Westgate January 2011 Management Report

WESTGATE CORPORATE CENTER I
MONTHLY MANAGEMENT REPORT JANUARY 2011
TABLE OF CONTENTS
EXECUTIVE SUMMARY
FINANCIAL SUMMARY
MARKET & LEASING INFORMATION
LEASING SUMMARY REPORT
RENT ROLL
FINANCIAL REPORTS
INCOME STATEMENT
VARIANCE ANALYSIS BUDGET TO ACTUALS
BALANCE SHEET
AGED TENANT RECEIVABLES
DEBT SUMMARY
CAPITAL EXPENDITURE REPORTS
BUILDING IMPROVEMENTS
TENANT IMPROVEMENTS
LEASE COMMISSIONS
MISCELLANEOUS REPORTS
BANK INFORMATION
CHECK REGISTERS

General Information:
Acquisition Date
Square Footage
Percentage Occupied
Percentage Leased
Number of Tenants
Financial Performance:
Net Operating Income
Current Month
Income
Expense
Current Month NOI
Year-to-Date
Income
Expense
Year to Date NOI
Loan Information:
Primary Lender
Principal Balance
Maturity Date
Interest Rate Information
Current Interest Rate
Monthly Payment :
Principal Paydown
Escrow Payment
Interest Payment
Total
Date Paid
Other Financial Information:

12/23/2010
230,518
100%
100%
1
$
$
$
$
Actual
632,992
252,239
380,753
632,992
252,239
380,753
Cash per Balance Sheet:

Operating Account
Security Deposit Account
LockBox Account
Lender Reserve
Budget
662,735
259,820
$ 402,916
Variance
$ (29,743) U
$
7,580 F
$ (37,323) U
$ (29,743) U
$
7,580 F
$ (37,323) U
662,735
259,820
402,916
UBS Real Estate Securities

$
44,000,000
1/6/2021
Actual/360
6.81%
$
$
Pmnt due 2/6/11
Amount
Account
310,684 City National Bank
130,380 Wells Fargo
8,437,178 Midland
8,878,241
Tenant*
Receivables
$
-
Aging Category
Current
30
60
90
>120
Total
Equity:
REUS Equity
AREP Equity
Contributions
Distributions
Current Earnings
Retained Earnings
Total
Amount
22,931,538
1,206,923
(53,630)
(70,171)
$ 24,014,660
EXECUTIVE SUMMARY- LEASING AND SIGNIFICANT ISSUES
LEASING SUMMARY
N/A
CAPITAL EXPENDITURES
N/A
SIGNIFICANT ISSUES
N/A
Rent Roll - Lease Charges

Property :AREP Westgate I LLC (nj0477) Lease Type :All Selected Lease Types Lease :All Selected Leases As of Date :01/31/2011 Amounts :Annual
Page 1
All Amounts = Annual
Unit
100
200
300
Lease ID
Everest Reinsurance
(t0000147)
Everest Reinsurance
(t0000148)
Everest Reinsurance
(t0000149)
Lease
From
Lease
To
Total
Square Feet
12/23/10
12/31/20
141,941
12/23/10
12/23/10
12/31/20
12/31/20
31,337
30,599
Charge
Date
From
Date
To
Amount
Amount
Per Sqft
Annual Base
Rent
Annual
Per Sqft
Base Rent
01/1/11
06/30/11
720,414.00
5.08
720,414.00
5.08
Base Rent
07/1/11
12/31/11
4,178,184.00
29.44
4,178,184.00
29.44
Base Rent
01/1/12
12/31/12
4,435,383.96
31.25
4,435,383.96
31.25
Base Rent
01/1/13
12/31/13
4,462,065.96
31.44
4,462,065.96
31.44
Base Rent
01/1/14
12/31/14
4,488,747.96
31.62
4,488,747.96
31.62
Base Rent
01/1/15
12/31/15
4,745,948.04
33.44
4,745,948.04
33.44
Base Rent
01/1/16
12/31/16
4,772,630.04
33.62
4,772,630.04
33.62
Base Rent
01/1/17
12/31/17
4,799,312.04
33.81
4,799,312.04
33.81
Base Rent
01/1/18
12/31/18
5,056,512.00
35.62
5,056,512.00
35.62
Base Rent
01/1/19
12/31/19
5,083,194.00
35.81
5,083,194.00
35.81
Base Rent
01/1/20
12/31/20
5,109,876.00
36.00
5,109,876.00
36.00
Operating Expenses
03/1/11
12/31/20
37,553.76
0.26
37,553.76
0.26
R.E Taxes
03/1/11
12/31/20
30,154.68
0.21
30,154.68
0.21
Base Rent
01/1/11
12/31/11
846,099.00
27.00
846,099.00
27.00
Base Rent
01/1/12
12/31/12
877,436.04
28.00
877,436.04
28.00
Base Rent
01/1/13
12/31/13
908,772.96
29.00
908,772.96
29.00
Base Rent
01/1/14
12/31/14
940,110.00
30.00
940,110.00
30.00
Base Rent
01/1/15
12/31/15
971,447.04
31.00
971,447.04
31.00
Base Rent
01/1/16
12/31/16
1,002,783.96
32.00
1,002,783.96
32.00
Base Rent
01/1/17
12/31/17
1,034,121.00
33.00
1,034,121.00
33.00
Base Rent
01/1/18
12/31/18
1,065,458.04
34.00
1,065,458.04
34.00
Base Rent
01/1/19
12/31/19
1,096,794.96
35.00
1,096,794.96
35.00
Base Rent
01/1/20
12/31/20
1,128,132.00
36.00
1,128,132.00
36.00
Operating Expenses
03/1/11
12/31/20
8,290.92
0.26
8,290.92
0.26
R.E Taxes
03/1/11
12/31/20
6,657.36
0.21
6,657.36
0.21
Base Rent
01/1/11
06/30/11
917,970.00
30.00
917,970.00
30.00
Base Rent
07/1/11
12/31/11
917,970.00
30.00
917,970.00
30.00
Base Rent
01/1/12
12/31/14
979,168.08
32.00
979,168.08
32.00
Base Rent
01/1/15
12/31/17
1,040,366.04
34.00
1,040,366.04
34.00
Base Rent
01/1/18
12/31/20
1,101,564.00
36.00
1,101,564.00
36.00
Rent Concession
01/1/11
06/30/11
(917,970.00)
(30.00)
-917,970.00
-30.00
Operating Expenses
03/1/11
12/31/20
8,095.68
0.26
8,095.68
0.26
R.E Taxes
03/1/11
12/31/20
6,500.64
0.21
6,500.64
0.21
Thursday, February 17, 2011
Deposit
0.00
0.00
0.00
Property :AREP Westgate I LLC (nj0477) Lease Type :All Selected Lease Types Lease :All Selected Leases As of Date :01/31/2011 Amounts :Annual
Page 2
All Amounts = Annual
Unit
Lease ID
400
Everest Reinsurance
(t0000150)
Lease
From
Lease
To
Total
Square Feet
12/23/10
12/31/20
26,641
Charge
Date
From
Date
To
01/1/11
06/30/11
799,230.00
30.00
799,230.00
30.00
07/1/11
12/31/11
799,230.00
30.00
799,230.00
30.00
Base Rent
01/1/12
12/31/14
852,512.04
32.00
852,512.04
32.00
Base Rent
01/1/15
12/31/17
905,794.08
34.00
905,794.08
34.00
Base Rent
01/1/18
12/31/20
959,076.00
36.00
959,076.00
36.00
Rent Concession
01/1/11
06/30/11
(799,230.00)
(30.00)
-799,230.00
-30.00
Operating Expenses
03/1/11
12/31/20
7,048.44
0.26
7,048.44
0.26
R.E Taxes
03/1/11
12/31/20
5,659.80
0.21
5,659.80
0.21
1,566,513.00
Total Units
6.80
SQFT
SQFT
Percentage
Occupied
230,518
100.00%
Vacant
0.00%
Total
230,518
Amount
3,283,713.00
frn
-1,717,200.00
Total
Grand Total:
1,566,513.00
Amount
Total SQFT:
230,518
rnt
3,283,713.00
frn
-1,717,200.00
Total
Rent Roll - Lease Charges
Annual
Per Sqft
Base Rent
Summary of Charges by Charge Code
rnt
Annual Base
Rent
Base Rent
230,518
Totals:
Amount
Per Sqft
Amount
Total Deposit
0.00
Total Amount
1,566,513.00
Total Per Sqft

