Page Number Article Title

1 Sydney Brown

2 Jake Turner

3 Catherine Schwarz

4 William Drummond

5 Charles Paterson

6 Diamond Achievement Awards

7-8 Ledbetter Acquiring Downtown Apartment Building

9-10 LEDIC Plans Drone Flight School, Security Program

11-12 LEDIC’s High-Tech HQ to be LEED Certified

13-15 Vertical Living in Crosstown

   FOR IMMEDIATE RELEASE                

LEDIC Realty Company Appoints Senior Financial Reporting Analyst  Memphis, TN – April 11, 2017 ‐ LEDIC Realty Company, LLC (LEDIC) announced today that Sydney Brown has joined the company as Senior Financial Reporting Analyst.  Sydney is a CPA and brings experience form her previous position as an Audit Associate at Earnst & Young, LLP.   Ms. Brown attended the University of Mississippi where she received her Bachelor and Master of Accountancy degrees.  During Ms. Brown’s tenure at Earnst & Young, she served a variety of clients in the Memphis area including publicaly traded companies   Ms.  Brown  joins  LEDIC  to  prepare  and  design  internal  and  external  reports  for  senior management and investors.   Ms. Brown comments “I am thrilled to be joining such a talented and  dedicated management  team  at  LEDIC.  I  am  excited  not  only  for  the  personal  growth opportunity but also for the future of the Company”.                  Will Drummond, Vice President of Financial Reporting &  Investor Relations, said “Sydney  is a great addition to the team and I am excited that she has joined LEDIC.  Sydney will be a key player in this new role as we expand our financial reporting function to support the continued growth of the Company.”     About LEDIC Realty Company  LEDIC  Realty  Company  is  a  fully  integrated  manager,  owner  and  developer  of  multifamily properties  across  the United  States.  LEDIC  currently manages  37,000+  units  (including  over 11,000  owned  units).  For  additional  information  about  LEDIC  Realty  Company,  LLC  visit www.ledic.com or contact CEO Pierce Ledbetter at (901) 435‐7710.  

   FOR IMMEDIATE RELEASE                

LEDIC Realty Company Appoints Financial Reporting Manager  Memphis, TN – April 11, 2017 ‐ LEDIC Realty Company, LLC (LEDIC) announced today that Jake Turner has  joined the company as Financial Reporting Manager.   As a CPA, Mr. Turner brings many years of experience from his previous accounting positions.    Mr. Turner attended the University of Memphis where he received his Bachelor and Master of Accountancy degrees.  Mr. Turner previously worked as an Audit Senior at Ernst & Young, LLP, serving a variety of publicly traded clients in the Memphis area.  Prior to his tenure at Ernst & Young, Mr.  Turner  also worked  at  a  local  accounting  firm where  he  served multiple  private company clients.    Mr. Turner  joins  LEDIC  to oversee  financial  reporting  including  technical accounting  research related to new and proposed accounting standards.  Mr. Turner comments “I am very excited to bring my public accounting experience to LEDIC’s talented and motivated management team. LEDIC has a well‐established position in the affordable and workforce housing market, a skilled development and acquisitions team, and an overall entrepreneurial spirit.  I look forward to being a part of the evolution and growth of the Company.”                  Will Drummond, Vice President of Financial Reporting & Investor Relations, said “Jake is a great fit  for  this new  role  that will be critical as LEDIC continues  to grow and encounter expanded financial reporting needs.  He complements our existing team well and I am thrilled that he has joined LEDIC.”    About LEDIC Realty Company  LEDIC  Realty  Company  is  a  fully  integrated  manager,  owner  and  developer  of  multifamily properties  across  the United  States.  LEDIC  currently manages  37,000+  units  (including  over 11,000  owned  units).  For  additional  information  about  LEDIC  Realty  Company,  LLC  visit www.ledic.com or contact CEO Pierce Ledbetter at (901) 435‐7710.  

