Lincoln Proposal

Overview of Lincoln Property Company

LPC Corporate History

1965 Lincoln Property Company (LPC) was founded by Mack Pogue in Dallas, TX in 1965.

In the late 1960s, LPC’s core business was developing and operating quality residential communities in Texas and throughout the southwestern United States. LPC’s early success drove the firm’s expansion of its residential operations into major markets nationwide.

LPC Corporate History

1970

In the early 1970s, LPC began expanding beyond its core multifamily business by

incorporating new product mixes in commercial, build-to-suit, office, hotel, industrial and other mixed-use assets

1972

In 1972, LPC continued its geographic expansion into Europe

and the Middle East

2001

LPC Corporate History

In an effort to enhance the lives of military families,

LPC joined forces with the United States Department of Defense in 2001 to renovate and

2012

redevelop family housing at select Navy, Marine Corps and Army bases across the United States.

5,550 employees

With over 50 years experience in building, owning, and managing one of the largest international real estate portfolios, LPC has built a long-standing, strong reputation amongst a large client base of owners and investors for generating superior investment returns and offering first-class real estate services. Since its inception, LPC has: 

Expanded into 200 cities across the United States and 9 countries throughout Europe



Developed more than 200M square feet (210,000 units) of multifamily property with a total capitalization in excess of $12.3B



Developed 125M square feet of commercial property with a total capitalization in excess of $12.4B

Organizational Structure

National Administrative & Finance

RESIDENTIAL

COMMERCIAL

INTERNATIONAL

Commercial Overview Lincoln Property Company’s commercial product line includes urban and suburban office properties, industrial facilities, neighborhood shopping and specialty retail centers, major mixed-use developments and build-to-suit projects.

Key LPC Commercial Statistics: 

144,250,000 square feet of commercial property under management



$18Bn of assets under management



Developed 125M square feet of commercial property with a total capitalization in excess of $12.4B

Bank of America Building Location: Charlotte, NC Size: 1.2M SF

311 South Wacker Drive 111 North Magnolia Location: Orlando, FL Size: 160,000 Commercial SF

Location: Chicago, IL Size: 1.3M SF

Denver, Colorado

Though Lincoln is a national company and has the benefits of a stable, diversified organization, the fact is, real estate is a very local and personal business. Our Denver office has been in operation since 2001. Many of our current staff have been employed at Lincoln for most of those years. We live, work and know Denver!

Denver Experience Lincoln currently manages 2,800,000 square feet of multi tenant space in the Denver area to a variety of different owners including ASB Real Estate Investments, Lincoln Realty Advisors, Colony Realty Partners, Invesco and Signature REIT. Lincoln is committed to measuring the quality and effectiveness of our service performance and learning from the results of our efforts.

This process of continuous evaluation, response, and improvement ensures quality and consistency at every service level. During our almost 50 years of experience in building, owning and managing one of the largest commercial real estate portfolios in the United States, Lincoln has developed a management approach that encompasses all service capabilities and systems throughout the organization.

Property Management Maximizing operational efficiencies and creating a quality environment for tenants produces the best possible results for Lincoln’s clients and investors.

We apply our market expertise, high standards, and sound decision-making to each opportunity as it arises. We continually enhance our service capabilities and systems, relying on efficiencies brought by changes in technology and the innovations of the experts we hire to manage our properties. Our organization is built on the skills and expertise of goal-oriented professionals whose primary focus is to deliver consistently superior service and performance.

Lincoln is committed to measuring the quality and effectiveness of our service performance and learning from the results of our efforts. This process of continuous evaluation, response, and improvement ensures quality and consistency at every service level. During our almost 50 years of experience in building, owning and managing one of the largest commercial real estate portfolios in the United States, Lincoln has developed a management approach that encompasses all service capabilities and systems throughout the organization.

Financial Objectives Lincoln understands that as an owner, each client has specific financial objectives, as well as performance expectations of its service providers.

Staffing Lincoln’s people form the foundation of our property management approach. Lincoln properties are staffed with experienced, organized and goal-oriented teams whose primary concern is the economic interest of the client. Lincoln’s ability to offer consistent service and experienced efficient teams results from our capacity to hire and retain the industry’s most talented people

Cost Containment Through the bundling of services, Lincoln Property Company offers a vehicle to reduce operating expenses to ensure that property operating expenses are minimized while preserving optimal building services that exceed the expectations of tenants.

