Block & Company Quarterly Report - 4th Quarter 2020

January 5, 2021

Letter from President David M. Block

The challenges presented in 2020 have certainly made it one of the most memorable years in history for us all. Fortunately, our brokerage and staff members have done a wonderful job navigating through and adapting to the unusual work environment. I'm proud of the way we've all been able to stay connected and work effectively in a virtual and remote environment.

I'd like to express my appreciation to our property managers and support staff for the great job they've done supporting our tenants and upholding the services we provide uninterrupted and operating at a highly effective level. The success of our tenants and their businesses is a main pillar of our institution. We've been fortunate enough to assist many of the local small businesses that occupy our shopping centers and properties throughout the region.

Throughout the summer and into the fourth quarter, we've been about as busy as I can remember in quite some time. We've seen a number of properties that were available prior to the pandemic, leasing up and selling at extremely strong market valuations. Even with the pandemic, our commercial real estate portfolios have been able to maintain their values and even increase in many cases, which is one of our main objectives. The activity in all aspects of our business has been astounding and is why I'm optimistic for what the business and economic forecast has in store in 2021.

I think it's safe to say we're all hopeful that 2021 will bring some normalcy back into our daily lives, along with the health and safety of our families and prosperity to everyone moving forward.

Lastly, I'd like to thank everyone in the Block & Company family, as well as our partners and colleagues, for the wonderful job they have done this year and I'd like wish everyone a happy and healthy holiday season.

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