- Quattro Plus Real Estate (QPR) has provided the company’s activity report for the first three months of 2020
- The company reported a net income of $1.23 million for the quarter
- Despite COVID-19 lockdowns halting redevelopments and refurbishments in New Zealand, the pandemic did not impact revenues or rental receipts
- The company has enough liquidity to recommence its projects and will continue to manage the effects of COVID-19 throughout 2020
- Quattro Plus shares remained grey at market close, trading for 95 cents per share
Quattro Plus Real Estate (QPR) has provided the company’s activity report for the first three months of 2020.
The real estate company reported that its quarterly net income (tenant receipts, minus property-related operating costs) was $1.23 million.
Despite the significant industry-wide impacts of the COVID-19 pandemic, Quattro Plus is keeping its head above water.
The government-mandated level four lockdowns in New Zealand recently brought the company’s redevelopments and refurbishments there to a halt. However, the lockdowns have downgraded to a level three this week, allowing those works to recommence.
Despite the delays, Quattro Plus reported that the health crisis had no material effect on its quarterly revenues or rental receipts. The company has stated that it has sufficient liquidity to complete its current redevelopment and refurbishment projects.
During the March quarter, Quattro Plus continued making progress on leasing and value-adding initiatives at its Higgins asset in Chicago. This will allow for the finalisation of its exit strategy and timing.
The company also focused on providing its occupancy solutions and services to the small-to-medium enterprises market. Quattro Plus anticipates that its flexible occupancy solutions and services will be in demand as businesses reboot after COVID-19.
For the rest of 2020, Quattro Plus will focus on completing re-positioning works across its portfolio. The company will also focus on leasing and tenant retention so that it can optimise its rents, income, and value. Quattro Plus will work to manage COVID-19’s impacts on its operations as this unusual year continues.
Quattro Plus shares remained grey at market close, trading for 95 cents per share.