From The Desk of Berkeley Burbank | CEO

HAPPY NEW YEAR!

2022 is full of promise. Alco is well positioned to make the most of the opportunities we pursue and face the challenges that are sure to arise. I shared with you on our company call that Dana Patterson and the RPMs have created an interim management structure to guide us into the new year as we seek to hire a new Vice President of Property Management. Dana will work directly with each RPM to assist them in meeting our operational goals. Amy Greer and Brian Harris have stepped forward and will coordinate the RPMs and join the Leadership Team to underline the perspective of employees and residents.

This year much of the time and effort of the entire Operations Division will be spent deepening everyone’s understanding and proficiency in RentCafe Affordable and Yardi RightSource. Similarly, the Systems teams will focus on leveraging existing programs to enhance our current processes. To maintain our connectivity and safety of our information, IT will be visiting each property to upgrade our network infrastructure.

In 2022 we will continue to grow. We currently have three properties under construction in middle and west TN. Magnolia Terrace, Riverwood Towers, and Battery Heights are all well underway and will be wrapping up construction in the coming months. Our goal is to start construction on another five properties over the course of the year: Cathedral Place, Irish Apartments, South Park Gardens, Rolling Hills, and Breezy Point. The work proposed will give each property a strong physical and financial foundation to achieve our mission.

Our mission to provide quality, affordable homes for residents, meaningful work for employees, reliable returns for investors, and excellent service for regulators is as vibrant and necessary as it has ever been as our country and our communities recover from 2 years of pandemic and hardship. Our company objectives remain equally relevant to our work in 2022. We will continue building our expertise in affordable housing. We will focus on refining and implementing policies and programs for benefit of employees, residents, investors, and owners. We will strive to grow by acquiring new properties while maintaining and renovating existing properties. Together our efforts will ensure that Alco remains a sustainable and profitable company. It takes all of us working together to achieve our goals. Let’s make 2022 a year to remember.