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Taurus Investment Holdings LLC – COVID-19 – Client Update

17.3.2020

Dear Taurus Investor,

As we all deal with the daily changes caused by the COVID-19 crisis, I would like to inform you of the steps Taurus Investment Holdings LLC has taken to protect our staff and client assets:

  1. Our top concern has been to protect our employees and to do our part in trying to limit the spread of the virus.  As of last Thursday, March 12, 2020,  all Taurus offices worldwide were closed and remote operations commenced.  We have suspended all company air travel, both international and domestic, across our platform.  At present, we have had no reports of any of Taurus staff being infected. 
  2. We have implemented our emergency preparedness plan and remain fully open for business.   Our accounting department is fully functional, and all distributions, vendor payments, asset reporting, audits and K-1 processing continue smoothly.  
  3. We are conducting an asset by asset assessment of reserves, cash flow and loan covenants to make sure each project is in a strong position to endure an extended shut down.  Internally, we are planning for a national shut down until mid-June, 2020 as a present baseline but obviously planning will be adjusted as new information comes to light.   Please look for a communication from the managing partner for each club deal over the next couple of weeks.
  4. We are preparing for job losses in various industries should the global economy experience a prolonged recession.  Our reserve policy for each club deal may be impacted by our assessment of tenant default risk depending upon the asset.
  5. At present, we have no investment exposure portfolio wide to retail in the US or Europe.  Our three primary asset classes are multi family, logistics and office which will each be affected differently as this plays out.  However, as our company policy historically has been to float our mortgage debt, most of our debt service obligations are plummeting across our portfolio, resulting in a strong buffer against any potential tenant defaults.
  6. Your investor relations representative and all senior staff are fully available to answer any questions that you may have.  Please do not hesitate to contact me directly at pmerrigan@tiholdings.com at any time as well.  We would welcome your feedback and thoughts.

Having secured the safety of our staff and ensured the function of certain critical elements of the company, we are focusing our undivided attention on protecting and maximizing the value of our investments.  The situation of course remains highly fluid and effective communication is paramount.  We extend our best wishes and hopes for the safety of you and your loved ones during this period of unprecedented challenge.

Very truly yours,

Peter A. Merrigan

Chief Executive Officer, Partner

Taurus Investment Holdings, LLC