TARRAGON CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - February 12, 2010

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EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEW JERSEY


 
In re:  Tarragon Corporation
Case No. 09-10555 (DHS)
   
Reporting Period:  12/1/09 through 12/31/09
     

MONTHLY OPERATING REPORT

File with Court and submit copy to United States Trustee within 20 days after end of month

Submit copy of report to any official committee appointed in the case.


In preparing this monthly operating report, the Company has relied upon unaudited financial information and other analyses prepared by its accounting department.  The information and other data contained herein is deemed to be materially accurate, and is subject to certain timing and reclassification adjustments as more information becomes available.
 
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 
/s/ Stephanie Buffington
  
Date:  January 28, 2010
 
Signature of Authorized Individual
    
       
 
Stephanie Buffington
  
Director of Financial Reporting, Tarragon Corporation
 
Printed Name of Authorized Individual
  
Title of Authorized Individual


______________
1Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

 
- 1 -
 

TARRAGON CORPORATION
CONSOLIDATING BALANCE SHEET
December 31, 2009

Unaudited – For Internal Use Only

   
Tarragon
Corporation
    
Tarragon
Management
Inc
    
Tarragon South
Development
Corporation
    
Tarragon
Development
Corporation
    
Tarragon
Development
Company
LLC
  
ASSETS
                              
REAL ESTATE INVENTORY
   $ -     $ -     $ -     $ -     $ -  
                                         
LAND
     -                                  
BUILDING IMPROVEMENTS
     -                                  
LESS:  ACCUMULATED DEPRECIATION
     -                                  
                                         
NET RENTAL REAL ESTATE
     -       -       -       -       -  
                                         
CASH AND CASH EQUIVALENTS
     3,140,919                                  
RESTRICTED CASH
     259,385                                  
GOODWILL
     1,222,893       1,469,450                          
ACCOUNTS RECEIVABLE BASE RENT
     -                                  
MISCELLANEOUS ACCOUNTS RECEIVABLE
     2,357,180       15,403                          
DUE FROM AFFILIATE
     471,233,987                                  
PREPAID EXPENSES
     1,573,364                                  
DEPOSITS AND OTHER ASSETS
     2,941,774       -                          
INVESTMENTS IN SUBSIDIARIES
     (281,339,192 )             (80,780,660 )     (86,175,568 )     (37,895,208 )
DEFERRED TAX ASSET
     1,275,812                                  
DEFERRED FINANCING EXPENSES
     3,471,077                                  
                                         
TOTAL ASSETS
   $ 206,137,199     $ 1,484,853     $ (80,780,660 )   $ (86,175,568 )   $ (37,895,208 )
                                         
LIABILITIES AND SHAREHOLDERS'  DEFICIT
                                        
LIABILITIES:
                                        
MORTGAGE NOTES PAYABLE
   $ 175,346,993     $ -     $ -     $ -     $ -  
ACCRUED INTEREST
     9,568,421                                  
ACCRUED PROPERTY TAXES
     -                                  
ACCOUNTS PAYABLE TRADE
     2,268,699                                  
DUE TO AFFILIATE
     359,538,263                                  
ACCOUNTS PAYABLE AND OTHER LIABILITIES
     21,052,726       77,485                          
TENANT SECURITY DEPOSITS
     -                                  
                                         
TOTAL LIABILITIES
     567,775,102       77,485       -       -       -  
                                         
MINORITY INTEREST
     -                                  
                                         
SHAREHOLDERS'  DEFICIT
     (361,637,903 )     1,407,368       (80,780,660 )     (86,175,568 )     (37,895,208 )
                                         
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
   $ 206,137,199     $ 1,484,853     $ (80,780,660 )   $ (86,175,568 )   $ (37,895,208 )
                                         
    $ (282,892,536 )  
RE of consolidated subs
                  
      1,553,344    
Investment in Keane Stud
                  
    $ (281,339,192 )                    

 
- 2 -
 

TARRAGON CORPORATION
CONSOLIDATING BALANCE SHEET
December 31, 2009
(Continued)
Unaudited – For Internal Use Only

   
Block 88
Development,
LLC
    
Charleston
Tarragon
Manager, LLC
    
MSCP, Inc.
    
Tarragon
Stratford, Inc.
    
TDC Hanover
Holdings,
LLC
  
ASSETS
                              
REAL ESTATE INVENTORY
   $ -     $ -     $ -     $ -     $ -  
                                         
LAND
                                        
BUILDING IMPROVEMENTS
                                        
LESS:  ACCUMULATED DEPRECIATION
                                        
                                         
NET RENTAL REAL ESTATE
     -       -       -       -       -  
                                         
CASH AND CASH EQUIVALENTS
                                        
RESTRICTED CASH
                                        
GOODWILL
                                        
ACCOUNTS RECEIVABLE BASE RENT
                                        
MISCELLANEOUS ACCOUNTS RECEIVABLE
                                        
DUE FROM AFFILIATE
                                        
PREPAID EXPENSES
                                        
DEPOSITS AND OTHER ASSETS
                                        
INVESTMENTS IN SUBSIDIARIES
     (1,200,269 )     14,764       (3,237 )     (320,444 )     (18,302,981 )
DEFERRED TAX ASSET
                                        
DEFERRED FINANCING EXPENSES
                                        
                                         
TOTAL ASSETS
   $ (1,200,269 )   $ 14,764     $ (3,237 )   $ (320,444 )   $ (18,302,981 )
                                         
LIABILITIES AND SHAREHOLDERS' DEFICIT
                                        
LIABILITIES:
                                        
MORTGAGE NOTES PAYABLE
   $ -     $ -     $ -     $ -     $ -  
ACCRUED INTEREST
                                        
ACCRUED PROPERTY TAXES
                                        
ACCOUNTS PAYABLE TRADE
                                        
DUE TO AFFILIATE
                                        
ACCOUNTS PAYABLE AND OTHER LIABILITIES
                                        
TENANT SECURITY DEPOSITS
                                        
                                         
TOTAL LIABILITIES
     -       -       -       -       -  
                                         
MINORITY INTEREST
                                        
                                         
SHAREHOLDERS'  DEFICIT
     (1,200,269 )     14,764       (3,237 )     (320,444 )     (18,302,981 )
                                         
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
   $ (1,200,269 )   $ 14,764     $ (3,237 )   $ (320,444 )   $ (18,302,981 )

 
- 3 -
 

TARRAGON CORPORATION
CONSOLIDATING BALANCE SHEET
December 31, 2009
(Continued)
Unaudited – For Internal Use Only

   
Omni
Equities
Corporation
    
Fenwick
Plantation
Tarragon, LLC
    
Orion
Towers
Tarragon LLP
    
Bermuda
Island
Tarragon LLC
    
The Park
Development
East, LLC
  
ASSETS
                              
REAL ESTATE INVENTORY
   $ -     $ -     $ 5,521,309     $ -     $ 3,209,352  
                                         
LAND
             -       -       10,009,124       -  
BUILDING IMPROVEMENTS
             -       -       21,521,233       -  
LESS:  ACCUMULATED DEPRECIATION
             -       -       (2,539,627 )     -  
                                         