Tenant Satisfaction/Retention It is the goal of the entire Lincoln team to improve and sustain the highest level of tenant satisfaction possible to retain stable occupancy through the renewal and expansion of current tenant base.

Quality Assurance In order to maintain the highest level of quality Lincoln has well established internal management programs to ensure the level and quality of property management services are continually improved.

Communication is critical Lincoln provides timely, accurate accounting and reporting information and communicates with clients and tenants often and effectively.

Management System INCREASE SERVICE LEVELS Be certain that service and maintenance levels are meeting both your standards, and your clients’ standards in the most cost effective manner. The solution to driving performance comes in the form of continuous, real-time proactive measurement and analysis.

ENTERPRISE GRADE SECURITY With self-service features, and greater visibility, allow tenants to view progress status on their service requests. Keep your tenants in the loop proactively.

ACCESSIBLE ON ANY DEVICE Your property data and information is accessible from your smartphone, tablet or desktop. You can now access all of your data and applications no matter where you are.

self-service access to deal & vacancy information. Lincoln’s proprietary database platform provides owners and asset managers with unprecedented tracking, real-time visibility and

Accounting Services •

Lincoln maintains a fully staffed, centralized accounting department located in our headquarters in Dallas that provides full-scope accounting and reporting services which are included in the management fee structure.

•

Timely and accurate reporting of a property’s performance, in a form and format suitable and acceptable to our client.

•

Necessary checks and balances to insure that our fiduciary responsibility to the client is realized

•

Staff structure promotes a comprehensive understanding of the asset and ensures responsiveness and accountability

•

Monthly financial reports, including financial statements, general ledger and all supporting property management and accounts payable subsidiary schedules, are prepared by the Senior Accountant and reviewed in detail by the Assistant Controller and/or the Vice President.

•

The Property Manager reviews, prepares actual versus budget commentary and incorporates the information along with other operating updates submitted to the client in the monthly operating report.

•

Accounting personnel is well versed on today’s leading property management software, MRI, Skyline, and YARDI.

Construction Management Lincoln provides construction management services for over 71 million square feet nationally and provides construction coordination/construction management services for institutional as well as individual clients across the nation.

Snapshot YTD 2Q 2015 198,000 SF of tenant finish $4.3 million in total tenant finish

Benefits Monetary Savings Our skilled staff will reduce total project costs on each project through our excellent value engineering services and through the development of a specifically tailored Construction Management Plan similar to what we have developed for other third-party clients.

Time Savings - Lincoln Property Company will complete construction projects in less time through the development and implementation of the Construction Management Plan and by establishing clear channels of communication between all parties involved in the project.

Better Quality and Value - The staff at Lincoln Property Company takes the time to understand their client’s subjective perception of value and will deliver a project tailored to that perception. Again, through constant communication, our clients will have immediate access to all projects.

Professionalism - Lincoln Property Company is comprised of highly skilled and motivated construction management professionals educated in all disciplines of the construction process. Each person on the Lincoln Property Company staff has a personal commitment to getting the job done right with the highest efficiency and quality possible within the clients’ goals.

Organizational Structure

Why Lincoln?

•

An ownership mentality for managing your real estate

•

Fifty (50) years of experience in the industry

•

Dedicated advocacy for the asset - project focus

•

Portray high quality image of the project through our marketing programs, brand name and reputation for quality and professionalism

•

Leveraging our national buying power, Lincoln can cut your operating expenses

•

Strongest reporting capabilities in the real estate industry - our systems are adapted to the owner’s needs

•

A team approach across our full spectrum of real estate services

REFERENCES Colony Realty Partners Amanda Strong Managing Director - Asset Management 2 International Place, Suite 2500 Boston, MA 02110 617.235.6315 ta Associates Realty Kristina Lewison Vice President - Asset Management 1301 Dove St, Suite 860 Newport Beach, CA 92660 949.852.2030 Phoenix Property Company Eric Horan Asset Manager 5950 Sherry Lane, Suite 320 Dallas, TX 75225 214.880.0350 ASB Real Estate Investments Aaron Duncan Senior Vice President 540 Cowper Street, Suite 100 Palo Alto, CA 94301 650.618.6332

Lincoln Commercial Coverage Map

LPC Facts:

•

356 Million+ SF managed/leased

•

45 administrative offices and over 350 management offices in U.S.

