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Preferred Apartment Communities, Inc. Reports Results for First Quarter 2020

Preferred Apartment Communities, Inc. reported results for the quarter ended March 31, 2020. Unless otherwise indicated, all per share results are reported based on the basic weighted average shares of Common Stock and Class A Units of the Company’s operating partnership (“Class A Units”) outstanding. See Definitions of Non-GAAP Measures.

Financial HighlightsOur operating results are presented below.

 

               
   

Three months ended March 31,

     
   

2020

 

2019

 

% change

 
               
 

Revenues (in thousands)

$

131,102

   

$

111,506

   

17.6

%

 
               
 

Per share data:

           
 

Net income (loss) (1)

$

(4.44)

   

$

(0.66)

   

 
 

FFO (2)

$

(3.42)

   

$

0.39

   

 
 

FFO excluding Internalization costs (2)

$

0.31

   

$

0.39

   

(20.5)

%

 
 

Core FFO (2)

$

0.38

   

$

0.41

   

(7.3)

%

 
 

AFFO (2)

$

0.47

   

$

0.32

   

46.9

%

 
 

Dividends (3)

$

0.2625

   

$

0.26

   

1.0

%

 
               

 

(1)Per weighted average share of Common Stock outstanding for the periods indicated.

(2)FFO, Core FFO and AFFO results are presented per basic weighted average share of Common Stock and Class A Unit in our Operating Partnership outstanding for the periods indicated. See Reconciliations of FFO Attributable to Common Stockholders and Unitholders, Core FFO and AFFO to Net Income (Loss) Attributable to Common Stockholders and Definitions of Non-GAAP Measures.

(3)Per share of Common Stock and Class A Unit outstanding.

“Our first quarter reflects continued and consistently solid operating performance across all of our operating platforms, including multifamily same store NOI growth of 4.3% quarter over quarter in a same store pool that represents over 80% of our multifamily units,” stated Joel Murphy, Preferred Apartment Communities’ President and Chief Executive Officer. “As we moved into the second quarter, the events related to and resulting from the COVID-19 pandemic have disrupted our economy and our markets and we have taken several measures to preserve liquidity. Among them, the Board making the difficult but prudent decision to reduce our common dividend given the uncertainty of the current circumstances and environment.  I am extremely proud of our leadership team and operating teams across all of our platforms that have worked collaboratively and effectively alongside our residents and our tenants in a challenging environment for all concerned. We believe our diversified portfolio, with high quality assets in strong Sunbelt markets, positions us well to create shareholder value over the long term.”

The following chart details cash collections of rental revenues across all our verticals for the month April.

 

   

2020 Cash Collections of Certain Rental Revenues (1)

   

January

 

February

 

March

 

April

                 

Multifamily

 

99.4

%

 

99.4

%

 

99.1

%

 

97.7

%

Student housing

 

99.8

%

 

99.9

%

 

99.5

%

 

97.3

%

Office

 

99.7

%

 

99.5

%

 

98.7

%

 

96.3

%

Grocery-anchored retail:

               

Grocery anchors

 

100.0

%

 

100.0

%

 

100.0

%

 

100.0

%

In-line tenants

 

98.7

%

 

98.9

%

 

95.8

%

 

66.7

%

                 

Occupancy:

               

Multifamily

 

95.1

%

 

95.5

%

 

95.7

%

 

94.3

%

Student housing

 

96.1

%

 

96.3

%

 

96.2

%

 

96.2

%

Percent leased:

               

Office

 

96.3

%

 

96.3

%

 

96.7

%

 

95.9

%

Grocery-anchored retail

 

92.9

%

 

92.6

%

 

92.6

%

 

92.5

%

 

(1) Percent of revenue billed includes base rent, operating expense escalations, pet, garage, parking and storage rent. Figures are before any effect of rent deferrals.

