Esther Fung
speaker
145 appearances
3 recordings
1 series
first heard Nov 2017
last heard Nov 2020
Esther Fung’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Landlords Offer Concessions to Keep Retail Tenants Afloat · 25 Aug 2020
podcast
But in this case, pandemic isn't included as one of the events where the insurer has to make a payout.
That led to a lot of chaos back in April when lots of tenants weren't able to make rents and landlords were wringing their hands.
They said, well, you know, if you don't pay me rent, how am I going to pay my mortgage?
So this time they're definitely better prepared and some landlords want to get ahead of the curve.
If these retailers are still going to close stores anyway, they want to make sure that their properties and their leases are more attractive to tenants that want to keep stores open or tenants who still want to expand.
The landlord specifically told me that they refused to include language stating that pandemics are a force majeure event.
It's also known as an act of God clause where something happens beyond the control of any human being.
It could be a hurricane.
It could be a wildfire.
It could also even be rioting.
They said that this would make it difficult for them to get financing for their property.
Lenders feel that it's too risky and they might not be able to get refinancing on a certain property when the loan comes due.
And so they're pushing back against such demands.
Typically, these are beyond the control of either the landlord or the tenants, and that would give the tenant some breathing room in terms of having to pay rent during that period of time.
Yes.
Even before the pandemic, when a shopping centre, for instance, sees a lot of tenant departures and the shopping centre becomes, say, less than 80% occupied, it sometimes triggers a clause in their leases that says, hey, you know, if it becomes, if there's so many vacancies around, we can walk away from our leases too.
No penalties.
With the pandemic causing lots of retailers to take this opportunity to also close their stores, landlords are rightly concerned that the occupancy levels in their shopping centres would also get affected.
Typically,
The turnover isn't that high.
Showing 61–80 of 145 · page 4 of 8
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