•

6,800 employees

•

Lines of business: Management, Leasing, Brokerage, Acquisitions, Dispositions, Development, Construction Management and Advisory Services

•

Top Ranked Developer, #2 Property Management Company in the U.S., Commercial Property Executive

•

$7.6 Billion of office and industrial acquisitions over the last 15 years

•

Lincoln’s institutional client list includes such names as American Realty Advisors, Invesco, Morgan Stanley, Prudential, RREEF, TIAACREF, UBS and many others

International Overview  AIG/Lincoln operates in 9 countries abroad and is led by 10 local operating partners.  Since 1997, AIG/Lincoln has developed more than 17M square feet of office, retail, industrial, and hotel properties internationally.

AIG/Lincoln was established in 1997 as a strategic partnership between AIG Global Real Estate Investment Corporation and Lincoln Property Company. The company was formed to acquire, develop, and manage real estate properties internationally using the extensive network of AIG Global Real Estate and Lincoln Property Company and their corporate and real estate clients.

White Square Office Center Location: Moscow, Russia Size: 806,500 SF

Alkotas Point Location: Budapest, Hungary

The Park Location: Prague, Czech Republic

Size: 250,000 SF

Size: 1.2M SF

Military Housing Overview In 2001, LPC formed its first public-private partnership with the United States Department of Defense to develop a new approach to military housing.

Knowing that “Every Mission Begins at Home,” Lincoln Military Housing strives to provide premier housing and outstanding property management and maintenance services to the deserving families in the nation’s Armed Services, striving to understand their changing needs and improving their quality of life.

•

Since 2001, Lincoln Military Housing has grown to manage 35,000 housing units on 39 installations across 14 states for the United Sates Navy, Marine Corps, and Army.

•

•

In this capacity, Lincoln Military Housing has built more than 9,000 new homes and renovated over 15,000 homes.

Lincoln Military Housing has financed more than $3 Bn in military housing privatization projects utilizing AAA-rated bond financing.

Lincoln Military Housing Market Coverage Map

LPC Residential Overview Since 1965, LPC has developed and acquired multifamily properties with a total capitalization in excess of $17Bn 

With over 3,900 employees, LPC Residential has 30 offices and tracks more than 50 markets nationwide.



LPC Residential’s key leadership averages over 20 years of real estate industry experience.



LPC Residential is consistently ranked amongst the top apartment owners and top apartment mangers in the United States.

LPC Residential Market Coverage Map

2015 LPC Residential Awards & Recognition Top Ranked Owner & Manager

2015 Apartment Management NATIONAL MULTIFAMILY HOUSING COUNCIL 50 (50 Largest U.S. Apartment Managers as of January 1, 2015)





Consistently having over 44,000 multifamily units under ownership every year since 1995, LPC has been recognized amongst the Top 30 Apartment Owners by the National Multi Housing Council for the past 20 years. As of 2015, LPC owns 48,709 apartments ranking it 22nd amongst apartment owners.

LPC has regularly ranked in the Top 5 Apartment Managers by the National Multi Housing Council since 1995. As of 2015 LPC is ranked 2nd in the nation with 164,416 units under management.

Rank 2015 Rank 2014

Company Name

Units Units Managed Managed Corporate Officer 2015 2014

HQ City

HQ State

1

1

Greys ta r Rea l Es ta te Pa rtners , LLC

393,079

214,696

Robert A. Fa i th

Cha rl es ton

SC

2

3

Li ncol n Property Compa ny

164,416

153,445

Ti m Byrne

Da l l a s

TX

3

4

Pi nna cl e

131,790

132,450

Ri ck Gra f

Da l l a s

TX

4

5

Equi ty Res i denti a l

110,063

109,465

Da vi d J. Nei thercut Chi ca go

IL

5

6

Wi nnCompa ni es

96,955

87,542

Gi l bert Wi nn

MA

Bos ton

2015 Apartment Ownership NATIONAL MULTIFAMILY HOUSING COUNCIL 50 (50 Largest U.S. Apartment Owners as of January 1, 2015) Rank 2015 Rank 2014