6.80
1,566,513.00
Thursday, February 17, 2011
1,566,513.00
6.80
Deposit
0.00
0.00
Page 1 of 1
Westgate Corporate Center I

Significant Aged Tenant Delinquencies Report
as of January 31, 2011
Suite
Tenant
Totals for Westgate Corp Ctr I
Amount
0-30
31-60
61-90
over 90
Comments
2/18/2011 10:30 AM
Budget Comparison Cash Flow (Accrual,GAAP)

AREP Westgate I LLC - (nj0477)
Months: Jan 2011
MTD Actual
MTD Budget
$ Var.
% Var.
YTD Actual
YTD Budget
$ Var.
% Var.
Annual
REVENUE
RENTAL INCOME
Base Rent Income
Rent Concession/Abatement
Opex/CAM - CY
Opex/CAM - RETax CY
GAAP S/L Rent Adjustment
TOTAL RENTAL INCOME
273,642.75
(143,100.00)
10,164.80
8,162.07
483,030.30
631,899.92
561,790.00
(431,248.00)
49,163.00
0.00
483,030.00
662,735.00
(288,147.25)
288,148.00
(38,998.20)
8,162.07
0.30
(51.29)
(66.82)
(79.32)
0.00
0.00
(30,835.08)
(4.65)
273,642.75
(143,100.00)
10,164.80
8,162.07
483,030.30
631,899.92
561,790.00
(431,248.00)
49,163.00
0.00
483,030.00
662,735.00
(288,147.25)
288,148.00
(38,998.20)
8,162.07
0.30
(51.29)
(66.82)
(79.32)
0.00
0.00
(30,835.08)
(4.65)
6,741,480.00
(2,587,488.00)
649,956.00
0.00
3,208,878.00
8,012,826.00
OTHER INCOME
Interest Income Other
TOTAL OTHER INCOME
1,092.07
0.00
1,092.07
0.00
632,991.99
Contract
Supplies
Windows
Day Porter
TOTAL CLEANING
TOTAL REVENUE
1,092.07
0.00
1,092.07
0.00
662,735.00
(29,743.01)
19,938.00
2,680.06
0.00
3,699.00
19,938.00
3,500.00
0.00
3,699.00
0.00
819.94
0.00
0.00
26,317.06
27,137.00
819.94
7,115.50
0.00
466.67
0.00
0.00
0.00
7,335.00
0.00
446.67
600.00
0.00
0.00
7,582.17
8,381.67
799.50
5,443.37
55.53
5,468.00
130.00
24.63
74.47
5,498.90
5,598.00
99.10
11,666.67
0.00
11,666.67
36.60
0.00
36.60
11,666.67
11,703.27
36.60
1,144.53
0.00
0.00
0.00
1,092.07
0.00
1,092.07
0.00
(4.49)
632,991.99
0.00
23.43
0.00
0.00
1,092.07
0.00
0.00
1,092.07
0.00
0.00
662,735.00
(29,743.01)
(4.49)
8,012,826.00
19,938.00
2,680.06
0.00
3,699.00
19,938.00
3,500.00
0.00
3,699.00
0.00
819.94
0.00
0.00
0.00
23.43
0.00
0.00
239,256.00
42,000.00
8,800.00
44,388.00
26,317.06
27,137.00
819.94
7,115.50
0.00
466.67
0.00
0.00
0.00
7,335.00
0.00
446.67
600.00
0.00
0.00
7,582.17
8,381.67
799.50
5,443.37
55.53
5,468.00
130.00
24.63
74.47
5,498.90
5,598.00
99.10
11,666.67
0.00
11,666.67
36.60
0.00
36.60
11,666.67
11,703.27
36.60
1,144.53
0.00
0.00
0.00
OPERATING EXPENSES
CLEANING
Cleaning
Cleaning
Cleaning
Cleaning
3.02
3.02
334,444.00
LANDSCAPING
Landscaping
Landscaping
Landscaping
Landscaping
Landscaping
Landscaping
Contract
General Repairs
Plant Maint.
Supplies
Fountain Maintenance
Holiday Decorations
TOTAL LANDSCAPING
219.50
0.00
(20.00)
600.00
0.00
0.00
2.99
0.00
(4.48)
100.00
0.00
0.00
9.54
219.50
0.00
(20.00)
600.00
0.00
0.00
2.99
0.00
(4.48)
100.00
0.00
0.00
9.54
88,020.00
3,032.00
5,360.04
7,200.00
2,866.00
8,500.00
114,978.04
SECURITY
Security - Contract
Security - Building Operations Phones
TOTAL SECURITY
0.45
57.28
1.77
0.45
57.28
1.77
54,801.00
1,560.00
56,361.00
REPAIRS & MAINTENANCE

R&M - PAYROLL & RELATED EXPS
Payroll
Uniforms
TOTAL R&M - PAYROLL & RELATED EXPS
0.00
100.00
0.31
0.00
100.00
0.31
140,000.04
439.20
140,439.24
ELEVATOR
Elevator - Contract
Elevator - Testing
TOTAL ELEVATOR
(1,144.53)
0.00
1,144.53
0.00
(1,144.53)
5,781.00
6,650.88
781.00
5,000.00
(5,000.00)
(1,650.88)
12,431.88
5,781.00
854.40
606.69
1,461.09
0.00
0.00
0.00
(1,144.53)
0.00
0.00
0.00
0.00
16,736.00
2,208.00
1,144.53
0.00
(1,144.53)
18,944.00
(640.20)
(33.02)
5,781.00
6,650.88
781.00
5,000.00
(5,000.00)
(1,650.88)
(640.20)
(33.02)
29,280.00
66,680.00
(6,650.88)
(115.05)
12,431.88
5,781.00
(6,650.88)
(115.05)
95,960.00
667.00
350.00
(187.40)
(256.69)
(28.10)
(73.34)
854.40
606.69
667.00
350.00
(187.40)
(256.69)
(28.10)
(73.34)
14,304.00
5,878.00
1,017.00
(444.09)
(43.67)
1,461.09
1,017.00
(444.09)
(43.67)
20,182.00
HVAC
HVAC - Contract
HVAC - Repair
TOTAL HVAC
ELECTRICAL/GENERATOR
Electrical - Repair
Electrical - Supplies
TOTAL ELECTRICAL/GENERATOR
STRUCTURAL/ROOF
Structural/Roof - Repair
TOTAL STRUCTURAL/ROOF
375.00
375.00
0.00
0.00
(375.00)
(375.00)
0.00
0.00
375.00
375.00
0.00
0.00
(375.00)
(375.00)
0.00
0.00
2,750.00
2,750.00
PLUMBING
Plumbing - Repair
TOTAL PLUMBING
500.00
500.00
100.00
0.00
0.00
500.00
500.00
100.00
500.00
500.00
100.00
6,000.00
0.00
318.33
0.00
0.00
1,092.00
0.00
0.00
773.67
0.00
0.00
318.33
1,092.00
0.00
0.00
2,700.00
1,065.48
0.00
10.58
0.00
1,667.00
0.00
2,700.00
898.00
0.00
167.00
0.00
0.00
500.00
500.00
100.00
6,000.00
70.85
0.00
0.00
318.33
0.00
0.00
1,092.00
0.00
0.00
773.67
0.00
0.00
70.85
0.00
0.00
4,024.00
3,000.00
1,200.00
773.67
70.85
318.33
1,092.00
773.67
70.85
8,224.00
1,667.00
0.00
0.00
(167.48)
0.00
156.42
0.00
100.00
0.00
0.00
(18.65)
0.00
93.66
0.00
0.00
0.00
2,700.00
1,065.48
0.00
10.58
0.00
1,667.00
0.00
2,700.00
898.00
0.00
167.00
0.00
1,667.00
0.00
0.00
(167.48)
0.00
156.42
0.00
100.00
0.00
0.00
(18.65)
0.00
93.66
0.00
FIRE/LIFE SAFETY
Fire/Life Safety - Contract
Fire/Life Safety - Repair
Fire/Life Safety - Testing
TOTAL FIRE/LIFE SAFETY

