Since we shared our investor letter three weeks ago, unemployment figures have increased, uncertainty remains high, and nearly 75% of the US population is under a form of shelter in place. Our debt-free position has insulated us more than most from these impacts, but we are not immune.

In this post, we wanted to share the 3 key steps we’ve proactively taken to protect and preserve BENA Capital’s real estate investments:

1) Focus on Reducing Expenses. We are actively working with our property managers to reduce and defer non-emergency expenses in order to keep costs low in the event rental revenues are impacted.

2) Close Engagement with Property Managers. We have sent our property managers resources to help tenants obtain government assistance in paying rent using various programs such as the Families First Coronavirus Response Act. We are also working with tenants to develop payment plans, where needed and where appropriate.

3) Concentrated Monitoring of the Market. National real estate transaction volume has declined considerably over the past two weeks due to the impacts from the COVID-19 response. We are actively engaging our network to keep close track of events that transpire.