NET RENTAL REAL ESTATE
     -       -       -       28,990,730       -  
                                         
CASH AND CASH EQUIVALENTS
             -       -       209,287       -  
RESTRICTED CASH
             -       -       111,661       -  
GOODWILL
             -       -       -       -  
ACCOUNTS RECEIVABLE BASE RENT
             -       -       11,472       -  
MISCELLANEOUS ACCOUNTS RECEIVABLE
             -       -       -       -  
DUE FROM AFFILIATE
             1,552,864       -       -       -  
PREPAID EXPENSES
             -       271       89,904       269  
DEPOSITS AND OTHER ASSETS
             -       -       31,598       -  
INVESTMENTS IN SUBSIDIARIES
     17,270       -       -       -       -  
DEFERRED TAX ASSET
             -       -       -       -  
DEFERRED FINANCING EXPENSES
             -       -       -       -  
                                         
TOTAL ASSETS
   $ 17,270     $ 1,552,864     $ 5,521,580     $ 29,444,651     $ 3,209,621  
                                         
LIABILITIES AND SHAREHOLDERS' DEFICIT
                                        
LIABILITIES:
                                        
MORTGAGE NOTES PAYABLE
   $ -     $ -     $ 7,690,400     $ 41,458,495     $ 3,600,000  
ACCRUED INTEREST
             -       850,067       925,248       400,675  
ACCRUED PROPERTY TAXES
             1,869       116,848       1,718       221,348  
ACCOUNTS PAYABLE TRADE
             4,610       45,674       209,400       -  
DUE TO AFFILIATE
             -       37,919,823       3,663,476       9,438,249  
ACCOUNTS PAYABLE AND OTHER LIABILITIES
             70,000       2,944,852       1,231,558       146,626  
TENANT SECURITY DEPOSITS
             -       -       74,366       -  
                                         
TOTAL LIABILITIES
     -       76,480       49,567,664       47,564,261       13,806,897  
                                         
MINORITY INTEREST
             -       -       -       -  
                                         
SHAREHOLDERS'  DEFICIT
     17,270       1,476,384       (44,046,083 )     (18,119,609 )     (10,597,276 )
                                         
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
   $ 17,270     $ 1,552,864     $ 5,521,580     $ 29,444,651     $ 3,209,621  

 
- 4 -
 

TARRAGON CORPORATION
CONSOLIDATING BALANCE SHEET
December 31, 2009
(Continued)
Unaudited – For Internal Use Only

   
The Park
Development
West, LLC
    
One Las
Olas, Ltd.
    
900 Monroe
Development,
LLC
    
Central
Square
Tarragon LLC
    
Tarragon
Edgewater
Associates,
LLC
  
ASSETS
                              
REAL ESTATE INVENTORY
   $ -     $ 1,980,793     $ 4,624,733     $ 7,770,202     $ 258,610  
                                         
LAND
     -       -       -       -       -  
BUILDING IMPROVEMENTS
     -       -       -       -       -  
LESS:  ACCUMULATED DEPRECIATION
     -       -       -       -       -  
                                         
NET RENTAL REAL ESTATE
     -       -       -       -       -  
                                         
CASH AND CASH EQUIVALENTS
     -       75       -       75       -  
RESTRICTED CASH
     -       44,296       -       -       -  
GOODWILL
     -       -       -       -       -  
ACCOUNTS RECEIVABLE BASE RENT
     -       -       -       -       -  
MISCELLANEOUS ACCOUNTS RECEIVABLE
     -       -       -       -       -  
DUE FROM AFFILIATE
     -       565,300       -       -       8,899,478  
PREPAID EXPENSES
     -       100,249       270       294       -  
DEPOSITS AND OTHER ASSETS
     -       1,121       36       4,943       35  
INVESTMENTS IN SUBSIDIARIES
     -       -       -       -       -  
DEFERRED TAX ASSET
     -       -       -       -       -  
DEFERRED FINANCING EXPENSES
     -       -       -       -       -  
                                         
TOTAL ASSETS
   $ -     $ 2,691,833     $ 4,625,038     $ 7,775,514     $ 9,158,123  
                                         
LIABILITIES AND SHAREHOLDERS' DEFICIT
                                        
LIABILITIES:
                                        
MORTGAGE NOTES PAYABLE
   $ -     $ -     $ 3,900,000     $ 8,970,000     $ -  
ACCRUED INTEREST
     -       -       432,771       2,300,573       -  
ACCRUED PROPERTY TAXES
     -       274,659       62,399       461,111       187,533  
ACCOUNTS PAYABLE TRADE
     95,473       17,683       9,166       4,875       10,679  
DUE TO AFFILIATE
     41,153,596       -       6,328,673       12,755,792       -  
ACCOUNTS PAYABLE AND OTHER LIABILITIES
     678,626       672,517       353,844       34,297       605,680  
TENANT SECURITY DEPOSITS
     -       -       -       -       -  
                                         
TOTAL LIABILITIES
     41,927,696       964,859       11,086,853       24,526,648       803,893  
                                         
MINORITY INTEREST
     -       -       -       -       -  
                                         
SHAREHOLDERS'  DEFICIT
     (41,927,696 )     1,726,973       (6,461,815 )     (16,751,135 )     8,354,231  
                                         
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
   $ -     $ 2,691,833     $ 4,625,038     $ 7,775,514     $ 9,158,123  

 
- 5 -
 

TARRAGON CORPORATION
CONSOLIDATING BALANCE SHEET
December 31, 2009
(Continued)
Unaudited – For Internal Use Only

   
Orlando
Central Park
Tarragon,
L.L.C.
    
800 Madison
Street Urban
Renewal, LLC
    
Murfreesboro
Gateway
Properties,
LLC
    
Tarragon
Stonecrest
LLC
    
Vista Lakes
Tarragon,
LLC
  
ASSETS
                              
REAL ESTATE INVENTORY
   $ -     $ 79,030,914     $ -     $ -     $ -  
                                         
LAND
     -       -       -       -       -  
BUILDING IMPROVEMENTS
     -       -       -       -       -  
LESS:  ACCUMULATED DEPRECIATION
     -       -       -       -       -  
                                         
NET RENTAL REAL ESTATE
     -       -       -       -       -  
                                         
CASH AND CASH EQUIVALENTS
     -       156,597       -       -       -  
RESTRICTED CASH
     -       288,705       -       -       -  
GOODWILL
     -       -       -       -       -  
ACCOUNTS RECEIVABLE BASE RENT
     -       259       -       -       -  
MISCELLANEOUS ACCOUNTS RECEIVABLE
     -       -       -       -       -  
DUE FROM AFFILIATE
     -       -       -       -       27,177,671  
PREPAID EXPENSES
     -       53,923       3,604       -       -  
DEPOSITS AND OTHER ASSETS
     -       9,248       29,154       -       -  
INVESTMENTS IN SUBSIDIARIES
     -       -       -       -       -  
DEFERRED TAX ASSET
     -       -       -       -       -  
DEFERRED FINANCING EXPENSES
     -       75,000       -       -       -  
                                         
TOTAL ASSETS
   $ -     $ 79,614,645     $ 32,759     $ -     $ 27,177,671  
                                         
LIABILITIES AND SHAREHOLDERS' DEFICIT
                                        
LIABILITIES:
                                        
MORTGAGE NOTES PAYABLE
   $ 1,105,918     $ 71,311,452     $ -     $ -     $ -  
ACCRUED INTEREST
     386,289       103,069       -       -       -  
ACCRUED PROPERTY TAXES
     -       470,907       -       -       -  
ACCOUNTS PAYABLE TRADE
     38,481       512,336       86,986       124,297       -  
DUE TO AFFILIATE
     2,596,630       7,144,712       7,828,463       5,044,502       -  
ACCOUNTS PAYABLE AND OTHER LIABILITIES
     410,078       1,062,766       92,172       161,297       -  
TENANT SECURITY DEPOSITS
     -       209,672       -       -       -  
                                         
