Strengthen investor confidence by publishing accurate,
timely investment results, directly to your
Yardi investor portal.
Date:
8/13/2010
Entity Name:
The Pension Trust
Fund Initial Closing Date: 5/5/2008
Fund End Date: 9/15/2006
Fund Extension Period: 2 – One Year Extension
Allocation Summary as of 6/30/09:
Commitment Amount $ 50,000,000
% of Total Fund Commitments 6.7%
Funds Drawn to Date(1) $ 43,781,062
% of Investor Commitment 87.6%
f und ii, l.p.
f und name:
2010 capital account statement
For the Quarter Ended 3/31/2009 6/30/2009 9/30/2009 12/31/2008 Cumulative
Since Inception
Capital Account BOP* $ 39,688,958 $ 41,045,140 $ - $ - $ -
(+) Change in Unreturned Invested Capital 1,356,182 1,157,225 - - 42,202,365
(+) Change in Preferred Return Balance - - - - -
Capital Account EOP* $ 41,045,140 $ 42,202,365 $ - $ - $ 42,202,365
capital account summary
For the Quarter Ended 3/31/2009 6/30/2009 9/30/2009 12/31/2008 Cumulative
Since Inception
Capital Account Activity:
Beginning Unreturned Invested Capital $ 39,688,958 $ 41,045,140 $ - $ - $ -
(+) Capital Contributions 1,356,182 1,290,155 - - 43,781,062
(-) Distributions (Return on Capital) - (132,930) - - (1,578,697)
Ending Unreturned Invested Capital $ 41,045,140 $ 42,202,365 $ - $ - $ 42,202,365
Preferred Return Beginning Balance $ - $ - $ - $ - $ -
(+) Preferred Return Earned 913,464 940,391 - - 6,394,969
(-) Preferred Return Paid (913,464) (940,391) - - (6,394,969)
Preferred Return Ending Balance $ - $ - $ - $ - $ -
Contributions/Distributions Per Period:
Capital Contributions:
Capital $ 1,199,932 $ 1,290,155 $ - $ - $ 42,589,709
Advisory Fees 156,250 - - - 1,191,353
Total Contributions $ 1,356,182 $ 1,290,155 $ - $ - $ 43,781,062
Capital Distributions:
Preferred Return $ 913,464 $ 940,391 $ - $ - $ 6,396,479
Return of Capital - 132,930 - - 1,578,697
Total Distributions $ 913,464 $ 1,073,321 $ - $ - $ 7,975,176
Memo:Preferred Return Distributions and Return of Capital Distributions reflected in the actual quarter earned.
* BOP and EOP represents Beginning of Period and End of Period
capital account detailOrdinary Income (Loss) $192,807
Estimated Depreciation Expense 964,798
Estimated Depreciation Recapture 54,150
Long Term Capital Gains (255,317)
Estimated Taxable Income (Loss) $956,438
FOR:
First & Last Name
Revocable Family Trust
The Co-Investors, LLC
Real Estate – Co-Investment
Inception Date: December 27, 2003
Quarter Ended: June 30,2009
Total Commitment: $ 10,000,000
Unfunded Commitment: $
Capital Account 2Q–09 YTD 2009 Since Inception
Beginning Market Value $4,839,685 $6,144,261 $0
Contributions - - 10,000,000
Income/(Loss) before Fees 94,009 1,488,366 6,526,756
Management Fees (8,856) (238,172) (1,226,043)
Unrealized Appreciation 17,430 (1,135,907) 803,504
Distributions - (1,316,280) (11,161,949)
Ending Market Value $4,942,268 $4,942,268 $4,942,268
Number of Holdings 11
Average Transaction Size $4.89 million
Average Projected Duration 45 months
Since Inception Total Return 15.72%(12/2008)
Rolling 12 Month Total Return 2.35%
Year-to-Date Total Return 2.19%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
3Q-08 4Q-08 1Q-09 2Q-09
Returns are based on the NCREIF fund level calculation methodology.