   FOR IMMEDIATE RELEASE                

LEDIC Realty Company Appoints Regional Manager  Memphis,  TN  –  April  11,  2017  ‐  LEDIC  Realty  Company,  LLC  (LEDIC)  announced  today  that Catherine Schwarz has joined the company as a Regional Manager for the Memphis Area.  As a Certified  Property Manager  (CPM®), Ms.  Schwarz  brings many  years  of  experience  from  her previous multifamily industry positions.    Ms. Schwarz also holds the Certified Occupancy Specialist (COS) and Certified Credit Compliance Professional  (C3P)  designations.   Ms.  Schwarz  previously worked  as  a  Regional Manager  for HallKeen Management in Norwood, MA.  Ms. Shwarz received the 2014 HallKeen Management “True Leader” award.   Ms. Schwarz joins LEDIC to oversee a local portfolio of conventional and affordable properties.   Ms. Schwarz comments “I am so excited to have found my new home with a company that has such an exceptional reputation in the multi‐family industry.  I truly look forward to collaboration with all members of the LEDIC Realty Company family. ”           Terri Benskin, Chief Financial Officer, said “We are excited that Catherine has joined the LEDIC team.  She brings many years of experience in both conventional and affordable housing.  She is a tremendous asset and I look forward to her being a part of the LEDIC team.”    About LEDIC Realty Company  LEDIC  Realty  Company  is  a  fully  integrated  manager,  owner  and  developer  of  multifamily properties  across  the United  States.  LEDIC  currently manages  37,000+  units  (including  over 11,000  owned  units).  For  additional  information  about  LEDIC  Realty  Company,  LLC  visit www.ledic.com or contact CEO Pierce Ledbetter at (901) 435‐7710.  

   FOR IMMEDIATE RELEASE                

LEDIC Realty Company Appoints first Financial Reporting & Investor Relations VP  Memphis, TN – February 1, 2017  ‐ LEDIC Realty Company, LLC  (LEDIC) announced today that William “Will”  Drummond, Jr. has joined the company as Vice President, Financial Reporting & Investor Relations. As a CPA, Mr. Drummond brings many years of experience from his previous financial reporting and public accounting positions.    Originally  from Memphis, Mr.  Drummond  attended  the  University  of Mississippi  where  he received his Bachelor and Master of Accountancy degrees.  Mr. Drummond previously worked as a Financial Reporting Analyst at Education Realty Trust, Inc. (NYSE: EDR).   Mr. Drummond also served as an Associate Auditor at PricewaterhouseCoopers, LLP and a Senior Associate Auditor at KPMG, LLP.   Most  recently, Mr. Drummond served as an Audit Senior Manager at Ernst & Young, LLP working primarily with public company clients including a multi billion dollar public real estate investment trust focused on multifamily apartment communities.  Mr. Drummond  joins  LEDIC  to oversee  the monthly, quarterly, and annual  reporting process including  compliance  with  accounting  standards  and  regulatory  requirements,  as  well  as reporting those results to LEDIC’s investors.  Mr. Drummond comments “I’m very excited about the opportunity at LEDIC and look forward to working with the management team as we execute the strategy and vision for LEDIC’s continued growth.  This will be a fun journey, and it’s great to be  part  of  an  organization  that  is  ambitious  and  committed  to  helping Memphis  be  a  top destination for real estate industry professionals.”  Jeff Ezekiel, Chief Financial Officer, said “I am excited for Will to join our team.  Will’s knowledge and experience will be beneficial to LEDIC Realty Company as we continue to grow our ownership, management, and redevelopment of workforce housing apartment communities throughout the United States.”    About LEDIC Realty Company  LEDIC  Realty  Company  is  a  fully  integrated  manager,  owner  and  developer  of  multifamily properties across the United States. LEDIC currently manages 39,000 units (including over 10,000 owned units). For additional information about LEDIC Realty Company, LLC visit www.ledic.com or contact CEO Pierce Ledbetter at (901) 435‐7710.  

   FOR IMMEDIATE RELEASE                   

LEDIC Realty Company Appoints first In House General Counsel    Memphis, TN – February 1, 2017 ‐ LEDIC Realty Company, LLC (LEDIC) announced today that  Charles  “Charlie”  B.  Paterson  has  joined  the  company  as General  Counsel.   Mr. Paterson  comes with  a wealth  of  experience,  having  served  as  Partner  at  Balch  and Bingham LLP in the Birmingham and Montgomery AL offices.     Mr. Paterson’s counseling and litigation experience extends to many industries, including architectural, daycare, engineering, financial services, and solid waste.  As former General Counsel  to  a  publicly  traded  company,  Charlie  has  experience  regarding  corporate goverance and general corporate matters.    Charlie  comments  “I  very  much  look  forward  to  working  with  a  very  talented management  team  at  LEDIC.    The  company has established  a  significant niche  in  the workforce housing market, and the growth opportunites are exciting.”   Pierce Ledbetter, Chief Executive Officer, said “Charlie joins LEDIC to help guide best practices and risk management for over 1,000 LEDIC employees serving over 200 apartment properties in over a dozen states.  We provide world class services to LEDIC clients and residents, and Charlie adds to LEDIC’s mission critical capabilities, serving as quarterback helping direct risk managers and attorneys in every state LEDIC serves.  LEDIC’s rapid expansion into owning properties as well as managing them makes 2017 the ideal time to have its first in house general counsel.”  About LEDIC  LEDIC Realty Company is a fully integrated manager, owner and developer of multifamily properties across the United States. LEDIC currently manages 39,000 units (including over 10,000 owned units).  For additional information about LEDIC Realty Company, LLC visit www.ledic.com or contact CEO Pierce Ledbetter at (901) 435‐7710.   