TOTAL LIABILITIES
     4,537,396       80,814,914       8,007,621       5,330,095       -  
                                         
MINORITY INTEREST
     -       -       -       -       -  
                                         
SHAREHOLDERS'  DEFICIT
     (4,537,396 )     (1,200,269 )     (7,974,862 )     (5,330,095 )     27,177,671  
                                         
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
   $ -     $ 79,614,645     $ 32,759     $ -     $ 27,177,671  


 
- 6 -
 

TARRAGON CORPORATION
CONSOLIDATING BALANCE SHEET
December 31, 2009
(Continued)
Unaudited – For Internal Use Only

   
Non Filing
Entities
Combined
    
Eliminations
    
Total
  
ASSETS
                  
REAL ESTATE INVENTORY
   $ 26,390,241     $ 6,077,031     $ 134,863,184  
                         
LAND
     69,592,579       -       79,601,703  
BUILDING IMPROVEMENTS
     427,376,377       -       448,897,610  
LESS:  ACCUMULATED DEPRECIATION
     (126,589,801 )     -       (129,129,428 )
                         
NET RENTAL REAL ESTATE
     370,379,155       -       399,369,885  
                         
CASH AND CASH EQUIVALENTS
     589,399       -       4,096,352  
RESTRICTED CASH
     11,781,114       -       12,485,161  
GOODWILL
     -       -       2,692,343  
ACCOUNTS RECEIVABLE BASE RENT
     272,785       -       284,516  
MISCELLANEOUS ACCOUNTS RECEIVABLE
     136,840       (15,403 )     2,494,020  
DUE FROM AFFILIATE
     117,440,265       (626,869,565 )     -  
PREPAID EXPENSES
     1,072,414       -       2,894,561  
DEPOSITS AND OTHER ASSETS
     652,250       -       3,670,158  
INVESTMENTS IN SUBSIDIARIES
     -       507,538,869       1,553,344  
DEFERRED TAX ASSET
     -       -       1,275,812  
DEFERRED FINANCING EXPENSES
     4,109,357       -       7,655,434  
                         
TOTAL ASSETS
   $ 532,823,820     $ (113,269,068 )   $ 573,334,770  
                         
LIABILITIES AND SHAREHOLDERS' DEFICIT
                        
LIABILITIES:
                        
MORTGAGE NOTES PAYABLE
   $ 546,679,044     $ -     $ 860,062,302  
ACCRUED INTEREST
     6,803,572       -       21,770,685  
ACCRUED PROPERTY TAXES
     2,405,891       -       4,204,284  
ACCOUNTS PAYABLE TRADE
     1,445,582       -       4,873,942  
DUE TO AFFILIATE
     77,991,159       (571,403,339 )     -  
ACCOUNTS PAYABLE AND OTHER LIABILITIES
     12,187,676       (83,608 )     41,698,592  
TENANT SECURITY DEPOSITS
     2,072,710       6,123       2,362,870  
                         
TOTAL LIABILITIES
     649,585,634       (571,480,823 )     934,972,676  
                         
MINORITY INTEREST
     -       13,119,676       13,119,676  
                         
SHAREHOLDERS'  DEFICIT
     (116,761,814 )     458,211,755       (361,637,905 )
                         
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
   $ 532,823,820     $ (113,269,068 )   $ 573,334,770  

 
- 7 -
 

TARRAGON CORPORATION
CONSOLIDATING INCOME STATEMENT
For the Twelve Months Ended December 31, 2009

Unaudited - For Internal Use Only

   
Tarragon
Corporation
    
Tarragon
Management Inc
    
Tarragon South
Development
Corporation
    
Tarragon
Development
Corporation
    
Tarragon
Development
Company LLC
  
Revenue:
                              
Sales
   $ -     $ -     $ -     $ -     $ -  
Rental and other
     148,897       966,666                          
                                         
Total revenue
     148,897       966,666       -       -       -  
                                         
Expenses:
                                        
Cost of sales
     -       -                          
Property operations
     (535,433 )     -                          
Depreciation
     -       34,544                          
Provision for losses
     1,400,000       -                          
Impairment charges
     -       -                          
General and administrative
     25,316,328       1,102,547                          
                                         
Total expenses
     26,180,895       1,137,091       -       -       -  
                                         
Other income and (expenses):
                                        
Equity in loss of subsidiaries
     (85,845,148 )     -                          
Minority interest income of partnerships and joint ventures
     -       -                          
Interest income
     247,050       -                          
Interest expense
     (8,552,761 )     -                          
Gain (loss) on extinguishment of debt
     -       -                          
Gain (loss) on debt restructuring
     -       -                          
Gain (loss) on transfer of assets
     -       -                          
Gain (loss) on disposition of assets
     (4,497,534 )                                
Gain (loss) on sale of real estate
     (1,874,917 )     -                          
Litigation, settlements, and other claims
     3,404,122       -                          
                                         
Total other income and (expenses)
     (97,119,188 )     -       -       -       -  
                                         
Income tax expense
     (56,402 )     -       -       -       -  
                                         
Discontinued operations
     -       -       -       -       -  
                                         
Net income (loss)
   $ (123,207,588 )   $ (170,425 )   $ -     $ -     $ -  

 
- 8 -
 

TARRAGON CORPORATION
CONSOLIDATING INCOME STATEMENT
For the Twelve Months Ended December 31, 2009
 (Continued)
Unaudited - For Internal Use Only

   
Block 88
Development,
LLC
    
Charleston
Tarragon
Manager, LLC
    
MSCP, Inc.
    
Tarragon
Stratford, Inc.
    
TDC Hanover
Holdings, LLC
  
Revenue:
                              
Sales
   $ -     $ -     $ -     $ -     $ -  
Rental and other
                                        
                                         
Total revenue
     -       -       -       -       -  
                                         
Expenses:
                                        
Cost of sales
                                        
Property operations
                                        
Depreciation
                                        
Provision for losses
                                        
Impairment charges
                                        
General and administrative
                                        
                                         
Total expenses
     -       -       -       -       -  
                                         
Other income and (expenses):
                                        
Equity in loss of subsidiaries
                                        
Minority interest income of partnerships and joint ventures
                                        
Interest income
                                        
Interest expense
                                        
Gain (loss) on extinguishment of debt
                                        
Gain (loss) on debt restructuring
                                        
Gain (loss) on transfer of assets
                                        
Gain (loss) on disposition of assets
                                        
Gain (loss) on sale of real estate
                                        
Litigation, settlements, and other claims
                                        
                                         
Total other income and (expenses)
     -       -       -       -       -  
                                         
Income tax expense
     -       -       -       -       -  
                                         
Discontinued operations
     -       -       -       -       -  
                                         
Net income (loss)
   $ -     $ -     $ -     $ -     $ -  

 
- 9 -
 

TARRAGON CORPORATION
CONSOLIDATING INCOME STATEMENT
For the Twelve Months Ended December 31, 2009
 (Continued)
Unaudited - For Internal Use Only

   
Omni
Equities
Corporation
    
Fenwick
Plantation
Tarragon, LLC
    
Orion Towers
Tarragon, LLP
    
Bermuda
Island
Tarragon LLC
    
The Park
Development
East, LLC
  
Revenue:
                              
Sales
   $ -     $ 89,900     $ -     $ -     $ -  
Rental and other
             -       -       3,500,368       -  
                                         
Total revenue
     -       89,900       -       3,500,368       -  
                                         
Expenses:
                                        
