1、BEMTwasformedtoacquirediversifiedportfolioofrealestateandrealestate-relatedinvestmentswithprimaryfocusonwell-locatedinstitutionalqualityapaipropertieswithstrongandstablecashflowsCYttcfLc-JToOurValuedShareholders11007768AboutBluerockEnhancedMultifamilyTrustUBEMTJment-._ReceivedJUL07WashingtonDC20549L
2、ookingback2010representsthestartofsolidfoundationfortheBluerockEnhancedMultifamilyTrustWemademuchprogressinourfirstfullyearofoperationsandpassednumberofsignificantmilestonesincludingthefollowingWeacquiredinterestsinfouradditionalmultifamilypropertiesin2010bringingourtotalportfolioto fivedistinctprop
3、ertieswithownershipinterestsintotalof1323unitslocatedfivegeographicmarketshavingtotalportfoliovalueofmorethan$137millionWeachievedstrong operatingperformanceinourportfolioduetothe successfulexecutionofourbusinessplanweendedtheyearwith95%portfoliooccupancyinWeachievedstrongquarter-over-quarterrevenue
4、growthineachperiodin2010WeexpecttheresultstobereflectedinourbottomlineperformanceasweachieveandgrowbeyondcriticalmassWeupgradedtotheBigFouraccountingfirmofKPMGLLPThisstepwaspartofourcontinuingcommitmenttoensurethehighestpossiblelevelsoftransparencyoversightandaccountingguidancetpourinvestorsandstake
5、holdersWelyimplementedourstrategyofpartneringwithleadinglocal/institutionaloperatingcapitalalongsideoursinourinvestmentsThisstrategyprovidesyouinvestwitheadinglocal/institutionalmultifamilyoperatorsnationallyimentof interestthatisdistinctiveinthemarketplaceatemarkettheunderlyingfundamentalsforinvest
6、inginrystrongRentaldemandformultifamilycommunitiesandhomeownershiptreAdsisexpectedtoincreasesulyremainscothQddueto the lackofliquidityratescoupledwiththeopportunitiesforp9rtfolioin2011andthournetworkmeratethemostEnhancedngvaluetbeyondPortfolioSnapshotmultifamilyproperties1323units1.2millionsquarefee