We read the poem of the week every day. At the beginning of the year, I point to the poem using a pointer, but after a few weeks I pass this on for the students to do. Every day I have a quick activity to do with the poem. On the first day we talk about what the poem means. Other days we do word hunts (who can find ‘the' - using sight words, or ‘sailboat' - using letter sounds), sound hunts (who can find a words ending in /s/) and even punctuation hunts. I choose two or three words from the poem each week to add to our word wall. This is how we keep that word wall growing! A good resource for poems for shared reading is Poem of the Week by Betsy Franco.
Towards the end of the year, we have a poetry unit. In this unit the students write poems. I do not focus on rhyme, but instead teach them how to write list poems and similes (Grass is like a forest to an ant. Clouds are like popcorn to a giant.).