R&M - OTHER
Common Area - Interior
Wood/Metal/Stone Refinish
Rubbish Removal
Exterminating
Painting
Supplies
Miscellaneous
TOTAL R&M - OTHER

TOTAL REPAIRS & MAINTENANCE
20,004.00
2,000.00
32,400.00
11,864.00
22,792.00
2,004.00
3,500.00
3,776.06
5,432.00
1,655.94
30.48
3,776.06
5,432.00
1,655.94
30.48
94,564.00
31,173.56
25,525.27
(5,648.29)
(22.13)
31,173.56
25,525.27
(5,648.29)
(22.13)
387,063.24
0.00
38,357.90
0.00
30,000.00
0.00
(8,357.90)
0.00
(27.86)
0.00
38,357.90
0.00
30,000.00
0.00
(8,357.90)
0.00
(27.86)
80,000.00
87,000.00
38,357.90
30,000.00
(8,357.90)
(27.86)
38,357.90
30,000.00
(8,357.90)
(27.86)
167,000.00
50,000.00
17,500.00
6,873.67
50,000.00
17,500.00
6,850.00
0.00
0.00
(23.67)
0.00
0.00
(0.35)
50,000.00
17,500.00
6,873.67
50,000.00
17,500.00
6,850.00
0.00
0.00
(23.67)
0.00
0.00
(0.35)
675,000.00
109,200.00
82,200.00
PARKING
Parking - R&M
Snow Removal
TOTAL PARKING
UTILITIES
Electric
Gas
Water
Page 1
2/18/2011 10:30 AM
Budget Comparison Cash Flow (Accrual,GAAP)

AREP Westgate I LLC - (nj0477)
Months: Jan 2011
MTD Actual
TOTAL UTILITIES
MTD Budget
$ Var.
% Var.
YTD Actual
YTD Budget
$ Var.
% Var.
Annual
74,373.67
74,350.00
(23.67)
(0.03)
74,373.67
74,350.00
(23.67)
(0.03)
866,400.00
9,167.09
0.00
9,167.00
400.00
(0.09)
400.00
0.00
100.00
9,167.09
0.00
9,167.00
400.00
(0.09)
400.00
0.00
100.00
110,004.00
4,800.00
9,167.09
9,567.00
9,167.09
9,567.00
5,221.71
1,548.37
0.00
82.96
0.00
239.41
470.49
422.02
705.58
0.00
5.86
24,438.15
1,818.00
0.00
33.00
50.00
150.00
97.00
487.00
529.00
500.00
86.00
5,221.71
1,548.37
0.00
82.96
0.00
239.41
470.49
422.02
705.58
0.00
5.86
24,438.15
1,818.00
0.00
33.00
50.00
150.00
97.00
487.00
529.00
500.00
86.00
ADMINISTRATIVE EXPENSES
ADMIN PAYROLL EXPENSES
Salary/Wages
Temporary Admin Help
TOTAL ADMIN PAYROLL EXPENSES
399.91
4.18
19,216.44
269.63
0.00
(49.96)
50.00
(89.41)
(373.49)
64.98
(176.58)
500.00
80.14
78.63
14.83
0.00
(151.39)
100.00
(59.61)
(385.04)
13.34
(33.38)
100.00
93.19
399.91
4.18
19,216.44
269.63
0.00
(49.96)
50.00
(89.41)
(373.49)
64.98
(176.58)
500.00
80.14
78.63
14.83
0.00
(151.39)
100.00
(59.61)
(385.04)
13.34
(33.38)
100.00
93.19
114,804.00
ADMINISTRATIVE - OTHER
Property Management Fees
Data Management
Data Proc Equip.
Equipment Rental
Dues/Subscriptions
Office Supplies
Postage
Telephone
Cell Phones
Travel
General Office Expense
TOTAL ADMINISTRATIVE - OTHER
295,657.80
21,816.00
1,200.00
396.00
600.00
1,800.00
1,164.00
5,844.00
6,348.00
6,000.00
1,032.00
8,696.40
28,188.15
19,491.75
69.15
8,696.40
28,188.15
19,491.75
69.15
341,857.80
17,863.49
37,755.15
19,891.66
52.69
17,863.49
37,755.15
19,891.66
52.69
456,661.80
46,089.33
4,983.08
46,089.33
4,983.08
0.00
0.00
0.00
0.00
46,089.33
4,983.08
46,089.33
4,983.08
0.00
0.00
0.00
0.00
553,071.96
63,501.99
TOTAL TAXES AND INSURANCE
51,072.41
51,072.41
0.00
51,072.41
51,072.41
TOTAL OPERATING EXPENSES
252,239.16
259,819.50
7,580.34
2.92
252,239.16
259,819.50
NET OPERATING INCOME
380,752.83
402,915.50
(22,162.67)
(5.50)
380,752.83
402,915.50
149.80
0.00
0.00
0.00
(149.80)
0.00
0.00
0.00
149.80
0.00
0.00
0.00
(149.80)
0.00
TOTAL ADMINISTRATIVE EXPENSES

TAXES AND INSURANCE
Real Estate Taxes
Building Insurance
0.00
0.00
0.00
616,573.95
7,580.34
2.92
2,999,482.03
(22,162.67)
(5.50)
5,013,343.97
0.00
0.00
0.00
10,000.00
NON-PASSTHRU COSTS
TENANT RECOV/VACANT SPACE
Tenant Bill Backs
Tenant Relations
TOTAL TENANT RECOV/VACANT SPACE
149.80
0.00
(149.80)
0.00
149.80
0.00
(149.80)
0.00
10,000.00
OTHER NON-PASSTHRU EXPS

Bank Fees
Meals/Entertainment
Express Mail/Courier
TOTAL OTHER NON-PASSTHRU EXPS
263.59
0.00
204.09
0.00
250.00
96.00
(263.59)
250.00
(108.09)
0.00
100.00
(112.59)
263.59
0.00
204.09
0.00
250.00
96.00
(263.59)
250.00
(108.09)
0.00
100.00
(112.59)
0.00
3,000.00
1,152.00
467.68
346.00
(121.68)
(35.17)
467.68
346.00
(121.68)
(35.17)
4,152.00
336.60
0.00
0.00
0.00
(336.60)
0.00
0.00
0.00
336.60
0.00
0.00
0.00
(336.60)
0.00
0.00
0.00
1,000.00
28,000.00
OWNERS EXPENSES
PROFESSIONAL SERVICES
Prof Fees Other Non-Op
Accounting/Audit/Tax Service Non-Op
TOTAL PROFESSIONAL SERVICES
336.60
0.00
(336.60)
0.00
336.60
0.00
(336.60)
208,010.00
208,010.00
0.00
TOTAL DEBT COSTS
208,010.00
208,010.00
TOTAL OWNER EXPENSES
208,346.60
208,010.00
(336.60)
74,165.96
63,864.66
29,963.36
3,081.89
54,342.81
76,068.00
64,019.00
30,036.00
3,768.00
54,474.00
1,902.04
154.34
72.64
686.11
131.19
2.50
0.24
0.24
18.21
0.24
TOTAL DEPR AND AMORT EXPENSE
225,418.68
228,365.00
2,946.32
TOTAL NON-PASSTHRU COSTS
434,382.76
436,721.00
2,338.24
(53,629.93)
(33,805.50)
(17,181.37)
(483,030.30)
0.00
0.00
95,293.44
(21,127.48)
63,864.66
29,963.36
3,081.89
54,342.81
(2,470.34)
295.04
132,102.70
5,221.71
4,983.08
46,089.33
208,010.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
29,000.00
208,010.00
208,010.00
0.00
0.00
208,010.00
208,010.00
0.00
2,434,643.00
(0.16)
208,346.60
208,010.00
(336.60)
(0.16)
2,463,643.00
74,165.96
63,864.66
29,963.36
3,081.89
54,342.81
76,068.00
64,019.00
30,036.00
3,768.00
54,474.00
1,902.04
154.34
72.64
686.11
131.19
2.50
0.24
0.24
18.21
0.24
912,816.00
768,228.00
360,432.00
45,216.00
653,688.00
1.29
225,418.68
228,365.00
2,946.32
1.29
2,740,380.00
0.54
434,382.76
436,721.00
2,338.24
0.54
5,218,175.00
(19,824.43)
58.64
(53,629.93)
(33,805.50)
(19,824.43)
58.64
(204,831.03)
(17,181.37)
(483,030.30)
0.00
0.00
95,293.44
(21,127.48)
63,864.66
29,963.36
3,081.89
54,342.81
(2,470.34)
295.04
132,102.70
5,221.71
4,983.08
46,089.33
208,010.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(17,181.37)
(483,030.30)
0.00
0.00
95,293.44
(21,127.48)
63,864.66
29,963.36
3,081.89
54,342.81
(2,470.34)
295.04
132,102.70
5,221.71
4,983.08
46,089.33
208,010.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(17,181.37)
(483,030.30)
0.00
0.00
95,293.44
(21,127.48)
63,864.66
29,963.36
3,081.89
54,342.81
(2,470.34)
295.04
132,102.70
5,221.71
4,983.08
46,089.33
208,010.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(18,375.00)
(1,000,765.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
DEBT COSTS
Interest Expense
0.00
0.00
0.00
0.00
2,434,643.00
DEPR AND AMORT EXPENSE