Cost of sales
             84,166       -       -       -  
Property operations
             26,793       135,474       1,734,848       222,442  
Depreciation
             -       -       581,215       -  
Provision for losses
             -       -       -       -  
Impairment charges
             -       12,922,862       -       -  
General and administrative
             1,391       29,439       12,678       692,261  
                                         
Total expenses
     -       112,350       13,087,774       2,328,741       914,703  
                                         
Other income and (expenses):
                                        
Equity in loss of subsidiaries
             -       -       -       -  
Minority interest income of partnerships and joint ventures
             -       -       -       -  
Interest income
             -       -       -       -  
Interest expense
             -       (651,362 )     (1,503,917 )     (396,930 )
Gain (loss) on extinguishment of debt
             -       -       -       -  
Gain (loss) on debt restructuring
             -       -       -       -  
Gain (loss) on transfer of assets
             -       -       -       -  
Gain (loss) on disposition of assets
             -       -       -       -  
Gain (loss) on sale of real estate
             -       -       -       -  
Litigation, settlements, and other claims
             -       -       -       -  
                                         
Total other income and (expenses)
     -       -       (651,362 )     (1,503,917 )     (396,930 )
                                         
Income tax expense
     -       -       -       -       -  
                                         
Discontinued operations
     -       -       -       -       -  
                                         
Net income (loss)
   $ -     $ (22,450 )   $ (13,739,136 )   $ (332,290 )   $ (1,311,633 )

 
- 10 -
 

TARRAGON CORPORATION
CONSOLIDATING INCOME STATEMENT
For the Twelve Months Ended December 31, 2009
 (Continued)
Unaudited - For Internal Use Only

   
The Park
Development
West, LLC
    
One Las
Olas Ltd.
    
900 Monroe
Development,
LLC
    
Central
Square
Tarragon LLC
    
Tarragon
Edgewater
Associates,
LLC
  
Revenue:
                              
Sales
   $ 18,924,400     $ 1,334,621     $ -     $ -     $ 891,477  
Rental and other
     -       -       -       5,709       -  
                                         
Total revenue
     18,924,400       1,334,621       -       5,709       891,477  
                                         
Expenses:
                                        
Cost of sales
     18,252,356       6,345,025       -       -       1,014,461  
Property operations
     109,128       224,240       11,249       231,866       (116,397 )
Depreciation
     -       -       -       -       -  
Provision for losses
     -       -       -       -       -  
Impairment charges
     -       -       6,366,255       -       -  
General and administrative
     101,622       255,841       2,084       70,417       13,991  
                                         
Total expenses
     18,463,106       6,825,106       6,379,588       302,284       912,056  
                                         
Other income and (expenses):
                                        
Equity in loss of subsidiaries
     -       -       -       -       -  
Minority interest income of partnerships and joint ventures
     -       -       -       -       -  
Interest income
     -       -       -       -       -  
Interest expense
     43,634       (304,225 )     (82,227 )     (2,310,228 )     -  
Gain (loss) on extinguishment of debt
     613,681       -       -       -       -  
Gain (loss) on debt restructuring
     -       2,279,871       -       -       -  
Gain (loss) on transfer of assets
     -       -       -       -       -  
Gain (loss) on disposition of assets
     -       -       -       -       -  
Gain (loss) on sale of real estate
     -       -       -       -       -  
Litigation, settlements, and other claims
     -       -       -       -       -  
                                         
Total other income and (expenses)
     657,315       1,975,647       (82,227 )     (2,310,228 )     -  
                                         
Income tax expense
     -       -       -       -       -  
                                         
Discontinued operations
     -       -       -       -       -  
                                         
Net income (loss)
   $ 1,118,609     $ (3,514,838 )   $ (6,461,815 )   $ (2,606,802 )   $ (20,579 )

 
- 11 -
 

TARRAGON CORPORATION
CONSOLIDATING INCOME STATEMENT
For the Twelve Months Ended December 31, 2009
 (Continued)
Unaudited - For Internal Use Only

   
Orlando
Central Park
Tarragon,
L.L.C.
    
800 Madison
Street Urban
Renewal, LLC
    
Murfreesboro
Gateway
Properties, LLC
    
Tarragon
Stonecrest
LLC
  
Revenue:
                        
Sales
   $ -     $ -     $ -     $ -  
Rental and other
     106,227       3,120,938       1,457,334       88,437  
                                 
Total revenue
     106,227       3,120,938       1,457,334       88,437  
                                 
Expenses:
                                
Cost of sales
     -       -       -       -  
Property operations
     323,005       1,856,124       533,524       48,600  
Depreciation
     72,479       -       311,286       1,007  
Provision for losses
     -       -       -       -  
Impairment charges
     -       -       -       -  
General and administrative
     10,400       196,233       11,704       75,484  
                                 
Total expenses
     405,885       2,052,357       856,514       125,091  
                                 
Other income and (expenses):
                                
Equity in loss of subsidiaries
     -       -       -       -  
Minority interest income of partnerships and joint ventures
     -       -       -       -  
Interest income
     -       -       -       -  
Interest expense
     (264,826 )     (2,262,610 )     (764,347 )     (184,453 )
Gain (loss) on extinguishment of debt
     -       -       (8,992 )     -  
Gain (loss) on debt restructuring
     -       -       -       -  
Gain (loss) on transfer of assets
     -       -       (3,734,857 )     1,035,083  
Gain (loss) on disposition of assets
     -       -       -       -  
Gain (loss) on sale of real estate
     (741,820 )     -       -       -  
Litigation, settlements, and other claims
     -       -       -       -  
                                 
Total other income and (expenses)
     (1,006,646 )     (2,262,610 )     (4,508,196 )     850,630  
                                 
Income tax expense
     -       -       -       -  
                                 
Discontinued operations
     -       -       -       -  
                                 
Net income (loss)
   $ (1,306,304 )   $ (1,194,029 )   $ (3,907,376 )   $ 813,976  

 
- 12 -
 

TARRAGON CORPORATION
CONSOLIDATING INCOME STATEMENT
For the Twelve Months Ended December 31, 2009
 (Continued)
Unaudited - For Internal Use Only

   
Non-Filing
Entities
Combined
    
Eliminations
    
Disc Ops
Reclass
    
Total
  
Revenue:
                        
Sales
   $ 4,922,450     $ -     $ -     $ 26,162,848  
Rental and other
     73,929,047       (899,073 )     (35,890 )     82,388,661  
                                 
Total revenue
     78,851,497       (899,073 )     (35,890 )     108,551,508  
                                 
Expenses:
                                
Cost of sales
     3,881,039       -       -       29,577,048  
Property operations
     39,633,083       2       (45,462 )     44,393,086  
Depreciation
     13,158,575       (34,544 )     -       14,124,562  
Provision for losses
     -       -       -       1,400,000  
Impairment charges
     58,426,755       -       -       77,715,872  
General and administrative
     2,169,747       1,195,384       -       31,257,551  
                                 
Total expenses
     117,269,199       1,160,842       (45,462 )     198,468,118  
                                 
Other income and (expenses):
                                
Equity in loss of subsidiaries
     -       78,728,575       -       (7,116,573 )
Minority interest income of partnerships and joint ventures
     617,398       -       -       617,398  
Interest income
     117       -       -       247,167  
Interest expense
     (35,015,213 )     -       11,872       (52,237,593 )
Gain (loss) on extinguishment of debt
     (136,454 )     -       123,888       592,123  
Gain (loss) on debt restructuring
     18,298,913       -       -       20,578,784  
Gain (loss) on transfer of assets
     -       -       -       (2,699,775 )
Gain (loss) on disposition of assets
     -       -       -       (4,497,534 )
Gain (loss) on sale of real estate
     1,462,886       -       (1,462,885 )     (2,616,737 )
Litigation, settlements, and other claims
     -       -       -       3,404,122  
                                 
