At the start of the COVID-19 outbreak, our Lease Administration team immediately outlined next steps for each of our properties. There were a lot of decisions to be made and parameters to set. We worked quick on our feet, and made sure we analyzed leases and insurance agreements, while implementing communication and operational protocol.We outlined the following parameters to ensure our properties would remain as safe as possible for the local communities:
- Immediate analysis of pertinent lease information for every tenant.
- Evaluation of important lease clauses including: Force Majeure language, unavoidable delay clauses, and relevant insurance provisions in every lease across portfolio.
- Provided summarized analysis for each client serving two purposes:
- Immediate understanding of landlord and tenant rights under the lease (with equal understanding of dynamic unprecedented circumstances).
- Summary analysis and recommendations providing best-practices, compassionate approach to work with tenants to evaluate rent payment issues and collection agreements during this unprecedented pandemic.
- Utilized a shutdown analysis provided by General Managers to create cash flow projections for each property and closely track impact of reduced revenues and operational expenses.
- Developed and implemented tenant communication protocol.
Our response was to work quickly, but also compassionately, with the community, our tenants and our client’s best interest in mind. This is a difficult time for us all. At SREG, we strive to ensure a positive message, where our work during this unprecedented period of our lives will help shape the future and overall safety of our company.
