A Look Back at Q3
During the last quarter the COVID-19 cases increased significantly compared to the first quarter of this year globally. This led us to take a longer term view on the markets and have extended our planned acquisitions while we continue to monitor economic and market developments. As such, we now have two properties currently under contract which have been renegotiated. The sellers of these properties have agreed to extend the closing until Q1 2021, providing sufficient time to re-evaluate the evolving COVID-19 situation.
Key Highlights Include:
- Contract negotiations for two commercial properties have been extended until Q1 2021 as we re-evaluate the COVID-19 pandemic.
- US Operations continue to extend and renegotiate lease rental increases with tenants, which include increases at six of our properties across the state.
Performance & Progress
The portfolio continues to weather the current economic climate, largely because of our heavily medically biased portfolio providing for a strong anchor. However, some tenants have noted liquidity issues due to a lack of government support after the first tranche of funding earlier this year came to a halt. 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.
Q3 continued to be a quarter of uncertainty for many of our investors as cases of COVID-19 reached far higher rates than they were at the pandemic’s onset. This has caused further concern with investors’ ability to invest due to a lack of confidence in the markets and its current direction. This has been compounded with the contention over the presidential election and we have continued to monitor the situation and are hopeful that by Q2-3 of 2021 that confidence will be brought back into the market based on the positive results being seen in the release of a worldwide vaccine.
As a company we continue to work together as a team using our online platform to connect and keep the continuity of the business to ensure effective management of investors funds.
The growth we continue to experience year over year wouldn’t be possible without the contributions of our Investors and Strategic Partners. We thank our team for their efforts, our partners for their trust, and you, our shareholders, for your continued support.