Monthly Operating Report for the period 11/1/2008 through 11/30/2008

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UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Monthly Operating Report

For the Period November 1, 2008 through November 30, 2008

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


Required Documents	Document Complete	Explanation Attached	Debtors’ Statement
Schedule of Cash Receipts and Disbursements	X
Schedule of Professional Fees Paid	X
Bank Reconciliation (or copies of Debtor’s bank reconciliations)			X
Copies of bank statements			X
Cash disbursements journals			X
Statement of Operations	X	Exhibit A
Balance Sheet	X	Exhibit B
Status of Postpetition Taxes	X	X
Copies of IRS Form 6123 or payment receipt	X
Copies of tax returns filed during reporting period	X
Summary of Unpaid Postpetition Debts	X	X
Listing of aged accounts payable			X
Accounts Receivable Reconciliation and Aging	X	X
Debtor Questionnaire	X

I declare under penalty of perjury (28 U.S.C. Section 1746) that the information contained in this monthly operating report (including attached schedules) is true and correct to the best of my knowledge, information and belief. This Monthly Operating Report (“MOR”) has been prepared solely for the purpose of complying with the reporting requirements of the Office of the United States Trustee in the District of Delaware and the United States Bankruptcy Code (“Bankruptcy Code”). Attached hereto as Exhibit C is “Disclosures and Disclaimers Regarding the Monthly Operating Report of WCI Communities, Inc. and Its Affiliated Debtors”, which comprise an integral part of this document that the reader should view in conjunction with this Monthly Operating Report.



/s/ Scott Perry				1/15/09
Signature of Authorized Individual				Date

Scott Perry
Printed Name of Authorized Individual


				Monthly Operating Report
		1 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Schedule of Receipts and Disbursements

For the Period November 1, 2008 through November 30, 2008


	Debtor Entities
	Depository Accounts		Disbursement Accounts			Payroll Accounts			Tax Accounts			Other Accounts		Non-Debtor Cash Flow			Consolidated WCI Communities, Inc.
CASH RECEIPTS
Homebuilding & Tower Receipts	$	15,042,270	$	—		$	—		$	—		$	—	$	2,238,850		$	17,281,121
Bulk Sales / Land Sales		—		—			—			—			—		—			—
Other Misc. Receipts		4,977,153		—			—			—			—		5,230,838			10,207,990

TOTAL CASH RECEIPTS		20,019,423		—			—			—			—		7,469,688			27,489,111

CASH DISBURSEMENTS
SG&A Expenses
SG & A		—		5,072,736			—			—			—		3,411,378			8,484,115
HOA Deficit Funding		—		740,179			—			—			—		—			740,179
Payroll including taxes, benefits		—		—			5,446,168			—			—		2,000,139			7,446,307
Other Taxes		—		—			—			474,140			—		89,469			563,609

Total SG&A Expenses		—		5,812,915			5,446,168			474,140			—		5,500,986			17,234,209
Operating Expenses
Homebuilding Construction		—		1,676,294			—			—			—		1,562,619			3,238,913
Land Development		—		1,328,486			—			—			—		81			1,328,567
Tower Construction		—		800,784			—			—			—		—			800,784
Amenities		—		1,499,438			—			—			—		1,283,801			2,783,239
Other items		—		677,620			—			—			—		—			677,620

Total Operating Expenses		—		5,982,623			—			—			—		2,846,501			- 8,829,124
Restructuring Expenses
Interest on DIP Facility		—		555,724			—			—			—		—			555,724
Interest on Prepetition Debt		—		6,434,814			—			—			—		—			6,434,814
Professional Fees		—		668,756			—			—			—		—			668,756
Mandatory Paydown DIP		—		2,137,755			—			—			—		—			2,137,755

Total Restructuring Expenses		—		9,797,049			—			—			—		—			9,797,049
TOTAL CASH DISBURSEMENTS		—		21,592,587			5,446,168			474,140			—		8,347,487			35,860,383

NET RECEIPTS /(DISBURSEMENTS)	$	20,019,423	$	(21,592,587	)	$	(5,446,168	)	$	(474,140	)	$	—	$	(877,799	)	$	(8,371,272	)


				Monthly Operating Report
		2 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Schedule of Professional Fees and Expenses Paid ⁽¹⁾

For the Period November 1, 2008 through November 30, 2008


	Amount Incurred This Period (2)						Amount Paid This Period						Cumulative Amount Paid
Professional	Fees		Expenses		Total		Fees		Expenses		Total		Fees		Expenses		Total
Akin Gump Strauss Hauer & Feld LLP	$	284,764	$	11,053	$	295,817	$	—	$	—	$	—	$	—	$	—	$	—
Bayard, P.A.		38,222		14,500		52,722		—		—		—		123,147		35,172		158,319
Epiq Bankruptcy Solutions LLC (3)		355,002		—		355,002		355,002		—		355,002		387,952		—		387,952
Ernst & Young LLP		172,044		4,145		176,189		—		—		—		—		—		—
FTI Consulting, Inc.		—		—		—		—		—		—		—		—		—
Houlihan Lokey Howard & Zukin (4)		350,000		10,426		360,426		—		—		—		—		—
Lazard Frères & Co. LLC (5)		—		—		—		—		—		—		1,500,000		—		1,500,000
Pachulski Stang Ziehl & Jones LLP (6)		20,804		3,565		24,369		—		—		—		—		—
Sitrick and Company, Inc. (7)		189,848		29,671		219,519		144,849		29,645		174,494		144,849		29,645		174,494
White & Case LLP		—		—		—		—		—		—		1,952,449		46,334		1,998,783

Total	$	1,410,683	$	73,361	$	1,484,043	$	499,850	$	29,645	$	529,495	$	4,108,396	$	111,151	$	4,219,547


Professional		Role
Akin Gump Strauss Hauer & Feld LLP		UCC Counsel
Bayard, P.A.		Debtors’ Local Counsel
Epiq Bankruptcy Solutions LLC		Noticing / Claims Agent
Ernst & Young LLP		Debtors’ Auditor
FTI Consulting, Inc.		Debtors’ Restructuring Advisors
Houlihan Lokey Howard & Zukin		UCC Financial Advisor
Lazard Frères & Co. LLC		Debtors’ Financial Advisors
Pachulski Stang Ziehl & Jones LLP		UCC Local Counsel
Sitrick and Company, Inc.		Debtors’ Public Relations Agent
White & Case LLP		Debtors’ Counsel

Notes:

The schedule of professional fees includes fees for retained professionals paid directly by the Debtors and therefore does not include payments (i.e. payments made to the secured lenders’ advisors) made on behalf of the Debtors. In addition, this schedule does not include payments made to parties deemed to be ordinary course professionals.

The Debtor has included fees in this category based on the time period covered in the individuals professionals’ filed fee applications, not based on the filing date of the fee application unless expressly noted herein. The Debtor has made its best efforts to capture and include all professional fees incurred in the reporting period, however, due to the monthly fee application process, inadvertent omissions may occur.

3.	The fees listed in the “Amount Incurred This Period” and “Amount Paid This Period” section relate to fees incurred and paid during August and September 2008 and were not included in any previously filed Monthly Operating Reports.

4.	The fees listed in the “Amount Incurred This Period” section relate to fees incurred from August 15, 2008 through October 14, 2008 and were not included in any previously filed Monthly Operating Reports.

5.	The Debtor made a payment of $1,500,000 reflective of the 1% DIP financing fee to Lazard Frères & Co. LLC on September 24, 2008 for services rendered pursuant to the agreement letter dated April 17, 2008.

6.	The fees listed in the “Amount Incurred This Period” section relate to fees incurred from September 1, 2008 through September 30, 2008 and October 1, 2008 through October 31, 2008 and were not included in any previously filed Monthly Operating Reports.

The fees listed in the “Amount Incurred This Period” section relate to fees incurred from August 4, 2008 through October 31, 2008. The fees listed in the “Amount Paid This Period” section relate to fees incurred from August 4, 2008 through August 31, 2008 and September 1, 2008 through September 30, 2008 were not included in any previously filed Monthly Operating Reports.


