,133,559			1,153,744			1,126,866			1,177,364
Operating Expenses
Utilities	1,002			12,450			9,535			10,312			5,654			4,298			8,048			11,375			17,071			17,619			15,987			16,261			11,641			134,210			140,796			135,783			140,250			175,555			139,692			140,724		Trailing 12 Months
Contract Services & Landscaping	223			2,860			8,028			(3,502	)		5,353			2,283			2,232			2,334			2,329			2,064			2,239			2,558			2,398			32,567			44,431			35,897			31,177			28,781			28,777			31,177		Trailing 12 Months
Repairs & Maintenance	245			1,285			1,859			3,273			2,480			4,915			3,414			1,268			3,324			2,049			4,945			2,671			2,819			26,105			45,506			29,036			34,300			41,738			33,826			34,301		Trailing 12 Months
Make-Ready/Turnover	275			1,147			2,262			9,641			1,337			5,048			2,980			1,305			5,217			3,134			1,289			2,851			2,285			41,181			56,760			49,016			38,498			25,701			27,421			38,498		Trailing 12 Months
Administrative	210			2,587			3,154			3,770			3,047			1,634			2,184			2,625			1,845			1,282			1,716			2,266			3,310			24,548			43,590			31,275			29,419			29,168			39,715			21,000		Estimated at $150/unit
Marketing	229			2,886			3,500			4,436			2,227			3,018			3,832			1,583			2,649			1,774			1,751			3,138			1,329			20,578			26,877			39,659			32,122			24,872			15,947			20,000		Estimated at a flat $20,000
Payroll	1,340			13,092			11,404			13,432			16,736			15,635			17,471			16,649			16,531			14,641			20,515			15,041			16,478			118,435			159,925			169,467			187,626			208,135			197,731			168,000		Estimated at $1,200/unit for 4 staff
Management Fees	354			4,219			4,276			3,952			3,938			4,024			3,863			4,317			4,550			4,150			4,061			4,243			3,962			45,450			43,232			49,255			49,554			49,065			47,541			35,321		3% of EGR
																																																												Reassessed at 85% of BOV
Real Estate Taxes	485			6,563			5,863			5,679			5,656			5,655			5,729			5,649			6,462			5,774			5,731			6,539			2,542			64,114			72,553			70,796			67,843			59,246			30,500			84,649
Insurance	281			3,077			3,077			3,062			3,062			3,702			3,099			3,088			3,088			3,088			3,088			3,938			3,938			37,110			38,434			37,049			39,307			43,855			47,253			38,500		Estimated at $275/unit
Operating Expenses Per Unit	4,644			50,166			52,958			54,055			49,490			50,212			52,853			50,193			63,066			55,575			61,323			59,506			50,700			544,297			672,104			647,233			650,095			686,115			608,403			612,169
																																																	4,644			4,901			4,346			4,373
																																																	19.4	%
Net Operating Income	3,453			43,418			33,402			31,406			37,396			42,893			38,689			73,741			31,973			33,638			41,368			32,334			43,205			448,323			261,134			472,757			483,463			467,629			518,463			565,195
Reserves																																																										42,000		Estimated at $300/unit
Free Cash Flow	3,453			43,418			33,402			31,406			37,396			42,893			38,689			73,741			31,973			33,638			41,368			32,334			43,205			448,323			261,134			472,757			483,463			467,629			518,463			523,195
																																																										7.25	%	market cap rate
Total Number of Units	140		Rent / Unit				677
Net Rentable Square Feet	150,220		Rent / Sq Ft				0.64																																																			7,216,482		Gross Price
Average Square Feet Per Unit	1,073		Built:				1979
Ownership	22.05%		Tax Assessment				4,223,200
Property Number:	000636

Current Debt Info:
Original Balance	fill
Current Balance	fill
Interest Rate	fill			Price / Unit	51,546
Amortization Term	fill			Price/Ft.	48.04
Maturity Term	fill
Origination Date	fill		RE Tax Explanation:
Prepay Penalty	fill
Loan Type		CONVENTIONAL
YM expiration date	fill
Due Date	fill		Other Comments:
Is Debt Prepayable? (Y/N)		—