Sudberry Properties is proud of its tradition of quality, caring and successful shopping center management, and proud of our relationships with the communities we respectfully serve. We give every project the same care and attention we give our owned portfolio.
Each year our Executive Team creates a comprehensive Annual Report and Business Plan; which includes a thorough review of the year's activity, goals for the coming year, projected operating and capital budget, cash flow, leasing and marketing plan and much more. Our Management Plan becomes a living, evolving handbook for the coming year.
We are currently running Sage Timberline Development, Accounting and Property Management Software, along with a proprietary CTI system for a third-party REIT client. We are familiar with lock-box collections, web-portal budget systems and use Excel and Argus for budget and forecasting. This translates into customized financial budgeting -- and timely, accurate reporting. Our accounting programs are fully integrated with property management functions, creating the ability for our managers to respond to any request within minutes.
Sudberry Properties coordinates with the listing broker to secure satisfactory lease agreements. Regular meetings with our clients enable the manager to represent the owner in negotiations if applicable. Our contracts typically call for renewals to be handled by Property Management, on a reduced commission basis. The long-standing relationships managers have with their tenants often smooth the way for renewals. Several of our centers have over 50% of the GLA in small shops. Without a clear understanding of the special needs of these businesses, we would not enjoy such excellent leasing and renewal rates. Several of our tenants, have locations at more than one of our shopping centers. We do, of course, also have extensive experience with regional and national chains and major tenants. We currently have four small shop tenants celebrating 20 years in the same location.
As a developer with over 4 million square feet of retail, industrial office and residential space built, Sudberry Properties has had extensive experience in budgeting and coordinating tenant improvements. Our Property Services Manager monitors the project, reviews plans, arranges the Notice of Non-Responsibility, inspects work in progress, follows up on the punch-list, monitors the expenses and obtains the Certificate of Occupancy. Our resources include long-standing relationships with quality tenant improvement contractors, space planners, architects, and structural engineers who share our goal of working with the tenant to ensure a smooth tenant improvement construction process and scheduled completion.
Sudberry Properties can coordinate advertising and supervise promotional activities at retail centers where the leases specify a merchant's association or promotional fund. We use an outside consultant who prepares annual marketing plans and budgets, and presents them at merchant's meetings for comments and approval. A marketing portfolio is available upon request.
We passionately believe shopping centers are an integral component of any community. Our Managers actively participate in local events, either by sponsorship by the Center, allowing events to take place at the Center when permitted, or representing the Center at local off-site activities. We pride ourselves in maintaining a trusting, friendly dialogue with community leaders in both the public and private sector.
RISK MANAGEMENT PROGRAM
Sudberry Properties is conscientious about risk management and we maintain appropriate tenant and vendor insurance for both long-term and short-term projects.