April 22, 2024

Welcome to People and Properties, the Cohen-Esrey newsletter where we celebrate the successes of our team members and keep you informed about what is happening in the Cohen-Esrey world. If you have something you would like to share or an achievement that you would like to celebrate, please send it to Lee Harris at lharris@cohenesrey.com. If you are on a property, please print and distribute this newsletter to each member of your property team. You can also find People and Properties on KnowledgeNet. Click here to view previous editions.

Life in the Twin City (Not in Minnesota)

We have previously reported that Cohen-Esrey has greatly expanded its presence in the Texarkana, TX, market with the management assumption of 914-units for Village Communities, the Texarkana Public Housing Authority. In this issue, we’d like to feature Renaissance Plaza, a 120-unit community built in 2008 using affordable housing tax credits. The property has a community room, fitness center, library, laundry facilities, business center, outdoor seating area, and grilling station. Unit interiors have washer/dryer hookups, crown molding, ice makers, and wheelchair accessible rooms. One-bedroom apartments are 736 square feet and rent for $577 to $725 per month. Two-bedroom units are 1,014 square feet and rent for $725 to $854 per month.

Texarkana is a city in Bowie County, Texas, United States, in the Ark-La-Tex region. Located approximately 180 miles east of Dallas, Texarkana is a twin city with neighboring Texarkana, AR. The Texas city's population was 36,193 at the 2020 census. The city and its Arkansas counterpart form the core of the Texarkana metropolitan statistical area, encompassing all of Bowie County, Texas, and Miller County, Arkansas. The two cities had a combined population of 65,580 in the 2020 decennial census, and the metropolitan area had a population of 149,482. Railroads were quick to see the possibilities of connecting markets in this vast area. In the late 1850s, the builders of the Cairo and Fulton Railroad were pushing their line steadily south across Arkansas. By 1874, they crossed the Red River and reached the Texas state line. Between February 16 and March 19, 1874, trains ran between the Texas border and the Red River, whence passengers and freight were ferried north to Fulton, Arkansas to continue by rail. The Red River Bridge opened on March 20, 1874. Since then, trains have run directly from Texarkana to St. Louis, Missouri. Ragtime music composer and pianist, Scott Joplin hailed from Texarkana as did politician and businessman, Ross Perot.

Jennifer Hubbe (2024) is the Property Manager and Cassie Colston (2004), Assistant Vice-President, is the Senior Regional Manager. Dominic Padilla (2024), is the Property Accountant and Emily Fletcher (2022), is the Accounting Assistant.

We welcome the following new team members to Cohen-Esrey and the Nexus 5 Group.

Darryl Littleton – Falstaff, New Orleans, LA – Groundskeeper
Charlene Clemon – Alhaven, Kansas City, MO – Property Manager
Derionya Slaughter – Park at Forest Hill, Memphis, TN – Leasing Agent
Naomi Sedberry – Lofts at Ventura, San Antonio, TX – Assistant Property Manager
Stephen Cornwell – Nexus 5 Group – Field Technician – Level 2
Andrew Hunsberger – Greenwood Estates – Peoria, IL – Make Ready Technician
Jaime Darnell – Old Orchard Estates, Carbon Cliff, IL – Assistant Property Manager
DeAunna Lester – Woodbridge, Texarkana, TX – Leasing Agent
Dramonte Kelley – Park Edge, Lenexa, KS – Assistant Property Manager
Phillip Harris – Oaks at Rosehill, Texarkana, TX – Lead Maintenance Technician
Franklin Haar – Town Square, Vermillion, SD – Property Manager
Krysta Brandt – Town Square, Vermillion, SD – Resident Services Assistant
Denene Haafke – Western Heights, Sioux Falls, SD – Property Manager
Brenda Jung – Western Heights, Sioux Falls, SD – Resident Services Assistant
Kati Muntefering – Cathedral Square, Sioux Falls, SD – Property Manager
Joel Jarvi – Cathedral Square, Sioux Falls, SD – Maintenance Technician
Jeremy Kohler – Cathedral Square, Sioux Falls, SD – Maintenance Technician
Len Sanderson – Cathedral Square, Sioux Falls, SD – Resident Services Assistant
Danny Gonzalez – Loretto at Creekside, Live Oak, TX – Maintenance Technician
Zikeya Byrd – The Maxwell, Kansas City, MO – Leasing Agent
Zephyr Ellis – Pam, Pampa, TX – Maintenance Technician
Jasmin Santana – Corporate Office – Property Accounting Assistant
Paige Wright – Corporate Office – Property Accounting Assistant

