| Dear David, We thank you for your excellent work as the property manager of Regency Square this past year. You entered into a difficult situation and transitioned the management of our building in a timely and efficient manner. We recognize the countless hours that you spent to insure a smooth transition. You and John have demonstrated great dedication to service through your constant communication, suggestions for business improvements, and commitment to follow through. Perseverance of this type was previously missing at Regency Square. We especially value the detailed and accurate reporting that you provide. With such comprehensive reporting, there is nothing left to question about the fiscal health of our property. The detailed statements of cash flow, income, and expense help us immensely in making business decisions about our building. You have also brought our building to full occupancy. We are pleased at how quickly you have filled the vacancies. Prior management floundered in attempts to keep our building full. The financial performance of the building is noteworthy. Despite the major building improvements made this past year, you were able to generate profit and positive cash flow. This year’s net income exceeded our expectations. It was equivalent to last year’s net income, in which no major building improvements were undertaken. This truly demonstrates good business acumen. Because of these outstanding efforts, we will be contacting you to discuss a favorable revision to your contract. We could not have chosen a better management company for our business. Thank you again for your outstanding service and performance. Sincerely, Andrew A. Ballerini, Helen H. Ballerini, Celine M. Santiago |
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