				Monthly Operating Report
		3 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Debtor Bank Account Book Balances by Legal Entity

As of November 30, 2008


Bank Account Number	Financial Institution	Debtor Entity	Account Type	Book Balance (2)
3299755829	Bank of America	WCI Communities, Inc.	Controlled Disbursement	$	236,399
4426514794	Bank of America	WCI Communities, Inc.	Depository		(16,360	)
1014426363819	Bank of America	WCI Communities, Inc.	Operating (Club)		6,674
3756555592	Bank of America	WCI Communities, Inc.	Depository (Club)		458
3299048860	Bank of America	WCI Communities, Inc.	Manual Payroll		1,442,913
3756451340	Bank of America	WCI Communities, Inc.	Master Funding		6,156,102
22450150271638	Bank of America	WCI Communities, Inc.	Investment		50,000,000
1233164052	Bank of America	WCI Communities, Inc.	Cash Collateral		—
4426600381	Bank of America	WCI Communities, Inc.	Merchant		—
4426600378	Bank of America	WCI Communities, Inc.	Merchant		—
9417964332	Bank of America	WCI Communities, Inc.	Escrow		4,143,688
9417964332	Bank of America	WCI Communities, Inc.	Escrow		3,732,972
30584705	CitiGroup Global Markets, Inc.	WCI Communities, Inc.	Cash		20,000
3739240616514	CitiGroup Global Markets, Inc.	WCI Communities, Inc.	Investment		—
0012407	Commerce Bank	WCI Communities, Inc.	Escrow		73,453
7432025505	Fifth Third Bank	WCI Communities, Inc.	Escrow		(57,019	)
701-07C24	Merrill Lynch	WCI Communities, Inc.	Stock Option Account (1)		(6	)
701-07C39	Merrill Lynch	WCI Communities, Inc.	Stock Option Accounts (1)		38,485
1000004168299	SunTrust Bank	WCI Communities, Inc.	Merchant (Club)		(535,507	)
1000025017749	SunTrust Bank	WCI Communities, Inc.	Lockbox (Club)		10,748
200290004489	SunTrust Bank	WCI Communities, Inc.	Disbursement (Club)		—
276160950883	SunTrust Bank	WCI Communities, Inc.	Merchant (Club)		(424	)
200290002915	SunTrust Bank	WCI Communities, Inc.	Merchant (Club)		(5,000	)
276160951881	SunTrust Bank	WCI Communities, Inc.	Merchant (Club)		10
1000052974861	SunTrust Bank	WCI Communities, Inc.	Merchant (Club)		4,368
200290005248	SunTrust Bank	WCI Communities, Inc.	Operating (Club)		21,431
1000025017632	SunTrust Bank	WCI Communities, Inc.	Disbursement		3,761
1000015009995	SunTrust Bank	WCI Communities, Inc.	Merchant (Club)		12,219
1000038892120	SunTrust Bank	WCI Communities, Inc.	Merchant (Club)		16,430
1000025017756	SunTrust Bank	WCI Communities, Inc.	Operating (Club)		147,992
1000004168307	SunTrust Bank	WCI Communities, Inc.	Lockbox (Club)		401,342
335004056140	SunTrust Bank	WCI Communities, Inc.	Concentration		382,693
200290002907	SunTrust Bank	WCI Communities, Inc.	Disbursement		—
333002108	SunTrust Bank	WCI Communities, Inc.	Investment		10,006,838
1000076705002	SunTrust Bank	WCI Communities, Inc.	Escrow		491,863
1000076705002	SunTrust Bank	WCI Communities, Inc.	Escrow		41,243
1000076705002	SunTrust Bank	WCI Communities, Inc.	Escrow		75,000
2000015600794	Wachovia Bank, N.A.	WCI Communities, Inc.	Checking (Club)		90,975
2000015609054	Wachovia Bank, N.A.	WCI Communities, Inc.	Merchant (Club)		(29,051	)
2000013821232	Wachovia Bank, N.A.	WCI Communities, Inc.	Checking		—
2000015600587	Wachovia Bank, N.A.	WCI Communities, Inc.	Escrow		—
2000022050285	Wachovia Bank, N.A.	WCI Communities, Inc.	Checking (Club)		—
2000028197841	Wachovia Bank, N.A.	WCI Communities, Inc.	Merchant (Club)		46,644


				Monthly Operating Report
		4 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Debtor Bank Account Book Balances by Legal Entity

As of November 30, 2008


Bank Account Number	Financial Institution	Debtor Entity	Account Type	Book Balance (2)
2000014402498	Wachovia Bank, N.A.	WCI Communities, Inc.	Merchant (Club)		9,504
2000014402485	Wachovia Bank, N.A.	WCI Communities, Inc.	Operating (Club)		5,807
200007364963	Wachovia Bank, N.A.	WCI Communities, Inc.	Lockbox (Club)		(128	)
2000035866291	Wachovia Bank, N.A.	WCI Communities, Inc.	Depository (Club)		4,144
2000028197838	Wachovia Bank, N.A.	WCI Communities, Inc.	Operating (Club)		11,574
2090002595628	Wachovia Bank, N.A.	WCI Communities, Inc.	Concentration		124,591
2000015609041	Wachovia Bank, N.A.	WCI Communities, Inc.	Lockbox (Club)		3,385
2000014402508	Wachovia Bank, N.A.	WCI Communities, Inc.	Operating (Club)		—
2000014402511	Wachovia Bank, N.A.	WCI Communities, Inc.	Merchant (Club)		—
2000027364963	Wachovia Bank, N.A.	WCI Communities, Inc.	Checking (Club)		—

	Total	WCI Communities, Inc.		$	77,120,209
3299755811	Bank of America	Bay Colony-Gateway, Inc.	Controlled Disbursement	$	20,392
200290004128	SunTrust Bank	Bay Colony-Gateway, Inc.	Disbursement		—
1000004168182	SunTrust Bank	Bay Colony-Gateway, Inc.	Lockbox (Club)		2,520
200290005272	SunTrust Bank	Bay Colony-Gateway, Inc.	Merchant (Club)		26,127
200290005124	SunTrust Bank	Bay Colony-Gateway, Inc.	Operating (Club)		11,770
1000004168521	SunTrust Bank	Bay Colony-Gateway, Inc.	Merchant (Club)		18,117
200290003342	SunTrust Bank	Bay Colony-Gateway, Inc.	Operating		6,524,193

	Total	Bay Colony-Gateway, Inc.		$	6,603,120
2000022050913	Wachovia Bank, N.A.	Communities Finance Company, LLC	Escrow	$	27
1000034424902	SunTrust Bank	First Fidelity Title, Inc.	Escrow	$	20,699
1000038891502	SunTrust Bank	First Fidelity Title, Inc.	Escrow		494,873
2000025193673	Wachovia Bank, N.A.	First Fidelity Title, Inc.	Operating		—

	Total	First Fidelity Title, Inc.		$	515,572
2050000582550	Wachovia Bank, N.A.	Poplar Tree, LLC	Escrow	$	112,000
98395857	Provident Bank	Renaissance at Oak Creek Club, LLC	Escrow	$	79,044
2000022050272	Wachovia Bank, N.A.	Resort at Singer Island Properties, Inc.	Controlled Disbursement	$	219,815
3329040909	Bank of America	Reston Building Co., LLC	Manual Payroll	$	251,432
33500406147	SunTrust Bank	Sun City Center Golf Properties, Inc.	Operating	$	(24,107	)
33500406147	SunTrust Bank	Sun City Center Golf Properties, Inc.	Checking (Club)		33,349
33500406147	SunTrust Bank	Sun City Center Golf Properties, Inc.	Operating		276

	Total	Sun City Center Golf Properties, Inc.		$	9,518
200290002664	SunTrust Bank	Watermark Realty Referral, Inc.	Disbursement	$	300,190


				Monthly Operating Report
		5 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Debtor Bank Account Book Balances by Legal Entity

As of November 30, 2008


Bank Account Number	Financial Institution	Debtor Entity	Account Type	Book Balance (2)
205000058255	Wachovia Bank, N.A.	WCI Towers Northeast USA, Inc.	Escrow	$	3,101,424
3299126666	Bank of America	WCI Homes Northeast Inc.	Controlled Disbursement	$	257,124
3756676015	Bank of America	WCI Homes Northeast Inc.	Depository		180,394
9514985944	Bank of America	WCI Homes Northeast Inc.	Manual Payroll		335,805

	Total	WCI Homes Northeast Inc.		$	773,323
4426363806	Bank of America	WCI Mid-Atlantic US Region, Inc.	Depository	$	—
3299040081	Bank of America	WCI Mid-Atlantic US Region, Inc.	Controlled Disbursement		15,000

	Total	WCI Mid-Atlantic US Region, Inc.		$	15,000
2000013048497	Wachovia Bank, N.A.	WCI Realty New Jersey, Inc.	Escrow	$	756
2000013048507	Wachovia Bank, N.A.	WCI Realty New Jersey, Inc.	Escrow		756

	Total	WCI Realty New Jersey, Inc.		$	1,512
8046165950	Colonial Bank	WCI Realty, Inc.	Escrow	$	—
8041492342	Colonial Bank	WCI Realty, Inc.	Escrow		393,017
8041492359	Colonial Bank	WCI Realty, Inc.	Escrow		765,528
7431758502	Fifth Third Bank	WCI Realty, Inc.	Escrow		—
7431758999	Fifth Third Bank	WCI Realty, Inc.	Escrow		—
7431759534	Fifth Third Bank	WCI Realty, Inc.	Escrow		—
7431598734	Fifth Third Bank	WCI Realty, Inc.	Escrow		16,017
7431759419	Fifth Third Bank	WCI Realty, Inc.	Escrow		72,423
7431759351	Fifth Third Bank	WCI Realty, Inc.	Escrow		196,315
200290004527	SunTrust Bank	WCI Realty, Inc.	Escrow		—
1000076704781	SunTrust Bank	WCI Realty, Inc.	Escrow		174,658
200290003520	SunTrust Bank	WCI Realty, Inc.	Escrow		206,382
1000000902741	SunTrust Bank	WCI Realty, Inc.	Escrow		403,000
200290005329	SunTrust Bank	WCI Realty, Inc.	Escrow		735,928
2000022050560	Wachovia Bank, N.A.	WCI Realty, Inc.	Escrow		10,000

	Total	WCI Realty, Inc.		$	2,973,268
	Grand Total			$	92,075,453

Notes:

1.	The Debtor maintains two stock option accounts with Merrill Lynch for certain corporate purposes. These accounts are not FDIC insured, and in late November, the Debtor transferred substantially all of these funds to FDIC insured accounts at Bank of America.