Our net loss per share was $(4.44) and $(0.66) for the three-month periods ended March 31, 2020 and 2019, respectively. Funds From Operations, or FFO, for the three months ended March 31, 2020 was $(3.42) per weighted average share and unit outstanding and includes costs associated with the acquisition of Preferred Apartment Advisors, LLC (our “Former Manager”) of approximately $178.8 million. Excluding these costs, our FFO per share was $0.31 for the three months ended March 31, 2020. Core FFO was $0.38 for the three months ended March 31, 2020, as compared to $0.41 for the three months ended March 31, 2019.

For the first quarter 2020, our declared dividends to preferred and Common Stockholders and distributions to Unitholders exceeded our NAREIT-defined FFO result for the period, which was negative. Our Core FFO payout ratio to Common Stockholders and Unitholders was approximately 69.4% and our Core FFO payout ratio (before the deduction of preferred dividends) to our preferred stockholders was approximately 64.4%(B)

Our AFFO payout ratio to Common Stockholders and Unitholders was approximately 55.9% for the first quarter 2020. Our AFFO payout ratio (before the deduction of preferred dividends) to our preferred stockholders was approximately 59.3% for the first quarter 2020. (B) We have approximately $20.2 million of accrued but not yet received interest revenue on our real estate loan investment portfolio.

For the quarter ended March 31, 2020, our same-store multifamily rental and other property revenues increased approximately 3.4% and our operating expenses increased 2.1%, resulting in an increase in same-store net operating income of approximately 4.3% as compared to the quarter ended March 31, 2019.(C) For the first quarter 2020, our average same-store multifamily communities’ physical occupancy was 95.5%. Our 2020 same-store multifamily portfolio represents approximately 81.7% of our aggregate multifamily units.

On January 1, 2020, Joel T. Murphy became Chief Executive Officer of the Company. Mr. Murphy will continue as a member of the board, where he has served since May 2019 and as Chairman of the Company’s Investment Committee, a role he has had since June 2018. Mr. Murphy was the CEO of our New Market Properties subsidiary for the last five years until his appointment as our CEO. Mr. Murphy succeeded Daniel M. DuPree as CEO. Mr. DuPree will remain with us as Executive Chairman of the Board.

On January 31, 2020, we internalized the functions performed by Preferred Apartment Advisors, LLC (the “Manager”) and NMP Advisors, LLC (the “Sub-Manager”) by acquiring the entities that own the Manager and the Sub-Manager (such transactions, collectively, the “Internalization”) for an aggregate purchase price of $154.0 million, plus up to $25.0 million of additional consideration to be paid within 36 months. Additionally, up to $15.0 million of the $154.0 million purchase price was to be held back and is payable to the sellers less certain losses following final resolution of certain specified matters. Pursuant to the Stock Purchase Agreement entered into on January 31, 2020 the sellers sold all of the outstanding shares of NELL Partners, Inc. (“NELL”) and NMA Holdings, Inc., parent companies of the Manager and Sub-Manager, respectively, to us, in exchange for an aggregate of approximately $111.1 million in cash paid at the closing which reflects the satisfaction of certain indebtedness of NELL, the estimated net working capital adjustment, and a hold back of $15.0 million for certain specified matters.

During the first quarter 2020, the borrowers of the Dawson Marketplace, Falls at Forsyth, and (in conjunction with our acquisition of the underlying property) Altis Wiregrass real estate loans repaid all amounts due under the loans, including aggregate principal amounts of approximately $53.9 million and interest accrued in periods prior to the first quarter 2020 of approximately $8.9 million, the latter of which was additive to our first quarter 2020 AFFO result. The three mezzanine loan investments that matured this quarter yielded a weighted average 17% internal rate of return.

As of March 31, 2020, the average age of our multifamily communities was approximately 5.8 years, which is the youngest in the public multifamily REIT industry.

As of March 31, 2020, approximately 94.5% of our permanent property-level mortgage debt has fixed interest rates and approximately 3.7% has variable interest rates which are capped. We believe we are well protected against potential increases in market interest rates.

As of March 31, 2020, our total assets were approximately $4.8 billion. Our total assets at March 31, 2019, also approximately $4.8 billion, included approximately $545 million of VIE mortgage pool assets attributable to other mortgage pool participants that were consolidated due to our investments in the Freddie Mac K Program. During the fourth quarter 2019, we sold our K Program investments, realizing an internal rate of return of approximately 18%. Excluding the consolidated VIE mortgage pool assets from the March 31, 2019 total, our total assets grew approximately $570.4 million, or 13.4%.

