by Jay Madary, President & CEO of JVM
To say these are unprecedented times almost seems like an understatement. In so many ways, the coronavirus pandemic has taken a tremendous toll on our country and the world. I sincerely hope this newsletter finds each of you safe and healthy.
As the pandemic enters its second month, I am encouraged by the resiliency and performance of the JVM portfolio. Despite the drastically different circumstances in which we find ourselves operating, one thing has remained the same: we are invested in delivering results for our associates, our residents and our investors.
As I relayed to our investors recently, April has brought about some encouraging signs. For example, 97.84% of JVM renters had paid a portion or all of their April rent as of today. That percentage is significantly higher than the national rate compiled by the National Multifamily Housing Council for the same timeframe. In addition, despite our leasing offices being closed, we have signed 78 new leases so far during the month of April, in part because our associates are doing such an outstanding job in conducting virtual tours.
We also continue to monitor the market for new acquisitions, and to raise capital for our newly launched funds so that we can be ready for any new opportunities that may emerge. We believe that, when all is said and done, 2020 will provide opportunities to acquire properties that serve our long-term strategies and goals.
Still, at the same time, we know the challenges presented by the coronavirus will be significant. A portion of our residents will continue to endure financial hardships and our onsite operations will be limited until the situation improves and stay-at-home orders are lifted.
But since this pandemic started, I’ve been so impressed and so touched by how our team members have responded to this crisis. I know their spirit and resolve will enable JVM to navigate and to emerge from this crisis in great shape.
It is a true honor to be surrounded by such a committed team of associates. Together we stay strong to support each other and to maximize property performance during this challenging time.
With deepest wishes for health and safety,
President & CEO