2.	Certain of the Debtors’ bank account balances reported herein are negative. These negative balances primarily relate to timing differences between the accounting for disbursements on a book basis and the funding of cash into the controlled disbursement accounts.


				Monthly Operating Report
		6 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Debtor’s Statements with respect to Bank Account Reconciliations, Copies of Bank Statements

and Cash Disbursements Journal

Bank Account Reconciliations

The reconciliations for all open and active bank accounts are prepared within either the Treasury Department or the Regional Corporate Accounting Departments and then subsequently sent to the Treasury Department. The Debtors affirm that all reconciliations are maintained in the Treasury Department and reviewed by the Cash Managers and/or Treasurer. Typically, all reconciliations are generally completed within 45 days after the prior month end. Bank account reconciliations are not attached to this Monthly Operating Report, but if the U.S. Trustee requests copies, the Debtors will provide all bank reconciliations as soon as practical.

Bank Statements

The Debtors affirm that bank statements for all open and active bank accounts are maintained in the Treasury Department. In addition, the Debtors affirm that the following bank accounts were closed during the current reporting period:

Entity

Account Type

Account Name

Bank

Closed Date

WCI Realty, Inc.

Checking

WCI Realty, Inc.

Artesia Escrow Account

Fifth Third Bank

11/19/08

The Debtors affirm that no bank accounts were opened during the current reporting period.

Copies of bank statements are not attached to this Monthly Operating Report, but if the U.S. Trustee requests, the Debtor will provide copies of all bank statements as soon as practical.

Cash Disbursement Journals

The Debtors affirm that within its financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account. Cash disbursement journals are not attached to this Monthly Operating Report, but if the U.S. Trustee requests, the Debtors will provide copies of all disbursement journals as soon as practical.


				Monthly Operating Report
		7 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Consolidating Statement of Operations ⁽¹⁾

For the Period November 1, 2008 through November 30, 2008

(Unaudited)


	Debtor Entities			Non-Debtor Entities			Eliminations			Consolidated WCI Communities, Inc.
Revenue	$	16,010,321		$	8,857,239		$	(84,127	)	$	24,783,433
Costs of sales		14,455,020			4,934,230			(52,961	)		19,336,289
Equity in earnings from joint ventures		27,347			(34,672	)		—			(7,324	)
Other income & expenses		(808,486	)		(1,425	)		1,019,241			209,329
Real estate taxes, net		1,947,552			169,937			—			2,117,489
Selling, general & administrative expenses		11,214,855			4,509,670			(31,167	)		15,693,359
Interest expense, net		8,382,218			165,751			(1,019,241	)		7,528,728
Depreciation & amortization		911,212			471,612			—			1,382,823
Expenses related to early repayment of debt		—			—			—			—
Restructuring costs		2,915,643			—			—			2,915,643
Minority interests		—			—			(340,157	)		(340,157	)
Income taxes		—			—			—			—

Net income (loss)	$	(23,035,039	)	$	(1,357,863	)	$	340,157		$	(24,052,745	)

Notes:

1.	Refer to Exhibit A of this Monthly Operating Report for individual Debtor entity statements of operations.


				Monthly Operating Report
		8 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Consolidating Balance Sheet ⁽¹⁾

As of November 30, 2008

(Unaudited)


	Debtor Entities			Non-Debtor Entities			Eliminations			Consolidated WCI Communities, Inc.
Assets
Cash & cash equivalents	$	75,444,488		$	10,083,427		$	—		$	85,527,915
Restricted cash		14,766,925			1,421,686			—			16,188,611
Contracts receivable		5,180,751			—			—			5,180,751
Mortgages & accounts receivable		25,448,381			9,313,702			408,234			35,170,317
Real estate inventories		1,559,584,917			34,667,114			—			1,594,252,031
Plant & equipment		145,508,996			81,547,135			(4,720,509	)		222,335,622
Investments in joint ventures		272,019,807			(9,293,584	)		(240,382,836	)		22,343,387
Other assets		88,174,327			12,347,542			(1,372,723	)		99,149,146

Assets	$	2,186,128,592		$	140,087,022		$	(246,067,834	)	$	2,080,147,780

Liabilities
Liabilities subject to comprise (2)	$	942,603,791		$	—		$	—		$	942,603,791
Accounts payable & other liabilities		78,385,336			36,174,016			(877,119	)		113,682,233
Customer deposits		30,168,360			1,478,870			—			31,647,230
Intercompany due to/from		(99,725,951	)		99,725,952			(1	)		(0	)
DIP term loan		77,862,245			—			—			77,862,245
Senior secured credit facility		498,923,875			—			—			498,923,875
Senior secured term loan		224,829,124			—			—			224,829,124
Mortgages & notes payable		1,775,000			—			—			1,775,000
CDD obligations		52,277,473			2,682,183			—			54,959,656

Liabilities	$	1,807,099,253		$	140,061,021		$	(877,120	)	$	1,946,283,154

Minority interests	$	16,842,737		$	—		$	7,066,108		$	23,908,845

Equity
Net Worth	$	422,639,453		$	(11,980,432	)	$	(218,475,872	)	$	192,183,149
Retained Earnings		231,687,903			34,893,285			(36,521,563	)		230,059,626
Current year earnings		(292,140,753	)		(22,886,852	)		2,740,613			(312,286,992	)

Equity		362,186,603			26,001			(252,256,822	)		109,955,783

Liabilities and equity	$	2,186,128,593		$	140,087,022		$	(246,067,834	)	$	2,080,147,783

Notes:

1.	Refer to Exhibit B of this Monthly Operating Report for individual Debtor entity statements of assets and liabilities.

Liabilities subject to compromise include unsecured debt facilities, pre-petition accounts payable, general reserves for other payables, warranty obligations, legal contingency reserves and other liabilities. The Debtors have made their best efforts to characterize liabilities subject to compromise. These estimates are preliminary only and are subject to material change and/or reclassification. Any liabilities listed as subject to compromise reflects the Debtors’ best current estimate of the amount of pre-petition claims that will be restructured in the Chapter 11 Cases. In that regard, liabilities subject to compromise will change based upon, among other things, revised estimates of the amount of pre-petition claims that will be restructured in the Chapter 11 Cases.


				Monthly Operating Report
		9 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Status of Post-petition U.S. Taxes

For the Period November 1, 2008 through November 30, 2008

The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment to receipt to verify payment or deposit of federal payroll taxes (1). Attach photocopies of any tax returns filed during the reporting period.


	Beginning Tax Liability		Amount Withheld or Accrued		Amount Paid		Ending Tax Liability
Federal
FICA-Employee	$	—	$	245,935	$	245,935	$	—
FICA-Employer		42,025		280,338		245,935		76,428
Federal Unemployment Tax		403		1,491		1,114		780
Federal Income Tax Withholding		—		836,332		836,332		—
Other - Franchise		11,000		13,750		—		24,750

Total Federal Taxes	$	53,429	$	1,377,845	$	1,329,316	$	101,958

State and Local
Sales & Use (2)	$	79,125	$	550,348	$	79,125	$	550,348
State Unemployment Insurance		1,067		4,104		3,129		2,042
State/City Income Tax Withholding		—		24,599		24,599		—
Real Property Tax (3)		7,017,570		1,853,802		395,015		8,476,358
Personal Property Tax		248,424		82,085		—		330,509

Total State and Local	$	7,346,187	$	2,514,938	$	501,868	$	9,359,256

Total Taxes	$	7,399,615	$	3,892,783	$	1,831,184	$	9,461,215

Notes:

1.	The Debtor electronically files federal payroll tax returns with the assistance of its payroll processor, ADP. These returns are not attached hereto.