Company Name

Units Units Managed Managed Corporate Officer 2015 2014

HQ City

HQ State

1

1

Hunt Compa ni es

244,451

253,295

Chri s Hunt

El Pa s o

TX

2

2

Bos ton Ca pi ta l

139,934

153,515

Ja ck Ma nni ng

Bos ton

MA

3

4

PNC Rea l Es ta te

130,800

126,972

Todd Crow

Portl a nd

OR

22

22

Li ncol n Property Compa ny

48,705

47,918

Ti m Byrne

Da l l a s

TX

23

21

Fores t Ci ty Res i denti a l Group, Inc.

47,884

48,007

Rona l d A. Ra tner

Cl evel a nd

OH

2015 Apartment Developers NATIONAL MULTIFAMILY HOUSING COUNCIL 25 (25 Largest U.S. Apartment Developers as of January 1, 2015) Rank 2015

Company Name

Units Started 2015

Corporate Officer

HQ City

HQ State

1

Al l i a nce Res i denti a l Compa ny

7,500

Bruce Wa rd & V. Ja y Hi emenz Phoeni x

AZ

2

Mi l l Creek Res i denti a l Trus t LLC

5,397

Cha rl es R. Bri ndel l

TX

3

Wood Pa rtners , LLC

4,700

Rya n Dea rborn, Cha i rma n CEO Atl a nta

GA

10

Li ncol n Property Compa ny

2,557

Ti m Byrne

Da l l a s

TX

11

Ca rmel Pa rtners

2,510

Ron Zeff

Sa n Fra nci s co CA

Da l l a s

LPC Residential Organization Chart Mack Pogue Chairman Founder

Tim Byrne President Chief Executive Officer

Regional Residential Officers

Reg DelPonte Executive VP West

Jeff Courtwright Executive VP Southwest

Brian Byrne / Kevin Keane

Jeff Franzen Executive VP Northeast

John Noone Executive VP Mid-Atlantic

Chuck Shallat Executive VP Southeast

Executive VP Midwest

LPC Residential Organization Chart – Southwest Region 55,000+ Units under Management Jeff Courtwright Executive VP

Jerry Grove Regional VP Construction

Tracey Dodson Vice President Colorado / Wyoming

Ben Breunig Vice President Development Texas

Jim Paton Vice President Development Arizona & Colorado

Alan Dayton Regional VP Accounting

Sheila Carter Regional VP North Texas,CO,AZ

Kurt Seidel Vice President Houston

Theresa Kaiser-White Vice President DFW Institutional

John Horan Vice President The Village

Brad William Vice President DFW Affordable

1,500+ Employees

Allyson McKay Regional VP South Texas/ LMH

Kristi Foushee Vice President Arizona Jay Parmelee Vice President DFW Third Party

Residential Organization – Mountain LPC LPC Residential Organization ChartChart – Mountain Region 6,496 units under management Jeff Courtwright Executive VP Sheila Carter Regional VP North Texas, CO, AZ