Depreciation - Building
Depreciation - TI
Amortization - Lease Comm
Amortization - Capitalized Mortgage Cost
Amortization - In Place Leases
NET INCOME
ADJUSTMENTS
A/R - Other
Deferred Rent - GAAP S/L Adj.
Building Improvements
Tenant Improvements
AD - Building
AD - Building - FAS141
AD - Tenant Improvement
AA - Lease Commission - FAS141
AA - Capitalized Mortgage Costs
AA - In Place Leases
PPD Expenses
Accounts Payable
Accrued Expenses
Accrued Mgnt Fees
Accrued Insurance
Accrued RETax
Accrued Mortgage Interest
TOTAL ADJUSTMENTS
119,438.53
CASH FLOW
65,808.60
Beginning Cash
Ending Balance
375,254.77
310,683.62
0.00
(33,805.50)
119,438.53
99,614.10
0.00
(294.67)
119,438.53
65,808.60
0.00
(33,805.50)
119,438.53
99,614.10
0.00
(294.67)
(1,019,140.00)
(1,223,971.03)
Page 2
2/18/201110:41AM
AREP Westgate I LLC (nj0477)
Budget Comparison
Period = Jan 2011
Book = ,Accrual,GAAP
PTD Actual
50002-000
REVENUE
50010-000
50015-000
50040-000
50100-000
50110-000
50180-000
RENTAL INCOME
Base Rent Income
Rent Concession/Abatement
Opex/CAM - CY
Opex/CAM - RETax CY
GAAP S/L Rent Adjustment
50199-999
TOTAL RENTAL INCOME
55000-000
55030-000
PTD Budget
Variance
273,642.75
-143,100.00
10,164.80
8,162.07
483,030.30
561,790.00
-431,248.00
49,163.00
0.00
483,030.00
-288,147.25
288,148.00
-38,998.20
8,162.07
0.30
631,899.92
662,735.00
-30,835.08
OTHER INCOME
Interest Income Other
1,092.07
0.00
55099-999
TOTAL OTHER INCOME
1,092.07
0.00
59999-999
TOTAL REVENUE
632,991.99
60000-000
OPERATING EXPENSES
60005-000
60010-000
60015-000
60020-000
60025-000
CLEANING
Cleaning Cleaning Cleaning Cleaning -
60049-999
TOTAL CLEANING
60050-000
60055-000
60060-000
60065-000
60070-000
60075-000
60080-000
LANDSCAPING
Landscaping Landscaping Landscaping Landscaping Landscaping Landscaping -
60099-999
% Var
Variance Comments
YTD Budget
Variance
% Var
Variance Comments
561,790.00
-431,248.00
49,163.00
0.00
483,030.00
-288,147.25
288,148.00
-38,998.20
8,162.07
0.30
-4.65
631,899.92
662,735.00
-30,835.08
-4.65
8,012,826.00
1,092.07
N/A
1,092.07
0.00
1,092.07
N/A
0.00
1,092.07
N/A
1,092.07
0.00
1,092.07
N/A
0.00
662,735.00
-29,743.01
-4.49
632,991.99
662,735.00
-29,743.01
-4.49
8,012,826.00
19,938.00
2,680.06
0.00
3,699.00
19,938.00
3,500.00
0.00
3,699.00
0.00
819.94
0.00
0.00
0.00
23.43
N/A
0.00
19,938.00
2,680.06
0.00
3,699.00
19,938.00
3,500.00
0.00
3,699.00
0.00
819.94
0.00
0.00
0.00
23.43
N/A
0.00
239,256.00
42,000.00
8,800.00
44,388.00
26,317.06
27,137.00
819.94
3.02
26,317.06
27,137.00
819.94
3.02
334,444.00
7,115.50
0.00
466.67
0.00
0.00
0.00
7,335.00
0.00
446.67
600.00
0.00
0.00
219.50
0.00
-20.00
600.00
0.00
0.00
2.99
N/A
-4.48
100.00
N/A
N/A
7,115.50
0.00
466.67
0.00
0.00
0.00
7,335.00
0.00
446.67
600.00
0.00
0.00
219.50
0.00
-20.00
600.00
0.00
0.00
2.99
N/A
-4.48
100.00
N/A
N/A
88,020.00
3,032.00
5,360.04
7,200.00
2,866.00
8,500.00
TOTAL LANDSCAPING
7,582.17
8,381.67
799.50
9.54
7,582.17
8,381.67
799.50
9.54
114,978.04
60100-000
60105-000
60115-000
SECURITY
Security - Contract
Security - Building Operations Phones
5,443.37
55.53
5,468.00
130.00
24.63
74.47
0.45
57.28
5,443.37
55.53
5,468.00
130.00
24.63
74.47
0.45
57.28
54,801.00
1,560.00
60139-999
TOTAL SECURITY
5,498.90
5,598.00
99.10
1.77
5,498.90
5,598.00
99.10
1.77
56,361.00
60200-000
REPAIRS & MAINTENANCE
60205-000
60210-000
60225-000
R&M - PAYROLL & RELATED EXPS

Payroll
Uniforms
11,666.67
0.00
11,666.67
36.60
0.00
36.60
0.00
100.00
11,666.67
0.00
11,666.67
36.60
0.00
36.60
0.00
100.00
140,000.04
439.20
60399-999
TOTAL R&M - PAYROLL & RELATED EXPS
11,666.67
11,703.27
36.60
0.31
11,666.67
11,703.27
36.60
0.31
140,439.24
60500-000
60505-000
60545-000
ELEVATOR
Elevator - Contract
Elevator - Testing
1,144.53
0.00
0.00
0.00
-1,144.53
0.00
N/A
N/A
1,144.53
0.00
0.00
0.00
-1,144.53
0.00
N/A
N/A
16,736.00
2,208.00
60549-999
TOTAL ELEVATOR
1,144.53
0.00
-1,144.53
N/A
1,144.53
0.00
-1,144.53
N/A
18,944.00
60550-000
HVAC
5,781.00
6,650.88
781.00
5,000.00
-5,000.00
-1,650.88
Timing Var - This is due to incurring

-640.20 expenses that are budgeted in Feb.
-33.02
5,781.00
6,650.88
781.00
5,000.00
-5,000.00
-1,650.88
Timing Var - This is due to incurring