QUARTERLY FUND STATEMENT
INDIV IDUAL ACCOUNT SUMMARY
FUND T IME WEIGHTED RETURNS
EST IMATED TAXABLE INCOME (YTD)
INDIV IDUAL ACCOUNT SUMMARY
FOR:
First & Last Name
Revocable Family Trust
The Co-Investors, LLC
Real Estate – Co-Investment
Inception Date: January 6,2004
Quarter Ended: June 30,2008
Total Commitment: $ 350,000
Unfunded Commitment: $ 175,000
Capital Account 2Q–09 YTD 2009 Since Inception
Beginning Market Value $347,744 $346,895 $0
Contributions - - 208,816
Income/(Loss) (2,828) (524) 152, 451
Unrealized Appreciation - (1,455) 526,237
Distributions - - (542,588)
Ending Market Value $344,916 $344, 916 $344,916
ASSETS
Member Interests at Fair Market Value $ (11,390,828)
Other Assets 985,672
Total Assets 12,376,500
LIABILITIES
Other Liabilities $ -
EQUITY
Capital Contributions 9,262,500
Distributions (21,885,856)
Net Income (87,828)
Retained Earnings 25,087,684
Total Equity 12,376,500
TOTAL LIABILITIES & EQUITY $ 12,376,500
REVENUES
Investment Income (Loss) $ (27,661)
Other Income 43,189
Total Revenues 15,528
EXPENSES
Asset Management Fees -
Other Expense 38,799
Total Expenses 38,799
NET INVESTMENT INCOME (23,271)
Unrealized Appreciation (64,557)
NET INCOME $ (87,828)
QUARTERLY INVESTOR SUMMARY
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$0
2005 2006 2007 2008 2009 2010
Inv1 Inv2 Inv3 Inv4
YTD STATEMENTS OF OPERAT IONS
MARKET VALUE SUMMARY
BALANCE SHEET
INVESTOR CONFIDENCE
Reliable ToolsYardi Investment Management™ gives you the tools you need to deliver timely, detailed, reliable information to your investors. By leveraging a system that automates analytics and consolidated financial reporting and provides transparency for every dollar they commit, you instill confidence.
Yardi Investment Management can stand alone or be used as part of the Yardi Voyager™ suite of products for investment and fund managers, which includes:
¬¬Yardi Investment Management™
¬¬Yardi PortfolioVMF™
¬¬Yardi Executive Dashboard™
¬¬Yardi Portal™
Value AddedWith Yardi Investment Management, your entire investment accounting and investor reporting cycle is automated, reducing costs and increasing operational efficiencies. Yardi Investment Management will enable your organization to:
¬¬Easily manage complex hierarchies and deal structures¬¬Automate complex consolidations and equity rollups¬¬Quickly calculate preferred returns and waterfall distributions¬¬Produce detailed, accurate performance and returns analysis ¬¬Manage multiple currencies, languages, accounting methods, and tax rules¬¬Achieve true, single-system integration with centralized data ¬¬Attain full, top-to-bottom transparency with complete drilldown capability
“Yardi Investment Management expands and automates our portfolio reporting capabilities, facilitates sophisticated fund accounting, and ensures reliable information for our investors.”
Dominic J. Petrucci CFO | Buchanan Street Partners
Generate reports with speed, detail, and accuracy and produce real-time
investor statements and notifications.
