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.