A Look Back at Q2
During the last quarter we took a prudent view for the next 90 days and placed a pause on the current planned acquisitions while we monitor economic and market developments due to COVID-19. As such, the four properties we currently have under contract have been renegotiated. The sellers of these properties have agreed to extend the closing for the next 90 days which should provide enough time to re-evaluate the COVID-19 situation.
We are excited to share the launch of DMCC Performance Fund 2, which became available to investors in June 2020. We would like to take the time to thank our loyal Investors and Strategic Partners for their contributions towards this next iteration in the Performance Fund series. Additional details are available here.
Key Highlights Include:
- As at June 30th 2020, DMCC Performance 1 Fund continues its growth with four additional assets under contract valued at over $10M.
- Contract negotiations for 4 commercial properties have been extended for 90 days as we re-evaluate the COVID-19 pandemic.
- US Operations continue to extend and renegotiate lease rental increases with tenants, which include increases at five of our medical properties across the state.
- Over 98.51% of rent collection since March 2020.
Performance & Progress
The portfolio continues to weather the current economic climate, largely because of our heavily medically biased portfolio providing for a strong anchor. Furthermore, we continue to keep the dialogue open with all our tenants to ensure we are available to answer questions and provide support where needed.
The second quarter was another unprecedented quarter of uncertainty for a lot of our investors as countries opened up to different stages of reigniting the economy with many unsure how to process or deal with this on a personal level. As a company, we have continued to work together as a team using our online platform to connect and keep the continuity of the business to ensure investors’ funds are managed effectively.
The Fund has come through the second quarter with only a 1.49% rent referral request, primarily from retail tenants, and continues to weather the continuing changing landscape. We continue to be cautious about locking into agreements with new purchases and have sought to continue to extend existing contracts for new properties to allow time to get through the second wave of the pandemic.
I trust that our investors and their families are continuing to stay safe in the new normal of wearing masks, hand sanitizing, and social distancing and look forward to getting back to a normal routine soon.
The significant growth we continue to experience year over year wouldn’t be possible without the contributions of our Investors and Strategic Partners. Together, we continue to make tremendous progress. We thank our team for their efforts, our partners for their trust, and you, our shareholders, for your continued support.