People carry take-out food in Toronto’s Chinatown, on Saturday, March 21, 2020. Some small and large landlords are extending help for their resterantuer tenants, many of who have been forced to shut down operations as COVID-19 cases spread across Canada. But not all eatery owners have been so lucky and those without landlord support want more government intervention to avoid mass closures from unpayable bills with business dried up. THE CANADIAN PRESS/Chris Young

Commercial landlords offering rent deferrals as economy hit by pandemic

One said it would grant 60-day rent deferrals on a case-by-case basis for ‘qualifying’ small businesses

Major commercial landlords in Canada are offering rent deferrals to tenants as the COVID-19 pandemic has forced many businesses to close their stores.

RioCan, Choice Properties, and CT real estate investments trusts all said Monday that they were working with tenants who need support because of the financial challenges brought on by the outbreak.

Loblaw landlord Choice Properties REIT said it would grant 60-day rent deferrals on a case-by-case basis for “qualifying” small businesses and independent tenants.

“We understand and acknowledge the extraordinary financial pressures on parts of our tenant base, especially on independent and smaller businesses,” said Choice chairman Galen Weston in a statement.

Choice REIT, which holds 6.1 million square metres (65.8 million square feet) of leasable space across 726 properties, says it has also withdrawn its 2020 outlook because of the uncertainty around the duration and impacts of the pandemic, but that it is well positioned to weather the volatility because of its high proportion of necessity-based retailers.

RioCan, which has about 3.6 million square metres (38.4 million square feet) of leasable space over 220 properties, said it was offering an automatic 60-day interest-free rent deferral for independent commercial tenants who have asked for relief, to be paid back over a year.

“We are committed to supporting all of our stakeholders through this difficult time,” the company said in a release.

RioCan said it was also doing more to protect its residential tenants, including increased cleaning, but did not specify what kind of rent deferral policy it was offering.

Canadian Tire landlord CT REIT said it was “committed to working with those of our tenants who need our support,” but did not give specifics on its relief plans.

The company said tenants representing about 6.2 per cent of its annual base rent are currently not open or operating, and that tenants representing about 2.8 per cent of annual base rent didn’t pay their full rent on April.

CT REIT, which holds 2.5 million square metres (27 million square feet) over 350 properties, says that tenants representing a further 33.5 per cent of its annual base rent are operating on a limited basis, including 132 Canadian Tire stores that are now only serving customers through curbside pickup or online.

READ MORE: Recovery rate tops 60% but B.C. records death of man in his 40s due to COVID-19

Ian Bickis, The Canadian Press


Like us on Facebook and follow us on Twitter.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Morning Start: Women can give birth after they die

Your morning start for Wednesday, Aug. 12, 2020

Morning Start: The Exorcist film set was haunted

Your morning start for Tuesday, Aug. 11, 2020

Former Summerlander receives Emmy nomination for makeup work

Lucky Bromhead recognized for her work with Canadian sitcom Schitt’s Creek

Health care priorities debated following surprise funding announcement

Surprise provincial funding stirs debate on local health care priorities during regional meeting

Morning Start: High heels were first designed for men

Your morning start for Monday, Aug. 10, 2020

Video: SUV burns alongside the highway near Salmon Arm

Footage of the burning vehicle was posted to Youtube.

Federal Conservative leadership candidate skirts COVID-19 rules at Kelowna rally

Derek Sloan held a rally in Kelowna that had over 50 people, which is against health orders from the province

Teachers to get 2 extra days to prepare for students’ return, now set for Sept. 10

Students will first start with orientation and learn rules of COVID-19 classroom policies

High-volume littering at Cape Scott draws ire from hiking groups

Popular Vancouver Island hiking spot not closing, but frustration about crowding grows

SFU to drop ‘Clan’ varsity team name

The ‘Clan’ name is shortened from ‘Clansmen,’ and was introduced roughly 55 years ago

New Tory leader must build a strong team in Commons and for the campaign: Scheer

Scheer marked his final day in the House of Commons today as leader of the Opposition

South Okanagan restaurant ranked among world’s best by TripAdvisor

The Hooded Merganser was ranked within the top 10 per cent of all restaurants by TripAdvisor reviews

Highway 97 upgrade option for Peachland faces 20-year delay

Peachland council disappointed by highways department decision

Kelowna Hells Angels prospect charged with assault, choking

Jason Townsend, 43, was charged after allegedly choking a woman last weekend

Most Read