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holds 6.1 million square metres (65.8 million square feet) of leasable space across 726 properties, says it has also withdrawn its 2020 outlook because of the uncertainty around the duration and impacts of the pandemic, but that it is well positioned to weather the volatility because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

Public will have input on changes to interior of Ashcroft Library

Local libraries also offering new takeout service as they work toward reopening

BC SPCA team helps discover new feline virus after outbreak at Quesnel shelter

Fechavirus is a kind of parvovirus, which makes cats and kittens very sick

No Cache Creek tax increase for 2020, but Village’s cash reserves a concern

Cache Creek held a special council meeting to discuss its 2020 budget… Continue reading

Village of Ashcroft announces appointment of new CAO

Daniela Dyck has accepted the position effective June 7

High tech fish transport system set up to ‘whoosh’ salmon past Big Bar landslide

Fish will spend about 20 seconds inside the system, moving at roughly 20 metres per second

NDP getting COVID-19 wage subsidy ‘indirectly,’ B.C. Liberal leader says

Andrew Wilkinson says he’s heard no concerns from public

Love flourishes at Peace Arch Park, but COVID-19 concerns loom

South Surrey park becomes only place for international couples to meet

UPDATE: B.C.’s Central Kootenay issues evacuation orders for hundreds of residents due to flooding

An evacuation alert covers all areas except the Cities of Castelgar and Nelson

PHOTOS: Thousands gather at Vancouver Art Gallery to protest racism

Rally is in response to the deaths of black Americans and a Toronto woman

Number of students returning is a wild card as B.C. schools reopen Monday

A common model will see other teachers work four days a week in class then the fifth remotely,

Toronto Raptors’ Ujiri says conversations about racism can no longer be avoided

Thousands have protested Floyd’s death and repeated police killings of black men across the United States

Most Read