The PNL Companies
Dallas, Texas
August 20, 2002
Dear Mr. Holland,
I wish to commend you for your excellent work managing our neighborhood shopping center and office building in upstate New York. Your professionalism and responsiveness are particularly appreciated. It’s the little things that make a difference in a property such as ours. Your efforts have been instrumental in turning around the character and appearance of the property.
PNL was in a difficult position after we foreclosed on the property in 2001. We were out-of-state owners with no local presence. The tenants were unhappy and threatening to leave due to a lack of maintenance and proper attention from the prior owner and management.
The accounting systems had broken down and tenants were not being properly invoiced. Property taxes were delinquent. Deferred maintenance had become a problem. Roofs were leaking. The parking lot needed resurfacing. The interior common areas needed painting and new carpet. Most importantly, the property was suffering from a lack of new leasing and an overall negative image in the community.
I am happy to say that you have addressed all these problems in short order. By immediately meeting with the existing tenants hearing the complaints and providing them with a vision of the future, we were able to stabilize the property occupancy. Since that time we have not lost a single tenant. Three tenants haverenewed and two more are in the process. We also subsequently signed a new long-term lease with a national retailer, and are presently in negotiations with another, which would raise the property occupancy rate to over 90%.
You have also been an outstanding administrator and project coordinator. The prior owner’s chaotic accounting records havebeen replaced with a professional property management system.
You have helped coordinate a property tax appeal and repaid prior year taxes under a payment plan that preserved monthly cash flow. Capital improvement projects have been implemented on-time and below budget. In summary, you have removed the daily burden of managing a labor-intensive business from our hands at a very reasonable cost. The tenants are happy and revenues have increased. We are delighted that you have taken a personal interest in improving the property’s operations and value. We look forward to acontinued successful working relationship.
– Daniel S. Levitan, Senior Vice President
