Choice Properties Real Estate Investment Trust Assisting Tenants Confronting Challenges from COVID-19

About this update from Choice Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nChoice Properties Real Estate Investment Trust Assisting Tenants Confronting Challenges from COVID-19\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\nTORONTO, April 6, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, April 6, 2020 /CNW/ - Choice Properties Real Estate Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN) today provided an update on its response to the COVID-19 pandemic. \n\n \n \n \n \n \n \n\n \nAs one of Canada's largest landlords, Choice Properties understands that it has an important role to play in helping Canadians and their businesses during these unprecedented and challenging times. With many of the Trust's tenants being negatively impacted by the pandemic, the Trust is prepared to assist qualifying small businesses and independent tenants who have requested rent relief, on a case by case basis, with a temporary rent deferral for 60 days. \"We understand and acknowledge the extraordinary financial pressures on parts of our tenant base, especially on independent and smaller businesses, and we want to do our part to help them. Many of these small businesses are facing extraordinary drops in revenues and are rightfully focused on taking care of their families and their communities. We intend to continue working with our tenants on an individual basis to find solutions in the short term,\" said Galen Weston, Chairman of Choice Properties. Mr. Weston added, \"Our top priority remains ensuring the health and well-being of our employees and tenants and supporting the communities in which we and our tenants operate.\" \n\"With a diversified base of tenants and a high proportion of necessity-based retailers, including Loblaw which accounts for approximately 55% of our annual rental revenue, Choice Properties is well-positioned to weather this market volatility. Since the beginning of 2019, we have made significant progress in strengthening our balance sheet, including refinancing our unsecured debt maturities, lowering our leverage and improving ove...

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