2020 Annual Report
Dear Investors, Employees, Customers, and Friends,
I hope you and your family are safe and healthy. After a year full of challenges that no one could have imagined, I am extremely proud of how CARROLL transitioned and excelled throughout 2020. It was a year in which we relied heavily on the strength of our portfolio management team, and we are exceptionally pleased with how well they performed. Led by David Perez and Scott Gilpatrick, our operations team transitioned to a largely virtual process. Across the organization, our teams worked collectively to make sure residents were well-informed and remained as comfortable as possible during quarantine. I am also proud to report that, despite transactional volume being down across the board, our investment management team, led by Casey barber, remained focused and active.
CARROLL accomplished the following milestones in 2020:
- We achieved a portfolio-wide average monthly rent collection of 95.9 percent from April through December, which outperformed the NHMC industry average of 95.1 percent for the same period during the COVID-19 pandemic.
- We made donations to 11 food banks and sent lunch to healthcare workers on the front lines in markets where our properties operate. In addition, I personally pledged $100K to help families struggling due to the virus, and issued a challenge to other business leaders to make a personal donation to help in their local communities.
- Acquired five properties with a total purchase price of $380M, adding, 2,500 units across Georgia and Florida – bringing our inception-to-date acquisition volume to $7.8B and 57,000 units.
- Completed the successful exit of 10 properties with a total sale price of $480M, representing 3,200 units that produced an average gross return of 23%/1.6x. CARROLL’s inception-to-date disposition volume is now $4.2B and 30,100 units.
- Invested $100M of equity in 2020, raising total equity invested by CARROLL and its partners to more than $2.7B.
- Ended 2020 with a solid, diversified portfolio of nearly 30,000 units valued at greater than $5.2B.
My sincere thanks go out to everyone who helped us achieve this successful year. During the pandemic, the multifamily asset class has shown what a resilient and attractive commercial sector it is, and we are extremely excited for what’s to come in 2021.
M. Patrick Carroll, Founder & Chief Executive Officer