At March 31, 2020, our leverage, as measured by the ratio of our debt to the undepreciated book value of our total assets, was approximately 53.7%.

On March 20, 2020, we delivered a written termination notice to the prospective purchaser of six of our student housing properties for their failure to consummate the purchase. Accordingly, we received an additional $2.75 million of forfeited earnest money as liquidated damages.

 

(A) We calculate the FFO payout ratio to Common Stockholders as the ratio of Common Stock dividends and distributions to FFO Attributable to Common Stockholders and Unitholders. We calculate the FFO payout ratio to preferred stockholders as the ratio of Preferred Stock dividends to the sum of Preferred Stock dividends and FFO. Since our operations resulted in a net loss from continuing operations for the periods presented, a payout ratio based on net loss is not calculable.  See Definitions of Non-GAAP Measures.

 

(B) We calculate the Core FFO and AFFO payout ratios to Common Stockholders as the ratio of Common Stock dividends and distributions to Core FFO and AFFO. We calculate the Core FFO and AFFO payout ratios to preferred stockholders as the ratio of Preferred Stock dividends to the sum of Preferred Stock dividends and Core FFO and AFFO.

 

(C) Same store net operating income is a non-GAAP measure. See Definitions of Non-GAAP Measures.

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Senator David Perdue: Why We Need to Continue Opening the Economy

Since the Covid-19 crisis began, tens of millions of Americans have filed for unemployment. Consumer confidence has fallen dramatically. Small businesses, which operate on thin margins even in the best of times, are hanging by a thread. This should be a glaring wake-up call: we must continue taking critical steps to reopen the economy. 

Many states have already started to reopen as their case numbers fall. Yet many people are wondering how we can go back to work without causing a spike in new Covid-19 cases.

Thankfully, we don’t have to choose between saving our economy from collapse and protecting public health. There is a balanced approach we can take to ensure neither of these horrific outcomes happen.

President Trump recently laid out a three-phased plan to reopen our economy safely and responsibly. He also created the Taskforce on Economic Recovery, on which I proudly serve, to advise the President and his team on the best strategies for implementing this plan.

First, we have to ensure our healthcare system has the testing capabilities and resources necessary to identify and contain the virus. To this end, Congress has appropriated $55.4 billion for vaccines, testing, and personal protective equipment (PPE). President Trump invoked the Defense Production Act to quickly manufacture PPE and directed FEMA to accelerate the transportation and distribution of supplies around the country. 

Once robust testing and healthcare resources are in place, we need to determine which sectors of our economy and which regions of our country can begin to fully reopen. For those that do, we need to follow proper protocols to keep people safe. 

I recently toured Fort Benning and learned how the Army is using creative screening, hygiene, and distancing protocols to safely continue their critical operations. Businesses all across the country could follow suit.

In addition to the military, there are thousands of “essential” businesses, like health care, food supply, and energy supply chain companies around the country that have been coping with this new reality. We should learn from them and help other businesses adopt their strategies.

Through all of this, we must continue protecting the most vulnerable in our communities, such as the elderly and those with underlying health conditions. We must ramp up testing and development of new treatments and vaccines.

We don’t have to guess whether this approach will work. Other countries who are ahead of us in this process, such as New Zealand, South Korea, and Japan, have been planning policies like these well before their case numbers peaked.

Critics may insinuate that we’re prioritizing capital over human lives. That’s nonsense. We are simply attempting to prevent a long-term economic crisis from replacing this current public health crisis.

Right now, “elective” medical procedures, like cancer treatments and heart check-ups, are still stalled even in some hospitals with no Covid-19 cases. Supply chains for pharmaceuticals and other life-giving goods are being disrupted. Thousands of small business owners are unsure if they can ever rehire those they have laid off.

If we were to extend this shutdown, the economic toll for every American, not to mention the psychological toll of continued isolation and joblessness, would be severe and long-lasting. 

