Our progress on the Signature Community roll out continues. The KC team led by Michele is getting numerous requests for information on the recently released Jump Start Home Purchase Program. For those that don't know about this, Jump Start is an amazing equity building program for our residents. I would venture to say that this program will create more equity for a resident of two years ($2,500) than would have been accumulated by buying a home. The program is simple -- buy a home from a Signature Preffered developer and receive $2500 paid at the closing table. Only restriction is that they must be a resident in good standing for 24 months. This program is revelutionary in the sense that it completely changes the economic analysis between renting and owning. Now when you live in a Signature Community you are saving money.

The program above along with the other Signature Community advantages are changing the way people see Class B apartments.

On the acquisition front we continue to advance our market penetration. The Philadelphia office was quiet last week because of all the market time our acquisitions group were doing. There is no better way to make deals then being on the ground in your markets knocking on doors. Keep it up guys.

Quote of the week -

Step by step. I can't think of any other way of accomplishing
anything.

Michael Jordan

On a more macro level there was a recent news item about the raising rates of crime in cities --http://www.nytimes.com/2007/03/09/us/09crime.html . In the short term this will effect leasing and operations in many of our markets. Long term I do not see this as a major problem. It will come under control. However this is an opportunity for the acquisitions department. We should be pointing this out to sellers and warning of the possible effects on occupancies. Many sellers will have a difficult time managing the properties through problems like this. Our company will not.

If anyone has something to share with the company they should add comments here.

Thanks to everyone and let's Make It Happen!

Nickolas Jekogian, III

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