Response to COVID-19

The COVID-19 global health crisis has tested the resilience of companies and communities alike. We were able to direct our attention immediately to the health, safety, and well-being of our employees and their families and to ensure the continuity of our business operations. Our robust information system infrastructure permitted us to successfully transition to remote work and continue to generate shareholder value. Managers had full confidence in our employees’ ability to make the transition with excellence and grace.

Below are some of the ways in which we banded together for our valued stakeholders during this trying time and as we navigate the new normal.

Our Colleagues

  • Transitioned all employees to working remotely through secure systems supported by our IT department, who ensured everyone had the tools they needed
  • Utilized Microsoft Teams to support regular communication, collaboration, and continued training
  • Increased dialogue with our team leaders, including our CEO who scheduled regular check-in calls with departments and employees
  • Supported employees experiencing financial hardship by enabling them to convert PTO (paid time off) hours to cash compensation
  • Finalized the proxy, issued our 2019 annual report, and shifted our annual meeting to a virtual platform for the first time in our company’s history while maintaining significant shareholder participation
  • Implemented a business continuity plan that includes emergency planning, disaster recovery, alternative communication outlets, and testing modules
  • Engaged with employees through a survey to gather their thoughts and feelings about how and when to return to an office work environment
  • Team Building Committee established virtual meetups bringing colleagues together:
    • Created special interest groups and regularly scheduled gatherings
    • Launched Virtual Cross Departmental Lunches integrating new employees
    • Created Spirit Month to showcase work-from-home creativity

Our Clients | Tenants

  • Engaged in regular conversations with tenants, to facilitate mutually beneficial outcomes
  • Discussed deferral agreements with tenants representing the majority of uncollected rent due to the pandemic

Our Shareholders | Investors

  • Proactively engaged with the investment community in the immediate aftermath of the pandemic by supplementing the standard quarterly earnings call with multiple analyst-hosted conference calls, non-deal roadshows, and investor conferences
  • Issued a $600 million bond deal in May to enhance the company's liquidity position, demonstrating continued access to well-priced capital

Our Communities

  • Encouraged our employees to continue finding ways to support or volunteer where they can
  • Donated $25,000 to the San Diego COVID-19 Community Response Fund
  • Green Team sponsored virtual volunteer and educational activities:
    • Earth Day event, during which employees connected through Microsoft Teams on their phones as they cleaned up an area near their homes
    • National Bike Month awareness campaign
    • Lunch-and-learn sessions with community groups
    • Participation in I Love A Clean San Diego’s Virtual Creek to Bay Clean Up, targeting areas near colleagues’ communities