CREJ

Landlords & tenants work together during the COVID-19 crisis INSIDE Before the global crisis, Denver’s retail scene was showing strong market fundamentals First-quarter stats Law articles touch on COVID-19 restrictions, metropolitan districts and union rule changes Legal considerations PAGES 17-19 Municipalities, shopping center owners and managers all weigh in on COVID-19’s impact Shutdown aftermath PAGES 10-16 May 2020 PAGE 4 O ver the course of three weeks in March, our lives were turned over force- fully by the tsunami-like winds of a global pan- demic. For those who’ve lost loved ones, friends, jobs or any chance of maintaining your business, we are thinking of you during this chal- lenging time. Our team is working daily with 100 or so mostly retail tenants to find common ground that makes sense for everyone. We believe in small business and have staked our reputa- tion on the core ethic of always doing the right thing (even if it’s not to our own best advantage). Here’s how trying to adhere to those principles over the past few months has been working so far. First, thankfully a good percent- age of our portfolio comprises businesses deemed essential dur- ing this crisis such as banks, and grocery, liquor and convenience stores. But also we have a slate of daily use businesses that are (just now) attempting to find their way through the complicated maze of deciding whether (or when or how) to resume their enterprises under government guidelines. These include nail and hair salons as well as a variety of retailers and restau- rants. In April, we received full rent from 46% of our tenants. Further, 30% paid modified rent, and 24% paid nothing (at press time). For an investment perspective, we col- lected 69% of total payments due in our portfolio. Despite business reopenings, we expect the coming months to be equally challenging. Please see Page 22 Jimmy Balafas Co-founder and managing partner, Kentro Group Nick Ault, the owner of three Duffeyroll locations, considers himself lucky because he received an abatement for one location and rent deferrals for the other two locations for April and May, with June discussions pending. During the shutdown, he’s been able to expand the company’s other business channels, including mail order, catering, delivery and frozen options.