Total other income and (expenses)
     (14,772,353 )     78,728,575       (1,327,125 )     (43,728,617 )
                                 
Income tax expense
     -       -       -       (56,402 )
                                 
Discontinued operations
     -       -       1,317,553       1,317,553  
                                 
Net income (loss)
   $ (53,190,055 )   $ 76,668,661     $ -     $ (132,384,076 )

 
- 13 -
 

TARRAGON CORPORATION
CASH FLOW FOR DECEMBER 2009
                                     
   
Cash Balance
                
Payroll
    
Intercompany
    
Cash Balance
  
   
11/30/09
    
Receipts
    
Disbursements
    
Disbursements
    
Transfers
    
12/31/09
  
                                     
Tarragon Corporation
   $ 1,815,977     $ 4,766,128     $ (3,134,489 )   $ (1,117,663 )   $ 810,966     $ 3,140,919  
Tarragon Management Inc.
     -       -       (79,895 )     -       79,895       -  
                                                 
Filing entities:
                                                
Rentals:
                                                
Aldridge Apartments
     4,607       -       (4,607 )     -       -       -  
Stonecrest Apartments
     -       -       -       -       -       -  
Orlando Central Park
     3,012       -       (3,012 )     -       -       -  
Bermuda Island
     97,128       331,957       (167,064 )     -       (52,734 )     209,287  
800 Madison
     98,602       470,573       (351,054 )     -       (61,524 )     156,597  
                                                 
Condo developments:
                                                
One Hudson Park
     -       -       -       -       -       -  
Las Olas River House
     75       -       -       -       -       75  
Twelve Oaks at Fenwick Plantation
     -       -       -       -       -       -  
Trio West
     -       -       -       -       -       -  
 
                                                
Land:
                                                
Central Square
     75       -       -       -       -       75  
Central Park at Lee Vista
     -       -       -       -       -       -  
Trio East
     -       -       -       -       -       -  
River Oaks
     -       -       -       -       -       -  
900 Monroe
     -       -       -       -       -       -  
 
                                                
                                                 
Non-filing entities and eliminations
     482,178       1,233,178       (349,354 )     -       (776,603 )     589,399  
Total Company
   $ 2,501,654     $ 6,801,836     $ (4,089,475 )   $ (1,117,663 )   $ -     $ 4,096,352  

 
- 14 -
 

TARRAGON CORPORATION
ROLLFORWARD OF INTERCOMPANY ACCOUNTS
For the Twelve Months Ended December 31, 2009

   
TARRAGON CORP BOOKS
    
PROPERTY LEVEL BOOKS
              
   
FUND LEVEL ACCOUNTS
    
PROPERTY LEVEL ACCOUNTS
              
   
11/30/2009
          
 
    
12/31/2009
    
11/30/2009
                
12/31/2009
    
11/30/2009
    
12/31/2009
  
   
IC
                
IC
    
IC
                
IC
    
Timing
    
Timing
  
   
Balance
    
Debits
    
Credits
    
Balance
    
Balance
    
Debits
    
Credits
    
Balance
    
Diff
    
Diff
  
                                                             
CONSOLIDATED PROPERTIES
                                                            
                                                             
Filing Entities
                                                            
Las Olas River House
   $ 16,910,079     $ 19,254     $ 63,089     $ 16,866,244     $ (16,911,782 )   $ 63,089     $ 19,254     $ (16,867,947 )   $ (1,703 )   $ (1,703 )
One Hudson Park
     (8,913,631 )     10,654       1       (8,902,978 )     8,913,632       1       14,154       8,899,479       1       (3,499 )
Orlando Central Park
     2,596,630       0       0       2,596,630       (2,596,630 )     0       0       (2,596,630 )     0       0  
Block 88-TRI
     13,530,805       0       23,432       13,507,373       (13,530,805 )     23,432       0       (13,507,373 )     0       0  
Twelve Oaks at Fenwick Plantation
     (2,574,094 )     650       0       (2,573,444 )     2,573,445       0       0       2,573,445       (649 )     1  
Trio East
     9,438,249       0       0       9,438,249       (9,438,249 )     0       0       (9,438,249 )     0       0  
Trio West
     41,129,411       12,436       0       41,141,847       (41,141,485 )     0       12,111       (41,153,597 )     (12,075 )     (11,750 )
Aldridge Apartments
     7,823,569       0       0       7,823,569       (7,823,588 )     0       0       (7,823,588 )     (19 )     (19 )
Stonecrest Apartments
     5,043,853       0       0       5,043,853       (5,043,852 )     0       0       (5,043,852 )     1       1  
Central Square
     12,751,630       4,162       0       12,755,792       (12,751,630 )     0       4,162       (12,755,792 )     0       0  
Orion Towers
     44,380,843       1,446       0       44,382,288       (44,380,842 )     0       1,446       (44,382,288 )     0       0  
Bermuda Island
     3,679,495       0       16,020       3,663,476       (3,679,495 )     16,020       0       (3,663,476 )     0       0  
900 Monroe
     8,006,499       687       0       8,007,186       (8,004,563 )     0       650       (8,005,213 )     1,936       1,973  

 
- 15 -
 

TARRAGON CORPORATION
ROLLFORWARD OF INTERCOMPANY ACCOUNTS
For the Twelve Months Ended December 31, 2009
(Continued)

