MH Mall operator collects less than half of April’s rent across Canada
By Medicine Hat News on May 8, 2020.
Medicine Hat Mall operator Primaris REIT collected less than half its rent across Canada due on April 1, its parent company has announced. Overall, H&R REIT received 83 per cent of rents that were due at the beginning of last month on commercial, industrial and multi-unit residential housing, though tenants that deferred or missed payments are heavily represented by retail operators. There are no specific figures for Medicine Hat, where Primaris operates the Medicine Hat Mall and substantial commercial plazas along Dunmore Road. The entire segment of enclosed malls reported just 40.5 per cent of rent was collected nationwide. Over the H&R entire portfolio 56 per cent of retail rents were paid on time. The company expects “a significant portion” of rent owing to be collected over time. “Management has been evaluating rent deferral requests on a case by case basis,” reads a statement issued on April 17. Across North America retail activity has been hampered and many facilities are closed to all but essential business operation as governments attempt to halt the spread of the COVID-19. Locally, only several stores in the Medicine Hat Mall are accessible tot he Public, including grocery, sundry and medical clinic outlets since late March, though an Alberta “relaunch strategy” will allow retail stores to reopen on May 15. H&R is one of Canada’s largest real estate income trust companies with a portfolio totalling 41 million square feet of lease space. Figures for the most recent period, up to May 1, are still unavailable. 9-8