-640.20 expenses that are budgeted in Feb.
-33.02
29,280.00
66,680.00
12,431.88
5,781.00
-6,650.88
-115.05
12,431.88
5,781.00
-6,650.88
-115.05
95,960.00
60555-000
60580-000
60599-999
Contract
General Repairs
Plant Maint.
Supplies
Fountain Maintenance
Holiday Decorations
HVAC - Contract
HVAC - Repair
TOTAL HVAC
Page1of3
-51.29 Nets with 50040-000

66.82 Nets with 50010-000
-79.32 Budget includes amount for RETX
N/A
0.00
Annual
273,642.75
-143,100.00
10,164.80
8,162.07
483,030.30
Contract
Supplies
Windows
Day Porter
-51.29 Nets with 50040-000

66.82 Nets with 50010-000
-79.32 Budget includes amount for RETX
N/A
0.00
YTD Actual
6,741,480.00
-2,587,488.00
649,956.00
0.00
3,208,878.00
2/18/201110:41AM
Budget Comparison
Period = Jan 2011
PTD Actual
PTD Budget
Variance
60600-000
60610-000
60620-000
ELECTRICAL/GENERATOR
Electrical - Repair
Electrical - Supplies
60669-999
TOTAL ELECTRICAL/GENERATOR
60700-000
60705-000
STRUCTURAL/ROOF
Structural/Roof - Repair
60729-999
TOTAL STRUCTURAL/ROOF
60730-000
60735-000
PLUMBING
Plumbing - Repair
60749-999
TOTAL PLUMBING
60750-000
60755-000
60760-000
60770-000
FIRE/LIFE SAFETY
Fire/Life Safety - Contract
Fire/Life Safety - Repair
Fire/Life Safety - Testing
60779-999
TOTAL FIRE/LIFE SAFETY
60800-000
60810-000
60820-000
60825-000
60830-000
60860-000
60870-000
60895-000
R&M - OTHER
Common Area - Interior
Wood/Metal/Stone Refinish
Rubbish Removal
Exterminating
Painting
Supplies
Miscellaneous
60898-999
TOTAL R&M - OTHER
60899-999
TOTAL REPAIRS & MAINTENANCE
60900-000
60905-000
PARKING
Parking - R&M
0.00
0.00
0.00
60920-000
Snow Removal
38,357.90
30,000.00
60949-999
TOTAL PARKING
38,357.90
61000-000
61005-000
61010-000
61015-000
UTILITIES
Electric
Gas
Water
61099-999
TOTAL UTILITIES
62000-000
ADMINISTRATIVE EXPENSES
62005-000
62010-000
62020-000
% Var
Variance Comments
YTD Actual
YTD Budget
Variance
% Var
Variance Comments
Annual
854.40
606.69
667.00
350.00
-187.40
-256.69
-28.10
-73.34
854.40
606.69
667.00
350.00
-187.40
-256.69
-28.10
-73.34
14,304.00
5,878.00
1,461.09
1,017.00
-444.09
-43.67
1,461.09
1,017.00
-444.09
-43.67
20,182.00
375.00
0.00
-375.00
N/A
375.00
0.00
-375.00
N/A
2,750.00
375.00
0.00
-375.00
N/A
375.00
0.00
-375.00
N/A
2,750.00
0.00
500.00
500.00
100.00
0.00
500.00
500.00
100.00
6,000.00
0.00
500.00
500.00
100.00
0.00
500.00
500.00
100.00
6,000.00
318.33
0.00
0.00
1,092.00
0.00
0.00
773.67
0.00
0.00
70.85
N/A
N/A
318.33
0.00
0.00
1,092.00
0.00
0.00
773.67
0.00
0.00
70.85
N/A
N/A
4,024.00
3,000.00
1,200.00
318.33
1,092.00
773.67
70.85
318.33
1,092.00
773.67
70.85
8,224.00
0.00
0.00
2,700.00
1,065.48
0.00
10.58
0.00
1,667.00
0.00
2,700.00
898.00
0.00
167.00
0.00
1,667.00
0.00
0.00
-167.48
0.00
156.42
0.00
100.00
N/A
0.00
-18.65
N/A
93.66
N/A
0.00
0.00
2,700.00
1,065.48
0.00
10.58
0.00
1,667.00
0.00
2,700.00
898.00
0.00
167.00
0.00
1,667.00
0.00
0.00
-167.48
0.00
156.42
0.00
100.00
N/A
0.00
-18.65
N/A
93.66
N/A
20,004.00
2,000.00
32,400.00
11,864.00
22,792.00
2,004.00
3,500.00
3,776.06
5,432.00
1,655.94
30.48
3,776.06
5,432.00
1,655.94
30.48
94,564.00
31,173.56
25,525.27
-5,648.29
-22.13
31,173.56
25,525.27
-5,648.29
-22.13
387,063.24
N/A
Perm Var - Unfavorable variance is
-27.86 due to January blizzards
0.00
0.00
0.00
-8,357.90
38,357.90
30,000.00
-8,357.90
N/A
Perm Var - Unfavorable variance is
-27.86 due to January blizzards
30,000.00
-8,357.90
-27.86
38,357.90
30,000.00
-8,357.90
-27.86
167,000.00
50,000.00
17,500.00
6,873.67
50,000.00
17,500.00
6,850.00
0.00
0.00
-23.67
0.00
0.00
-0.35
50,000.00
17,500.00
6,873.67
50,000.00
17,500.00
6,850.00
0.00
0.00
-23.67
0.00
0.00
-0.35
675,000.00
109,200.00
82,200.00
74,373.67
74,350.00
-23.67
-0.03
74,373.67
74,350.00
-23.67
-0.03
866,400.00
ADMIN PAYROLL EXPENSES

Salary/Wages
Temporary Admin Help
9,167.09
0.00
9,167.00
400.00
-0.09
400.00
0.00
100.00
9,167.09
0.00
9,167.00
400.00
-0.09
400.00
0.00
100.00
110,004.00
4,800.00
62199-999
TOTAL ADMIN PAYROLL EXPENSES
9,167.09
9,567.00
399.91
4.18
9,167.09
9,567.00
399.91
4.18
114,804.00
63000-000
ADMINISTRATIVE - OTHER
63005-000
63021-000
63025-000
Property Management Fees

Data Management
Data Proc Equip.
5,221.71
1,548.37
0.00
24,438.15
1,818.00
0.00
19,216.44
269.63
0.00
Timing Var - Expense is based on

cash received. The Everest free
rent escrow for Jan was received in
Feb, and the management fee will
78.63 be charged on this amount in Feb.
14.83
N/A
Page2of3
5,221.71
1,548.37
0.00
24,438.15
1,818.00
0.00
19,216.44
269.63
0.00
Timing Var - Expense is based on

cash received. The Everest free rent
escrow for Jan was received in Feb,
and the management fee will be
78.63 charged on this amount in Feb.
14.83
N/A
80,000.00
87,000.00
295,657.80
21,816.00
1,200.00
2/18/201110:41AM
Budget Comparison
Period = Jan 2011
PTD Actual
63030-000
63035-000
63040-000
63045-000
63075-000
63080-000
63095-000
63130-000
Equipment Rental
Dues/Subscriptions
Office Supplies
Postage
Telephone
Cell Phones
Travel
General Office Expense
82.96
0.00
239.41
470.49
422.02
705.58
0.00
5.86
PTD Budget
33.00
50.00
150.00
97.00
487.00
529.00
500.00
86.00
Variance
-49.96
50.00
-89.41
-373.49
64.98
-176.58
500.00
80.14
% Var
Variance Comments
-151.39
100.00
-59.61
-385.04
13.34
-33.38
100.00
93.19
YTD Actual
82.96
0.00
239.41
470.49
422.02
705.58
0.00
5.86
YTD Budget
33.00
50.00
150.00
97.00
487.00
529.00
500.00
86.00
Variance
-49.96
50.00
-89.41
-373.49
64.98
-176.58
500.00
80.14
% Var
Variance Comments
-151.39
100.00
-59.61
-385.04
13.34
-33.38
100.00
93.19
Annual
396.00
600.00
1,800.00
1,164.00
5,844.00
6,348.00
6,000.00
1,032.00
63149-999
TOTAL ADMINISTRATIVE - OTHER
8,696.40
28,188.15
19,491.75
69.15
8,696.40
28,188.15
19,491.75
69.15
341,857.80
63199-999
TOTAL ADMINISTRATIVE EXPENSES
17,863.49
37,755.15
19,891.66
52.69
17,863.49
37,755.15
19,891.66
52.69
456,661.80
65000-000
65005-000
65045-000
TAXES AND INSURANCE