What has made our economy the greatest in human history is our unrivaled ability to innovate, form capital, and create the goods and services that keep society afloat. No relief package can replace the power of the American entrepreneur.

In President Trump’s economic turnaround, before this crisis began, over 7 million new jobs had been created. Unemployment was at record lows. 2.5 million people had lifted themselves out of poverty.

Here’s the good news: if we continue to gradually reopen the economy at our current pace and keep our citizens healthy and safe, we could see a return to the historic economic turnaround we were previously experiencing. Our goal is to make sure 33 million Americans who have since lost their jobs will be earning a paycheck again.

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EPA Selects Four Projects in Georgia to Receive $1.9M for Brownfields Cleanup and Assessment

Today, the U.S. Environmental Protection Agency (EPA) announced four grant recipients in Georgia have been selected to receive awards totaling $1,950,000 to assess and clean up contaminated properties under the agency’s Brownfields program. Recipients include the Albany Museum of Art ($350,000), the City of Albany ($800,00), the City of Atlanta ($300,000) and Invest Atlanta ($500,000).

“These grants will provide the selected communities in Georgia with resources to clean up contaminated lands and return them to productive use,” said Region 4 Administrator Mary S. Walker. “Overall, Brownfields funding provides communities with an opportunity to convert contaminated sites into community assets that will attract jobs, encourage partnerships and achieve broader economic development outcomes.”

“Cleaning up these contaminated sites will open the door for economic development in Atlanta and Albany, while improving public health and the environment,” said Senator David Perdue. “This investment will have a tangible impact in Georgia, and I appreciate the Administration’s commitment to helping our communities succeed.”

“Cleaning up our downtown areas and neighborhoods is a good way to show that Georgia is open for business,” said Senator Kelly Loeffler. “These federal grants will help make the Peach State an even better place to call home by funding efforts in Atlanta and Albany to clean up contaminated, vacant areas for future developments. This is great news that will spur job creation by encouraging new businesses to move in and existing organizations to expand.”

“I am excited for the prospects the generous Brownfields grants give to the city of Albany and the Albany Museum of Art,” said Congressman Sanford Bishop (GA-02). “These grants will allow the Museum of Art to have a new home after storms severely damaged their current building and will enable the city of Albany to have flexibility in attracting other businesses and nonprofits to repurpose and revitalize the downtown area. The residents of Albany have been through so much recently, but now have an opportunity to enhance the community and stimulate the overall economy.”

“EPA’s grant funding has helped make it possible for communities across Georgia to clean up contaminated properties and benefit from the resulting economic growth,” said Richard Dunn, Director of the Georgia Environmental Protection Division. “Since the Georgia Brownfields Program began 17 years ago, 598 properties have been cleaned up at minimal expense to taxpayers and we are excited to add these new projects in Atlanta and Albany to that list.”

The Georgia grantees are among 155 grants that will be awarded for communities and tribes totaling over $65.6 million in EPA brownfields funding through the agency’s Assessment, Revolving Loan Fund, and Cleanup Grant Programs. These funds will aid under-served and economically disadvantaged

communities, including neighborhoods located in Opportunity Zones, in assessing and cleaning up abandoned industrial and commercial properties. An Opportunity Zone is an economically-distressed community where new investment, under certain conditions, may be eligible for preferential tax treatment. Of the communities selected this year, 118 can potentially assess or clean up brownfield sites in census tracts designated in these zones. In addition, nearly 30% of the communities selected today will receive brownfields funding for the first time.

The grant recipients in Georgia include:

Albany Museum of Art will receive a $350,000 Brownsfield Cleanup Grant. Grant funds will be used to clean up the former Belk Building located at 128 and 146 West Broad Avenue in the City of Albany. The 1.3-acre site is composed of two parcels that contain a paved lot and two unoccupied commercial brick buildings. Historic uses of the site include automotive sales and repair, a filling station and a department store. The site is contaminated with heavy metals and inorganic contaminants co-mingled with petroleum products. The site is located within a Qualified Opportunity Zone. Grant funds also will be used to support community outreach activities.

