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With 2021 in the rear-view mirror, your East Portland CIT Corporation (Plaza 122) is happy to look forward to growth as the COVID restrictions subside in 2022. Plaza 122 has weathered a turbulent 2021. Turnover of a few old tenants caused increased vacancies , which in turn affected the profitability of Plaza 122 in 2021. However, we are pleased for 2022 as the occupancy levels have already increased. We are thrilled to see Faby's hair salon busy. Plaza 122 has also become a home for community-based organization providing support to our community during COVID.
Despite the challenges of the year, the East Portland CIT Corporation successfully operates and produced dividends to for its investors!
The East Portland CIT Corporation’s Board of Directors has unanimously approved the 2021 shareholder dividend. All shareholders as of December 31, 2021, will receive an 4.57% dividend on their investment, for a total community distribution of $16,886. Shareholders can expect to receive dividends in their accounts between May 2nd and May 6th.
Click here to view audited financial statements and the dividend calculation details.
We also are happy to announce that new leases being signed are quality long-term leases, which will provide income in years to come: Ground level occupancy is nearly full (99% occupancy) - 1 small office available. The Basement level occupancy is already approaching 75% occupancy and we hope that by midyear total occupancy will be 90%.
If you know for profit and nonprofit organizations that are looking for office space, please connect them with our Operations Manager, Sven Gatchev at sgatchev@mercycorps.org with questions or directly to our Leasing Agent Doug Carter at dougc@norris-stevens.com for tour of the few available spaces.
In 2022 we are also preparing to bid a bitter-sweet good bye to La Osita around summer as they get ready to open their own restaurant in Montavilla. We are looking to take this opportunity to build out a small food cart pod/community gathering place (in permitting) and look to see Plaza 122 solidify itself as a destination for good food!
As of December 31st, 2021, the East Portland CIT had 21,685 shares outstanding owned by 236 neighborhood investors who will be receiving dividends on their investments.
Investor demographics reflect the diversity of East Portland, with over 61% from ethnic minorities and BIPOC communities, 65% identifying as women, 52% renters, and 46% from households earning under $40,000/year.
Congratulations for another good year of investing and look forward to seeing and hearing from you.
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