2.	Sales & use tax liability is shown net of prepayments, as required by the taxing authority.

3.	Amounts are accrued on a monthly basis but are generally not yet due.


				Monthly Operating Report
		10 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Summary of Unpaid Post-petition Debts ⁽¹⁾

As of November 30, 2008


				Days Past Due
	Current			1-30			31-60			61-90			90+			Total
Land Development	$	98,927		$	32,286		$	21,192		$	—		$	195		$	152,600
Contractor (non-land development)		2,037,526			94,314			19,148			86,814			(227	)		2,237,575
Recurring Item (e.g. lease)		9,806			—			—			—			—			9,806
G&A Expense (2)		1,743,360			228,181			85,577			50,851			178,673			2,286,642

Total	$	3,889,619		$	354,782		$	125,917		$	137,664		$	178,641		$	4,686,624

Percentage		83.0	%		7.6	%		2.7	%		2.9	%		3.8	%		100.0	%

Notes:

1.	The post-petition debts reported only represent open and outstanding trade vendor invoices that have been entered into the Debtors’ accounts payable system. This summary does not include invoices not yet entered into the Debtors’ accounts payable system, any month-end accruals or estimations.

Past due G&A payables may be related to invoices under dispute, invoice submission issues, invoice “charge-back” situations in which the counterparty owes WCI a greater amount than WCI owes to them, or other invoices which the Debtor has put on hold (e.g. invoices related to property taxes, rejected leases, etc.)


				Monthly Operating Report
		11 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Accounts Receivable Reconciliation and Aging

As of November 30, 2008


				Days Past Due
	Current			1-30			31-60			61-90			90+			Total
Contracts Receivables (1)	$	5,180,751		$	—		$	—		$	—		$	—		$	5,180,751
Amenity Receivables (2)		15,545,052			108,821			20,237			30,649			1,391,850			17,096,609
Property Management Receivables (3)		37,133			36,735			9,340			—			38,386			121,593
Hotel / Tower Receivables (4)		—			—			—			123,250			1,068,910			1,192,160
Other		478,368			—			—			—			(438	)		477,931

Gross Receivables	$	21,241,304		$	145,556		$	29,576		$	153,899		$	2,498,708		$	24,069,044

Percentage		88.3	%		0.6	%		0.1	%		0.6	%		10.4	%		100.0	%
Less: Provision for Doubtful Accounts																$	(1,283,141	)

Net Accounts Receivable																$	22,785,903

Notes:

1.	The Debtor does not age contracts receivables and therefore the balance as of November 30, 2008 is reported herein as current.

2.	Amenity receivable past-due amounts relate to unpaid membership obligations. Once an amenity receivable reaches 120 days past due, the Debtors fully reserve the past due amount, while continuing collection efforts.

3.	Property management receivables primarily relate to amounts owed to WCI Communities, Inc. from homeowner associations for services rendered by WCI on behalf of the homeowners association. The Debtor actively manages and pursues collections of past-due receivables.

4.	Past-due Tower receivables are primarily related to customer deposit litigation. Approximately $800,000 is currently held in escrow by Chicago Title Inc. until the litigation is settled.


				Monthly Operating Report
		12 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Debtor Questionnaire


		Yes	No

1.	Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide explanation below.	X

	Explanation:

	• On November 18, 2008, the Debtor sold used computer equipment to Liquid Technology, Inc. The total sale amount was for $19,234.

	• On November 19, 2008, the Debtor sold used uninterrupted power supply batteries and air conditioning units to Liquid Technology, Inc. The total sale amount was for $13,000.

	• On various dates throughout November 2008, the Debtor sold used office furniture to several purchasers. The total sale amount was approximately $10,000.

2.	Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.		X

	Explanation:

	The Debtors have not made disbursements from any account other than debtor in possession accounts this reporting period. However, because certain subsidiaries of WCI Communities, Inc. did not file for bankruptcy protection, there are non-debtor legal entities that maintain their own bank account(s). WCI Communities, Inc. utilizes a central cash management system, and, as such, the same personnel oversee all treasury functions for debtor and non-debtor entities.

3.	Have all postpetition tax returns been timely filed? If no, provide an explanation below.	X

	Explanation:

	The “superseding” 2007 U.S. Consolidated Corporate Income Tax Return, Form 1120, was filed on November 17, 2008. This return supersedes the initial return filed in April of 2008.

4.	Are workers compensation, general liability and other necessary insurance coverage’s in effect? If no, provide an explanation below.	X

5.	Have any bank accounts been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.		X

	Explanation:

	Refer to “The Debtors’ Statement with respect to Bank Account Reconciliations, Copies of Bank Statements, and Cash Disbursements Journals” located on page 7 of this Monthly Operating Report.


				Monthly Operating Report
		13 of 13		November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Exhibit A:

Debtor Entity Statements of Operations

For the Period November 1, 2008 through November 30, 2008

(Unaudited)


				Monthly Operating Report
				November 1, 2008 through November 30, 2008

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit A: Statements of Operations for Debtor Entities (1)

For the Period November 1, 2008 through November 30, 2008

(unaudited)


Debtor Entity:			WCI Communities, Inc.			Bay Colony- Gateway, Inc. (5)			Hunting Ridge III, LLC			Community Specialized Services, Inc.			Renaissance at Beacon Hill II, LLC			First Fidelity Title, Inc.			JYC Holdings, Inc.			Renaissance Custom Communities, LLC			Renaissance at Hunting Hills, LLC
Case Number:			08-11643			08-11646			08-11648			08-11652			08-11654			08-11655			08-11659			08-11664			08-11674
Description	Notes
Revenue	(2	)	$	10,201,485		$	529,584		$	—		$	—		$	—		$	182,219		$	—		$	—		$	—
Costs of sales				8,467,684			22,509			—			—			—			—			—			—			—
Equity in earnings from joint ventures				—			27,347			—			—			—			—			—			—			—
Other income & expenses				(1,408	)		(1,046,197	)		—			—			—			—			—			—			—
Real estate taxes, net				1,261,193			175,781			—			—			2,761			—			30,578			—			—
Selling, general & administrative	(3	)		2,819,295			7,552,265			—			5,007			31			233,840			—			—			—
Interest expense, net				7,537,355			—			—			—			—			—			—			—			—
Depreciation & amortization				552,362			211,758			—			857			—			4,020			—			—			—
Expenses related to early repayment of debt				—			—			—			—			—			—			—			—			—
Restructuring costs				2,915,643			—			—			—			—			—			—			—			—
Income taxes				—			—			—			—			—			—			—			—			—
Allocation of corporate general & administrative	(4	)		4,545,022			(6,100,270	)		17			180			2,098			5,897			21,958			(58	)		77

Net income (loss)			$	(17,895,661	)	$	(313,609	)	$	(17	)	$	(6,044	)	$	(4,890	)	$	(61,537	)	$	(52,535	)	$	58		$	(77	)


		1 of 6		Exhibit A

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit A: Statements of Operations for Debtor Entities (1)

For the Period November 1, 2008 through November 30, 2008

(unaudited)


Debtor Entity:			Mansion Ridge Home & Land Co. LLC		Renaissance at Kings Crossing, LLC			Communities Finance Co. LLC			Renaissance at Foxhall, LLC			Sun City Center Golf Properties, Inc.			Renaissance at Lake Manassas, LLC			Poplar Tree, LLC			WCI Homes Northeast, Inc. (6)			Renaissance at Georgetown Pike, LLC
Case Number:			08-11684		08-11688			08-11691			08-11694			08-11696			08-11701			08-11702			08-11703			08-11705
Description	Notes
Revenue	(2	)	$	—	$	—		$	4,945,787		$	—		$	347,521		$	—		$	—		$	—		$	—
Costs of sales				—		—			4,884,530			—			52,286			—			(42,920	)		(209,598	)		—
Equity in earnings from joint ventures				—		—			—			—			—			—			—			—			—
Other income & expenses				—		—			—			—			—			—			—			—			—
Real estate taxes, net				—		—			307,489			—			30,249			—			7,083			—			—
Selling, general & administrative	(3	)		—		1,374			13,256			—			429,529			—			1,967			(474,042	)		765
Interest expense, net				—		—			—			—			—			—			(488	)		665,704			—
Depreciation & amortization				—		—			—			—			79,134			—			—			27,266			—
Expenses related to early repayment of debt				—		—			—			—			—			—			—			—			—
Restructuring costs				—		—			—			—			—			—			—			—			—
Income taxes				—		—			—			—			—			—			—			—			—
Allocation of corporate general & administrative	(4	)		—		(42	)		493,885			74			147,021			14			27,875			22,591			(297	)

Net income (loss)			$	—	$	(1,332	)	$	(753,373	)	$	(74	)	$	(390,699	)	$	(14	)	$	6,482		$	(31,921	)	$	(468	)


		2 of 6		Exhibit A

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit A: Statements of Operations for Debtor Entities (1)

For the Period November 1, 2008 through November 30, 2008

(unaudited)