Meet the Sinclair Flats Team

Meet the Sinclair Flats team. Travis Morgan (2024), Maintenance Technician and Lydia Bargabus (2023), Property Manager. Sinclair Flats was developed by the Cohen-Esrey Development Group (CEDG) and is a new 48-unit affordable property in Mankato, MN. The property is 100% occupied and Lydia and Travis are looking forward to managing the 64-unit Lewis Lofts that is being developed across the parking lot.

Transformational Construction!

Construction continues at several Cohen-Esrey Development Group (CEDG) future communities.

Good weather has been helpful at The Launchpad in Colorado Springs, CO.

Siding installation continues at Panorama Heights in Colorado Springs, CO.

Almost ready for resident move-ins at the Trails at Lehow in Englewood, CO.

Finishing touches being applied to windows and balcony doors at the Loma Vista Lofts in San Antonio, TX.

Stair towers are sprouting at the Lofts at Creekview in San Antonio, TX.

More sitework at Lewis Lofts in Mankato, MN.

Asbestos abatement in progress at Astoria Park in Amarillo, TX.

Total physical improvements at Astoria Park in Amarillo, TX are budgeted at $65,000 per unit.

Way to Go, Cassie!

Cassie Colston has been a part of the Cohen-Esrey Family since August 2004 as a Property Manager, Area Manager, Regional Manager, and Assistant Vice-President. Her dedication and Commitment to Cohen-Esrey is unwavering.

For the last two years Cassie has worked closely with Kristina Viera (2017), Deputy Managing Director for the Affordable Division of Cohen-Esrey Communities (CEC), on compliance and training, as well as assisting in developing initiatives and improving processes for the affordable properties. Cassie has mentored many Regional Managers to help them be successful. She does all of this while effectively managing her own portfolio and providing great leadership to her property teams. She has successfully transitioned many properties that have been distressed, along with so many other accomplishments throughout the years.

Cassie is passionate about affordable housing – “the mission and its purpose;” the Community Impact that it delivers, and Empowering People to Thrive.

Please join us in extending heartfelt gratitude and congratulations to Cassie on her well-deserved promotion to Senior Regional Manager and Assistant Vice-President at Cohen-Esrey. This is a well-deserved honor for a truly selfless individual. Thanks, Cassie, for all that you do!

Unveiling Leadership Excellence:
An Approach to Feedback in Property Management

By Karen Crouch (2019), Director of Customer Fulfillment

In property management, we carry the responsibility of nurturing environments conducive to growth, both for our teams and ourselves. This entails fostering a culture where feedback flows freely, enabling continuous skill refinement and effective leadership. Here, we delve into the importance of understanding cognitive bias and the invaluable role of both internal and external feedback in our journey towards leadership excellence.

Understanding Cognitive Bias:

Let's be honest – we've all been there. We receive feedback or data that doesn't align with our expectations, and our first instinct is to dismiss it. We blame the resident for misinterpreting a situation, assume a coding error in financial reports, or attribute operational discrepancies to technical glitches. However, more often than not, we later realize that the feedback was valid, the financials were accurate, and the task simply wasn't completed.

Why didn't we believe it initially? Because as humans, we tend to filter information through our preconceptions, known as cognitive bias. Successful leaders recognize this inherent bias and actively work to overcome it. They understand that effective leadership requires introspection and an honest assessment of reality. Without this self-awareness, data remains stagnant, and our decisions lose their impact.

Identifying Cognitive Bias Activity:

To better understand potential cognitive biases, engage in an exercise where you analyze various aspects of your property. Take a few minutes to review the bullets below and jot down your perceptions of the key areas of property management:

Residents: What fulfills them about the property? What pain points do they experience?
Operations: Where do we excel, and where do we need to direct more attention?
Renewals: Why do residents stay, and why do they leave?
Financials: Where do we maximize revenue potential, and where do we manage expenses?

Compare your perceptions with relevant metrics such as Net Promoter Scores (NPS) for residents, Key Performance Indicators (KPIs) for operations, retention rates and NPS for renewals, and financial statements for revenue and expenses. Look for differences between your perceptions and the data, identifying potential biases that may influence decision-making.

