Business
BTB Provides an Update Regarding May Rent Collections Amidst The COVID-19 Pandemic
BTB Provides an Update Regarding May Rent Collections Amidst The COVID-19 Pandemic ...
About this update from Btb Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nBTB Provides an Update Regarding May Rent Collections Amidst The COVID-19 Pandemic\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, June 3, 2020\n\n\n\nMONTRÉAL, June 3, 2020 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) (\"BTB\" or the \"REIT\") provides unitholders with an update of BTB's operations and rent collections for the month of May 2020 in respect to the COVID-19 virus pandemic.\n\n \n \n \n \n \n \n\n \nA MESSAGE FROM MICHEL LÉONARD, PRESIDENT AND CEO \nOur rent collection for the month of May resulted in stronger results as compared to the month of April, as we saw less resistance from our tenants to abide by their lease obligations. We are proud to report that we have collected 86.6 % of our contractual rent, with 4.5% that are subject to rent deferral agreements (to be repaid by December 31st 2020). This amounts to a total collection rate of 91.1% an increase of 6.3% as compared to the month of April 2020.\nPer operational segment, our percentages of rental collections are as follows: \nOffice: 100 %; Retail: 72.1 %; Industrial: 100 %; Mixed Use: 86.8 %. As most retail spaces reopened on May 8th for the Quebec City area and May 25th in the Greater Montréal area, retail tenants were glad to be in operation, albeit some tenants are still closed due to the nature of their businesses. We have also noticed a positive trend where consumers are returning to retail stores. This is a great sign for the economy, and we hope that it will be eventually felt in the restauration and leisure segments\nLast March, we published a first press release pertaining to the impact of COVID-19, where we detailed the different measures that BTB has taken to mitigate the risks of COVID-19 on our operations. These measures are still in-place and have proven to be successful for the preservation of our cash flow and operations. \nCECRA FEDERAL GOVERNMENT PROGRAM\nThe CECRA program was established by the federal government on April 28th continues to evolve as the qualifying criteria are better known and struct...