Covid-19 AP Capital REIT
AP Capital REIT Unitholders (for week of May 25th)
The Covid-19 virus affecting everyone is unprecedented and certainly changing by the day. The AP Capital team wishes you good health and safety during times like this. While changes to our situation will occur, we will evolve and adjust as well. We invite you to check this page as often as you feel necessary to keep yourself updated on the status of AP Capital Real Estate Investment Trust (REIT).
- We remain fully operational to unitholders (investors), tenants, banks, financial firms and our third-party partners.
- AP REIT partners remain located in Phoenix, AZ and Edmonton, AB (with access to Fort McMurray). We continue to be hands-on with managing the REIT’s assets and do not rely on property management firms.
- Continuity planning with our third party partners (share registrar and transfer agents, trustees, banks and others) is not causing interruption to services required by the fund and its unitholders.
- The entire AP Capital team is fully equipped and working remotely. We are working uninterrupted through this period.
- All remote staff and partners have full access to all AP computer systems and networks via secure VPN access as well as cloud based software that we utilize.
- If anyone would like to chat, we are more than happy to accommodate telephone or video conference meetings. Email is always welcome.
Fund and Financials:
- The shut down of businesses across North America is presenting challenges as many tenants seek rent relief. As of this update (May 18th), businesses are starting to regain operations in both Arizona and to a lesser degree, Alberta. We are working with these tenants on a case by case basis to have them pay rent as per their lease agreements. We expect tenants to continue making payments as their businesses regain operations.
- AP REIT has provided notification to tenants of government relief programs available to businesses large and small.
- The focus of AP REIT is to manage through the current crisis by working with all stakeholders; including tenants, banks, service providers, utility companies and unitholders (investors) to best navigate the challenges.
- AP REIT is suspending the quarterly distributions to unitholders until stabilization returns. This is a prudent measure that preserves the fund’s cash to manage through the crisis.
- AP REIT is financially in healthy condition to manage through this crisis for many months.
- Real Estate traditionally weathers financial storms better than most other asset classes. The fund’s two Phoenix assets are grocery store anchored and this is certainly a strength when compared to centers with big box retailers hard hit by current crisis. We believe AP Capital REIT is well suited to weather this storm over the long term.
We will continue to update this page on an as needed basis.