   
TARRAGON CORP BOOKS
    
PROPERTY LEVEL BOOKS
              
   
FUND LEVEL ACCOUNTS
    
PROPERTY LEVEL ACCOUNTS
              
   
11/30/2009
                
12/31/2009
    
11/30/2009
                
12/31/2009
    
11/30/2009
    
12/31/2009
  
   
IC
                
IC
    
IC
                
IC
    
Timing
    
Timing
  
   
Balance
    
Debits
    
Credits
    
Balance
    
Balance
    
Debits
    
Credits
    
Balance
    
Diff
    
Diff
  
                                                             
CONSOLIDATED PROPERTIES
                                                            
                                                             
Non Filing Entities
                                                            
Fund Level
   $ (6,004 )   $ 14,270     $ 15,978     $ (7,712 )   $ 0     $ 0     $ 0     $ 0     $ (6,004 )   $ (7,712 )
Topside Property
     554,554       2,060,452       1,960,897       654,109       0       0       0       0       554,554       654,109  
Sold Property Expenses
     1,016,008       0       652       1,015,355       (1,016,008 )     652       0       (1,015,355 )     0       0  
301 Route 17 (aka Meadows)
     0       0       5,397       (5,397 )     0       5,397       0       5,397       0       0  
Ansonia
     58,378,675       7,330,359       6,135,276       59,573,759       (15,763,662 )     5,107,605       4,631,905       (15,287,963 )     42,615,013       44,285,797  
Ansonia - Consolidations
     (11,143,776 )     72,749       0       (11,071,027 )     11,143,776       0       72,749       11,071,027       0       0  
Sold Property Expenses For Sale Props
     1,026,455       17,000       1,053       1,042,402       (1,025,499 )     78       16,981       (1,042,402 )     956       0  
Sold Property Expenses Cont Ops
     (152,410 )     -       9,571       (161,981 )     152,410       9,571       0       161,981       0       0  
13th Street Development
     (678 )     678       0       0       0       0       0       0       (678 )     0  
290 Veterans
     (660,282 )     0       0       (660,282 )     660,282       0       0       660,282       0       0  
390 Capitol Ave.
     2,902,146       0       184       2,901,963       (2,902,146 )     184       0       (2,901,963 )     0       0  
Forest Park Apartments
     (716,190 )     0       0       (716,190 )     716,190       0       0       716,190       0       0  
Uptown Village - Commercial
     2,593       0       0       2,593       0       0       0       0       2,593       2,593  
Uptown Village - For Sale
     9,611,030       992       0       9,612,022       (9,611,920 )     0       992       (9,612,912 )     (890 )     (890 )
Mirabella
     15,890,137       12,333       448,480       15,453,991       (15,895,000 )     490,466       54,017       (15,458,551 )     (4,863 )     (4,561 )
Alta Mar
     (4,495,555 )     175,346       102,605       (4,422,815 )     4,496,727       0       72,741       4,423,986       1,172       1,171  
Cobblestone at Eagle Harbor
     1,326,473       0       5,322       1,321,151       (1,369,819 )     5,322       0       (1,364,497 )     (43,346 )     (43,346 )
Vintage at the Grove
     12,670,687       95,496       168,894       12,597,290       (12,690,825 )     181,247       103,405       (12,612,983 )     (20,138 )     (15,693 )
Tradition at Palm Aire
     23,042,162       0       5,404       23,036,758       (23,042,162 )     5,404       0       (23,036,758 )     0       0  
Merritt Stratford
     281,236       0       4,128       277,108       (281,236 )     4,128       4,702       (281,810 )     0       (4,702 )
The Exchange
     29,561,889       0       0       29,561,889       (29,565,052 )     0       0       (29,565,052 )     (3,163 )     (3,163 )
Villas at 7 Dwarfs
     (6,657,820 )     351       84,755       (6,742,224 )     6,657,821       84,755       351       6,742,225       1       1  
Villa Tuscany
     (500,973 )     0       0       (500,973 )     500,973       0       0       500,973       0       0  
Montreux at Deerwood Lake
     (3,204,435 )     0       0       (3,204,435 )     3,204,435       0       0       3,204,435       0       0  
Vintage at Abacoa
     (23,438,359 )     0       0       (23,438,359 )     23,438,359       0       0       23,438,359       0       0  

 
- 16 -
 

TARRAGON CORPORATION
ROLLFORWARD OF INTERCOMPANY ACCOUNTS
For the Twelve Months Ended December 31, 2009
(Continued)

   
TARRAGON CORP BOOKS
    
PROPERTY LEVEL BOOKS
              
   
FUND LEVEL ACCOUNTS
    
PROPERTY LEVEL ACCOUNTS
              
   
11/30/2009
                
12/31/2009
    
11/30/2009
                
12/31/2009
    
11/30/2009
    
12/31/2009
  
   
IC
                
IC
    
IC
                
IC
    
Timing
    
Timing
  
   
Balance
    
Debits
    
Credits
    
Balance
    
Balance
    
Debits
    
Credits
    
Balance
    
Diff
    
Diff
  
                                                             
CONSOLIDATED PROPERTIES
                                                            
                                                             
1100 Adams
   $ (7,549,000 )   $ 0     $ 0     $ (7,549,000 )   $ 7,548,999     $ 0     $ 165     $ 7,548,834     $ (1 )   $ (166 )
1118 Adams
     4,889,463       130,854       4,642       5,015,675       (4,883,138 )     3,801       130,854       (5,010,191 )     6,325       5,484  
1118 Adams Parking, Inc.
     86,710       38,112       28,270       96,551       (93,250 )     6,540       15,362       (102,071 )     (6,540 )     (5,520 )
1118 Adams Parking - Eliminations
     (268,596 )     0       7,583       (276,179 )     268,596       7,583       0       276,179       0       0  
20 North Water Street
     9,765,985       0       2,800       9,763,185       (9,765,985 )     2,800       0       (9,763,185 )     0       0  
Southampton Pointe
     (2,165,594 )     0       0       (2,165,594 )     2,165,594       0       0       2,165,594       0       0  
200 Fountain Apartment Homes
     603,260       0       0       603,260       (603,260 )     0       0       (603,260 )     0       0  
Aventerra
     10,146       135,037       168,828       (23,645 )     1,744       172,537       153,233       21,047       11,890       (2,597 )
River City Landing
     2,167,195       0       0       2,167,195       (2,167,195 )     0       0       (2,167,195 )     0       0  
Desert Winds/Silver Creek
     (12,017,074 )     243       0       (12,016,831 )     12,017,074       0       243       12,016,831       0       0  
Vintage at Legacy-Phase I
     2,694,294       0       0       2,694,294       (2,694,294 )     0       0       (2,694,294 )     0       0  
Heather Hill
     3,249,173       0       0       3,249,173       (3,249,173 )     0       0       (3,249,173 )     0       0  
278 Main Street
     (23,198 )     0       0       (23,198 )     23,198       0       0       23,198       0       0  
Lofts at the Mills
     403,328       0       0       403,328       (403,328 )     0       0       (403,328 )     0       0  
Mariner's Point
     4,382,156       0       988       4,381,168       (4,382,156 )     988       0       (4,381,168 )     0       0  
Rutherford - 290 Veterans
     (106,494 )     0       0       (106,494 )     106,494       0       0       106,494       0       0  
Block 99/102
     (24,567,529 )     0       0       (24,567,529 )     24,567,529       0       0       24,567,529       0       0  
Gables Floresta
     0       0       0       0       0       0       0       0       0       0  
Northgate
     12,934,714       0       0       12,934,714       (12,934,714 )     0       0       (12,934,714 )     0       0  
Ballantrae
     1,982,579       0       0       1,982,579       (1,982,579 )     0       0       (1,982,579 )     0       0  
Merritt 8 Corporate Park
     (1,974,843 )     0       0       (1,974,843 )     1,974,842       0       0       1,974,842       (1 )     (1 )
Mohegan Hill
     53,568,683       47       6,389       53,562,341       (53,568,683 )     6,389       47       (53,562,341 )     0       0  
Mustang Creek
     (312,651 )     137,552       117,398       (292,497 )     289,379       145,135       166,299       268,215       (23,271 )     (24,282 )
The Hamptons
     (4,147,937 )     4,460       3,282       (4,146,758 )     4,147,937       0       1,178       4,146,758       0       0  
Woodcreek - FL
     (11,798,366 )     148,578       158,906       (11,808,694 )     11,785,258       164,454       149,124       11,800,588       (13,109 )     (8,106 )
Vintage at Plantation Bay
     (1,042,489 )     0       0       (1,042,489 )     1,042,489       0       0       1,042,489       0       0  

 
- 17 -
 

TARRAGON CORPORATION
ROLLFORWARD OF INTERCOMPANY ACCOUNTS
For the Twelve Months Ended December 31, 2009
(Continued)