Investor - Investment Attribute Analytics
Commitment
Listed Security Investments32.00%
Mixed Use7.50%
Office8.00%
Retail30.00%
Industrial22.50%
Investment
Corporate Office (yardi1)
Trendy City Park (yardi2)
Country Warehouse (yardi3)
City Down Under Mall (yardi4)
Dumbeldorf Industries (yardi5)
Total
InitialContribution
2,400,000.00
9,600,000.00
2,250,000.00
9,000,000.00
6,750,000.00
30,000,000.00
OtherContributions
1,600,240.00
6,400,960.00
1,500,225.00
6,000,900.00
4,500,675.00
20,003,000.00
Distribution
1,000,000.00
4,000,000.00
1,250,000.00
5,000,000.00
3,750,000.00
15,000,000.00
ExcessDistribution
48,000.00
192,000.00
45,000.00
180,000.00
135,000.00
600,000.00
EndingMarket Value
4,600,000.00
13,400,000.00
2,900,000.00
11,800,000.00
8,900,000.00
41,600,000.00
Capital Balance
2,950,240.00
11,808,960.00
2,455,225.00
9,820,900.00
7,365,675.00
34,403,000.00
UnrealizedGain/Loss
1,647,760.00
1,591,040.00
444,775.00
1,979,100.00
1,534,325.00
7,197,000.00
IRR
57.01
13.54
16.60
18.48
19.11
19.96
Prior (1 Yr)
57.03
13.55
16.61
18.49
19.12
19.97
Prior (3 Yr)
57.01
13.54
16.60
18.48
19.11
19.96
Prior (5 Yr)
57.01
13.54
16.60
18.48
19.11
19.96
Prior (10 Yr)
57.01
13.54
16.60
18.48
19.11
19.96
Investor - Investment Analytics
Clear
Excel
Display Add Content
Decimal Digits
Format
Grid
Setup Template
2
1
Client
Country
District Manager
Fund Objective
Investment Strategy
Leased or Owned
Market
Investor
Investment Level
Investment
Setup Template
From to
Report Type
01/2009 12/2009
Time Adjusted IRR
IRR
yinv1
Property
OtherContributions
1,600,240.00
6,400,960.00
1,500,225.00
6,000,900.00
4,500,675.00
20,003,000.00
Distribution
1,000,000.00
4,000,000.00
1,250,000.00
5,000,000.00
3,750,000.00
15,000,000.00
ExcessDistribution
48,000.00
192,000.00
45,000.00
180,000.00
135,000.00
600,000.00
INVESTOR REPORTING
Investor PerformanceYardi Investment Management™ fully automates complex accounting for all allocating ownership entries throughout the investment hierarchy. Easily roll up financial and performance data to produce timely statements so investors can see exactly how their investments have performed. Deliver detailed, accurate performance and multi-level returns analysis, including:
¬¬ Capital Balance and Capital Roll Forward reports¬¬ Performance Returns Summary including XIRR and Time-Weighted Returns¬¬ Unfunded Equity Report by Investor and Investment¬¬ Monthly Investor Summary and Statement¬¬ Attribute Analytics¬¬ Exposure Analytics
Exposure AnalysisWeb-based financial, portfolio, performance, and revenue analytics help identify investor exposure to invested and committed assets according to attribute, such as region, sector, investment type and fund strategy. Yardi Investment Management has access to budget, actual, and forecast data for continual variance analysis and asset or portfolio-level sensitivity.
Performance AnalysisAutomate analysis and submission of NCREIF and GIPS performance metrics. Compare your portfolio investment performance to industry benchmarks through a rich set of real-time analytics for leveraged, unleveraged and time-weighted income and appreciation returns. Add user defined attributes to the portfolio comparison to evaluate geographical, operational and investment indicators, providing improved clarity and accuracy when determining the market value of your assets.
Correspondence ManagementEffectively manage capital call notifications and investor funding requests with bulk functionality that automates investor calculations and email notifications. Produce quarterly fund statements, investor statements, and capital call notices that investors can receive via email or view over the Web.
Automate and manage
complex ownership structures with a high degree of
transparency and complete drilldown
capability to underlying financials.
500 – Investors
380 – Partnership
340 – Joint Venture
320 – Venture/Fund
300 – Assets
Property
Entity
2 Investor A (2inva)
2 Investor B (2invb)
2 Investor C (2invc)
2 Investor D (2invd)
2 Investor E (2inve)
Investor Y1 (yinv1)
Investor Y2 (yinv2)
Investor Y3 (yinv3)
Investor Y4 (yinv4)
Investor Y5 (yinv5)
2 Partnership 1 (2ptshp1)
2 Partnership 2 (2ptshp2)
2 JV Partner 1 (2jvptr1)
2 JV Partner 2 (2jvptr2)
ABC Fund (2) (2ventur)
2 Austin Properties (2auprop)
2 Sunrise Properties (2srprop)
2 Trenton Properties (2tprop)
Amount
10,000,000
10,000,000
10,000,000
8,000,000
9,000,000
45,000,000
60,000,000
90,000,000
54,000,000
51,000,000
15,000,000
15,000,000
30,000,000
30,000,000
10,000,000
20,000,000
25,000,000
Percentages (%)
57.06
42.40
0.54
62.20
77.80
15.00
20.00
30.00
18.00
17.00
47.50
52.50
50.00
50.00
100.00
100.00
100.00
Start Date
12/16/2005
12/16/2005
12/16/2005
12/16/2005
01/01/2009
01/01/2006
01/01/2006
01/01/2006
01/01/2006
01/01/2006
12/16/2005
12/16/2005
12/16/2005
12/16/2005
12/16/2005
12/16/2005
12/16/2005
Transaction
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Commitment
Equity Rollup Analytics
Clear
Excel
Display Add Content
Grids
Suppress Zero
Report Type Equity Rollup Investor History
Account Tree
Entity
Book
Post Month
Batch No.
