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Retail landlords still suing over skipped rent
National Issue /
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While businesses have been suing their insurers, commercial landlords have also been filing claims against tenants that have skipped rent, citing similar coronavirus losses. While no database tracks these cases, several recent rulings have gone against tenants.
Movie theaters one of the sectors the pandemic has pushed to the brink have found little solace in the courts.
In early April, a Regal Cinemas theater near Boca Raton, Florida, was ordered to pay $886,000 to landlord Terranova for 10 months of missed rent.
Brookfield Agrees To Buy Hammerson Malls In Europe
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Brian Kingston of Brookfield Property Partners (left) and Bruce Flatt of Brookfield Asset Management
There are several reasons why taking Brookfield Property Partners private might be a bad deal. The company’s investors lose a lucrative dividend, hundreds of millions of dollars worth of fees to its parent Brookfield Asset Management go by the wayside and the Brookfield empire gives up an established line to the public markets.
But privatization gives Brookfield something more valuable than money: time.
It allows the company, one of the world’s largest commercial real estate investors, a chance to reconfigure its extensive mall portfolio, which has been walloped by the pandemic. It also lets Brookfield Asset Management buy its real estate subsidiary’s outstanding shares at $16.50 per share, a steep discount from the $27.50 the company claims they are worth.
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Brookfield Property Partners LP posted a US$2 billion loss as the fallout from the COVID-19 pandemic caused it to reassess the value of its real estate.
The loss last year compares with US$3.2 billion in net income for 2019, a decline the company attributed primarily to “unrealized reductions of values of certain assets within the portfolio,” according to a statement on Tuesday.
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Funds from operations, a measure of cash flow for real estate companies, were down about 18 per cent to US$540 million for the company’s portfolio of office buildings, while FFO from retail properties fell 29 per cent last year to US$550 million, according to the statement.
Brookfield attributed the decline primarily to “unrealized reductions of values of certain assets within the portfolio.” Bloomberg | Feb 02, 2021
(Bloomberg) Brookfield Property Partners LP posted a $2 billion loss as the fallout from the Covid-19 pandemic caused it to reassess the value of its real estate.
The loss last year compares with $3.2 billion in net income for 2019, a decline the company attributed primarily to “unrealized reductions of values of certain assets within the portfolio,” according to a statement on Tuesday.
Funds from operations, a measure of cash flow for real estate companies, were down about 18% to $540 million for the company’s portfolio of office buildings, while FFO from retail properties fell 29% last year to $550 million, according to the statement.
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