April Update

Operations progress for Incline has been significant. 

• We have improved and replaced all tenant mailboxes to be in working order.
• New signage has been placed on the property officially renaming the property INCLINE APARTMENTS.

• New machines for our laundry room are being delivered and installed and should be ready for use by May.
• As of March  our team has leased up a total of 21 units.   
• Additionally, our team has applications for the next available units that are renovated.
• A total of 28 units have been or are in the process of being renovated.
  • 17 units are complete and 11 are in the process   

We are still on pace to be cash flow positive from operations by May 1st.

First Quarter Financial Statements will be delivered my mid May via US Mail.

The first distributions are anticipated to be sent out July 2010,  as we are just turning the corner of being cash flow positive. However income will increase month over month as the renovated units come online and are leased.

I will be in Cincinnati next week reviewing the property and meeting with our team and will report back in the next update.

We will continue to provide monthly updates and as always don’t hesitate to contact our office with any questions.

-The National REIS Team