Business
True North Commercial REIT Collects 99% of April Rent and Provides Update Related to COVID-19 Pandemic
True North Commercial REIT Collects 99% of April Rent and Provides Update Related to COVID...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial REIT Collects 99% of April Rent and Provides Update Related to 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\nTORONTO, April 22, 2020\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n TORONTO, April 22, 2020 /CNW/ - True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the \"REIT\") today provided an update on the impact of COVID-19's on its operations.\nCOVID-19 virus and various containment measures are having a major impact on virtually all businesses and sectors, including real estate. The REIT's first priority was to ensure the safety of our tenants. Consequently, we have implemented appropriate procedures to ensure we are conducting business in a safe and effective manner, and we are working diligently with our service providers to remain operational through this pandemic.\nIn terms of operations and the stability of our cash flow, the REIT has received approximately 99% of our April rent to date, inclusive of government tenants who pay at the end of the month.  While some of our smaller tenants will face financial difficulties and challenges in the coming months, we are confident that we will be able to work with those in need of financial assistance in the short term and expect minimal impact to our financial results in the longer term.  From a liquidity perspective, as of today, the REIT has access to approximately $50 million of cash on hand and undrawn credit facilities.\nWhile the recent events surrounding the COVID -19 outbreak have resulted in unprecedented market and economic volatility, the REIT is well positioned to navigate through this challenging time.  Our portfolio is currently 97% occupied with an average remaining lease term of 5.2 years.  Approximately 35% of our revenue is generated from the Federal Government of Canada and the provincial governments of Alberta, British Columbia, New Brunswick and Ontario. 41% is generated from large credit rated tenants that are well capitalized.\nWhile the situation is continuing to evolve, we a...