Tracey Dodson Vice President Colorado / Wyoming

Dean Steib Senior Regional Property Manager Colorado

Denice Lacina Regional Property Manager – Wyoming

Heidi Piper Regional Property Manager - Colorado

Catherine Dermody Regional Marketing Director - Colorado

Ruben Lucero Regional Maintenance Director - Colorado

Catherine Dermody Regional Marketing Director - Colorado

Kristyn Ramsey Regional Training Director - Colorado

Jim Paton Vice President Development Arizona & Colorado

Kristi Foushee Vice President Arizona

Ashley Metcalf Regional Property Manager - Arizona

Jason Gerish Regional maintenance Director - Arizona

Debbie Jones Regional Training Director - Arizona

LPC Residential Biographies– Proposed Team Members Jeff Courtwright Executive Vice President, Jeff Courtwright is Executive Vice President for Lincoln Property Company. His responsibilities include development, acquisition and management oversight of Lincoln residential operations in the Southwest region. Joining Lincoln Property Company in 1987, he was promoted to Vice President of Office Development in 1991. In 1993, Mr. Courtwright was named Senior Vice President and expanded his responsibilities to include acquisition of regional management companies and national facilities management contracts. In 1995, Mr. Courtwright moved to Prentiss Properties as Managing Director for the entire Southwest US Commercial operations, returning to Lincoln as the Southwest Executive Vice President in October 1996. He has developed approximately 10,000 units at a value in excess of $1 billion Mr. Courtwright is a former Board member of the Central Dallas Association's Executive Committee, the Greater Dallas Chamber, the North Texas Business Council Institute for the Arts and the SMU Athletic Forum, and is currently a council member of the Urban Land Institute, a Board member of Dallas County and Reclamation District (DCURD).

Education BA, Southern Methodist University Jim Paton Vice President- Development Jim Paton is responsible for multifamily acquisitions and development activities in the Southwest region. His responsibilities include the acquisition of existing apartment communities, the identification of development opportunities, the management and oversight of multifamily developments, and oversight of property management operations within his territory. He is directly involved in the complete life cycle of projects from inceptions through acquisition, financing, design, construction, lease-up, and disposition.

Mr. Paton joined Lincoln in 2006 and worked for the property management group as a Regional Property Manager prior to joining the development and acquisitions team in 2011. In January 2015 he was promoted to Vice President of Acquisitions and Development for the Southwest Region. Over the last 4 years he has played an instrumental role in the development of 1,200 units at a value of $210 million and acquisition and rehabilitation of 286 units worth $59 million.

Education BA, Texas Christian University

Jerry Grove Regional Vice President As Regional Vice President of Construction for the Southwest region, Jerry Grove is responsible for construction operations for multi-family developments which include management of personnel, project safety, construction quality control, methods and administration. He assists with development coordination, planning and design phases with the development partner, budget projections and staffing operations within the Southwest region. His primary responsibility is to insure consistency and continuity from project inception to completion and to provide administrative support to the Development Partner and Senior Vice President of Construction.

Mr. Grove has over 25 years of experience in project estimating, operations and administration for other companies such as Dorado Corporation, Blosam Contractors, Inc. and Shreveland Construction, he has been involved with the development and/or construction of approximately 20,000 units across the nation. He joined Lincoln in 1997.

Education BA, University of Houston

LPC Residential Biographies– Proposed Team Members Sheila Carter Regional Vice President Sheila Carter ahs over 25 years of diverse multifamily property management experience to includes multifamily development. Marketing, research, and management. Ms. Carter originally joined Lincoln in 1999 abd worked for nation real estate firms as well as merchant builders, JPI and ZOM Residential Services. She has 15 years of Vice President experience.

Her comprehensive background includes extensive knowledge in the areas of market research, development, new construction lease-up, asset positioning, and rehabilitation. Her experience with new construction asset is unprecedented with over 100 properties I 6 states. Her experience with high-rise product, mixed use, condo conversions, reverse conversions, and fractured assets provide for a level of diverse multifamily experience that may be unmatched on a national level.

Sheila is well versed in managing for institutional clients with and impressive client list that include TCR, Invesco, JPMorgan, CBREI, Cornerstone, TIAA-CREF, Henderson Global Investors, UBS, and Transwestern.

Tracey Dodson Vice President- Management Tracey is a visionary leader and manager with over 20 years of multifamily experience. Most recently, she served as Vice President for Holland Residential for nine years and was responsible for the operations of a diverse portfolio of apartment communities in Colorado and Arizona. Tracey has also served as National Director of Operations for AIMCO’s student housing division and was a Regional Vice President at Fairfield Properties.​ Tracey has extensive knowledge in lease ups, underwriting, programming and lease up execution. She is also well versed in value-add repositioning and stabilized operations. Tracey's clients have included Ivesco, UBS, C​ALSTRS, Heitman, Real Estate Capital Partners, JP Morgan and TIAA-CREF. She has been involved in the all aspects of operations for over 20,000 apartment homes in eleven states.

In total, Ms. Dodson has over 15 years of Vice President experience in the Denver market along with exposure to a wide variety of clients, product class, positioning strategies, acquisitions and dispositions. Her diverse experience​, numerous successes​ and excellent reputation will ​provide our clients with local leadership “know how” to perform at the top of the market. ​Tracey is well known and respected within the ​Colorado Market with clients, peers and employees alike.