Debtor Entity:			Renaissance at Oak Creek Club, LLC			Resort at Singer Island Properties, Inc.			WCI Realty Inc.			Dix Hills Home & Land Co. LLC			Spectrum Kensington LLC		Renaissance at Beacon Hill, LLC			MHI-Rugby Road LLC			Renaissance at The Oaks, LLC			WCI Hunter Mill, LLC
Case Number:			08-11711			08-11712			08-11713			08-11715			08-11717		08-11719			08-11722			08-11728			08-11729
Description	Notes
Revenue	(2	)	$	—		$	(119,500	)	$	100		$	—		$	—	$	—		$	—		$	—		$	—
Costs of sales				—			5,511			100			—			—		—			(4,626	)		—			—
Equity in earnings from joint ventures				—			—			—			—			—		—			—			—			—
Other income & expenses				—			—			—			—			—		—			—			—			—
Real estate taxes, net				(33,188	)		15,946			—			—			—		—			29,119			—			34,959
Selling, general & administrative	(3	)		(2,609	)		3,500			693,928			—			—		—			(1,474	)		—			657
Interest expense, net				—			—			—			—			—		—			—			—			(8,778	)
Depreciation & amortization				—			1,011			24,387			—			—		—			—			—			—
Expenses related to early repayment of debt				—			—			—			—			—		—			—			—			—
Restructuring costs				—			—			—			—			—		—			—			—			—
Income taxes				—			—			—			—			—		—			—			—			—
Allocation of corporate general & administrative	(4	)		12,304			71,310			13,397			(31	)		—		111			96,170			(63	)		123,595

Net income (loss)			$	23,493		$	(216,779	)	$	(731,712	)	$	31		$	—	$	(111	)	$	(119,188	)	$	63		$	(150,432	)


		3 of 6		Exhibit A

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit A: Statements of Operations for Debtor Entities (1)

For the Period November 1, 2008 through November 30, 2008

(unaudited)


Debtor Entity:			Hopewell Crossing Home & Land Co. LLC			Renaissance at Oakton Glen, LLC			WCI Realty New Jersey, Inc			Renaissance at Occoquan Walk, LLC			Hunting Ridge II, LLC			WCI Mid- Atlantic U.S. Region, Inc.			Watermark Realty Referral, Inc		Southbury Home & Land Co. LLC			WCI Communities Property Management, Inc.
Case Number:			08-11731			08-11736			08-11737			08-11742			08-11746			08-11747			08-11748		08-11749			08-11753
Description	Notes
Revenue	(2	)	$	—		$	—		$	—		$	—		$	—		$	—		$	16,957	$	—		$	13,851
Costs of sales				—			—			—			—			—			—			13,796		20,087			—
Equity in earnings from joint ventures				—			—			—			—			—			—			—		—			—
Other income & expenses				—			—			—			—			—			239,119			—		—			—
Real estate taxes, net				14,003			—			—			953			—			36,184			—		—			—
Selling, general & administrative	(3	)		—			—			25,959			205			—			(181,465	)		—		—			40,105
Interest expense, net				2,411			—			—			—			—			186,014			—		—			—
Depreciation & amortization				—			—			—			—			—			10,201			—		—			215
Expenses related to early repayment of debt				—			—			—			—			—			—			—		—			—
Restructuring costs				—			—			—			—			—			—			—		—			—
Income taxes				—			—			—			—			—			—			—		—			—
Allocation of corporate general & administrative	(4	)		14,649			81			(0	)		7,127			110			73,140			930		(16	)		320

Net income (loss)			$	(31,064	)	$	(81	)	$	(25,959	)	$	(8,285	)	$	(110	)	$	(363,192	)	$	2,231	$	(20,070	)	$	(26,789	)


		4 of 6		Exhibit A

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit A: Statements of Operations for Debtor Entities (1)

For the Period November 1, 2008 through November 30, 2008

(unaudited)


Debtor Entity:			Renaissance at River Creek II, LLC			Renaissance at Timberlake, LLC			WCI Custom Homes, LLC			Renaissance at River Creek Towns, LLC			WCI Towers Northeast USA, Inc			Renaissance Centro Arlington, LLC			Renaissance Centro Columbia, LLC
Case Number:			08-11756			08-11759			08-11761			08-11763			08-11764			08-11766			08-11770
Description	Notes
Revenue	(2	)	$	—		$	—		$	—		$	—		$	(107,684	)	$	—		$	—
Costs of sales				—			—			—			—			1,245,661			—			—
Equity in earnings from joint ventures				—			—			—			—			—			—			—
Other income & expenses				—			—			—			—			—			—			—
Real estate taxes, net				—			—			—			—			34,441			—			—
Selling, general & administrative	(3	)		253			—			276			1,458			50,775			—			—
Interest expense, net				—			—			—			—			—			—			—
Depreciation & amortization				—			—			—			—			—			—			—
Expenses related to early repayment of debt				—			—			—			—			—			—			—
Restructuring costs				—			—			—			—			—			—			—
Income taxes				—			—			—			—			—			—			—
Allocation of corporate general & administrative	(4	)		0			438			939			—			313,022			53,453			52,973

Net income (loss)			$	(253	)	$	(438	)	$	(1,215	)	$	(1,458	)	$	(1,751,583	)	$	(53,453	)	$	(52,973	)


		5 of 6		Exhibit A

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit A: Statements of Operations for Debtor Entities (1)

For the Period November 1, 2008 through November 30, 2008

(unaudited)

The following notes should be read in conjunction with Exhibit A for the Statements of Operations for Debtor Entities:

The statements of operations provided herein represent financial information included in the Company’s general ledger for “active” Debtor entities. The Company has defined a Debtor entity as being “active” if the entity 1) owns or holds title to assets, 2) conducts some type of operation with general ledger activity, or 3) has contingent liabilities (e.g. potential warranty obligations).

The statements of operations for certain Debtor entities reflect negative revenue. Negative revenue is primarily a result of revenue recognition using the percentage-of-completion method of accounting under GAAP in which revenue may be recognized in one accounting period and a reversal of revenues, including contract defaults, may be recognized in subsequent accounting periods.

3.	The statements of operations for certain Debtor entities reflect negative SG&A. Negative SG&A expense is generally the result of the reversal of accruals, defaults and true-ups.

The Debtor records significant corporate overhead costs on the books and records of Bay Colony-Gateway, Inc. These corporate overhead costs have been allocated pro-rata to various active legal entities based on the net book value of total assets as a percentage of combined total assets as of 11/30/08 for each of the legal entities.

5.	The credit in Other income & expense for Bay-Colony Gateway, Inc. primarily relates to intercompany interest charged to the WCI Northeast and WCI Mid-Atlantic regions. An offsetting interest expense is recorded and eliminated in consolidation.

6.	WCI Homes Northeast, Inc. is the corporate entity for the Northeast Region and the income statement reflects corporate overhead expenses while the revenue amounts are allocated to appropriate legal entities within the region.

7.	Statements of operations are not provided for Debtor entities that are not “active”. A list of those entities is presented below.


Inactive Debtor Entity (7)		Case No.
Communities Home Builders, Inc.		08-11644
New Home & Land Company LLC		08-11645
East Fishkill Development LLC		08-11647
Bay Colony of Naples, Inc.		08-11649
Fair Oaks Parkway, LLC		08-11650
Spectrum PDC Corp.		08-11651
Gateway Communities, Inc.		08-11653
Pelican Bay Properties, Inc.		08-11656
Bay Colony Realty Associates, Inc.		08-11657
Florida Design Communities, Inc.		08-11658
Renaissance at Bellview Road, LLC		08-11660
Coral Ridge Communities, Inc.		08-11661
Spectrum Customer Care, Inc.		08-11662
Carpentry Management Associates, LLC		08-11663
Spectrum Valimar Corp.		08-11665
Florida Lifestyle Management Company		08-11666
Gateway Realty Sales, Inc.		08-11667
Pelican Landing Communities, Inc.		08-11668
Renaissance at Bridges of Oakton II, LLC		08-11669
Renaissance at Roseland, Inc.		08-11670
Florida National Properties, Inc.		08-11671
The Colony at Pelican Landing Golf Club, Inc.		08-11672
Lake Grove Home & Land Company LLC		08-11673
Coral Ridge Properties, Inc.		08-11675
Renaissance Holdings Corp.		08-11676
Spectrum-Irvington Corp.		08-11677
GC Assets of Nassau, Inc.		08-11678
Spectrum Design Studio, Inc.		08-11679
Renaissance at Cardinal Forest, LLC		08-11680
Gateway Communications Services, Inc.		08-11681
Communities Amenities, Inc.		08-11682
Pelican Landing Properties, Inc.		08-11683
Coral Ridge Realty, Inc.		08-11685
Spectrum-Riverwoods Corp.		08-11686
Renaissance at Evergreen Mills Road, LLC		08-11687
Renaissance at Rugby Road, LLC		08-11689
Spectrum FS Corp.		08-11690
Renaissance Housing Corp.		08-11692
Pelican Marsh Properties, Inc.		08-11693
Spectrum Glen Cove Corp.		08-11695
Renaissance at Rugby Road II, LLC		08-11697
(The) Mansion Ridge Sewer Co., Inc.		08-11698
Coral Ridge Realty Sales, Inc.		08-11699
WCI Amenities, Inc.		08-11700
Renaissance Land, LLC		08-11704
Sun City Center Realty, Inc.		08-11706
Spectrum Holmdel Corp.		08-11707
Renaissance at South River, Inc.		08-11708
Marbella at Pelican Bay, Inc.		08-11709
Heron Bay, Inc.		08-11710
WCI Architecture & Land Planning, Inc.		08-11714
Tarpon Cove Realty, Inc.		08-11716
Renaissance at the Bridges of Oakton, LLC		08-11718
WCI Northeast Real Estate Development, LLC		08-11720
Heron Bay Golf Course Properties, Inc.		08-11721
Reston Building Company, LLC		08-11723
WCI Realty Connecticut, Inc.		08-11724
WCI Business Development, Inc.		08-11725
Spectrum Lake Grove, LLC		08-11726
WCI Realty Maryland, Inc.		08-11727
Tarpon Cove Yacht & Racquet Club, Inc.		08-11730
RMH, LLC		08-11732
WCI Northeast U.S. Region, LLC		08-11733
WCI Marketing, Inc.		08-11734
Spectrum Landing Corp.		08-11735
(The) Valimar Home & Land Company, LLC		08-11738
WCI Pompano Beach, Inc.		08-11739
WCI Capital Corporation		08-11740
Sarasota Tower, Inc.		08-11741
WCI Realty New York, Inc.		08-11743
Spectrum Long Beach, LLC		08-11744
WCI Ireland Inn Corp.		08-11745
WCI Title, Inc.		08-11750
Renaissance at River Creek, Inc.		08-11751
Spectrum North Bergen LLC		08-11752
Spectrum Construction Corp.		08-11754
WCI Towers, Inc.		08-11755
WCI Towers Mid-Atlantic USA, Inc.		08-11758
Renaissance at Timberlake II, LLC		08-11760
WCI Homebuilding, Inc.		08-11762
WCI Homes, Inc.		08-11765
Renaissance at River Creek Villas, Inc.		08-11767
WCI Golf Group, Inc.		08-11768
WCI Homebuilding Northeast, U.S., Inc.		08-11769