FOR IMMEDIATE RELEASE

LEDIC Recognized at Diamond Achievement Awards Memphis, TN – January 15, 2016 - LEDIC Realty Company won a total of 5 Diamond Achievement Awards presented by The Apartment Association of Greater Memphis (AAGM). The awards banquet was held on January 8th, 2016 at The Columns in downtown Memphis. LEDIC has been a long time sponsor of AAGM and was honored to be a part of the ceremony this year. The awards included: Best Leasing Center/Clubhouse: Fieldstone Grounds Technician of the Year: James Bowen at Fieldstone Leasing Manager/Onsite Marketing Specialist: Jessica Welch at Fieldstone Leasing Professional of the Year: Amanda Linsey at Centennial Gardens Rookie of the Year: Harley Houston at Fieldstone About LEDIC Realty Company LEDIC Realty Company is a fully integrated manager, owner and developer of multifamily properties across the United States. LEDIC currently manages 40,000 units (including 10,000 owned units) in 17 U.S. states. LEDIC provides quality housing to approximately 120,000 residents across the country. For additional information about LEDIC Realty Company, LLC visit www.ledic.com or contact CEO Pierce Ledbetter at (901) 435-7710.

Ledbetter acquiring Downtown apartment building Jan 12, 2016, 10:39am CST Updated: Jan 12, 2016, 11:42am CST

METRO 67

No. 4 Metro 67

The retired founder and chairman of LEDIC Management Group is acquiring the Metro 67 luxury apartments on Madison Avenue.

67 Madison Partners LP, who quitclaimed the 12-story high rise to the Center City Revenue Finance Corp. (CCRFC) as part of a 15-year PILOT, went before the board Tuesday, Jan. 12, to transfer the lease to “entities owned or controlled by Scott Ledbetter or his family members.”

To read the letter from Ledbetter's representative to the Downtown Memphis Commission, click here.

67 Madison Partners, which is affiliated with Dallas-based private investment firm EFO Holdings LP, bought the former Union Planters headquarters in 2006 from Calvin Howell for $4.5 million, according to deeds on file with the Shelby County Register.

The Ledbetter acquisition is contingent on the payment of a fee equal to 1 percent of the property’s value to the CCRFC. Although exempt due to the 15-year PILOT, the property was appraised by the Shelby County Property Assessor for $14.9 million.

Ledbetter is also acquiring the garage associated with the Metro 67 property.

In November, LEDIC Management Group, now LEDIC Realty Co., announced it was committed to investing $10.2 million to retrofit 555 S. Perkins into its new national headquarters.

Michelle Corbet Reporter Memphis Business Journal

VOL. 130 | NO. 231 | Thursday, November 26, 2015

LEDIC Plans Drone Flight School, Security Program

By Madeline Faber

LEDIC president and CEO Pierce Ledbetter is making a big bet on drones.

(Shutterstock)

The Memphis-based company’s new $10.2 million headquarters will house the area’s only drone flight school intended to certify operators in the newly forming commercial Unmanned Aerial Vehicle marketplace. It also will include a drone manufacturing facility.

Ledbetter plans to add one security-monitoring drone at each of the apartment buildings he manages and is investing $25,000 in virtual reality software so that all property managers employed at LEDIC can be certified.

For Ledbetter, drone surveillance can prevent crime by identifying weak points in a security system. The flying cameras can be used to check for roof damage, fencing gaps, places that need additional lighting and fixed-base security cameras, which criminals can cut down.

Ledbetter acquired a drone in December 2014 to film advertising materials. He started using it to shore up security over the summer after LEDIC took over management of three low-income apartment complexes as part of a contract with Global Ministries Foundation, a local nonprofit housing group that failed its U.S. Department of Housing and Urban Development inspections.

“We've done it before in other apartment communities where you see 80 percent drops in crime,” Ledbetter said.

LEDIC received an authorization from the Federal Aviation Administration in June and has remained in “stealth mode” for nearly six months, sending the drones on night flights around its properties and those touched by the Memphis Shelby Crime Commission and the Memphis Police Department’s Safeways program. The anti-crime strategy focuses on apartment complexes and the conditions that can make them crime hot spots.