to03/2007 05/2007
yinv1
Property
%
100.00
50.00
100.00
50.00
100.00
50.00
100.00
50.00
100.00
50.00
100.00
50.00
Batch #
699
699
840
840
699
699
840
840
848
848
848
848
Book
Accrual
Accrual
Accrual
Accrual
Accrual
Accrual
Accrual
Accrual
Accrual
Accrual
Accrual
Accrual
PostMonth
03/2007
03/2007
03/2007
03/2007
03/2007
03/2007
03/2007
03/2007
05/2007
05/2007
05/2007
05/2007
Level
340 – Joint Venture
340 – Joint Venture
340 – Joint Venture
340 – Joint Venture
340 – Joint Venture
340 – Joint Venture
340 – Joint Venture
340 – Joint Venture
340 – Joint Venture
340 – Joint Venture
340 – Joint Venture
340 – Joint Venture
OriginatingData from
ABC Fund (2) (2ventur)
ABC Fund (2) (2ventur)
ABC Fund (2) (2ventur)
ABC Fund (2) (2ventur)
ABC Fund (2) (2ventur)
ABC Fund (2) (2ventur)
ABC Fund (2) (2ventur)
ABC Fund (2) (2ventur)
ABC Fund (2) (2ventur)
ABC Fund (2) (2ventur)
ABC Fund (2) (2ventur)
ABC Fund (2) (2ventur)
Rolled up to
2 JV Partner 1 (2jvptr1)
2 JV Partner 1 (2jvptr1)
2 JV Partner 1 (2jvptr1)
2 JV Partner 1 (2jvptr1)
2 JV Partner 1 (2jvptr1)
2 JV Partner 1 (2jvptr1)
2 JV Partner 1 (2jvptr1)
2 JV Partner 1 (2jvptr1)
2 JV Partner 1 (2jvptr1)
2 JV Partner 1 (2jvptr1)
2 JV Partner 1 (2jvptr1)
2 JV Partner 1 (2jvptr1)
Ctrl #
1930
1931
2189
2190
1932
1933
2191
2192
2216
2217
2218
2219
Rule
Full Consolidation (full)
Minority Interest (Minority)
Full Consolidation (full)
Minority Interest (Minority)
Full Consolidation (full)
Minority Interest (Minority)
Full Consolidation (full)
Minority Interest (Minority)
Full Consolidation (full)
Minority Interest (Minority)
Full Consolidation (full)
Minority Interest (Minority)
DateCreated
01/16/2008
01/16/2008
01/29/2008
01/29/2008
01/16/2008
01/16/2008
01/29/2008
01/29/2008
01/29/2008
01/29/2008
01/29/2008
01/29/2008
User
jonl
jonl
jonl
jonl
jonl
jonl
jonl
jonl
jonl
jonl
jonl
jonl
Investment Management Dashboard
Entity Relationship StructureABC Fund (2) (2ventur)
2 Trenton Properties
2 Austin Properties
2 Sunrise Properties
Wednesday, September 30, 2009 Direct Investments
Reports
Allocations
Investor Activity
Investment Activity
Prefs/Opportunities/Analyses
Level Count
Entity
Equity Rollup Investment History
Equity Rollup Investor History
Equity Rollup Comparison History
IA Reports
8
1
1
Box Display2ventur Go
ABC Fund (2)
10/20/1999 11/20/2009Date Range
Prefs
Opportunities
Analyses
2
5500 – Investors
380 – Partnership
1
2540 – Joint Venture
500 – Venture/Fund
5
3500 – Assets
Property
Commitments: 55,000,000
Contributions: 27,934,481
Distributions: 7,305,000
Return of Capital: 0
7
3
0
42
0
0Fees: 0
Others: 0
Allocations 102
Commitments: 60,000,000
Contributions: 114,358,292
Distributions: 7,307,802
Return of Capital: 0
15
2
0
69
22
3Fees: 110,000
Others: 2,202,802
Dashboard Calendar
Equity Rollup Investor History
Journal Entry
Batch 699 Ctrl 1930
Reverse next month
AccrualBook
Balance Acct.