		6 of 6		Exhibit A

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Exhibit B:

Debtor Entity Statements of Assets and Liabilities

As of November 30, 2008

(Unaudited)


				Monthly Operating Report
				November 1, 2008 through November 30, 2008

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit B: Debtor Entity Statements of Assets & Liabilities (1)

As of November 30, 2008

(unaudited)


Debtor Entity:	WCI Communities, Inc.		Bay Colony- Gateway, Inc.		Hunting Ridge III, LLC		Community Specialized Services, Inc.		Renaissance at Beacon Hill II, LLC		First Fidelity Title, Inc.			JYC Holdings, Inc.
Case Number:	08-11643		08-11646		08-11648		08-11652		08-11654		08-11655			08-11659
Assets
Cash & cash equivalents	$	67,389,375	$	6,591,681	$	—	$	—	$	—	$	87,776		$	—
Restricted cash		8,707,582		—		—		—		—		(9	)		—
Contracts receivable		3,695,001		—		—		—		—		—			—
Mortgages & accounts receivable		13,083,535		4,267,506		—		27,725		—		—			—
Real estate inventories		1,064,613,776		75,064,357		—		—		637,403		—			3,432,584
Plant & equipment		65,241,521		34,145,485		—		12,945		—		209,395			3,492,476
Investments in subsidiaries and joint ventures		224,398,377		44,192,706		—		—		—		—			—
Other assets		20,462,697		49,133,310		5,600		17,452		40,000		1,606,892			165,085

Total assets	$	1,467,591,862	$	213,395,044	$	5,600	$	58,122	$	677,403	$	1,904,054		$	7,090,146

Liabilities
Accounts payable & other liabilities	$	105,813,258	$	17,099,067	$	—	$	—	$	—	$	78,566		$	336,416
Customer deposits		31,949,319		15,822	$	—		—		—		—			—
Swap breakage		10,574,574		10,574,574				10,574,574				10,574,574			10,574,574
Debtor-in-possession secured term loan		77,862,245		77,862,245		77,862,245		77,862,245		77,862,245		77,862,245			77,862,245
Senior secured credit facility		498,923,875		498,923,875		—		498,923,875		—		498,923,875			498,923,875
Senior secured term note		224,829,124		224,829,124		—		224,829,124		—		224,829,124			224,829,124
Mortgages & notes payable		—		—		—		—		—		—			—
CDD obligations		39,079,424		698,812		—		—		—		—			—
Senior subordinated notes		538,157,031		538,157,031		—		538,157,031		—		538,157,031			538,157,031
Junior subordinated notes		165,000,000		—		—		—		—		—			—
Convertible subordinated notes		127,486,111		127,486,111		—		127,486,111		—		127,486,111			127,486,111

Total liabilities	$	1,819,674,960	$	1,495,646,660	$	77,862,245	$	1,477,832,960	$	77,862,245	$	1,477,911,526		$	1,478,169,375


		1 of 7		Exhibit B

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit B: Debtor Entity Statements of Assets & Liabilities (1)

As of November 30, 2008

(unaudited)


Debtor Entity:	Renaissance Custom Communities, LLC			Renaissance at Hunting Hills, LLC		Mansion Ridge Home & Land Co. LLC		Renaissance at Kings Crossing, LLC			Communities Finance Co. LLC		Renaissance at Foxhall, LLC		Sun City Center Golf Properties, Inc.		Renaissance at Lake Manassas, LLC
Case Number:	08-11664			08-11674		08-11684		08-11688			08-11691		08-11694		08-11696		08-11701
Assets
Cash & cash equivalents	$	—		$	—	$	—	$	—		$	27	$	—	$	36,214	$	—
Restricted cash		—			—		—		—			—		—		—		—
Contracts receivable		—			—		—		—			—		—		—		—
Mortgages & accounts receivable		—			—		—		—			1,577,500		—		6,713,058		—
Real estate inventories		(18,571	)		—		—		(13,555	)		156,540,738		—		—		—
Plant & equipment		—			—		—		—			—		—		40,132,127		—
Investments in subsidiaries and joint ventures		—			—		—		—			—		—		—		—
Other assets		—			25,000		—		—			1,357,301		24,000		591,832		4,377

Total assets	$	(18,571	)	$	25,000	$	—	$	(13,555	)	$	159,475,565	$	24,000	$	47,473,231	$	4,377

Liabilities
Accounts payable & other liabilities	$	3,347		$	—	$	—	$	—		$	7,598,666	$	—	$	7,587,581	$	—
Customer deposits		—			—		—		—			25,019,784		—		2,922		—
Swap breakage												10,574,574				10,574,574
Debtor-in-possession secured term loan		77,862,245			77,862,245		77,862,245		77,862,245			77,862,245		77,862,245		77,862,245		77,862,245
Senior secured credit facility		—			—		—		—			498,923,875		—		498,923,875		—
Senior secured term note		—			—		—		—			224,829,124		—		224,829,124		—
Mortgages & notes payable		—			—		—		—			—		—		—		—
CDD obligations		—			—		—		—			12,499,237		—		—		—
Senior subordinated notes		—			—		—		—			538,157,031		—		538,157,031		—
Junior subordinated notes		—			—		—		—			—		—		—		—
Convertible subordinated notes		—			—		—		—			127,486,111		—		127,486,111		—

Total liabilities	$	77,865,592		$	77,862,245	$	77,862,245	$	77,862,245		$	1,522,950,647	$	77,862,245	$	1,485,423,463	$	77,862,245


		2 of 7		Exhibit B

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit B: Debtor Entity Statements of Assets & Liabilities (1)

As of November 30, 2008

(unaudited)


Debtor Entity:	Poplar Tree, LLC		WCI Homes Northeast, Inc.			Renaissance at Georgetown Pike, LLC			Renaissance at Oak Creek Club, LLC		Resort at Singer Island Properties, Inc.		WCI Realty Inc.		Dix Hills Home & Land Co. LLC			Spectrum Kensington LLC
Case Number:	08-11702		08-11703			08-11705			08-11711		08-11712		08-11713		08-11715			08-11717
Assets
Cash & cash equivalents	$	—	$	516,199		$	—		$	—	$	519,815	$	1,500	$	—		$	—
Restricted cash		79,044		—			—			112,000		—		2,766,886		—			—
Contracts receivable		—		—			—			—		—		—		—			—
Mortgages & accounts receivable		—		(518,916	)		—			—		199,560		—		—			—
Real estate inventories		8,827,075		233,710			(121,040	)		3,809,471		20,752,667		—		(10,147	)		—
Plant & equipment		—		610,223			57			197		30,307		1,519,812		—			—
Investments in subsidiaries and joint ventures		—		1,300,000			—			—		—		—		—			—
Other assets		94,763		8,110,438			25,000			51,207		1,516,490		37,696		—			—

Total assets	$	9,000,882	$	10,251,653		$	(95,983	)	$	3,972,875	$	23,018,838	$	4,325,894	$	(10,147	)	$	—

