Business
CT REIT Provides Business Update Related to COVID-19
CT REIT Provides Business Update Related to COVID-19 Canada NewsWire TORONTO, Ap...
About this update from Ct Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCT REIT Provides Business Update Related to 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\nTORONTO, April 6, 2020 /CNW/ - CT Real Estate Investment Trust (TSX: TSX: CRT.UN) (the \"REIT\") today provided an update regarding the impact of the novel coronavirus (COVID-19) pandemic on its business. \n\"CT REIT continues to remain focused on the health and safety of our employees, our tenants and their customers, and the collective effort to contain the virus and mitigate its impact,\" said Ken Silver, President and CEO of CT REIT.  \"We came into this crisis with a strong balance sheet, a portfolio that was 99.1% occupied and a conservative 75% payout ratio.  We are committed to working with those of our tenants who need our support during these challenging times.\"\nTenants representing approximately 6.2% of the REIT's annual base minimum rent are currently not open or operating.  Tenants representing approximately 2.8% of annual base minimum rent did not fulfill their financial obligations to the REIT on April 1st.  Discussions have begun on a case by case basis with those tenants for whom rent obligations under the current circumstances represent a significant challenge to their ongoing viability.\nTenants representing another 33.5% of the REIT's annual base minimum rent are now operating on a limited basis.  This includes 132 Canadian Tire stores in Ontario owned by the REIT serving customers only through Curbside Pick Up or eCommerce home delivery in accordance with current provincial requirements.  Canadian Tire Auto Service Centres and Gas+ locations in the province continue to operate.  Canadian Tire stores and Gas+ locations in all other provinces remain open to the public and continue to operate with reduced hours. \nThe REIT is in a strong liquidity position with a debt-to-gross book value of approximately 43%, and approximately $300 million of undrawn credit facilities and cash on hand.  The REIT's assets, with an IFRS value of approximately $6 Bil...