Real Estate Taxes
Building Insurance
46,089.33
4,983.08
46,089.33
4,983.08
0.00
0.00
0.00
0.00
46,089.33
4,983.08
46,089.33
4,983.08
0.00
0.00
0.00
0.00
553,071.96
63,501.99
65999-999
TOTAL TAXES AND INSURANCE
51,072.41
51,072.41
0.00
0.00
51,072.41
51,072.41
0.00
0.00
616,573.95
67999-999
TOTAL OPERATING EXPENSES
252,239.16
259,819.50
7,580.34
2.92
252,239.16
259,819.50
7,580.34
2.92
2,999,482.03
69999-999
NET OPERATING INCOME
380,752.83
402,915.50
-22,162.67
-5.50
380,752.83
402,915.50
-22,162.67
-5.50
5,013,343.97
70000-000
NON-PASSTHRU COSTS
70200-000
70240-000
70245-000
TENANT RECOV/VACANT SPACE

Tenant Bill Backs
Tenant Relations
149.80
0.00
0.00
0.00
-149.80
0.00
N/A
N/A
149.80
0.00
0.00
0.00
-149.80
0.00
N/A
N/A
0.00
10,000.00
70299-999
TOTAL TENANT RECOV/VACANT SPACE
149.80
0.00
-149.80
N/A
149.80
0.00
-149.80
N/A
10,000.00
70300-000
70315-000
70360-000
70375-000
OTHER NON-PASSTHRU EXPS

Bank Fees
Meals/Entertainment
Express Mail/Courier
263.59
0.00
204.09
0.00
250.00
96.00
-263.59
250.00
-108.09
N/A
100.00
-112.59
263.59
0.00
204.09
0.00
250.00
96.00
-263.59
250.00
-108.09
N/A
100.00
-112.59
0.00
3,000.00
1,152.00
70399-999
TOTAL OTHER NON-PASSTHRU EXPS
467.68
346.00
-121.68
-35.17
467.68
346.00
-121.68
-35.17
4,152.00
70400-000
OWNERS EXPENSES
70405-000
70420-000
70430-000
PROFESSIONAL SERVICES
Prof Fees Other Non-Op
Accounting/Audit/Tax Service Non-Op
336.60
0.00
0.00
0.00
-336.60
0.00
N/A
N/A
336.60
0.00
0.00
0.00
-336.60
0.00
N/A
N/A
1,000.00
28,000.00
70499-999
TOTAL PROFESSIONAL SERVICES
336.60
0.00
-336.60
N/A
336.60
0.00
-336.60
N/A
29,000.00
70600-000
70605-000
DEBT COSTS
Interest Expense
208,010.00
208,010.00
0.00
0.00
208,010.00
208,010.00
0.00
0.00
2,434,643.00
70699-999
TOTAL DEBT COSTS
208,010.00
208,010.00
0.00
0.00
208,010.00
208,010.00
0.00
0.00
2,434,643.00
70999-999
TOTAL OWNER EXPENSES
208,346.60
208,010.00
-336.60
-0.16
208,346.60
208,010.00
-336.60
-0.16
2,463,643.00
80000-000
80015-000
80045-000
80055-000
80095-000
80120-000
DEPR AND AMORT EXPENSE

Depreciation - Building
Depreciation - TI
Amortization - Lease Comm
Amortization - Capitalized Mortgage Cost
Amortization - In Place Leases
74,165.96
63,864.66
29,963.36
3,081.89
54,342.81
76,068.00
64,019.00
30,036.00
3,768.00
54,474.00
1,902.04
154.34
72.64
686.11
131.19
2.50
0.24
0.24
18.21
0.24
74,165.96
63,864.66
29,963.36
3,081.89
54,342.81
76,068.00
64,019.00
30,036.00
3,768.00
54,474.00
1,902.04
154.34
72.64
686.11
131.19
2.50
0.24
0.24
18.21
0.24
912,816.00
768,228.00
360,432.00
45,216.00
653,688.00
80149-999
TOTAL DEPR AND AMORT EXPENSE
225,418.68
228,365.00
2,946.32
1.29
225,418.68
228,365.00
2,946.32
1.29
2,740,380.00
96999-999
TOTAL NON-PASSTHRU COSTS
434,382.76
436,721.00
2,338.24
0.54
434,382.76
436,721.00
2,338.24
0.54
5,218,175.00
-53,629.93
-33,805.50
-19,824.43
-58.64
-53,629.93
-33,805.50
-19,824.43
-58.64
-204,831.03
99999-998
NET INCOME
Page3of3
BALANCE SHEET AS OF JANUARY 2011

ASSETS
CASH
OPERATING ACCOUNT
LOCKBOX ACCOUNT
UTILITY DEPOSIT
LENDER RESERVE
TOTAL CASH
ACCOUNTS RECEIVABLE
A/R OTHER
TOTAL RECEIVABLES
18,327
18,327
DEFERRED RENT
DEF RENT-GAAP S/L ADJ
TOTAL DEFERRED RENT
TOTAL PAYABLES
1,038
425,398
5,265,584
5,692,019
MORTGAGE PAYABLE 1
LOAN TERM DEBT
44,000,000
44,000,000
502,429
502,429
PREPAID INSURANCE
TOTAL PREPAIDS
2,470
2,470
TOTAL CURRENT ASSETS

LONG TERM ASSETS
ABOVE/BELOW MARKET LEASES
IN PLACE LEASES
LAND
BUILDING, NET
BUILDING IMPROVEMENTS, NET
TENANT IMPROVEMENTS, NET
LEASING COMMISSIONS, NET
LOAN COSTS,NET
CLOSING COST, NET
TOTAL LONG TERM ASSETS
TOTAL ASSETS
310,684
130,380
37,532
8,437,178
8,915,773
LIABILITIES
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE
ACCRUED EXPENSES
OUTSTANDING TI PAYABLE
9,438,999
TOTAL LIABILITIES
6,466,777
5,500,000
35,503,964
12,865,458
3,565,631
365,850
64,267,680
MEMBERS' EQUITY
OWNERS' EQUITY
ACP EQUITY
OWNERS' DISTRIBUTIONS
CURRENT YEAR EARNINGS
RETAINED EARNINGS
TOTAL EQUITY
73,706,680
TOTAL LIABILITIES & EQUITY
49,692,019
22,931,538
1,206,923
(53,630)
(70,171)
24,014,660
73,706,680
LENDER
LOAN BALANCE
as of January 2011
$44,000,000
UBS REAL ESTATE SECURTIES

INTEREST RATE FIXED
MONTH
RATE
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
6.81%
6.81%
6.81%
6.81%
6.81%
6.81%
6.81%
6.81%
6.81%
6.81%
6.81%
6.81%
Total
MONTHLY
INTEREST
208,010.00
$
DEBT SERVICE COVERAGE

Net Operating Income
Debt Service
Debt Service Coverage
208,010
$380,753
$
208,010
1.83
PRINCIPAL
AMORTIZATION
$
TOTAL
208,010
208,010
CAPITAL EXPENDITURES AS OF JANUARY 2011
M-T-D
Actual
Building Improvements
M-T-D
Budget
-
Variance
-
%
-
<1% U
Tenant Improvements
<1% U
Leasing Commissions
0
0
<1% U
0% U
TOTAL CAPITAL EXPENDITURES
BUILDING IMPROVEMENTS
N/A
TENANT IMPROVEMENTS
N/A
LEASING COMMISSIONS
N/A
Y-T-D
Actual
Y-T-D
Budget
-
0
$
Variance
<1% U
<1% U
<1% U
0% U