Reference
Owner Attachment
Property Post Month
Date
Source
03/2007
03/31/2007
Account
1855-0000 (Straight Line Rent)
4460-0000 (Less: Concessions)
4961-0000 (Residential Garage)
4963-0000 (Residential Storage)
5100-0000 (Recovery – Operating)
5200-0000 (Recovery – Property)
5300-0000 (Recovery – Insurance)
Entity
2jvptr1
2jvptr1
2jvptr1
2jvptr1
2jvptr1
2jvptr1
2jvptr1
Remarks
2ventur; Full; 100%
2ventur; Full; 100%
2ventur; Full; 100%
2ventur; Full; 100%
2ventur; Full; 100%
2ventur; Full; 100%
2ventur; Full; 100%
Debit
900.00
Credit
3,162.14
3,150.00
1,700.00
110,630.40
8,410.52
831.79
PropertyDepartment
Denominator
Journal Entry
AccrualBook
Balance Acct.
Reference
Owner Attachment
Property Post Month
Date
Source
03/2007
03/31/2007
Account
1855-0000 (Straight Line Rent)
4460-0000 (Less: Concessions)
4961-0000 (Residential Garage)
4963-0000 (Residential Storage)
5100-0000 (Recovery – Operating)
5200-0000 (Recovery – Property)
5300-0000 (Recovery – Insurance)
Entity
2jvptr1
2jvptr1
2jvptr1
2jvptr1
2jvptr1
2jvptr1
2jvptr1
Denominator
INVESTMENT ACCOUNTING
Unlimited Deal TypesYardi Investment Management™ manages ownership structures, no matter how complex, for both large and small portfolio investors. Hierarchies with unlimited rollup rules can be created for any deal type, including:
¬¬ Funds ¬¬ Special Purpose Entities¬¬ Fund of Funds ¬¬ Holding Companies¬¬ REITs ¬¬ Debt Entities¬¬ Joint Ventures ¬¬Wholly Owned Assets
Automated CalculationsBased on your defined hierarchies, automate consolidations and rollups to analyze and report financials with speed and accuracy at every level. Yardi Investment Management automates all transactions and calculations for:
¬¬ Capital Calls ¬¬ Date-Sensitive Commitments¬¬ Contributions ¬¬ Full Consolidations¬¬ Distributions ¬¬ Equity Rollup¬¬ Preferred Returns ¬¬ Minority Interest¬¬Waterfall, Promotes, Hurdles ¬¬ Elimination Sets
Real-Time FinancialsGenerate all financial and month-end reports, including Income Statements and Balance Sheets. Process payments, print checks, and handle all accounting functions in a single system.
Global CapabilitiesAdminister multiple currencies, languages, accounting methods, and tax rules with concurrent reporting capabilities. With your entire multinational portfolio managed in a centralized system, you will achieve greater efficiencies, increased transparency, and more opportunities for global growth.
Portals
Operations
Property Management Financial Management Fixed Assets
MaintenanceFacilities Management
LeasingConstructionDevelopment
Business Intelligence
KPIsExecutive Dashboard Portfolio Analytics
Portals
Portals
Procurement
ElectronicPayables
ElectronicReceivables
eProcurement
CentralizedDatabase
Port
als
InvestmentManagement
PortfolioAccounting
Performance
ValuationForecasting
Modeling
Performance
Yardi Technology Solutions ArchitectureFull business solution, completely integrated products,
customized to streamline your business operations.
Leverage a technology architecture that enables
transparency, access and insight, across the entire spectrum of your real estate
operations, financials and investments.
