U.S. mall owner Taubman is telling its tenants that they must pay rent amid the coronavirus pandemic.
In a memo dated March 25, which was obtained by CNBC, the real estate investment trust said it still has its own obligations to meet — such as paying lenders on mortgages and paying for utilities.
Taubman has one Cheesecake Factory location, according to an analysis by RBC Capital Markets and Costar Realty. The biggest mall owner in the U.S.,Real estate analysts tell CNBC that Cheesecake Factory's decision — to forego making rent payments — will likely set a precedent for other restaurant operators and retailers to follow suit., CNBC previously reported, over what to do about paying these bills.
Taubman announced earlier this month that all of its properties will be closed through at least the end of March, except for two centers, which are open-air. The announcement by Taubman came a day after its larger rival, Simon, said it was shutting all of its malls and outlet centers temporarily, to try to help halt the spread of COVID-19.said it would be acquiring Taubman, in a deal valued at $3.6 billion. The transaction is still expected to close in 2020.
As the COVID-19 pandemic has led to the closure of many stores or otherwise impacted the operations of our Tenants, we have naturally had numerous inquiries from Tenants regarding their ongoing obligation to pay rent and charges owing under their leases.
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