TSX:REI.UN - Post by User
Comment by
CANCDNon Oct 11, 2020 4:01pm
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Post# 31702765
RE:RE:RE:RE:RE:RE:RE:No more health or politics here.
RE:RE:RE:RE:RE:RE:RE:No more health or politics here. CANCDN wrote:
EdPaquette wrote: Bottoming December 19 at 10, then rising a dollar per month up to 18.
not a chance in hell it goes that low. We are more likely to see 40 than 10 and that ain't going to happen.
so now the feds have said they will pay 90% of rent if fully closed then a sliding scale to a certain point. They included medium size business now so that would include gyms and cinemas. They allowed commercial rent evictions and with Canadian laws, RioCan can seize the store and all contents immediately. Hence why GAP paid the second RioCan put a lock on the door in Kingston.
US REITs don't have the luxury of taking all the contents.
we should basically be at 98% rent collection from now on. Business not paying with all these subsidies get security deposit taken and store and contents foreclosed on.
we as landlords have done our part. No other industry was forced to give up 25% of revenue without our permission. Now since the rent money is going to tenants, its pay up time or foreclose on the lease.
I know thier are naysayers saying "but we can foreclose on gyms and movie theatres". Umm yes you can. Cinemark would love to come in an assume the lease and equipment of cineplex for no cost but paying the monthly lease.
this will be 18 by Christmas.
PS I have a friend who works at GoodLife. They have already reached out to certain landlords of movati to advise they will pay all back rent if movati doesn't pay the rent.