April 2nd - A Message from CEO Michael Waters [COVID-19 Employee Update and FAQ]

We have just completed the first quarter of 2020—a year that began with impressive performance before the COVID-19 crisis erupted. I want to thank you for supporting one another as we move through these uncertain days and weeks together. Minto is open for business—building homes and serving the residents who depend on us within our apartment portfolio. Your commitment to meeting their needs is greatly appreciated. 

I can’t emphasize enough how impressed I am with the dedication of our front-line staff. While construction progress has slowed, we’re moving forward as best as we can to sell, build and close new homes. At the same time, those on the front-line in our Apartments business continue to lease and maintain our rental properties. 

Many in our communities are hurting and we want to play our part. On the Apartments side, we’re freezing rent increases for all residents over the next three months and have put a rent deferral program in place to support residents who are unable to pay their rent. 

While we are facing many challenges, we remain a strong, well-capitalized company. Over the past several weeks, we quickly transitioned to new procedures, keeping you and our customers safe. We are managing our finances carefully, reducing or deferring expenditures and investments. There will be some turmoil—sales and leasing volumes will fall and some customers may have difficulty closing on their home purchase or paying rent—but we will persevere. 

I’m confident that as long as we continue to build homes and rent apartments, we’re well placed to move through this crisis without contemplating workforce reductions. 

Understandably, many of you have reached out with concerns—particularly with the extension of school closures. I want to assure you we’re listening and will be here to support you.   

For the proportion of employees who cannot work from home given their role, the direct impact of illness or school closures, we’ll continue to address each scenario on a case-by-case basis, providing paid leave where necessary over the short-term. 

You’ll find answers to some of your other questions in these FAQs, where we address:

• Ongoing school and daycare closures

• Access to Paid Time-Off (PTO) by combining sick leave and accrued vacation

• Confidentiality for confirmed COVID-19 cases

• Returning from sick leave

• Social distancing, and more. 

As things change and are updated, we’ll continue to gather and share concerns openly with you—and if you have any specific questions, please reach out to your HR Business Partner. 

Keep well,

Michael