Seek External Feedback:

Leadership isn't a solitary endeavor. Seeking external feedback when faced with operational uncertainties is crucial. Consulting others not only provides fresh perspectives but also unveils blind spots we may not be aware of. Seek feedback from peers, supervisors, KV teams, team members, or other trusted resources. Ask open ended questions and embrace feedback from various sources to enrich decision making and help see data and decisions through an unbiased lens.

Leaders who embrace introspection and external feedback lead with empathy, adaptability, and strategic foresight. By acknowledging personal limitations and biases, they actively seek diverse viewpoints to inform their decisions. This approach isn't merely about self-improvement; it's about nurturing a resilient, responsive, and Empowered team.

How Do They Do It?

In this installment of our series, How Do They Do It, we are interviewing our Accounting Assistants. Here is the question we asked.

How do you weave Team Member Fulfillment into your daily tasks?

I think to answer this question, we must look at how we define Team Member Fulfillment at Cohen-Esrey. We say that it is “genuinely caring about each other’s wellbeing and nurturing professional growth.”

Caring about each other’s wellbeing:

I try to weave Team Member Fulfillment into my daily tasks by taking the time to get to know someone and remember what they have told you goes a long way here. We, as Property Accounting Assistants, meet in the morning and spend a few minutes going over what we are working on, but also catching up on each other’s lives.

Nurturing professional growth:

As a Property Accounting Assistant, I find that Team Member Fulfillment is woven most easily into our job by helping each other. We do similar tasks for the properties we work with and that makes it easy to jump in if someone gets stuck. We all try to be open to new ideas and grow from them.
Furthermore, one of the “I” statements for Team Member Fulfilment is “I use training opportunities and resources to their fullest in order to grow.” I love my resources. I value being able to use our documented procedures and OASYS to find answers where possible. Also, sometimes I think that Property Accounting Assistants get to act as the resources to help answer other peoples’ questions.

Emily Fletcher (2022)

I think that the best way to weave Team Member Fulfillment into your daily tasks is to truly view yourself as part of a team instead of an individual. We all have our assigned roles and tasks that are specific to us, but when you have a “team” mindset you can see that what each person does is a portion of what is needed for the department and the company to run efficiently and successfully. When you have this perspective, then it is not a such burden when a team member needs help, because we are all working toward the same goal. This is a mindset that has been instilled within me by the amazing accounting team and its management. Because of this mindset, we all work together and help each other out whenever and wherever we can! Garrett Cook (2022)

To weave Team Member Fulfillment into daily tasks, we should see ourselves as part of a team where every member plays an important role in the success of the department and the company. By supporting each other and sharing knowledge, we can make our goals more achievable and enjoyable. Lana Frank (2022)

My daily tasks are centered on Team Member Fulfillment, from assisting with property level questions to in-office assistance. Keeping the lines of communication open has always been important in any position I’ve had, as it lets not only those you are working with that you care, but also those not directly connected to the daily routine that you have a vested interest in the overall finished product. I enjoy making people feel like someone cares about them, creating positivity, which creates a happy environment. Nancy Lewis (2021)

I weave Team Member Fulfillment into my day by constantly asking “How can I help?” I feel like I say this all day long to my teammates, both directly and indirectly. I thrive on helping others so not only does this help accomplish overall company goals, but it also fills my own personal cup by getting to help others. Kathleen Williams (2022)

Cohen-Esrey Welcomes Jennifer and Jasmin

It’s with pleasure that we announce that Jennifer Fields has joined Cohen-Esrey as a Property Accountant.

Jennifer comes to us having graduated from Colorado Technical University with a bachelor’s degree in accounting which she earned while working full time. Prior to joining our team, she gained valuable experience working for a custom home builder performing a variety of accounting related tasks. This experience will undoubtedly be valuable to our team as we continue to grow. Outside of work, Jennifer enjoys art and gaming.

Please join us in welcoming Jennifer to our team. We are excited to have her on board and look forward to the contributions she will make to our team's success.

We also announce that Jasmin Santana has joined Cohen-Esrey as a Property Accounting Assistant.

Jasmin comes to us with a BA in business Administration – Finance from California State University. Prior to joining our team, Jasmin gained valuable experience working as the executive assistant for the CFO of an engineering firm. Outside of work, Jasmin likes puzzle games, escape rooms, and spending time with her husband and cats.