Liabilities
Accounts payable & other liabilities	$	15,542	$	3,473,640		$	—		$	3,000	$	602,387	$	330,565	$	177		$	—
Customer deposits		491,813		—			193,000			33,755		1,524,500		—		—			—
Swap breakage		10,574,574		10,574,574			10,574,574			10,574,574		10,574,574		10,574,574
Debtor-in-possession secured term loan		77,862,245		77,862,245			77,862,245			77,862,245		77,862,245		77,862,245		77,862,245			77,862,245
Senior secured credit facility		498,923,875		498,923,875			498,923,875			498,923,875		498,923,875		498,923,875		—			—
Senior secured term note		224,829,124		224,829,124			224,829,124			224,829,124		224,829,124		224,829,124		—			—
Mortgages & notes payable		—		—			—			—		—		—		—			—
CDD obligations		—		—			—			—		—		—		—			—
Senior subordinated notes		—		—			—			—		538,157,031		538,157,031		—			—
Junior subordinated notes		—		—			—			—		—		—		—			—
Convertible subordinated notes		—		—			—			—		127,486,111		127,486,111		—			—

Total liabilities	$	812,697,172	$	815,663,457		$	812,382,818		$	812,226,573	$	1,479,959,847	$	1,478,163,525	$	77,862,422		$	77,862,245


		3 of 7		Exhibit B

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit B: Debtor Entity Statements of Assets & Liabilities (1)

As of November 30, 2008

(unaudited)


Debtor Entity:	Renaissance at Beacon Hill, LLC		MHI-Rugby Road LLC		Renaissance at The Oaks, LLC			WCI Hunter Mill, LLC		Hopewell Crossing Home & Land Co. LLC		Renaissance at Oakton Glen, LLC		WCI Realty New Jersey, Inc		Renaissance at Occoquan Walk, LLC		Hunting Ridge II, LLC
Case Number:	08-11719		08-11722		08-11728			08-11729		08-11731		08-11736		08-11737		08-11742		08-11746
Assets
Cash & cash equivalents	$	—	$	—	$	—		$	—	$	—	$	—	$	1,512	$	—	$	—
Restricted cash		—		—		—			—		—		—		—		—		—
Contracts receivable		—		—		—			—		—		—		—		—		—
Mortgages & accounts receivable		—		—		—			—		—		—		—		—		—
Real estate inventories		—		30,577,228		(42,931	)		39,745,436		4,724,791		—		—		2,300,695		—
Plant & equipment		—		—		—			—		—		—		—		—		—
Investments in subsidiaries and joint ventures		—		—		—			—		—		—		—		—		—
Other assets		36,000		476,134		22,630			163,300		5,478		26,000		—		551		35,600

Total assets	$	36,000	$	31,053,362	$	(20,301	)	$	39,908,736	$	4,730,269	$	26,000	$	1,512	$	2,301,246	$	35,600

Liabilities
Accounts payable & other liabilities	$	—	$	1,901	$	—		$	913	$	79,309	$	—	$	28,777	$	28,513	$	—
Customer deposits		—		—		—			—		—		—		—		—		—
Swap breakage		10,574,574		10,574,574					10,574,574		10,574,574				10,574,574		10,574,574
Debtor-in-possession secured term loan		77,862,245		77,862,245		77,862,245			77,862,245		77,862,245		77,862,245		77,862,245		77,862,245		77,862,245
Senior secured credit facility		498,923,875		498,923,875		—			498,923,875		498,923,875		—		498,923,875		498,923,875		—
Senior secured term note		224,829,124		224,829,124		—			224,829,124		224,829,124		—		224,829,124		224,829,124		—
Mortgages & notes payable		—		—		—			—		1,775,000		—		—		—		—
CDD obligations		—		—		—			—		—		—		—		—		—
Senior subordinated notes		—		—		—			—		—		—		—		—		—
Junior subordinated notes		—		—		—			—		—		—		—		—		—
Convertible subordinated notes		—		—		—			—		—		—		—		—		—

Total liabilities	$	812,189,818	$	812,191,719	$	77,862,245		$	812,190,731	$	814,044,126	$	77,862,245	$	812,218,595	$	812,218,330	$	77,862,245


		4 of 7		Exhibit B

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit B: Debtor Entity Statements of Assets & Liabilities (1)

As of November 30, 2008

(unaudited)


Debtor Entity:	WCI Mid- Atlantic U.S. Region, Inc.		Watermark Realty Referral, Inc		Southbury Home & Land Co. LLC			WCI Communities Property Management, Inc.		Renaissance at River Creek II, LLC		Renaissance at Timberlake, LLC		WCI Custom Homes, LLC			Renaissance at River Creek Towns, LLC
Case Number:	08-11747		08-11748		08-11749			08-11753		08-11756		08-11759		08-11761			08-11763
Assets
Cash & cash equivalents	$	200	$	300,190	$	—		$	—	$	—	$	—	$	—		$	—
Restricted cash		—		—		—			—		—		—		—			—
Contracts receivable		—		—		—			—		—		—		—			—
Mortgages & accounts receivable		3,368		—		—			95,482		—		—		(437	)		—
Real estate inventories		17,417,318		—		(5,323	)		—		—		—		276,481			—
Plant & equipment		111,877		—		—			2,516		57		—		—			—
Investments in subsidiaries and joint ventures		2,128,725		—		—			—		—		—		—			—
Other assets		3,955,426		—		—			5,463		—		141,357		27,251			—

Total assets	$	23,616,914	$	300,190	$	(5,323	)	$	103,461	$	57	$	141,357	$	303,296		$	—

Liabilities
Accounts payable & other liabilities	$	2,637,683	$	—	$	—		$	3,353	$	—	$	—	$	16,058		$	—
Customer deposits		140,000		—		—			—		—		—		782,156			—
Swap breakage		10,574,574		10,574,574					10,574,574									10,574,574
Debtor-in-possession secured term loan		77,862,245		77,862,245		77,862,245			77,862,245		77,862,245		77,862,245		77,862,245			77,862,245
Senior secured credit facility		498,923,875		498,923,875		—			498,923,875		—		—		—			498,923,875
Senior secured term note		224,829,124		224,829,124		—			224,829,124		—		—		—			224,829,124
Mortgages & notes payable		—		—		—			—		—		—		—			—
CDD obligations		—		—		—			—		—		—		—			—
Senior subordinated notes		—		538,157,031		—			538,157,031		—		—		—			—
Junior subordinated notes		—		—		—			—		—		—		—			—
Convertible subordinated notes		—		127,486,111		—			127,486,111		—		—		—			—

Total liabilities	$	814,967,500	$	1,477,832,960	$	77,862,245		$	1,477,836,312	$	77,862,245	$	77,862,245	$	78,660,459		$	812,189,818


		5 of 7		Exhibit B

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit B: Debtor Entity Statements of Assets & Liabilities (1)

As of November 30, 2008

(unaudited)


Debtor Entity:	WCI Towers Northeast USA, Inc.		Renaissance Centro Arlington, LLC		Renaissance Centro Columbia, LLC
Case Number:	08-11764		08-11766		08-11770
Assets
Cash & cash equivalents	$	—	$	—	$	—
Restricted cash		3,101,424		—		—
Contracts receivable		1,485,750		—		—
Mortgages & accounts receivable		—		—		—
Real estate inventories		96,477,685		17,260,076		17,104,993
Plant & equipment		—		—		—
Investments in subsidiaries and joint ventures		—		—		—
Other assets		10,000		—		—

Total assets	$	101,074,858	$	17,260,076	$	17,104,993

Liabilities
Accounts payable & other liabilities	$	3,335,452	$	34,369	$	27,349
Customer deposits		650,810		—		—
Swap breakage		10,574,574		10,574,574		10,574,574
Debtor-in-possession secured term loan		77,862,245		77,862,245		77,862,245
Senior secured credit facility		498,923,875		498,923,875		498,923,875
Senior secured term note		224,829,124		224,829,124		224,829,124
Mortgages & notes payable		—		—		—
CDD obligations		—		—		—
Senior subordinated notes		—		—		—
Junior subordinated notes		—		—		—
Convertible subordinated notes		—		—		—

Total liabilities	$	816,176,080	$	812,224,187	$	812,217,167


		6 of 7		Exhibit B

In Re: WCI Communities, Inc., et al.

Case Number: 08-11643 (KJC)

Exhibit B: Debtor Entity Statements of Assets & Liabilities (1)

As of November 30, 2008

(unaudited)

The following notes should be read in conjunction with Exhibit B for the Statements of Assets and Liabilities for Debtor Entities:

The statements of assets and liabilities provided herein represent financial information for the Company’s “active” entities. Entities that are considered inactive but are guarantors of bank- or bond-debt are not listed herein. The Company has defined a Debtor entity as being “active” if the entity 1) owns or holds title to assets, 2) conducts some type of operation with general ledger activity, or 3) has contingent liabilities (e.g. potential warranty obligations).

2.	Statements of assets and liabilities are not provided for Debtor entities that are not “active”. A list of those entities is presented below.


