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.