Page 1
General Ledger
January 2011
Books = Accrual, GAAP
Post
Property
Tran Date
Month
Ctrl
Lockbox Account - Wells Fargo
Refer
Payee/Description
Debit
Credit
Balance
Notes/Remarks
10110--000
0.00
nj0477
01/11
01/04/11
R-10491
1/4/11
Everest Reinsurance
60,034.50
nj0477
01/11
01/04/11
R-10499
1/4/11
Everest Reinsurance
70,508.25
nj0477
01/11
01/26/11
J-13087
sw-Ban
(sw)
== Beginning Balance ==
60,034.50
130,542.75
163.00
130,379.75 maint fee

130,379.75 == Ending Balance ==
NetChange=130,379.75
130,542.75
163.00
Friday, February 18, 2011
2/18/2011 11:08 AM
Expense Distribution (Paid Only)

Property=nj0477
mm/yy=01/2011 - 01/2011
Account Code - Name
Vendor Code - Name
Control
Property
Invoice #
Invoice
Date
Period
Amount
Check #
Check
Date
Remarks
14035000 - Due Diligence - Westgate Corp Ctr

fedex467 - Fedex
P-22297
nj0477
Total 14035000 - Due Diligence - Westgate Corp Ctr
7-294-37821
11/16/2010
01/2011
204.09 1010
204.09
1/6/2011 FEDEX COURIER
1/1/2011
1/1/2011
1/1/2011
01/2011
01/2011
01/2011
327.42 1033
347.75 1033
385.20 1033
1,060.37
12/13/2010
01/2011
55.53 1029
55.53
12/30/2010
12/30/2010
01/2011
01/2011
11,666.67 11011308
3,387.10 11011307
15,053.77
1/1/2011
01/2011
3,433.61 1035
3,433.61
12/28/2010
01/2011
32.82 1027
32.82
1/7/2011
01/2011
854.40 1038
854.40
1/25/2011 REPLACE LAMPS w/ lift
12/29/2010
01/2011
606.69 1031
606.69
1/25/2011 12/29 light bulbs
1/7/2011
01/2011
375.00 1037
375.00
1/25/2011 12/30 roof rprs
412012
12/27/2010
01/2011
318.33 1012
318.33
1/11/2011 QRTLY STANDPIPE/SPRINKLER INSP
nj0477
nj0477
nj0477
625720
626829
628908
12/13/2010
12/27/2010
1/4/2011
01/2011
01/2011
01/2011
271.89 1011
77.04 1030
77.04 1030
425.97
1/11/2011 1st QRTLY SERVICE

1/25/2011 12/27 ext pest control
1/25/2011 1/11 exterior pest control
nj0477
K43697
12/23/2010
01/2011
10.58 1031
10.58
nj0477
nj0477
1394960
1394765
12/31/2010
1/8/2011
01/2011
01/2011
21,678.20 1032
6,437.12 1032
28,115.32
nj0477
1127-122810-3282
12/31/2010
01/2011
23.67 1013
23.67
PRJAN2011 WTG
PRDEC2010 WTG
12/30/2010
12/30/2010
01/2011
01/2011
9,167.00 11011308
2,661.38 11011307
11,828.38
507611045
QU317248
DD-JAN2011 WTG
1/6/2011
1/11/2011
1/20/2011
01/2011
01/2011
01/2011
2.52 1059
1,545.85 1017
379.41 11012801
1,927.78
60105000 - Security - Contract

essengin - ESS LLC
P-22776
essengin - ESS LLC
P-22777
essengin - ESS LLC
P-22794
Total 60105000 - Security - Contract
nj0477
nj0477
nj0477
SRVC0006029
SRVC0006030
SRVC0006031
1/25/2011 Elev phone monitoring

1/25/2011 Fire detection
1/25/2011 HVAC Monitoring
60115000 - Security - Building Operations Phones

veriz833 - Verizon
P-22838
nj0477
1213-011211-294Y
Total 60115000 - Security - Building Operations Phones
1/24/2011 12/13-1/12 #908-580-0636
60210000 - Payroll
arepnewj - Amer. Real Estate Ptnrs Mgmt
P-22320
NJ, LLC nj0477
P-22321
NJ, LLC nj0477
Total 60210000 - Payroll
PRJAN2011 WTG
PRDEC2010 WTG
1/13/2011 1/11 PAYROLL

1/13/2011 12/10 PAYROLL
60505000 - Elevator - Contract

libertye - Liberty Elevator CorporationP-22793
Total 60505000 - Elevator - Contract
nj0477
122906
nj0477
1228-012711-677Y
nj0477
48672
nj0477
332520
1/25/2011 1/1-3/31/11 elev contract
60555000 - HVAC - Contract

veriz833 - Verizon
P-22836
Total 60555000 - HVAC - Contract
1/24/2011 12/28-1/27 #908-647-3281 DSL
60610000 - Electrical - Repair

visionel - Vision Electrical ContractorsP-22415
Inc
Total 60610000 - Electrical - Repair
60620000 - Electrical - Supplies

denville - Denville Hardware & Paint P-22779
Co. Inc
Total 60620000 - Electrical - Supplies
60705000 - Structural/Roof - Repair

roofcoin - Roofco Inc
P-22798
nj0477
Total 60705000 - Structural/Roof - Repair
6680
60755000 - Fire/Life Safety - Contract

kistlero - Kistler O'Brien Fire Protection
P-22418
nj0477
Total 60755000 - Fire/Life Safety - Contract
60830000 - Exterminating
cooperpe - Cooper Pest Solutions, Inc.
P-22397
P-22775
P-22774
Total 60830000 - Exterminating
60870000 - Supplies
denville - Denville Hardware & Paint P-22780
Co. Inc
Total 60870000 - Supplies
1/25/2011 PLUMBERS WRENCH
60920000 - Snow Removal

dubrowss - DuBrow's Nurseries, Inc.P-22842
dubrowss - DuBrow's Nurseries, Inc.P-22834
Total 60920000 - Snow Removal
1/25/2011 SNOW REMOVAL 12/28-12/31

1/25/2011 1/3-1/8 snow removal
61015000 - Water
newjamer - New Jersey American Water
P-22432
Total 61015000 - Water
1/11/2011 11/27-12/28 #18-0961328-2
62010000 - Salary/Wages
P-22320
NJ, LLC nj0477
P-22321
NJ, LLC nj0477
Total 62010000 - Salary/Wages
1/13/2011 1/11 PAYROLL

1/13/2011 12/10 PAYROLL
63025000 - Data Proc Equip.

ricohame - Ricoh Americas Corporation
P-22768
nj0477
argussof - ARGUS Software
P-22772
nj0477
arepmgmt - American Real Estate Partners
P-22966
Management
nj0477
Total 63025000 - Data Proc Equip.
2/2/2011 EQUIPMENT RENTAL

1/19/2011 PROPERTY BUDGET
1/28/2011 CDW VQS5200 (printer)
63030000 - Equipment Rental

pitneybo - Pitney Bowes Inc
P-22773
Total 63030000 - Equipment Rental
nj0477
395752
1/3/2011
01/2011
82.96 1036
82.96
1/25/2011 2/1-4/30 MAILSTATION METER
nj0477
SYB958-000
1/4/2011
01/2011
78.59 1039
78.59
1/25/2011 1/14 office supplies
63035000 - Dues/Subscriptions
wbmasonc - W.B. Mason Co
P-22781
Total 63035000 - Dues/Subscriptions
Page 1
2/18/2011 11:08 AM
Expense Distribution (Paid Only)

Property=nj0477
mm/yy=01/2011 - 01/2011
Account Code - Name
Vendor Code - Name
Control
Property
Invoice #
Invoice
Date
Period
Amount
Check #
Check
Date
Remarks
63040000 - Office Supplies

safegubu - Safeguard Business Systems
P-22540
filtcoff - Filterfresh Coffee Corp
P-22539
Total 63040000 - Office Supplies
nj0477
nj0477
26557549
55447912
12/9/2010
12/13/2010
01/2011
01/2011
17.38 1022
2.88 1023
20.26
1/19/2011 CHECK STOCK