The City of Albany will receive a $800,000 Brownfield Revolving Loan Fund Grant. The grant will be used to capitalize a revolving loan fund from which the City of Albany will provide loans and subgrants to non-profits interested in cleaning up and repurposing properties in underserved areas of the city with declining commercial business and industry. Grant funds also will be used to market the revolving loan fund, oversee cleanup activities and conduct community engagement activities. Revolving loan fund activities will focus on the mostly abandoned Broad Avenue Corridor, an area with more than 20 industrial blighted structures that also serves as the main gateway into Albany’s downtown and is located within a Qualified Opportunity Zone.

“The City of Albany is excited about being awarded funding from the EPA’s Brownfield Revolving Loan Program,” said Bo Dorough, Mayor of Albany. “The RLF will assist our community redevelopment efforts by providing low-to-no interest cleanup loans to development projects that will help transform areas of commercial and industrial blight to attractive and safe new uses.”

The City of Atlanta will receive a $300,000 Brownfields Assessment Grant. The Community-wide grant funds will be used to conduct six Phase I and four Phase II environmental site assessments and develop three cleanup plans. Grant funds also will be used to conduct community involvement activities, including updating a community involvement plan, hosting public meetings and developing and updating outreach materials. Assessment activities will target the Groundwork Atlanta/Chattahoochee River area, Proctor Creek Watershed, Atlanta Area-Wide Plan area, and Jonesboro Road Rail Corridor. The four target areas contain 14 Qualified Opportunity Zones. Priority sites include a 75-acre former brick manufacturing property and the recently abandoned 1.3-acre Kudzu Line parcel in the CSX rail corridor.

“The grant will aid us in reinvigorating previously industrialized sites and ultimately lead to increased businesses, services, jobs and community improvements through their rehabilitation and rebuild,” said Tim Keane, Commissioner, Department of City Planning. “As Atlanta grows, it is important that we help create new opportunities by addressing environmental issues and thereby making our city more equitable and vibrant.”

Invest Atlanta will receive a $500,000 Brownfield Cleanup Grant. Grant funds will be used to clean up Segment 2 of the Southside Corridor of the Atlanta Beltline, which is located from the southern projection of Windsor Avenue SW to Milton Avenue SE. The site is 0.85 miles of an abandoned railroad corridor that was an active freight route between 1899 and 1914 and is currently being used as an unpaved interim trail. It is contaminated with heavy metals and polycyclic aromatic hydrocarbons. It also is located within a Qualified Opportunity Zone. Grant funds also will be used to support community outreach activities.

“The City of Atlanta has many examples, like Atlantic Station, of brownfield remediation playing a critical role in revitalizing underdeveloped areas,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “These latest grant funds will not only further development of the Atlanta Beltline’s Southside trail, but also pave the way for equity-driven investment in low-income census tracts, including the three Federal Opportunity Zones in the remediation area. We thank the U.S. Environmental Protection Division for their continued support of these strategic development efforts in our city.”

“Atlanta Beltline, Inc. is thrilled to continue our decades-long partnership with the EPA to remediate a segment of the Southside corridor and create new pathways for economic inclusion, such as the development of Pittsburgh Yards,” said Clyde Higgs, CEO of Atlanta Beltline, Inc. “Initiatives such as these strengthen workforce development efforts and incentivize nearby housing development, including new affordable units.”

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Lincoln Property Company Southeast Closes Sale of Norcross Business Park

Lincoln Property Company Southeast (Lincoln) has arranged the sale of 2975 Northwoods Parkway located within Northwoods Business Park in Norcross, Ga. Lincoln’s Chip Sipple and Jeff Henson represented the seller in the transaction.
 
Located in Peachtree Corners, just off Peachtree Industrial Boulevard, 2975 Northwoods Parkway features 86,000 square feet of renovated office and flex space, situated within a 15-acre setting.
 
“The Norcross market continues to experience rapid growth, presenting a prime investment opportunity for buyers,” said Lincoln’s Sipple. “With long-term tenancy and a strategic location, 2975 Northwoods Parkway will continue to be an attractive asset in the future.”
 
