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holds 6.1 million square metres (65.8 million square feet) of leasable space across 726 properties, says it has also withdrawn its 2020 outlook because of the uncertainty around the duration and impacts of the pandemic, but that it is well positioned to weather the volatility because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

School District 82’s first week of in-person class is in the books

First classes held since schools closed March 17 due to COVID-19 pandemic

Skeena Valley Farmers Market looks to reopen

Market switched to online format earlier this year in response to pandemic

Two per cent hotel tax coming to Terrace and Thornhill

Tax comes into effect on Sept. 1, will support Kermodei Tourism

‘Busier than we’ve ever seen’: Mountain biking around Terrace jumps

Terrace Off Road Cycling Association opened new trails on June 2

VIDEO: B.C. dentist gets grand welcome home after two months in hospital fighting COVID-19

Michael Chow was given a surprise send off by hospital staff and ‘welcome home’ from neighbours

Facing changes together: your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

‘Like finding a needle in a haystack’: Ancient arrowhead discovered near Williams Lake

The artifact is believed to be from the Nesikip period between 7,500 BP to 6,000 BP

Indigenous families say their loved ones’ deaths in custody are part of pattern

Nora Martin joins other Indigenous families in calling for a significant shift in policing

Friends, family mourn Salt Spring Island woman killed in suspected murder-suicide

A GoFundMe campaign has been launched for Jennifer Quesnel’s three sons

PHOTOS: Anti-racism protesters gather in communities across B.C.

More protests are expected through the weekend

Indigenous chief alleges RCMP beat him during arrest that began over expired licence plate

Athabasca Chipewyan Chief Allan Adam calling for independent investigation

‘I’m pissed, I’m outraged’: Federal minister calls out police violence against Indigenous people

Indigenous Minister Marc Miller spoke on recent incidents, including fatal shooting of a B.C. woman

UPDATED: Pair accused of ‘horrific’ assault at Vancouver’s Oppenheimer Park arrested

Police say Jason Tapp, 30, and Nicole Edwards, 33, did not show up to meet their bail supervisor this week

Most Read