RESIDENTIAL OPERATIONS aND LEASING UPDATE

COVID-19 EVICTION MORATORIUM
On June 26, 2020, the Oregon Legislature passed House Bill 4213, extending the statewide moratorium on residential and commercial evictions during the COVID-19 pandemic. Under the moratorium, residential and commercial tenants can defer paying their rent between April 1 to September 30, 2020. Landlords cannot evict tenants for nonpayment during this time and tenants are not required to provide proof of job or income loss to be be protected by the moratorium. Tenants will have a six-month grace period (until March 31, 2021) to pay back the deferred rent. Landlords cannot charge late fees or other charges based on nonpayment of rent between April 1 to September 30, 2020. Landlords also cannot give notices of termination without cause or file for an eviction based on a termination without cause between April 1 and September 30. Starting on October 1, 2020, tenants need to pay rent each month under the terms of their rental agreement.

RENT COLLECTIONS UPDATE
Since the start of the pandemic and the passage of the eviction moratorium, more residents are paying rent late. However, we haven’t experienced a significant increase in rent deferrals since Oregon’s eviction moratorium went into effect. Thus far, our relatively modest decline in rent collections is attributed to a handful of residents who have deferred rent for multiple months. As of July 21, an estimated 3.2% of residents across our portfolio have not paid June rent—down from 6% in mid-June. An estimated 2.7% of residents have not paid July rent. Our property management team will continue to work closely with residents who are behind on their rent to establish payment plans.

LEASING UPDATE
The summer months typically bring a flurry of leasing activity and this summer is no different. Our team has been busy fielding inquiries and applications from prospective tenants, working on lease renewals and assisting tenants with move-ins and move-outs. In a competitive environment, with many new projects offering concessions, thanks to our talented leasing team, an estimated 93% of units across our portfolio are leased. We continue to use digital and virtual tools to conduct tours, process applications and communicate with prospective residents. Our application to lease conversion rate remains high.

PROPERTY MANAGEMENT UPDATE
In our June newsletter we provided details on our residential reopening strategy. Due to the recent surge in new COVID-19 cases in Multnomah County—where Portland is located—and statewide, we have largely paused plans to reopen indoor and outdoor common areas at UD+P residential properties. We will revisit common area use policies when Multnomah County enters Phase II reopening. At Slate, we are permitting residents to utilize gym and fitness rooms upon request. Occupancy is strictly limited to members of the same household. To maintain healthy and safety, we have asked residents to use hand sanitizer upon entering and exiting these spaces and to wipe down equipment after use with disinfect supplied by our team. At Àlmr and Slate, elevator use remains restricted to one household at a time.

We are maintaining weekly communications with our residents, including updates and reminders on Centers for Disease Control (CDC) COVID-19 health and safety guidelines and Oregon’s evolving statewide rules. We are also continuing our positivity campaign. In July, our team dropped off a succulent plant and thank you note at the entrance to all of our homes to thank residents for choosing to live in a UD+P building and bring joy to their day.

PROJECT UPDATE: LYRA

In July, we began residential preleasing at Lyra (formerly Killingworth Phase II) and launched the project website: LyraPDX.com. This week, our residential property management and leasing team staged the model unit.

Lyra remains on track for an August completion and our first move-ins are projected for mid-August. There are currently 10 people on the waitlist for in-person tours, which we will begin conducting in the coming days. Tours will be limited to one person or couple at a time following all CDC COVID-19 health and safety guidelines and State of Oregon requirements, including the use of face coverings and social distancing.

BEAUTYSESSION Opens at Slate

We are excited to announced that, on July 9th, Beautysession opened for business at Slate. Specializing in beauty and grooming for low-maintenance lifestyles, Beautysession offers brow and lash services and clean make-up and skincare products for minimalist beauty routines.

To ensure the health and safety of clients and staff, Beautysession has established thoughtful COVID-19 policies, including electronic, touchscreen-free booking and payment, changing smocks between each client and disinfecting all surfaces between clients.

Book an appointment for beauty and grooming services or purchase skincare and make-up products online at beautysessionpdx.com.