Welcome to Cohen-Esrey, Jasmin! We are grateful that you have chosen to join our team.

Cultivating a Culture of Excellence

By John Hinman, Managing Director – the Nexus 5 Group

In uncertain times, maintaining, improving and/or maintaining a great culture can be a difficult challenge. As we focus on financials and strategy, how do we also maintain an intentional focus on our team and culture? I have been looking into this over the last few months. I have been reflecting on our company and studied other companies on what makes a great culture. As we all strive to cultivate our desired culture, to improve culture and bring our teams together, I have found that selflessness is one of the key ingredients. One aspect of our Serve Well war cry is the willingness to meet the needs of others. When a team is selfless, trust, encouragement, and compassion grow resulting in a great culture. The following are a few examples of how this might play out.

Self-Care

First and foremost, we need to take care of ourselves. If we take care of ourselves, physically, emotionally, and spiritually, we will have the capacity to serve well at home and will ultimately bring our best selves to work and will naturally be able to help and serve others. If we are struggling or deprived in any of these areas, we will tend to be more self-focused instead of being able to be focused on others.

Positive Mindset

Building on the last point of self-care. Showing up to our work with a positive mindset is critical as we strive for a great culture. This is a daily choice and results from the discipline of living in gratitude. I suggest creating a list of items that we are thankful for; and reflecting on these items on a consistent basis. During this intentional reflection time, we will teach our minds to live in gratitude. Without this intentional discipline of gratitude, we will naturally tend to focus on the negative and will teach ourselves to expect the worst and focus on the negative of others. By being intentional and showing up with a great attitude we will naturally tend to want the best for others and will be contagious to others as well. We gravitate to people with a positive mindset and want to work with them. Every day is a choice. Choose wisely.

Shift the Focus: From “What about Me” to What about Them”

In any winning culture it's essential to shift the focus from "What about me" to "What about them." As we currently live in an overly offended culture we tend to live with a mindset of “What about Me”. I’m challenging everyone to change those thoughts. If we show up with a positive attitude and look out for the needs of others, we will ultimately be satisfied with ourselves. Life is so much more fulfilling when we serve others and look out for the needs of our team. Lending a helping hand. By fostering a culture of mutual support and collaboration, individuals can work together towards shared goals, amplifying their collective impact and success.

In conclusion, building a great culture is a journey guided by principles of empathy, selflessness, and purpose. By embracing our Core Values and integrating them into everyday life, our organizations can create an environment where we see individuals thrive, relationships flourish, and collective success is achieved. Let’s show up for our team and make a lasting impact on our community and loved ones.

The Astoria Park Partnership Has Closed!

Congratulations to the Cohen-Esrey Development Group (CEDG) on yet another closing of a partnership that will renovate the Astoria Park Apartments in Amarillo, TX! This project has a long history with Cohen-Esrey as it was purchased by a CEAI partnership in 2013. Built in 1950, the project is on the National Register of Historic Places and was originally designed by James Atcheson of Atcheson & Atkinson. Alta Architects created the plans for rehabilitation work and Renu Inc, will serve as the general contractor. Redevelopment funding will include federal affordable housing tax credits as well as federal and state historic tax credits. This workforce housing property consists of 164-units with two-bedroom flats and townhomes of 850 square feet renting for $950 per month, and three-bedroom townhomes of 1,250 square feet renting for $1,163 per month.

Renovation of the eight two-story structures across 12 acres is expected to take approximately 16 months in four phases. During each phase, households will be relocated onsite for several months before moving into the fully renovated units. This will be CEDG’s eighth multifamily development in the state of Texas, but the first property in Amarillo. The $30 million affordable housing initiative has project hard costs equaling $65,000 per unit. Notably, the project will cater to the needs of existing residents and families at the property. An expanded clubhouse will include a new community gathering room, business center, and an expanded kitchen and laundry room. A designated office in the clubhouse will be added for a resident service coordinator by nonprofit partner PreservingUS, Inc. (PUI). Exterior improvements include courtyard seating, a dog park, playground upgrades, new sidewalks, and parking lot resurfacing. Unit improvements include remodeled kitchens and bathrooms, all new appliances, lighting, plumbing fixtures, and flooring.

