The company experiences an
unprecedented event with the COVID-19
pandemic. Government restrictions on
business operations and changes in the
public’s shopping patterns driven by fear
of the virus negatively impact the
company’s approximately 900
commercial tenants, in response, the
company to supports many of its
struggling tenants with lease
modifications. This leads to the difficult
but prudent decision to reduce the
dividend to shareholders for the
first time in 26 years.

At the same time, the
pandemic validates the company’s
long-term strategy of investing in
grocery, pharmacy and wholesale
club-anchored properties, as these
properties hold up relatively well
compared to other property types.
By the middle of 2021, demand for space
returns and occupancy rises again.

Moreover, the flexibility of the
company’s properties enables the
company to provide outdoor dining space
for almost all restaurants who request it
and curbside pick up for all retailers in
the portfolio which greatly assists tenants
through the pandemic.

In June 2021, the company sells its last
“legacy” property remaining from the HRE
Properties era, Newington Park Shopping
Center in Newington, NH.