1/19/2011 KEURIP MACHINE MAINTENANCE
P-22445
P-22533
P-22339
P-22543
P-22519
P-22766
P-22766
P-22766
nj0477
nj0477
nj0477
nj0477
nj0477
nj0477
nj0477
nj0477
7-323-86679
7-341-27083
00L0427673280
27430-S
7-348-20534
7-354-14001
7-354-14001
7-354-14001
12/13/2010
12/28/2010
12/29/2010
1/1/2011
1/4/2011
1/10/2011
1/10/2011
1/10/2011
01/2011
01/2011
01/2011
01/2011
01/2011
01/2011
01/2011
01/2011
38.94
130.42
8.49
132.07
211.11
3.34
(3.34)
3.34
524.37
veriz833 - Verizon
P-22837
broadvie - Broadview Networks Inc P-22108
veriz833 - Verizon
P-22835
Total 63075000 - Telephone
nj0477
nj0477
nj0477
1213-011211-101Y
13477250
1228-012711-428Y
12/13/2010
12/18/2010
12/28/2010
01/2011
01/2011
01/2011
198.10 1028
112.37 1009
78.73 1026
389.20
1/24/2011 12/13-1/12 #908-580-0023

1/5/2011 11/18-12/17 #703 435 AAAD
1/24/2011 12/28-1/27 #908-647-2357 ATM
nj0477
6524228936
1/6/2011
01/2011
352.79 1021
352.79
1/19/2011 12/7-1/6 #621606239-00001
nj0477
45344
1/6/2011
01/2011
5.86 1058
5.86
hanovers - Hanover Sewer Drain Clearing

P-22827
Service LLC
nj0477
Total 70240000 - Tenant Bill Backs
31871
1/4/2011
01/2011
149.80 1034
149.80
1/25/2011 1/4 Everest cleared drains
7-333-13141
7-354-14001
7-354-14001
7-354-14001
DD-JAN2011 WTG
DD-JAN2011 WTG
12/21/2010
1/10/2011
1/10/2011
1/10/2011
1/20/2011
1/20/2011
01/2011
01/2011
01/2011
01/2011
01/2011
01/2011
19.25
67.43
(67.43)
67.43
32.17
18.36
137.21
1/19/2011
1/19/2011
1/19/2011
1/19/2011
1/28/2011
1/28/2011
6502803-RI
6509082-RI
12/27/2010
12/29/2010
01/2011
01/2011
168.30 1015
168.30 1015
336.60
1/18/2011 122710-122611 DERepresentation

1/18/2011 AREP Westgate LLC
DD-JAN2011 WTG
1/20/2011
01/2011
105.00 11012801
105.00
1/28/2011 TCN #271519 (empl. drug test)
DD-JAN2011 WTG
DD-JAN2011 WTG
DD-JAN2011 WTG
1/20/2011
1/20/2011
1/20/2011
01/2011
01/2011
01/2011
164.74 11012801
164.74 11012801
164.74 11012801
494.22
1/28/2011 Filing fee AREP Westgate LLC

1/28/2011 Filing fee AREP Westgate I
1/28/2011 Filing fee AREP Westgate II
63045000 - Postage
fedex489 - Fedex
fedex467 - Fedex
deerpapa - Deer Park
gueroffi - Guernsey Office Products
fedex467 - Fedex
fedex489 - Fedex
fedex489 - Fedex
fedex489 - Fedex
Total 63045000 - Postage
1016
1018
1014
1020
1018
1019
1019
1025
1/18/2011
1/19/2011
1/13/2011
1/19/2011
1/19/2011
1/19/2011
1/19/2011
1/19/2011
FEDEX COURIER
FEDEX COURIER
OFFICE SUPPLIES
OFFICE SUPPLIES
FEDEX COURIER
FEDEX COURIER
FEDEX COURIER
FEDEX COURIER
63075000 - Telephone
63080000 - Cell Phones

veriz239 - Verizon Wireless
P-22769
Total 63080000 - Cell Phones
63130000 - General Office Expense

guarante - Guarantee Records Management
P-22596Inc
Total 63130000 - General Office Expense
2/2/2011 1/11 ARCHIVE STORAGE
70240000 - Tenant Bill Backs
70375000 - Express Mail/Courier

fedex467 - Fedex
P-22537
nj0477
fedex489 - Fedex
P-22766
nj0477
fedex489 - Fedex
P-22766
nj0477
fedex489 - Fedex
P-22766
nj0477
P-22966
Management
nj0477
P-22966
Management
nj0477
Total 70375000 - Express Mail/Courier
1018
1019
1019
1025
11012801
11012801
FEDEX COURIER
FEDEX COURIER
FEDEX COURIER
FEDEX COURIER
Reimb Fed Ex 7-302-33781
Reimb Fed Ex 7-278-39348
70420000 - Prof Fees Other Non-Op

ctcorpor - CT Corporation System P-22451
nj0477
ctcorpor - CT Corporation System P-22452
nj0477
Total 70420000 - Prof Fees Other Non-Op
70435000 - Professional Services Non-Op

P-22966
Management
nj0477
Total 70435000 - Professional Services Non-Op
70510000 - Filing Fees

P-22966
Management
nj0477
P-22966
Management
nj0477
P-22966
Management
nj0477
Total 70510000 - Filing Fees
Grand Total
67,003.17
Page 2

Westgate January 2011 Management Report

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Westgate January 2011 Management Report

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WESTGATE CORPORATE CENTER I

MONTHLY MANAGEMENT REPORT JANUARY 2011

WESTGATE CORPORATE CENTER I

WESTGATE CORPORATE CENTER I

Other Financial Information:

Cash per Balance Sheet:

UBS Real Estate Securities

WESTGATE CORPORATE CENTER I

EXECUTIVE SUMMARY- LEASING AND SIGNIFICANT ISSUES

Rent Roll - Lease Charges

Thursday, February 17, 2011

Rent Roll - Lease Charges

Summary of Charges by Charge Code

Total Per Sqft

Thursday, February 17, 2011

Westgate Corporate Center I

Totals for Westgate Corp Ctr I

Budget Comparison Cash Flow (Accrual,GAAP)

TOTAL RENTAL INCOME

TOTAL OTHER INCOME

REPAIRS & MAINTENANCE

TOTAL R&M - PAYROLL & RELATED EXPS

TOTAL FIRE/LIFE SAFETY

TOTAL R&M - OTHER

Budget Comparison Cash Flow (Accrual,GAAP)

TOTAL ADMIN PAYROLL EXPENSES

TOTAL ADMINISTRATIVE - OTHER

TOTAL TAXES AND INSURANCE

TOTAL OPERATING EXPENSES

NET OPERATING INCOME

TOTAL ADMINISTRATIVE EXPENSES

TOTAL TENANT RECOV/VACANT SPACE

OTHER NON-PASSTHRU EXPS

TOTAL OTHER NON-PASSTHRU EXPS

TOTAL PROFESSIONAL SERVICES

TOTAL DEBT COSTS

TOTAL OWNER EXPENSES

TOTAL DEPR AND AMORT EXPENSE

TOTAL NON-PASSTHRU COSTS

DEPR AND AMORT EXPENSE

TOTAL RENTAL INCOME

TOTAL OTHER INCOME

REPAIRS & MAINTENANCE

R&M - PAYROLL & RELATED EXPS

TOTAL R&M - PAYROLL & RELATED EXPS

Timing Var - This is due to incurring

Timing Var - This is due to incurring

-51.29 Nets with 50040-000

-51.29 Nets with 50040-000

TOTAL FIRE/LIFE SAFETY

TOTAL R&M - OTHER

TOTAL REPAIRS & MAINTENANCE

ADMIN PAYROLL EXPENSES

TOTAL ADMIN PAYROLL EXPENSES

Property Management Fees

Timing Var - Expense is based on

Timing Var - Expense is based on

TOTAL ADMINISTRATIVE - OTHER

TOTAL ADMINISTRATIVE EXPENSES

TAXES AND INSURANCE

TOTAL TAXES AND INSURANCE

TOTAL OPERATING EXPENSES