Education BS, University of Colorado, Boulder

The LPC Advantage

LPC Residential Services Development

Construction



LPC is the largest private (non-REIT) developer in the United States. Since its founding in 1965, LPC has developed more than 210,000 multifamily residential units.





More recently, since 1995, LPC has developed more than 16,000 multifamily residential units



LPC also performs fee development services.

Acquisitions 

LPC has acquired 16 properties totaling 13,280 multifamily residential units since 1995.

Property Management 

LPC currently manages 165,500 multifamily residential units.



LPC’s experience in the property management arena is diverse and its performance excellent.

The national scope of its management portfolio means that Lincoln can obtain high-quality services from vendors at the most advantageous prices and terms. It also has national agreements with major suppliers of appliances, plumbing supplies, and mechanical equipment that result in lower costs and increased service levels.

Financial Management 

 

LPC has significant experience in arranging and structuring financing for its investment opportunities.

LPC has arranged more than $17Bn in equity and debt financing for its multifamily residential projects.

LPC has financed more than $3Bn in military housing privatization projects utilizing AAA-rated bond financing.

LPC provides professional construction services ranging from due diligence to complete groundup construction. With more than four decades of construction experience of all product types, LPC offers a comprehensive base of technical knowledge and mechanical application for effective general contracting to its clients and institutional joint venture partners. LPC has developed a service-based pricing division that caters to all members of the planning team. The preconstruction department integrates site analysis, conceptual designs, budgets, and scheduling. Lincoln’s development/construction team prepares detailed budget reports to support and expedite timely decisions..

Asset Management 

The Asset Management function is at the core of LPC’s approach to effective management of its real estate portfolio and to maintain long-standing, profitable relationships with its institutional partners. LPC provides its partners with the information, detailed reports, advice, and guidance needed to collaborate on important decisions as well as a means to implement those decisions.

Dispositions 

LPC utilizes its experience gained over 50 years and leverages the local market knowledge of its regional offices to lead timely portfolio divestitures, which generate strong returns for LPC’s institutional partners.

LPC Residential Institutional Partners

LPC has completed over $1Bn in investment transactions with each of the above institutional partners

Lincoln Las Colinas Las Colinas, TX The master planned Las Colinas area is home to 98,000 employees, 22.3 million square feet of office space, 1.3 million square feet of retail, and 8.5 million square feet of industrial. Lincoln Las Colinas features 356 apartment homes in a high density, 4 story building with a 5 level structured parking garage and an additional 428 apartments located in 3-story, walk-up buildings with individual tuck under garages.

Units: Phase I 510 Phase II 274 Total Capitalization: $93.8M

The Metro Denver, CO An apartment community in Denver with pool, hot tub, fitness studio, and resident lounge.

Located directly behind Coors Field, The Metro is the epicenter of LoDo's activity and recreation— close to public transportation and within walking distance of Denver's best restaurants, shopping and entertainment venues.

Units: 415 Total Capitalization: $61M

The Armstrong at Knox Dallas, TX The development is a high profile, mixed-use project in the upscale Knox Street neighborhood in Dallas, TX. The six-story building features 165 luxury apartments and 27,778 square, which is anchored by the specialty grocer Trader Joe’s. .

Units: 165

Retail SF: 27,778 Total Capitalization: $61.4M

LPC Collaborative Experience - Denver

Colorado Center – Denver, CO

LPC Collaborative Experience - Denver

Colorado Center – Site Plan

LPC Collaborative Experience - Denver

Colorado Center – Office

LPC Collaborative Experience - Denver

Colorado Center – Residential & Retail

LPC Collaborative Experience - Denver

Colorado Center – Residential & Retail

Contact

Jeff Courtwright Executive Vice President 2000 McKinney Avenue Suite 1000 Dallas, TX 75201 : (214) 740-3535 jeffc@lpsi.com

Scott Caldwell Senior Vice President 2000 South Colorado Blvd.

Annex, Suite 300 303-226-8205 scaldwell@lpc.com

Jim Paton Vice President 2000 South Colorado Blvd.

Annex, Suite 315 303-292-2811 jpaton@lpsi.com