Amarillo is the county seat of Potter County. It is the 14th-most populous city in Texas and the most populous city in the Texas Panhandle. A portion of the city extends into Randall County. The estimated population of Amarillo was 200,393 as of April 1, 2020, comprising nearly half of the population of the panhandle. The Amarillo metropolitan area had an estimated population of 308,297 as of 2020. Amarillo is considered the regional economic center for the Texas Panhandle, as well as Eastern New Mexico and the Oklahoma Panhandle. The meat packing industry is a major employer in Amarillo and about one-quarter of the United States' beef supply is processed in the area. The city is also the location of headquarters for the Texas Cattle Feeders Association. Petroleum extraction is also a major industry. Bell Helicopter Textron opened a helicopter assembly plant near the city's international airport in 1999. The city's largest employers are Tyson Foods and the Amarillo Independent School District, each with 4,000 employees. Other major employers include Pantex, Baptist St. Anthony's Health Care System, City of Amarillo, Northwest Texas Healthcare System, Amarillo College, Walmart, and United Supermarkets, Bell Helicopter Textron, Owens-Corning, Amarillo National Bank and ASARCO.

Approximately 14 million acres of agricultural land surrounds the city with corn, wheat, and cotton as the primary crops. Other crops in the area include sorghum, silage, hay, and soybeans. The Texas Panhandle, particularly in Hereford, TX, serves as a fast-growing milk producing area as several multimillion-dollar state of the art dairies were built in the early 2000s.

As is usually the case with complex closings, many team members were involved. Lauren Cano (2021), Development Manager, pushed this project over many hurdles on a daily basis. Stan Waterhouse (2022), Senior Development Director, was extremely helpful with the local politics and Phil Melton (2022), Managing Director of Cohen-Esrey Capital Partners (CECP), was instrumental in securing the financing. Tim Minson (2019), Vice-President Design and Construction worked with Michele Kiehl (2023), Project Manager, to negotiate a workable physical improvements plan with the architect and general contractor. Other team members with significant roles included Todd Sears (2023), Vice-President of Development, Becky Trost (2006), Accountant, Susan Belisle (2019), Development and Construction Administrator, and Lorraine Robles (2023), Development Manager. Special thanks goes to Connie Riley (2013), Senior Deputy Managing Director, and Tina Shirey (2002). Compliance Manager – both of Cohen-Esrey Communities (CEC) for their involvement with the relocation process for existing residents.

Look at This!

Another Empowerment Story

This is a different kind of an Empowerment Story. Up until now, all of our Empowerment Stories have come from team members. But our mission – We Empower People to Thrive – goes beyond just our team. For the first time, we’d like to share an Empowerment Story from a resident, Mellony McGee, who lives at Eileen’s Place in Kansas City, KS. Thanks to Cassie Colston (2004), Assistant Vice-President and Senior Regional Manager, for arranging to have Mellony tell her story.

I moved into Eileen’s Place on October 27, 2021. Living here has changed my life tremendously. Not only going from being homeless with my daughter, Heaven, who was only three months old when we moved in, but to a brand-new furnished home was a tremendous blessing. A home that we have called our own ever since. A home that I can maintain and afford with my income and housing program here at the property. The tons of resources that have been provided to me through the services in the office with Mona Gonzales (2010), Property Manager, and Mrs. Holly, the Case Manager, have been a huge benefit to me and the residents here. Mrs. Mona and Mrs. Holly are awesome and the best. I am so thankful for everyone involved in the program and housing at Eileen’s Place from management and case management to the ownership.

What is HHPF-VI?

You’ve read in previous issues of People & Properties how Cohen-Esrey Capital Partners (CECP) has entered into several partnerships with historic developers. In this issue, we’d like to explain a bit more about what this means.

CECP has made a market in various tax credit programs since 1999. This includes selling Missouri state affordable housing tax credits, Wisconsin state affordable housing tax credits, federal affordable housing tax credits, state historic tax credits, and federal historic tax credits. In total, Cohen-Esrey has been involved in marketing more than $450 million in various tax credits over the years.

We launched a federal historic tax credit (HTC) fund called the Heartland Historic Preservation Fund VI (HHPF-VI) and have been pursuing investments in smaller historic projects in Missouri, Kansas, Texas, and several other states. HHPF-VI has investors who will use their allocation of the tax credits to offset their federal income tax liability. The sweet spot is a project that generates $500,000 to $2 million in federal historic tax credits which means the qualified renovation expenses will be $2.5 to $10.0 million. Federal HTCs are earned annually over five years. None of these projects are Cohen-Esrey developed projects, so we’re working with third-party developers. HHPF-VI has the capacity to invest in up to $19.2 million of federal HTC which will likely yield 14 – 16 historic projects. Investors in HHPF-VI include banks and individuals.

