Success Story Galleria at Tyler • Riverside,

Overview Upon transitioning the property into our management portfolio, we discovered that the practice of deferred maintenance was the rule rather than the exception and none of the property’s vendors were held to very stringent standards.

The key to correcting these problems was to review and update all contract specifications and then request new bids for all the existing contracts. At Galleria at Tyler, an ideal solution resulted when a single contractor offered a “bundled” service that included housekeeping, engineering, landscaping and sweeping.

Because of this type of service, communications with the vendor are streamlined and the need for multiple supervisory personnel has been eliminated. Although costs were not reduced, deferred maintenance was eliminated and the property’s overall appearance was significantly improved.

The Results Within the first year, Urban achieved the following financial goals: Anchors: JCPenney • The expense budget was stabilized; Macy’s • The need for emergency capital repairs due to poor maintenance has been eliminated; and Robinson-May

• The property avoided large CAM cost swings due Total Sq. Ft.: 1,100,000 to Urban’s in-depth five year plan of extraordinary Total Trade Area Population: 921,538 expenses (tree trimming, lot striping, etc.) and detailed capital expense plan. This also aided in Total Trade Area ownership’s short and long term planning for large Average Household Income: $66,362 capital projects