The building is currently occupied by Diversified for a new seven-year lease term, with option for renewal. The company is an industry leading technology solutions provider delivering innovative digital media, collaborative broadcasting, electronic security and OTT solutions to global clientele across a wide array of markets.

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Metro Atlanta Remodeler Wins Two National Contractor of the Year Awards

Decks and More, a metro Atlanta-based remodeling company, has won two national Contractor of the Year (CotY) Awards from NARI, the National Association of the Remodeling Industry.  Decks and More received the honors in the Residential Landscape Design/Outdoor Living Under $100 category for a home in Johns Creek/North Fulton and in the Green Residential Exteriors category for a home in Buckhead.

The National CotY awards are NARI’s premier awards for the remodeling industry.  The annual accolades recognize excellence in remodeling across 48 categories.  NARI members throughout the nation submit their best work for consideration by a panel of expert judges.  Over the years, Decks and More has been honored for outstanding work at the local, regional and national level by NARI, the North American Deck and Railing Association and other professional organizations. 

“It’s always rewarding to win a CotY Award, since the entries are judged by a panel of remodeling peers,” said Frank Pologruto, president of Decks and More.  “As always, the competition was extremely tough, since remodelers from across the country submitted their best work.  Decks and More is truly honored and grateful to receive these awards.  I’d like to thank our clients, design team, creative carpenters, Southeastern Underdeck team, painters and our amazing electricians.  These projects were total team efforts and I am honored and blessed to work with these professionals every day.”

National CotY Winner for Residential Landscape Design/Outdoor Living Under $100,000, Johns Creek, Ga.

“For this busy family who loves to entertain, we replaced an outdated and non-descript deck with a beautiful two-level outdoor entertainment area,” said Pologruto.  The home features a professionally landscaped backyard with a pool, outdoor kitchen and flagstone patio, but the dated, existing deck hampered the flow from the house to the yard and detracted from the lovely landscape.  The homeowners wanted two levels of attractive and functional outdoor living spaces, but they wanted their view preserved.  We worked with partner Southeastern Underdeck on the project.  It took a strong team effort, creativity and innovation to design and install the components in a way that did not block the view.  First, a pressure-treated engineered beam was installed to support the new wooden deck with its Chippendale handrails, custom corbels and diagonal decking.  Below, Southeastern Underdeck installed an under-deck system made of custom aluminum panels to protect the homeowners from weather on the ground level.  To complete the project, we added stacked stonework at the steps, LED lighting and a two-color paint scheme for the deck and rails.  The lower level features a clear span design with only four columns supporting the upper deck.  This creative engineering maintained the clear view of the landscape.”

National CotY Winner for Green Residential Exteriors, Atlanta, GA (Buckhead neighborhood)

“The couple who lives in this Buckhead home had the house custom-built and the grounds professionally landscaped, but for some reason, the back deck was too small and didn’t span the home.  It almost looked like it was added as an afterthought,” said Pologruto.  “The homeowners asked my team and me to design a low-maintenance deck to provide easy access to the backyard with a wide, sweeping view.  To avoid installing railings across the entire back of the deck, we designed a grand, 28-foot-wide staircase that gently descends to a landing before reaching the ground.  The deck features gray birch composite decking placed at a diagonal with a picture frame border and open, fortress iron handrails.  Additional green solutions include LED lighting and PVC white trim at the perimeter of the deck.  Where the old deck made you feel cramped and confined, this new outdoor deck and grand staircase are gracious and open.  They are a perfect match for the beautiful home and meticulous landscape.”

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What to Do in Quarantine as a Real Estate Investor

What to Do in Quarantine as a Real Estate InvestorLet’s be honest, 2020 hasn’t been the year we were routing for. The COVID-19 worldwide outbreak has shut down industries, halted local and international travel, and has lead authorities to…
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Should You Pay Off Your Mortgage or Invest in Rental Property?

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Zoo Atlanta set to reopen May 16 with timed ticketing, social distancing


Zoo Atlanta in Grant Park will reopen to the public on Saturday, May 16 but with protocols and procedures in place to stop the spread of COVID-19.