Over the summer, LEDIC flew drones along Highland Avenue in partnership with the University of Memphis Police Department and Safeways to identify the best locations for permanent fixed-base cameras.

Ledbetter, who serves on the MSCC, believes that success at high-risk apartment communities signifies there’s a market for drone manufacturing for apartment or commercial surveillance.

LEDIC’s chief drone operator, AC Glenn, will shore up the LEDIC flight school and manufacturing facility. He’s working on a proprietary design for a drone intended specifically for commercial surveillance purposes. It will be easy to operate and maintain, bear GPS features, be able to fly at night and stay up longer than most drones.

“It doesn't need to go up all the time, but it does need to have routine, programmed missions around the apartment complex and videotape everything just to give a better understanding of what's going on in that apartment complex,” he said.

When the drone program is up and running in the new headquarters, “drone zone” signs will make apartment surveillance known to the public, but residents won’t know when or where the aircrafts will be monitoring.

Usually when the drone is out, it will feed live footage into the office where the pilot and property manager will observe where there could be crime opportunities.

Eventually, the entire drone cycle will take place at LEDIC headquarters. Drones will be designed, assembled and tested in-house. Property managers will learn how to maintain and fly drones and will be guided through the pilot licensing process.

A possible partnership with Google could designate LEDIC as a hub for producing drone pilots. The groups are in preliminary talks about making the flight school Google-affiliated so that the tech giant can draw from a pool of pilots outside of the coastal cities.

Drones are still fairly unregulated, and LEDIC is positioning itself to be on the cusp of changing legislation.

“We're going to try to work closely with the FAA and other organizations to be able to provide training so as the rules change and evolve, we change and evolve with them,” Glenn said.

VOL. 130 | NO. 225 | Wednesday, November 18, 2015

LEDIC’s High-Tech HQ To Be LEED Certified

By Madeline Faber

LEDIC’s new East Memphis headquarters will aim for a LEED-certified silver status and bring high-speed fiber optic Internet to the area, according to documents recently submitted to the Memphis-Shelby County Economic Development Growth Engine.

PIERCE LEDBETTER

To build the $10.2 million facility, the company is seeking nearly $1 million in combined state and local incentives, according to LEDIC CEO Pierce Ledbetter, and those incentives are crucial to making the deal work.

On Wednesday, the nationwide manager, owner and developer of multifamily properties will go before the EDGE board seeking a five-year partial freeze on city and county property taxes.

If LEDIC achieves the goal of adding 70 jobs with an average annual wage of $43,000, then the payment-in-lieu-of-taxes incentives would stretch to a total seven-year period, saving the company $693,000 in real and personal property taxes.

Overall, LEDIC expects to add 100 new jobs in Memphis and add 200 jobs, which include positions in leasing, management, construction and maintenance, throughout the state.

With Tennessee and Shelby County providing incentives, LEDIC will be able to renovate the 58,000-square-foot building at 555 S. Perkins into a state-of-the-art headquarters.

The third floor of the building would be converted into a technology facility. With 5,000 square feet going to dedicated classroom space, locals will be able to earn career certifications in hospitality and property management and other national accreditations.

According to the PILOT application, each new employee will be required to take 60 of such classes, and a team of educators will be hired to provide ongoing advancement.

The space will also house real estate association meetings.

In the application, Ledbetter states that all renovations of the building will be done in conjunction with an energy-efficiency consultant so that the building can be LEED certified. A solar panel roof that feeds into electric car charging stations is planned.

LEDIC also will invest in a fiber-optic network capable of delivering gigabit speeds. Ledbetter said that the bandwidth would be the Internet equivalent of more than 6,500 T-1 lines, or enough power to stream 1,724 HD movies without lag.

The ultra-high speed Internet would also be available to nearby homes and businesses.

Last week, LEDIC – along with the Tennessee Department of Economic Community Development – announced plans to renovate the former Oak Hall building, which sits near the Poplar Avenue-Perkins Extended corner.

LEDIC was weighing moving its headquarters to Montgomery, Ala., to gain access to the Alabama Industrial Training Department, which sponsors workforce training to companies that locate to the state. This year, LEDIC acquired a Montgomery-based property management firm and added 9,000 units to its portfolio. It now manages 40,000 units nationwide.

LEDIC has deals to manage over half of the apartments in Shelby County currently under construction including the Chisca, Crosstown Concourse, Fieldstone and the Carrington at Shelby Farms.

Also Wednesday, the EDGE board will consider an extension of the previously approved Ikea PILOT. The extension would mitigate a disagreement between Ikea and Shelby County Assessor Cheyenne Johnson over the value of the Cordova land where the international retail giant plans to build a 270,000-square-foot store.