WATERFALL DISTRIBUTIONS
Incentive StructuresYardi Investment Management™ has been uniquely designed to auto-calculate returns and investor distributions on deals that use complex incentive structures such as preferred returns, waterfall distributions, promotes and hurdles. Yardi Investment Management enables you to:
¬¬ Quickly calculate accruals and distributions with multiple IRR hurdles¬¬ Model and forecast investor IRRs and future distributions via Yardi PortfolioVMF™ integration¬¬ Determine hypothetical liquidation values for accurate unrealized gain/loss on investments¬¬ Compute multiple allocation splits within Limited Partnership and General Partnership groupings
DATA COLLECTION
Complete TransparencyAchieve an unsurpassed level of transparency, made possible by Yardi Investment Management’s centralized data platform. Questions regarding underlying transaction data are quickly answered by drilling all the way down to the operating property data in Yardi Voyager property management software. In addition, a full array of detailed reports provides a complete audit trail.
¬¬ Achieve true, single-system integration with a centralized data platform¬¬ Reduce manual effort by eliminating costly third-party interfaces¬¬ Get real-time data down to the property level to make confident decisions
Centralize ConsolidateYardi Investment Management can not only access operating data in real time from your Yardi Voyager™ database to automate all investment calculations, transactions and reporting, but it can also be used as the central data warehouse to consolidate information from multiple disparate systems. Utilize Yardi ETL (extract, transform and load) toolset to generate nightly property management portfolio data, regardless of platform.
¬¬ Predefined mapping to other property management databases¬¬ Automated loads¬¬ Error checking with email notification
YARDI VOYAGER™
Yardi Investment Management is part of the Yardi Voyager
suite of products for investment and fund managers.
Integrate key processes such as valuation, modeling
and forecasting, business intelligence and investor portals.
YARDI Portfo
lioVMF™
YARDI Insight™
YARDI Porta
l™
INTEGRATED SOLUTIONS
YARDI PortfolioVMF™
Yardi PortfolioVMF, for valuation, modeling and forecasting, generates accurate, streamlined valuations and builds multi-year cash flow budgeting that can be used to make better-informed buy/hold/sell decisions. With a centralized Yardi Voyager™ data platform, changes in property leases and expenses are reflected in real time, eliminating reliance on labor-intensive data entry and error-prone spreadsheets.
YARDI Insight™
Yardi Insight is an advanced enterprise dashboarding and reporting solution for financial and operational intelligence enabling drag-and-drop reporting, graphs, and charts that reflect real-time business metrics and goal tracking from multiple databases or warehouses. With a library of pre-packaged and customizable key performance indicator (KPI) reports, you can produce timely, accurate, boardroom-quality representations of your entire portfolio.
YARDI Portal™
Yardi Portal offers investors secure Web-based access to timely, reliable information about their investment holdings and ownership details. With correspondence management integration, you can automate the preparation and distribution, with bulk functionality, of investor statements, capital call notifications, and investor funding requests. Post results quickly, accurately, and easily, reducing staff resources and costs, and improving investor relations in the process.
YARDI Professional ServicesYardi Professional Services Group brings familiarity and expertise to the unique and complex demands of the real estate investment industry. Its advanced AIM implementation methodology for project scope and planning, business requirement review, system design, creation, and delivery results in rapid but thorough implementations that enable a return on investment in a matter of months.
IM-B
KT-A
07/
27/2
010
© 2010 Yardi Systems, Inc. All rights reserved.
Yardi Systems, Ltd. Hong Kongphone: +852 2851 6638 | email: [email protected] | www.yardi.com
Strategic Benefits¬h Easily manage complex hierarchies and deal structures
¬hAutomate complex consolidations and equity rollups
¬h Quickly calculate preferred returns and waterfall distributions
¬h Produce detailed, accurate performance and returns analysis
¬h Manage multiple currencies, languages, accounting methods,
and tax rules
¬hAchieve true, single system integration with centralized data
¬hAttain full, top-to-bottom transparency with complete
drilldown capability
“Yardi Investment Management has provided depth, versatility and global capabilities to our fund administration, accounting, and performance reporting requirements for many years. We are also excited about Yardi’s new offerings for portfolio valuation, investor portal and front office.”
Laurie Romanak Global Head of Investment Reporting | CBRE Investors