MESSAGE from the ceo
Good values never go out of style. 2015 was a year of transition at Gables. In February, our ownership format essentially converted from a closed-end fund to a perpetual life vehicle. While our team and our assets remained the same, there was a high level of attention focused on transition-related activities throughout the year. Our associates at Gables demonstrated a remarkable level of commitment and professionalism by expertly taking on these challenges while continuing to deliver extraordinary care and service to our residents and tenants, our investors, our fellow associates and our local communities. I remain humbled, proud and thankful for the efforts exemplified by our Gables associates. While many things have changed over Gables 30+ year history, one of the things that has stayed consistent throughout this time is our enduring belief in our core values. Our values are measured every day by each interaction our team undertakes on behalf of, and in service to, our internal and external constituents. This vision drives the way we think, interact, lead and grow our business. These principles guide the way we conduct ourselves and undertake our business in our local communities. We understand that the decisions we make today impact the future. At Gables, we recognized the importance of Environmental, Social and Governance (ESG) efforts before there was such a phrase. Our standards lead us to continuously strive to do the right thing. As a result of the efforts of our team throughout 2015, Gables continued to thrive. The value of our organization grew from $3.2 billion to $3.6 billion at year-end as a result of NOI growth, acquisitions, and the development, construction and lease-up of our new communities. We stabilized the occupancy of three development communities over the course of the year and had another ten communities under development or lease-up at year-end. We currently manage over 100 communities, comprising approximately 30,000 apartment homes and 600,000 square feet of commercial space. Giving back to the multifamily sector is vitally important and our team and our communities continue to be recognized in our industry as leaders. Gables associates held many leadership roles in industry advocacy associations at local, state and national levels throughout the year. In addition, our COO, Cristina Sullivan, was identified as a Woman of Influence by Real Estate Forum in 2015 and our learning and development program was recognized for the eighth year in a row in the Top 125 Training Programs throughout all industries worldwide. As you become familiar with the information included in this report, I hope that you will come to recognize the unique value proposition that is Gables. We have something special as an organization. Our story is compelling, our associates are dedicated, and we are committed to constructively influencing our environment. I believe that the overall magnitude of our corporate citizenship efforts continue to make a positive difference for our local communities and the lives of our associates and our residents, which truly demonstrates that good values never go out of style.
Susan M. Ansel