   
TARRAGON CORP BOOKS
    
PROPERTY LEVEL BOOKS
              
   
FUND LEVEL ACCOUNTS
    
PROPERTY LEVEL ACCOUNTS
              
   
11/30/2009
                
12/31/2009
    
11/30/2009
                
12/31/2009
    
11/30/2009
    
12/31/2009
  
   
IC
                
IC
    
IC
                
IC
    
Timing
    
Timing
  
   
Balance
    
Debits
    
Credits
    
Balance
    
Balance
    
Debits
    
Credits
    
Balance
    
Diff
    
Diff
  
                                                             
CONSOLIDATED PROPERTIES
                                                            
                                                             
Oxford Place
   $ (10,074,980 )   $ 0     $ 11,865     $ (10,086,845 )   $ 10,070,271     $ 11,865     $ 0     $ 10,082,136     $ (4,709 )   $ (4,709 )
11 Mt Pleasant
     18,304,205       0       0       18,304,205       (18,304,205 )     0       0       (18,304,205 )     0       0  
French Villa
     (2,852,018 )     0       0       (2,852,018 )     2,852,018       0       0       2,852,018       0       0  
Southern Elms
     (1,219,568 )     25,114       6,436       (1,200,890 )     1,219,755       23,478       42,960       1,200,273       187       (617 )
Park Dale Gardens
     (1,674,574 )     0       0       (1,674,574 )     1,674,574       0       0       1,674,574       0       0  
Creekwood Village
     (6,897,468 )     0       0       (6,897,468 )     6,897,468       0       0       6,897,468       0       0  
Summit on the Lake
     (2,498,259 )     124,656       115,788       (2,489,391 )     2,508,944       126,934       141,498       2,494,381       10,685       4,989  
Warwick Grove
     (2,365,057 )     0       0       (2,365,057 )     2,365,057       0       0       2,365,057       0       0  
Bishops Court
     (12,127,641 )     0       0       (12,127,641 )     12,127,641       0       0       12,127,641       0       0  
Harbor Green
     (8,627,781 )     0       5,160       (8,632,942 )     8,626,736       5,160       0       8,631,897       (1,045 )     (1,045 )
Vintage at Madison Crossing
     512,712       0       0       512,712       (512,712 )     0       0       (512,712 )     0       0  
The Bordeaux
     159,224       0       0       159,224       (159,224 )     0       0       (159,224 )     0       0  
Block 102 (Comm Ctr)
     3,125,892       91       3,029,537       96,446       (3,125,892 )     3,029,537       91       (96,446 )     0       0  
Hoboken Sales Center
     0       0       34,910       (34,910 )     0       34,910       0       34,910       0       0  
Block 106
     9,140,696       4,021       0       9,144,717       (9,140,818 )     0       3,900       (9,144,718 )     (121 )     (1 )
Block 114
     1,760,858       1,056,738       1,131,866       1,685,730       (1,760,858 )     1,131,866       1,056,738       (1,685,730 )     0       0  
Block 104
     (337,431 )     1,727,875       836,174       554,270       336,381       336,144       1,226,824       (554,300 )     (1,051 )     (30 )
Hoboken Sales Center
     0       0       125,992       (125,992 )     0       125,992       0       125,992       0       0  
Block 144
     4,371,417       0       0       4,371,417       (4,371,417 )     0       0       (4,371,417 )     1       1  
Block 112(MWH)
     9,372,671       0       0       9,372,671       (9,374,644 )     0       0       (9,374,644 )     (1,973 )     (1,973 )
Hoboken Cinema
     1,490,337       0       0       1,490,337       (1,490,337 )     0       0       (1,490,337 )     0       0  
Autumn Ridge
     (4,382,351 )     65,075       89,667       (4,406,943 )     3,821,968       91,333       105,759       3,807,542       (560,383 )     (599,401 )
Dogwood Hills
     (2,010,092 )     55,719       70,978       (2,025,351 )     1,649,673       75,657       80,020       1,645,310       (360,418 )     (380,041 )
Groton Towers
     (4,746,603 )     95,432       136,190       (4,787,361 )     3,930,835       136,486       124,972       3,942,349       (815,768 )     (845,012 )
Gull Harbor
     (1,679,079 )     22,744       42,943       (1,699,277 )     1,674,947       42,997       22,041       1,695,903       (4,131 )     (3,374 )
Hamden Center
     (2,709,876 )     57,051       87,420       (2,740,246 )     2,224,410       88,286       78,862       2,233,833       (485,467 )     (506,412 )
Lakeview
     (2,778,761 )     61,331       87,031       (2,804,461 )     2,105,227       87,293       80,072       2,112,448       (673,534 )     (692,013 )
Nutmeg Woods
     (11,912,813 )     312,463       369,085       (11,969,435 )     9,387,458       375,921       406,684       9,356,695       (2,525,356 )     (2,612,740 )

 
- 18 -
 

TARRAGON CORPORATION
ROLLFORWARD OF INTERCOMPANY ACCOUNTS
For the Twelve Months Ended December 31, 2009
(Continued)

   
TARRAGON CORP BOOKS
    
PROPERTY LEVEL BOOKS
              
   
FUND LEVEL ACCOUNTS
    
PROPERTY LEVEL ACCOUNTS
              
   
11/30/2009
                
12/31/2009
    
11/30/2009
                
12/31/2009
    
11/30/2009
    
12/31/2009
  
   
IC
                
IC
    
IC
                
IC
    
Timing
    
Timing
  
   
Balance
    
Debits
    
Credits
    
Balance
    
Balance
    
Debits
    
Credits
    
Balance
    
Diff
    
Diff
  
                                                             
CONSOLIDATED PROPERTIES
                                                            
                                                             
Ocean Beach
   $ (13,350,531 )   $ 308,935     $ 393,134     $ (13,434,729 )   $ 10,522,158     $ 388,711     $ 380,889     $ 10,529,979     $ (2,828,373 )   $ (2,904,750 )
Parkview
     (6,073,310 )     129,915       182,294       (6,125,690 )     4,574,483    
182,294
       194,400       4,562,377       (1,498,828 )     (1,563,313 )
Sagamore
     (4,176,126 )     131,900       203,959       (4,248,185 )     2,229,917       208,422       208,084       2,230,255       (1,946,209 )     (2,017,930 )
Woodcliff
     (20,349,088 )     407,768       568,023       (20,509,343 )     17,096,537       569,605       575,530       17,090,611       (3,252,551 )     (3,418,732 )
200 Fountain
     1,829,006       133,008       218,081       1,743,933       (3,716,499 )     220,802       189,959       (3,685,656 )     (1,887,494 )     (1,941,723 )
278 Main
     160,724       65,140       113,231       112,633       (1,020,911 )     113,285       95,176       (1,002,802 )     (860,187 )     (890,169 )
Club at Danforth
     (10,922,039 )     256,814       300,380       (10,965,605 )     9,289,895       327,942       435,296       9,182,541       (1,632,144 )     (1,783,064 )
Forest Park
     (4,235,738 )     127,523       177,850       (4,286,064 )     3,153,571       179,659       170,832       3,162,399       (1,082,166 )     (1,123,666 )
Heather Hill
     (25,962,266 )     416,835       513,639       (26,059,070 )     19,419,652       529,799       700,539       19,248,912       (6,542,614 )     (6,810,158 )
Liberty Building
     (6,092,386 )     129,004       176,271       (6,139,654 )     4,835,870       176,564       149,788       4,862,646       (1,256,516 )     (1,277,008 )
Links at Georgetown
     (9,129,051 )     281,452       269,552       (9,117,151 )     7,242,894       270,893       397,708       7,116,079       (1,886,157 )     (2,001,072 )
Lofts at the Mills
     3,419,343       329,862       425,958       3,323,248       (5,815,698 )     427,635       406,421       (5,794,483 )     (2,396,354 )     (2,471,236 )
River City
     (6,240,888 )     236,502       214,796       (6,219,182 )     3,110,503       227,957       347,536       2,990,924       (3,130,385 )     (3,228,258 )
Villa Tuscany
     (15,972,035 )     0       0       (15,972,035 )     15,972,034       0       0       15,972,034       (1 )     (1 )
Vintage at Legacy
     (4,487,732 )     184,186       316,052       (4,619,597 )     1,649,055       593,683       582,557       1,660,181       (2,838,677 )     (2,959,417 )
Vintage at Madison
     (3,512,970 )     149,230       144,252       (3,507,992 )     2,501,440       145,453       184,051       2,462,842       (1,011,530 )     (1,045,149 )
Vintage at the Parke
     (3,896,880 )     198,009       226,626       (3,925,497 )     2,132,333       226,636       264,091       2,094,879       (1,764,547 )     (1,830,618 )
Vintage at Plantation
     (8,439,173 )     250,041       274,451       (8,463,583 )     6,618,992       301,114       361,307       6,558,799       (1,820,181 )     (1,904,784 )
Mariner Plaza
     (4,260,662 )     0       0       (4,260,662 )     4,260,662       0       0       4,260,662       0       0  
Midway Mills Crossing
     (4,361,852 )     0       0       (4,361,852 )     4,361,852       0       0       4,361,852       0       0  
Paradigm Loan 390 Cap Mariners Merritt S
     1,232,085       0       0       1,232,085       (1,232,085 )     0       0       (1,232,085 )     0       0  
Shortfall Note
     1       0       0       1       (1 )     0       0       (1 )     0       0  
    $ 114,376,908     $ 17,768,628     $ 20,449,812     $ 111,695,724     $ (114,376,914 )   $ 17,321,890     $ 14,640,706     $ (111,695,730 )   $ (6 )   $ (6 )

