Approximately two\u002Dthirds of RioCan\u0027s tenants shut down their stores when the pandemic first hit
For the months of April, May and June, RioCan collected 73.3 per cent of its rent on average — 7.7 per cent of rent was deferred with a definitive payment schedule, and 6.4 per cent of total rent remains to be collected. The company wrote off 6.8 per cent of rent, or $9.2 million, as bad debt and is expecting to receive $9.
Sonshine said he suspects that number will increase as RioCan’s government tenants usually pay rent only at the end of the month. He provided some guidance to analysts on the call, estimating rent collection of more than 90 per cent on average, if the country does not go back into full lockdown mode.
Bank of Montreal real estate analyst Jenny Ma noted in a note that the bad debt expense provisioned by RioCan was in fact lower than her estimate. “In our view this seems light given a relatively high exposure to retailers which are facing operating challenges,” she wrote.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canada's rent assistance program has been a disaster. We need a new rent-relief bridgeOpinion: Rent relief needs an overhaul now, starting with evicting CECRA and replacing it with a program that gets help to the businesses that need it
Read more »
Coronavirus Update: Wealthy U.S. parents hire teachers for private ‘pandemic pods’July 27: Ottawa paid WE Charity $30-million to run student grant program; Senate votes to extend emergency wage subsidy for employers until December
Read more »
Raptors pick up first loss in final bubble scrimmage to Suns - Sportsnet.caThe weary-looking Toronto Raptors dropped a 117-106 decision to the Phoenix Suns on Tuesday, suffering their only loss in three scrimmages in the NBA's restart.
Read more »
Toronto Raptors lose final scrimmage to Phoenix Suns - TSN.caThe weary-looking Toronto Raptors dropped a 117-106 decision to the Phoenix Suns on Tuesday, suffering their only loss in three scrimmages in the NBA's restart.
Read more »
Morning Update: Ottawa paid WE Charity $30-million to run student program; Trudeau to testify on ThursdayWE Charity said it will refund the money it received and is working with the federal government to determine repayment details
Read more »
Ottawa paid WE Charity $33-million in administration fees before grant contract was cancelledThe contract was signed on June 23, but came into effect on May 5, 2020. The contract was then cancelled on July 3 amidst conflict of interest accusations against Prime Minister Justin Trudeau
Read more »