Resource Real Estate, LLC Responds to COVID-19
March 30, 2020 | Resource
PHILADELPHIA, March 30, 2020 (GLOBE NEWSWIRE) — Resource Real Estate, LLC (“Resource”), as the sponsor of Resource Real Estate Opportunity REIT, Inc., Resource Real Estate Opportunity REIT II, Inc., and Resource Apartment REIT III, Inc. (collectively the “REITs”), announces the following statement regarding the management of these companies.
As a result of the global coronavirus (COVID-19) pandemic, Resource is absolutely focused on the safety and security of its employees and their families, the residents of its communities, and the management of its assets on behalf of the shareholders of the REITs.
In order to accommodate the undoubted stress facing the residents in our 15,000 apartment units across the United States, Resource is employing an aggressive set of actions. Clubhouses, pools and fitness areas have been closed, and value-add rehabilitation projects will be deferred temporarily. Capital expenditures will be focused on providing clean, safe and leasable conditions for our current and prospective residents. The REITs will also temporarily suspend dividend payments as of April 1st in order to preserve cash at the properties in order to offset any disruptions in rents that may occur as a result of the coronavirus.