 
- 19 -
 

TARRAGON CORPORATION
Cash Reconciliation
Signature Master
Account XXXXXX0540
December 31, 2009
GL Acct # 13383 (Yardi 10095)

Bank Balance 12/31/09
     2,189,716.26  
Add:  Reconciling Items
     0.00  
Less: O/S Checks/Wires/Achs
     0.00  
Less: Check charges
     0.00  
Add:  Void checks
     0.00  
Less:  Misc Diff
     0.00  
Book Balance 12/31/09
     2,189,716.26  

 
- 20 -
 

TARRAGON CORPORATION
For the Twelve Months Ended December 31, 2009

Property
  
Date
  
Period
  
Person
  
Debit
  
Credit
  
Balance
  
Remarks
10095-00
          
Cash – Signature Master Investment
          
822,476.13 = Beginning Balance=
1000
  
12/4/2009
  
12/2009
  
BDO SEIDMAN LLP
  
0.00
  
95,143.06
      
WIRED PAYMENT
1000
  
12/4/2009
  
12/2009
  
BDO SEIDMAN LLP
  
0.00
  
70,554.40
      
WIRED PAYMENT
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
829.55
      
BISHOPS COURT WIRE
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
837.76
      
HAMPTONS 558 ASSOC CLAIM
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
70.00
      
HAMPTONS SERVEY LAWSUIT
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
84.00
      
HOFFMAN V PARK AVE
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
905.55
      
VISTA LAKES RODRIGUEZ
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
297.60
      
BANKRUPTCY ADMIN
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
290.38
      
SEVEN DWARFS CONDO ASSOC
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
28,529.69
      
ALTA MAR LITIGATION
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
44.40
      
ALTA MAR LITIGATION
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
237.14
      
ALTA MAR LITIGATION
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
96.00
      
SAFECO INSUR V. TARRAGON
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
282.98
      
BISHOPS COURT
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
582.87
      
RAYMOND HAMPSON
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
24.00
      
7 DWARFS CONDO ASSOC
1000
  
12/4/2009
  
12/2009
  
GRAY ROBINSON PA
  
0.00
  
3,917.51
      
ALTA MAR LITIGATION
1000
  
12/16/2009
  
12/2009
  
BDO SEIDMAN LLP
  
0.00
  
409.30
      
ALTA MAR LITIGATION
1000
  
12/18/2009
  
12/2009
  
HOLLAND & KNIGHT LLP
  
0.00
  
60,546.80
      
PROF FEES
1000
  
12/18/2009
  
12/2009
  
HOLLAND & KNIGHT LLP
  
0.00
  
19,343.80
      
LEGAL
1000
  
12/18/2009
  
12/2009
  
HOLLAND & KNIGHT LLP
  
0.00
  
454.60
      
CENTRAL SQU/GREAT DIVIDE
1000
  
12/25/2009
  
12/2009
      
0.00
  
7,524.65
      
CENTRAL SQU/GREAT DIVIDE
1000
  
12/25/2009
  
12/2009
      
615,400.85
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
25,671.57
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
126,792.83
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
14,011.38
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
177,810.36
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
398,029.77
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
37,438.73
  
0.00
      
GRAY ROBINSON AUG & SEPT INVOICES
1000
  
12/25/2009
  
12/2009
      
165,697.46
  
0.00
      
BDO AUG AND SEPT INVOICES
1000
  
12/25/2009
  
12/2009
      
99,046.48
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
9,853.34
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
49,271.01
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
315,648.98
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
9,537.66
  
0.00
      
SIGNATURE MASTER DEP/TSF

 
- 21 -
 

TARRAGON CORPORATION
For the Twelve Months Ended December 31, 2009
(Continued)

Property
  
Date
  
Period
  
Person
  
Debit
  
Credit
  
Balance
  
Remarks
                             
1000
  
12/25/2009
  
12/2009
      
0.00
  
487,900.13
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
5,240.00
      
XFER SD ACCTS TRUE-UP
1000
  
12/25/2009
  
12/2009
      
0.00
  
37,348.83
      
XFER SD ACCTS TRUE-UP
1000
  
12/25/2009
  
12/2009
      
92,168.53
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
503,865.25
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
60,546.80
  
0.00
      
BDO OCTOBER FEES
1000
  
12/25/2009
  
12/2009
      
178,342.15
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
26,753.10
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
296,201.04
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
172,685.86
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
96,148.20
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
29,066.78
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
4,962.97
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
21,272.93
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
3,104,735.04
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
459,830.66
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
5,258.23
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
16,958.23
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
14,272.72
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
25,229.88
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
142,707.96
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
467,284.08
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
3,846.23
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
34,653.99
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
61,757.82
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
171,522.23
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
6,461.95
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
230,085.44
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
515,000.00
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
31,057.98
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
232,674.14
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
207,301.14
  
0.00
      
COLE SCHOTZ NOV INVOICE
1000
  
12/25/2009
  
12/2009
      
36,448.61
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
10,292.98
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
355,074.38
      
REC PAC WEST DISBURSEMENTS

 
- 22 -
 

TARRAGON CORPORATION
For the Twelve Months Ended December 31, 2009
(Continued)

Property
  
Date
  
Period
  
Person
  
Debit
  
Credit
  
Balance
  
Remarks
                             
1000
  
12/25/2009
  
12/2009
      
0.00
  
81,689.36
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
6,568.63
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
3,915.48
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
44,446.65
  
0.00
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
0.00
  
44,359.67
      
SIGNATURE MASTER DEP/TSF
1000
  
12/25/2009
  
12/2009
      
27,323.05
  
0.00
      
HOLLAND & KNIGHT INVOICES
1000
  
12/25/2009
  
12/2009
      
0.00
  
170,085.33
      
TMI AP DISB-DIP TMI
1000
  
12/25/2009
  
12/2009
  
COLE, SCHOTZ
  
0.00
  
207,301.14
      
LEGAL RESTRUCTURING FEES
                       
  2,189,716.26
  
= Ending Balance =
               
6,216,551.08
  
4,849,310.95
        
 
 
- 23 -

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