ELLIS BENCHMARK HIGHLIGHTS

Benchmark Focuses on:

• 2008 - Ups & Downs for the Apartment Industry
• Performance Improvement Programs - Accountability
• Gables Residential #1 at 96.3%

As we moved into 2008, our industry prepared for the uncertainty of the market, as evidenced by a stronger leasing effort on the front line. EPMS supports this theory based on shopping report data collected from 40 participating companies during the first quarter of 2008. As you will review in this quarterly letter, record breaking numbers have been posted to EPMS’ Quarterly Shopping Report Comparison (Benchmark). This report reflects the highest overall average of all participants at 89.2%. Almost 50% of these companies achieved an overall average of 90% or higher. This is a perfect example of the commitment and focus that participating companies use to consistently drive and exceed expectations. Our letter this month focuses on one of the biggest challenges facing property management companies, which is transforming performance objectives into consistent results. Shopping report programs have become a focus and an integral component of many multi-family companies for this reason. Performance accountability allows the best people to excel while identifying weak performers and providing resolution strategies. Review the industry's top performers in leasing and sales by checking the EPMS’ Quarterly Shopping Report Comparison, the apartment industry's Benchmark for on-site leasing performance. Find out how your on-site leasing professionals compare to those in our national Benchmark for leasing performance.