Inactive Debtor Entity (2)		Case No.
Communities Home Builders, Inc.		08-11644
New Home & Land Company LLC		08-11645
East Fishkill Development LLC		08-11647
Bay Colony of Naples, Inc.		08-11649
Fair Oaks Parkway, LLC		08-11650
Spectrum PDC Corp.		08-11651
Gateway Communities, Inc.		08-11653
Pelican Bay Properties, Inc.		08-11656
Bay Colony Realty Associates, Inc.		08-11657
Florida Design Communities, Inc.		08-11658
Renaissance at Bellview Road, LLC		08-11660
Coral Ridge Communities, Inc.		08-11661
Spectrum Customer Care, Inc.		08-11662
Carpentry Management Associates, LLC		08-11663
Spectrum Valimar Corp.		08-11665
Florida Lifestyle Management Company		08-11666
Gateway Realty Sales, Inc.		08-11667
Pelican Landing Communities, Inc.		08-11668
Renaissance at Bridges of Oakton II, LLC		08-11669
Renaissance at Roseland, Inc.		08-11670
Florida National Properties, Inc.		08-11671
The Colony at Pelican Landing Golf Club, Inc.		08-11672
Lake Grove Home & Land Company LLC		08-11673
Coral Ridge Properties, Inc.		08-11675
Renaissance Holdings Corp.		08-11676
Spectrum-Irvington Corp.		08-11677
GC Assets of Nassau, Inc.		08-11678
Spectrum Design Studio, Inc.		08-11679
Renaissance at Cardinal Forest, LLC		08-11680
Gateway Communications Services, Inc.		08-11681
Communities Amenities, Inc.		08-11682
Pelican Landing Properties, Inc.		08-11683
Coral Ridge Realty, Inc.		08-11685
Spectrum-Riverwoods Corp.		08-11686
Renaissance at Evergreen Mills Road, LLC		08-11687
Renaissance at Rugby Road, LLC		08-11689
Spectrum FS Corp.		08-11690
Renaissance Housing Corp.		08-11692
Pelican Marsh Properties, Inc.		08-11693
Spectrum Glen Cove Corp.		08-11695
Renaissance at Rugby Road II, LLC		08-11697
(The) Mansion Ridge Sewer Co., Inc.		08-11698
Coral Ridge Realty Sales, Inc.		08-11699
WCI Amenities, Inc.		08-11700
Renaissance Land, LLC		08-11704
Sun City Center Realty, Inc.		08-11706
Spectrum Holmdel Corp.		08-11707
Renaissance at South River, Inc.		08-11708
Marbella at Pelican Bay, Inc.		08-11709
Heron Bay, Inc.		08-11710
WCI Architecture & Land Planning, Inc.		08-11714
Tarpon Cove Realty, Inc.		08-11716
Renaissance at the Bridges of Oakton, LLC		08-11718
WCI Northeast Real Estate Development, LLC		08-11720
Heron Bay Golf Course Properties, Inc.		08-11721
Reston Building Company, LLC		08-11723
WCI Realty Connecticut, Inc.		08-11724
WCI Business Development, Inc.		08-11725
Spectrum Lake Grove, LLC		08-11726
WCI Realty Maryland, Inc.		08-11727
Tarpon Cove Yacht & Racquet Club, Inc.		08-11730
RMH, LLC		08-11732
WCI Northeast U.S. Region, LLC		08-11733
WCI Marketing, Inc.		08-11734
Spectrum Landing Corp.		08-11735
(The) Valimar Home & Land Company, LLC		08-11738
WCI Pompano Beach, Inc.		08-11739
WCI Capital Corporation		08-11740
Sarasota Tower, Inc.		08-11741
WCI Realty New York, Inc.		08-11743
Spectrum Long Beach, LLC		08-11744
WCI Ireland Inn Corp.		08-11745
WCI Title, Inc.		08-11750
Renaissance at River Creek, Inc.		08-11751
Spectrum North Bergen LLC		08-11752
Spectrum Construction Corp.		08-11754
WCI Towers, Inc.		08-11755
WCI Towers Mid-Atlantic USA, Inc.		08-11758
Renaissance at Timberlake II, LLC		08-11760
WCI Homebuilding, Inc.		08-11762
WCI Homes, Inc.		08-11765
Renaissance at River Creek Villas, Inc.		08-11767
WCI Golf Group, Inc.		08-11768
WCI Homebuilding Northeast, U.S., Inc.		08-11769


		7 of 7		Exhibit B

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

Exhibit C:

Disclosures and Disclaimers Regarding the Monthly Operating Report

WCI Communities, Inc. and Its Affiliated Debtors


				Monthly Operating Report
				November 1, 2008 through November 30, 2008

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

DISCLOSURES AND DISCLAIMERS REGARDING THE MONTHLY OPERATING REPORT

WCI COMMUNITIES, INC. AND ITS AFFILIATED DEBTORS

The Monthly Operating Report filed by WCI Communities, Inc. (“WCI”) and its affiliated debtors in these jointly administered chapter 11 cases (collectively, the “Debtors”) is limited in scope, covers a limited time period and has been prepared by management of the Debtors with the assistance of their court-appointed advisors solely for the purpose of complying with reporting requirements of the Office of the United States Trustee in the District of Delaware and the Bankruptcy Code. The financial information contained in the Monthly Operating Report is unaudited and does not purport to show the financial statements of any of the Debtors in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and, therefore, may exclude items required by GAAP, such as certain reclassifications, eliminations, accruals and disclosure items. The Company cautions readers not to place undue reliance on the Monthly Operating Report. The Monthly Operating Report may be subject to revision. The Monthly Operating Report is in a format required by the Office of the United States Trustee in the District of Delaware and the Bankruptcy Code and should not be used for investment purposes. The information in the Monthly Operating Report should not be viewed as indicative of future results.

While the Debtors’ management has exercised its best efforts to ensure that the Monthly Operating Report is accurate and complete by legal entity based on information that was available at the time of preparation, inadvertent errors or omissions may exist. The Debtors reserve the right to amend the Monthly Operating Report from time to time as may be necessary or appropriate.

I.	Schedule of Receipts and Disbursements

(1) The schedule reflects actual cash receipts and disbursements for the period 11/1/08 through 11/30/08 and does not reflect transfers of funds between accounts. Cash receipts are reported as net proceeds at closing.

II.	Statement of Operations

(1) Reporting Date. All statements of operations information cover the period 11/1/2008 to 11/30/2008 and are clearly identified.

(2) Allocation of Corporate Overhead. The Debtor records significant corporate overhead costs on the books and records of Bay Colony-Gateway, Inc. For purposes of the individual legal debtor entity P&L statements attached hereto as Exhibit A, these corporate overhead costs have been allocated pro-rata to various active legal entities based on the net book value of total assets as of 11/30/08 of each of the legal entities. It is assumed that active legal Debtor entities with assets require some level of corporate support, and therefore those Debtors with larger asset bases should absorb a larger proportion of the corporate overhead expenses. The allocation of corporate overhead using the methodology described is not necessary for consolidated SEC reporting, but has been included in the statements of operations for individual Debtor entities.

III.	Statement of Assets and Liabilities

(1) Reporting Date. All asset and liability information is reported as of November 30, 2008.

(2) Basis of Presentation. For financial reporting purposes, the Debtors, along with certain of their subsidiaries that have not filed chapter 11 petitions under the Bankruptcy Code, prepare consolidated financial statements that are filed with the SEC and audited on an annual basis. Unlike the audited consolidated financial statements, the Statement of Assets and Liabilities attached herein reflect only the assets and liabilities of each Debtor and do not include eliminations or


		1 of 2		Exhibit C

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE


In Re:				Chapter 11
WCI Communities, Inc., et al.				Case Number: 08-11643 (KJC)
Debtors				Jointly Administered
				Hon. Kevin J. Carey

intercompany balances for consolidating purposes. Accordingly, combining the assets and liabilities set forth in the Statement of Assets and Liabilities would result in amounts that would be substantially different from financial information presented on a consolidated basis in accordance with GAAP. Therefore, the Statement of Assets and Liabilities does not purport to represent financial statements prepared in accordance with GAAP nor is it intended to fully reconcile with the financial statements filed by the Debtors with the SEC. Inconsistencies should be interpreted and resolved in favor of financial statements filed by the Debtors with the SEC and not the Monthly Operating Report.

(3) Active/Inactive Debtor Entities. The Company has defined a Debtor entity as being active if the entity 1) owns or holds title to assets, 2) conducts some type of operation with general ledger activity, or 3) has contingent liabilities (e.g. potential warranty obligations). Exhibits A and B are included herein and provide further details regarding active and inactive Debtor entities and their inclusion in such exhibits.

IV.	Impairment Analysis

(1) As required for its September 30, 2008 SEC reporting (expected to be filed January 28, 2009), the Debtors are in the process of evaluating impairment analyses of its real estate assets. The impact of potential impairments has not been included in the Consolidated Statement of Operations, the Consolidated Balance Sheet, the individual Debtor Statements of Operations or the individual Debtor Entity Statement of Assets and Liabilities.


		2 of 2		Exhibit C