According to a press release, a new timed ticketing system will be in place to control capacity and limit the number of guests who are inside Zoo Atlanta at any given time. Tickets may only be purchased online now at zooatlanta.org.

Zoo Atlanta will open at 10 a.m. on May 16; beginning Sunday, May 17, Zoo hours will be 9 a.m. to 6 p.m.

There will also be no cash transactions and paper maps will transition to all-digital maps guests may view on mobile devices.

 During this first phase of the Zoo’s reopening, all buildings (restrooms excepted), indoor venues and indoor experiences are temporarily closed, as are amenities such as Splash Fountain, rides and play areas. Food and gifts will be sold from outdoor kiosks.

At all locations where feasible, Zoo Atlanta will promote a one-way experience that reinforces social distancing guidelines. Pathway guides will be on hand to assist guests and encourage social distancing.

All Zoo Atlanta team members will wear masks and visitors are strongly encouraged to, but are not required to, wear masks. Hand sanitizing stations are available throughout the Zoo for guest convenience. Zoo teams will also frequently clean and disinfect touchpoints and restrooms using a Centers for Disease Control and Prevention (CDC) approved disinfectant.

For more on the phased reopening and guest guidelines, visit the Zoo’s Know Before You Visit page.

 “We are pleased to welcome our Members and guests back to the outdoor experiences and connections to wildlife that can only be found at Zoo Atlanta. As important as this is to us, it was essential that we not reopen the Zoo until we could do so confidently, with the safety of our visitors, team members and the animals in our care as the number one priority,” said Raymond B. King, President and CEO. “Many weeks of planning have gone into our reopening, and everything we have done or will do is being done with this in mind.”

The post Zoo Atlanta set to reopen May 16 with timed ticketing, social distancing appeared first on Atlanta INtown Paper.

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Old 4th Ward Business Association encourages membership to take public health pledge

With the state allowing businesses and restaurants to start reopening amid the COVID-19 outbreak, the Old Fourth Ward Business Association (O4WBA) has been busy creating a re-opening strategy for its members, which includes a “pledge to public health.”

According to O4WBA executive director Emma Tinsley, the organization’s aim is to clarify the state’s mandated safety requirements while enabling businesses in the community to collectively commit to additional public safety measures.

Tinsley said the three-tiered public health pledge is based on feedback from more than 30 local business owners, along with best practices across the country. She said Matt Ruppert, owner of Noni’s Deli and founder of O4WBA, took the reigns and encouraged the business association to come up with a plan.

“Business are getting nervous and excited to reopen, but there hasn’t been a lot of guidance,” Tinsley said. “We wanted to set some objectives and offer guidance and additional safety measures for the community when the businesses do reopen.”

As of this week, 20 businesses had signed the pledge so far, Tinsley said.

The three-tiered plan follows CDC and Georgia Department of Public Health guidelines – wearing masks, stringent cleaning, social distancing –  but also goes further with additional suggestions depending on the type of business and occupancy. Some of those additional measures include temperature testing, installing alarms to remind staff when to clean, and contact tracing of customers.

Businesses that take the pledge will receive a certificate to hang up that includes a scannable QR code that will allow customers to see the implemented safety measures.

TInsley said businesses taking part will also be able to share resources such as buying personal protection equipment suppliers, access to a group business forum for active discussion, and group bulk ordering.

She said the organization was not planning to tell member businesses when they could reopen. “The business should open when they are ready and feel comfortable. Every business is different.”

Tinsley said that no Old Fourth businesses had permanently closed during the pandemic thanks to the various federal and local loan program, but more capital resources would be needed in the future to ensure that small businesses survive not only in O4W but around the country.

For more, visit o4wba.com.

The post Old 4th Ward Business Association encourages membership to take public health pledge appeared first on Atlanta INtown Paper.

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What Does Mashvisor Do for Real Estate Investors, Agents, and Property Managers?

What Does Mashvisor Do for Real Estate Investors, Agents, and Property Managers?If you’ve been in the residential real estate investing business in the past few years, you might have heard about Mashvisor. But what is Mashvisor? What does it do for…