Frustration is rising among retail tenants and landlords that have been crippled by coronavirus. 🔐
Frustration is rising among retail tenants and landlords, which have both been crippled by the ongoing coronavirus.
REITs have publicly said they’re helping tenants, but are reportedly taking a hard line behind the scenes. Small to mid-size mall owners are said to be showing more understanding. “We, of course, understand the difficulties you are facing…we are working through our own challenges as well,” the letter continued, adding that the company is monitoring the situation, including the role of government relief. “In the meantime, we anticipate that all parties will continue to abide by the terms of the lease and we respectfully reserve all of our rights and remedies for any failure to do so.
“We’re fortunate that our portfolio has been acquired fairly recently, so we have very little debt on the portfolio, which allows us to be much more flexible on rents,” said founder and chief operating officer Ophir Sternberg. “We do have a lot of carrying costs, including employees, and some mortgage payments. We’re going to take a hit. We’re offering it right now, and it will extend for April and May rent. If things go on from there, we’ll talk again.
A retailer with several stores at shopping centers owned and operated by Simon Property Group, said the REIT reached out to tenants with the message, “We expect you to pay your April rent.
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