Sent · Dec 10, 2001, 10:21 PM

FW:

FromAllen <phillip.allen@enron.com>

To'' <pallen70@hotmail.com>

Attachments

Proforma.Sutters Mill.xls

attachment

Proforma.Sage Crossing.xls

attachment

Proforma.Waters At Bluff Springs.xls

attachment

Proforma.South Park.xls

attachment

 -----Original Message-----

From:   "Greg Thorse" <gthorse@about-cis.com < mailto:gthorse@about-cis.com >>@ENRON 

Sent:   Monday, December 10, 2001 10:25 AM

To:     Allen, Phillip K.

Subject:        

Phillip;

These are just what I started with.  I have not really fully looked at each

spreadsheet for error in logic or other.

I notice the primary difference between the existing projects and new

projects is that on an existing project you have to had value to be able to

increase the cash flow to be able to finance out of them to be able to

achieve a decent IRR. Thus you have to pay as little as possible, increase

the cash flow (i.e.-renovations), to compete with the quality of new

construction.  And no I am not making numbers up nor am I sold on new

construction strictly.  I just am working on the best look as possible.

I look forward to discussing this further.

Sincerely,

Greg Thorse

 - Proforma.Sutters Mill.xls

 - Proforma.Sage Crossing.xls

 - Proforma.Waters At Bluff Springs.xls

 - Proforma.South Park.xls

 - Proforma.Sunrise Canyon.xls

 - Proforma.SeaBreeze.xls

 - Proforma.Harvard Place.xls