The rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue bonds series 1994 (Terra Vida Apartments, formerly Laguna Pointe) reflects: Debt service coverage of 2.10x maximum annual debt service on the senior rated bonds as of Dec. 31, 2003, Loan to value of 42.72%, First mortgage lien on the property, and Ownership by an affiliate of Walden Residential Properties Inc. The bonds are secured by a first mortgage lien on Terra Vida Apartments (formerly Laguna Pointe), located in the Mesa, Ariz. There is no debt service reserve fund due to lower loan to value and high debt service coverage. The audited financial results as of Dec. 31, 2003, indicate that the properties' debt service coverage has decreased to
