BANYAN PROPERTY MANAGEMENT

Banyan Management Company (“BMC”) provides a broad range of property management and asset management services for improved properties as well as raw land. As an owner and developer of nearly 3.5 million square feet of real estate over the past 25 years, the principal of the company possesses considerable management experience of all types of commercial properties including office, industrial, and retail as well as apartment properties.

Once considered only limited to the collection of rents and payment of project expenses, effective property management has been forced by ownership demands, adverse market conditions, and unrealized value potential to include a variety of additional services. The significant development and ownership experience of the principal of BMC has allowed it to effectively implement “offensive” as well as “defensive” approaches to third-party property management efforts.

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DESCRIPTION OF SERVICES:

BMC offers a full range of services and possesses the expertise necessary to effectively manage improved properties in highly competitive marketplaces. These services include the day-to-day management, financial reporting, construction coordination, and marketing/leasing functions which are essential to maintain a property at the high level of quality and efficiency demanded by the market and existing tenants. Particular emphasis is placed upon the leasing and marketing efforts necessary to improve cash flow and enhance the value of a project in the often difficult often market circumstances that influence most properties.

Constant communication with tenants is pursued to assess not only future occupancy goals, but potential delinquency events as well. Existing delinquencies are aggressively pursued with an emphasis placed upon the negotiation of tenant defaults on a case-by-case basis. Particular attention is directed to enhancing the physical appearance of each project and developing a high degree of tenant satisfaction. Emphasis is also placed upon prompt responses to tenant inquiries and repair/service requirements.

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FINANCIAL REPORTING:

One of the most noted characteristics of commercial/ industrial property management performed by BMC is its sound financial and property reporting capabilities developed through years of experience as owners and operators. The financial and property reporting offered is supported by a knowledgeable and experienced staff, assisted by the latest computer software specifically designed for real estate management. Through this system of personnel and software services, BMC is able to meet the needs of a variety of clients from institutional to sophisticated private investors in a timely and accurate manner.

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MARKETING/LEASING:

Constantly changing market conditions are a factor in every market ranging from mature markets with evolving uses to emerging markets with uncertain and rapidly changing supply and demand components. These factors require a leasing strategy which anticipates rather than reacts to changes in the market. The principal of BMC is uniquely qualified to meet these requirements and directly participate in the leasing and marketing of every project.

A major emphasis of BMC property management philosophy focuses upon the effective marketing and leasing of every project. A significant amount of time and effort is expended upon market analysis to provide an accurate assessment of property positioning within the marketplace as well as an ongoing awareness of market dynamics. BMC believes that these efforts are essential to maximize the value of any project by achieving the critical balance necessary to maintain high occupancy levels while achieving the highest possible rental rates.

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BUDGET/STRATEGIC PLANNING:

An effective marketing and leasing effort requires current financial management and comprehensive reporting as well as efficient and responsive management of the property itself.

Annually, a detailed budget and strategic plan is prepared incorporating the specific objectives of the owner. Encompassed in this strategic plan is a review of the current market conditions and the project’s position within that market to assist the owners in their preparation of short and long-term goals and objectives.

Effective property management requires the participation of the owner, or its asset manager, as well as the management company. BMC emphasizes owner involvement in each critical decision affecting the property. Periodic reports outline all major issues affecting the property and include management’s analysis of possible responses and courses of action to address each issue. In this manner, ownership maintains an ongoing awareness of the factors affecting its property and participates in all major decisions necessary to respond to these factors with a limited investment of time. Property management services can be adjusted to exclude functions where the ownership prefers to retain responsibility.

Each property is maintained at a high level of quality consistent with competition and budget constraints to preserve and enhance asset value, improve tenant satisfaction and marketing efforts, plus eliminate costly deferred maintenance items. These efforts are accomplished through frequent periodic visits to each property by experienced management personnel as well as supervision of all maintenance and repair efforts. Where appropriate, full time on-site property management personnel, supervised by the principal of BMC, are employed.

A detailed list of asset and property management services and sample reports are available upon request.

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Description of Services

Financial Reporting

Marketing & Leasing

Budget & Strategic Planning