SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 27, 2020
Resource Real Estate Opportunity REIT, Inc.
(Exact name of registrant as specified in its charter)
Commission file number 000-54369
Maryland |
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27-0331816 |
(State or other jurisdiction of |
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(I.R.S. Employer |
incorporation or organization) |
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Identification No.) |
1845 Walnut Street, 18th Floor, Philadelphia, PA 19103 |
(Address of principal executive offices) (Zip code) |
(215) 231-7050 |
(Registrant's telephone number, including area code) |
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(former name or former address , if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading symbol |
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Name of each exchange on which registered |
n/a |
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n/a |
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n/a |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On March 30, 2020, Resource Real Estate, LLC (“Resource”), as the sponsor of Resource Real Estate Opportunity REIT, Inc. (the “Company”), issued a press release relating to a business update regarding COVID-19 and announced that the Company was suspending distributions as of April 1, 2020 in order to preserve cash at the properties in order to offset any disruptions in rents that may occur as a result of the coronavirus. A copy of the press release is attached as Exhibit 99.1 to this report.
The information set forth in this Item 7.01, including Exhibit 99.1, is being furnished pursuant to Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, except as expressly provided by specific reference in such a filing.
Item 9.01Financial Statements and Exhibits.
Ex. |
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Description |
99.1 |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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RESOURCE REAL ESTATE OPPORTUNITY REIT, INC.
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Dated: March 30, 2020 |
By: /s/ Alan F. Feldman Alan F. Feldman Chief Executive Officer (Principal Executive Officer) |
Company Contact:
Resource Investor Relations
Phone: (866) 469-0129
E-mail: ResourceOperations@Resourcerei.com
Resource Real Estate, LLC Responds to COVID-19
Philadelphia, PA (March 30, 2020) – Resource Real Estate, LLC (“Resource”), as the sponsor of Resource Real Estate Opportunity REIT, Inc., Resource Real Estate Opportunity REIT II, Inc., and Resource Apartment REIT III, Inc. (collectively the “REITs”), announces the following statement regarding the management of these companies.
As a result of the global coronavirus (COVID-19) pandemic, Resource is absolutely focused on the safety and security of its employees and their families, the residents of its communities, and the management of its assets on behalf of the shareholders of the REITs.
In order to accommodate the undoubted stress facing the residents in our 15,000 apartment units across the United States, Resource is employing an aggressive set of actions. Clubhouses, pools and fitness areas have been closed, and value-add rehabilitation projects will be deferred temporarily. Capital expenditures will be focused on providing clean, safe and leasable conditions for our current and prospective residents. The REITs will also temporarily suspend dividend payments as of April 1st in order to preserve cash at the properties in order to offset any disruptions in rents that may occur as a result of the coronavirus.
As a result of these actions, Resource will simultaneously focus on the safety of its residents and financial flexibility of the REITs. History has shown that conservative balance sheets, adequate cash liquidity, and proactive leadership and management are the best defenses to combat the type of difficult and unforeseen situation that we are all facing.
While navigating this situation, Resource is fully open for business with business continuity plans and technology that are 100% operational on a remote basis for all employees and functions across the firm. Successful testing of disaster recovery and business continuity plans were completed in February 2020, and now all systems and procedures are working as planned in what unfortunately are real world conditions.
Resource has over 20 years of investment experience in the multifamily sector and has successfully managed large apartment portfolios through multiple cycles and challenging environments. Acting aggressively and decisively should ensure the best outcome for all of our stakeholders and shareholders in both the short term and the long term.
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About Resource
Resource Real Estate, LLC, the REITs’ sponsor, is an asset management company that specializes in real estate investments. The REITs collectively own approximately $2.8 billion of multifamily properties across 16 states as of 12/31/2019. Resource’s investments emphasize consistent value and long-term returns with an income orientation. Resource is a wholly-owned subsidiary of C-III Capital Partners LLC, a fully integrated asset management and commercial real estate services company.
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