VOL. 130 | NO. 135 | Tuesday, July 14, 2015

Vertical Living in Crosstown LEDIC prepares to lease, manage Crosstown Concourse apartments

By Madeline Faber

The 1.1 million-square-foot Sears & Roebuck regional distribution center, which has laid abandoned in the Crosstown neighborhood for more than 10 years, is getting a new lease on life as the highly-anticipated Crosstown Concourse project.

Drew Taylor, left, and Michael Phelan of LEDIC Management Group, which is handling apartment leasing and management at Crosstown Concourse.

(Daily News/Andrew J. Breig)

Seven floors of tenants furthering innovation in health care, education and the arts will build on each other leading to the upper three residential floors. The creative dynamism that will fuel the vertical urban village continues in the 270 apartments.

Forty percent of the units have already been guaranteed to some of Crosstown Concourse's founding tenants. The Church Health Center has claimed 10 units. Crosstown Arts will continue its artists-in-residence program in 12 units. St. Jude

Children's Research Hospital will house fellows and visiting doctors in its 25 units. Fifty-five units, including the building's entire efficiency apartment stock, are going to Memphis Teacher Residency.

LEDIC Management Group will manage the residential floors. With 9,000 local units and almost 40,000 units in its national portfolio, Memphis-based LEDIC believes that it is well-equipped to take on the unique property.

"We have a good Downtown presence and know hi-rises and mid-rises and know how to make that work and have a sizable Class A portfolio here in Memphis, so I feel we have the capabilities and expertise," said Drew Taylor, senior vice president of asset management.

LEDIC manages prominent locations like the 1,000-unit Fieldstone Apartments in Southwind and the Chisca Hotel Apartments, where pre-leasing began in May for the renovated Downtown landmark.

Pre-leasing for the Crosstown Concourse apartments will begin in third quarter 2016 with construction expected to be complete in first quarter 2017. LEDIC thinks the leasing effort will move along quickly.

"It's a very high-profile project that will draw a lot of attention, so I think that's going to be good for the lease-up effort," said Michael Phelan, managing director of investments.

According to the initial proforma, up for rent are 26 studios with 635 square feet and $659 monthly rent; 67 one-bedrooms with 908 square feet and $950 monthly rent; 154 two-bedrooms with 1,148 square feet and $1,229 monthly rent; eight three-bedrooms with 1,856 square feet and $2,119 monthly rent; and 12 micro-units that are 313 square feet with $499 monthly rent.

"In a lot of ways it's simpler than what we do. When you have a lease-up where 40 percent of your units are spoken for before you even begin, that's unique," Taylor said.

In terms of challenges, Taylor foresees that turning around the 55 apartments for incoming Memphis Teacher Residency participants within a couple of months will be unlike anything else they've had to do so far. While in training, aspiring Memphis educators will spend one year in Crosstown Concourse.

"The majority of MTR residents arrive to Memphis from out-of-state. Therefore, we create structures and opportunities that foster internal community among residents, both personally and professionally," said Christy McFarland, pre-residency

“When you have a lease-up where 40

percent of your units are spoken for

before you even begin, that’s unique.”

–Drew Taylor LEDIC Management Group

director with MTR. "Crosstown Concourse allows us to continue this goal through our organizational space and also through shared housing in the apartments above.

“We've seen that the work and relationships built through environments that encourage collaboration and camaraderie have long-term impact."

LEDIC is expecting that the remaining stock will be claimed by Crosstown Concourse employees, but there's also room for Memphians who want to support the 10-story, mixed-use experiment.

"Other than those founding partners, there will be some people who work in the restaurants and hopefully local people who maybe normally have lived Downtown and like that lifestyle who want to support this,” Taylor said. “There might be people who just love Memphis or have an affinity for St. Jude or want to be a part of this whole town in a box.”

LEDIC is counting on using a leasing trailer for the pre-leasing period, but a "very unique" leasing office is in the works for the lower commercial floors, Taylor said. The leasing office will have ample room for gathering in step with the developers' vision to make Crosstown Concourse a site for collaboration.

The spirit continues on the upper floors through the use of interior patios that bridge apartments with wooden railings.

"The apartments and the patios are intentionally designed like the commercial space to have places to get together," Taylor said.

In addition to the two restaurants, coffee shop, movie theater, performance hall and additional retail space that make up the lower floors, residents will have access to a workout facility, a community garden, conference areas, a library, laundry facilities and dedicated parking.

A swimming pool for residents and the community is a phase two item and would be attached to the Church Health Center.

"If you want to get out there, there's tons of great stuff right around there, but if you don't want to get out you really don't have to," Taylor said.