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BTB Provides an Update Regarding Rent Collections Amidst The COVID-19 Pandemic
BTB Provides an Update Regarding Rent Collections Amidst The COVID-19 Pandemic Can...
About this update from Btb Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nBTB Provides an Update Regarding 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, July 13, 2020\n\n\n\nMONTRÉAL, July 13, 2020 /CNW/ - 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 months affected by the COVID-19 pandemic.\n\n \n \n \n \n \n \n\n \nA MESSAGE FROM MICHEL LÉONARD, PRESIDENT AND CEO \nOur rent collections during the past three months (April, May and June 2020) have seen gradual monthly increases from each operational segment. As we noted in our monthly rent collection press releases, our team has been diligent regarding our rent collections and will maintain the same motivation for the months to come. \nActual Rent Collections:\nIn accordance with the following operational segments, our total rent collections for the months of April, May and June 2020 stood at 90 %1 : \nOffice: 93.7 %; Retail: 76.2 %; Industrial: 96.7 %; Mixed Use: 97.1 %.Deferred Rent Collections:\nTaking into account the rent deferral agreements that were negotiated during the past three months, the REIT has secured 93%2 of its rental income due to approximately 3% of rent deferral agreements signed with tenants. As such, the following numbers constitute BTB's rent collections, per operational segment, taking into account concluded deferral agreements: \nOffice: 96 %; Retail: 82 %; Industrial: 100 %; Mixed Use: 100 %. FINANCIAL EFFECT OF THE CECRA FEDERAL PROGRAM\nIn our press release detailing our collections for the month of May 2020, we stated that approximately 100 of our tenants would be eligible for the program. However, after conducting a more detailed analysis, we concluded that approximately 156 of our tenants could benefit from the federal program. \nTo date, out of 156, only 33 tenants have confirmed their intent to participate in the program and have completed the legal documentation for their application, whilst 43 tenants have sent a written withdrawal notice from ...