The global outbreak of the coronavirus and the resulting economic impacts have been far-reaching and swift. Just as local, state, and national officials are adapting and evolving their responses to this challenge on an almost daily basis, so are we.
PPR’s responses are happening on two levels: internally (the company’s core operations) and externally (assisting borrowers and protecting investors):
1. Internally, PPR has activated their Emergency Preparedness Plan and transitioned to 100% remote operations. Thankfully, we were prepared for this and have adapted well to our current circumstances.
2. Externally, for the occupied portion of our portfolio, we are working with borrowers who are experiencing financial setbacks and have halted foreclosure and eviction activity per Federal and State implemented orders or regulations.
And in regards to our investors, with our continued operations we anticipate no interruption of preferred return payments. Despite the challenges posed by the current situation related to the pandemic, we at PPR believe that, due to being well capitalized, liquid, and having no debt, we are positioned to carry on normal business activities and (as our VP of Acquisitions describes during the call) even plan to participate in new opportunities that are likely to come up as other companies seek to liquidate their assets.
To that end, PPR’s founding partners – Dave Van Horn, John Sweeney, and Bob Paulus – recently recorded the 40-min video conference call (below), during which they share their analysis of the current economic environment and what it may mean for the company and its investors.
Last but not least, we want to briefly mention a few charities that we as an organization actively support (and maybe you can too!):
1.) Project HOME as you may know is one of the many charities we support at PPR. And now more than ever they act as a provider of essential services to some of the City of Philadelphia’s most vulnerable residents, during this trying time Project HOME will continue to provide high quality services – rooted in dignity and care and compassion – through their coordinated street outreach efforts, healthcare (both deliverable and at key satellite locations), as well as all of through residences and program sites.
2.) Cradles to Crayons is another charity we’ve worked with over the past few years and with their established Emergency Essentials Fund they are supporting families in our region who are most affected by this situation by mobilizing their team to supply them with critical essentials for their children. The Emergency Essentials Fund will allow C2C to leverage their logistics expertise and bulk purchasing power to serve thousands of families in need right now.
3.) Chester Country Food Bank – with unprecedented demand as millions of people are newly unemployed or working with reduced hours, and find themselves unable to feed their families, food banks like the Chester County Food Bank are more critical than ever and your donation here can make a difference.
4.) Get Us PPE – A newer charity comprised of a group of medical professionals on the very frontlines of the pandemic is organizing for personal protective equipment. Funds raised here will go to hospitals in coronavirus hotspots so that doctors, nurses, and hospital workers can stay safe while caring for patients.
If you have any questions about the above information or need to get in touch, feel free to contact PPR here.