TORONTO — The landlord for Loblaw Companies Ltd. and others says it is offering rent deferrals because of the COVID-19 pandemic on a case-by-case basis.
Choice Properties Real Estate Investment Trust says it will allow the 60-day rent deferral for “qualifying” small businesses and independent tenants.
The REIT, which holds 6.1 million square metres (65.8 million square feet) of leasable space across 726 properties, says it is offering the deferral because of the “extraordinary financial pressures” on its tenant base.
Choice has also withdrawn its 2020 outlook because of the uncertainty around the duration and impacts of the pandemic.
But it says it is well-positioned to weather the volatility because of its high proportion of necessity-based retailers, including Loblaw that makes up 55 per cent of its rental revenue.
The forced closure by provinces of non-essential businesses, part of the effort to slow the spread of the virus, has put significant strain on the economy and sent unemployment rates soaring.
