Dear Advisors and Stockholders,
Together, we are all facing an unprecedented situation. The global coronavirus (“COVID-19”) pandemic is affecting in some manner all our families, our businesses, our communities and our way of life. On behalf of KBS, our hearts go out to all those who have been impacted. We are currently monitoring the situation very closely and at this time, there have been no operational impacts to KBS from COVID-19 and we are operating at full capacity. We are working closely with our service providers and transfer agent DST/SS&C to monitor all channels of service to minimize any disruptions.
KBS has a business continuity plan that covers all hazards, which includes procedures and protocols in the event of a significant business disruption. In relation to the COVID-19 response, KBS is taking all recommendations from the CDC and local health officials seriously by allowing employees the option of working remotely to ensure their safety and to reduce the number of employees occupying our offices.The ongoing outbreak will have an impact on global economy; however, the length and severity of the impact continues to be unknown at this point.
The KBS Asset Management team has implemented precautionary measures at all client portfolio properties to safeguard tenants and their employees and is closely monitoring property operations, financial markets, with additional sensitivity to cash management with the expectations that certain industries and smaller tenants may experience short term cash flow issues.
We plan to maintain communication with additional information and will continue to monitor closely the impact on the U.S. market and KBS’ portfolios.
Chief Executive Officer