Several team members are involved with HHPF-VI. Mike Marsh, CPA, is our partner in sponsoring this fund. Mike was previously the principal partners at the accounting firm of Marsh and Company which worked extensively with Cohen-Esrey preparing audits and tax returns for many of our properties. Several years ago he merged his firm with MarksNelson, a larger CPA firm that continues to handle much of our audit and tax return work. Mike is a pre-eminent expert nationally on various tax credit programs, and when he retired from MarksNelson he joined us as a partner in our tax credit syndication business. He is the Director of Federal Credits for CECP.

Carol Lowe (2011), is the Director of State Credits for CECP and has become actively involved in identifying historic developers and their respective projects that fit our model. She negotiates the terms with the developers and prepares the term sheet that outlines the manner in which the fund will make an investment in the development partnership in exchange for the federal HTC. The historic buildings we’re working with includes buildings being repurposed as apartments, medical space, and commercial/retail space. Carol also markets a wide range of state tax credits to prospective investors.

Charity Trotter (2023), is the Fund Administrator for HHPF-VI. After Carol obtains a signed term sheet from an historic developer Charity handles the due diligence process and assembles a package for investor approval. She then secures the necessary documentation for the partnership closing and monitors the various milestones required for subsequent funding. Hayley Fisher (2023), is the Fund Accountant and prepares invoices to developers for a legal fee retainer and prepares financial statements for HHPF-VI.

Mark Fletcher (2008), Chief Technology Officer, was instrumental in coordinating the development of a K-Net tracking system for CECP. This system is critical to maintaining the step-by-step process necessary for due diligence, closings, and document procurement.

To date, CECP has closed three historic projects into HHPF-VI, with due diligence underway on two more projects. Total projected federal HTC is just over $6 million with these five projects with multiple additional projects in the pipeline.

Mike Marsh

Carol Lowe

Charity Trotter

Hayley Fisher

Fun Photo

This photo just oozes history and well it should. You are looking at the lobby of the Woodson Historic Residences in Yates Center, KS, formerly the historic Woodson Hotel built in 1887. We have the original hotel ledger (under lock and key) with signatures of famous guests like Teddy Roosevelt, Jesse James, and Buffalo Bill Cody.

It’s the Little Things That Make a Big Difference

This is a continuing feature in People & Properties where we highlight small Property Management 101 types of things that should be done to generate high performing properties – and cost little to no money. Let’s talk about . . .

WALK THE PROPERTY EVERY DAY!

Walking the property every day doesn’t cost a dime. It’s great exercise. It gives us the opportunity to see physical and operational things that need attention. It allows us to meet and greet our residents. When I started out in the business as a Property Manager at the Park South Apartments in Topeka, KS, in 1975, the first thing I did every morning was walk every hallway, stairwell, and laundry room in every building. At least once a week, I walked every vacant unit. I used a recorder (no cell phones back then) to make notes about what I observed. I spotted grass clippings in the curbs, trash falling out of dumpsters, dust on the stair railings, and a host of other items. It wasn’t a big deal. I simply went back to the office and wrote service tickets and assigned them to the appropriate team members. I realized early on that successfully managing an apartment property didn’t happen by sitting behind a desk all day.

NPS Leaderboards

The three NPS Leaderboards have been updated as of April 19, 2024, and the leaders remain the same from March. In the 50-Units or Less category Rankin Mills (Boonville, MO) holds the lead with an incredible score of +96.30. In the Properties 51 to 120-Units category, Justin Place (Kansas City, MO) is firmly in first place with an NPS of +85.19. And in the Properties of More than 120-Units category, The Boulevard (Springfield, IL), continues its lock on first place with an NPS of +92.31. There are 24 properties on Leaderboards – one less than last month, and there are now only two properties on Leaderboards with an NPS of +90 or higher – two less than in March. They include Rankin Mills and The Boulevard. The overall NPS has dropped to +22 from +26 a month ago, and the Nexus 5 Group continues to hold steady at +88. We still have several large market-rate properties that are failing to deliver Customer Fulfillment and thus the reason for the poor showing with our NPS.