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Amc Property Management Colorado – While requests for rent relief are common among retail tenants, restaurants, gyms, theaters and clothing retailers seem to need it the most.
Gyms, soft goods retailers, movie theaters and food and beverage businesses are among the hardest hit retailers seeking rent relief from landlords.
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“Almost every tenant category that was forced to close due to COVID-19 [is asking for rent relief, ],” says Phil Voorhees, vice chairman of real estate services firm CBRE. “Restaurants (excluding some of the section and fast food), food and beverage, gyms and health clubs, soft goods retail, theaters and movie theaters. This list is long and deep.”
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For example, 24 Hour Fitness, which has more than 430 locations across the U.S., recently filed for Chapter 11 bankruptcy due to the fallout from COVID-19. The gym hasn’t paid rent since late April 2020, according to Retailer Payroll Data An apartment from property management software company Datex The movie theater chains AMC, Cinepolis and Regal Cinemas have also not paid rent since April.
Even as countries reopen and businesses that have closed are able to reopen, large restaurant chains, movie theaters and gyms will be forced to change their business models and have to pay lower rents to account for the drop in customer numbers, says Jesse Shannon, chief investment officer at Branch. Properties, a private real estate investment firm. So far, restaurants seem to be the tenants most often in need of financial help from their landlords.
“I think number one is restaurants. I think restaurants [seeking rent relief] are the most common because we have so many restaurants,” said Sandy Siegel, CEO of mall owner NewMark Merrill Cos., which operates about 80 malls. located throughout California, Colorado and Illinois. “The ones we have less of, but definitely need support are gyms, trampoline parks and movie theaters.”
Types of tenants seeking rent relief at the approximately 80 East Coast shopping centers managed by Levin Management Corp. They include specialty apparel retailers, entertainment venues and fitness center operators, according to the company’s chief executive Matthew K. Harding. However, he adds that rent relief requests span all types of non-essential tenants and are common.
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Levin management uses a short checklist of questions, looking at when a retailer closed due to shelter-in-place mandates, whether it applied for government assistance through the CARES Act and what assistance it received, in order to assess whether to grant rent relief requests, Harding says.
“Landlords want to know if the tenant asked for government assistance, and if the tenant received it. Sales performance during COVID-19, if [they could] stay open, and the tenant’s financial strength are key considerations that affect landlord waivers,” notes Voorhees. “Also the tenant’s effect on the center’s occupancy in relation to joint tenancy provisions and an operating agreement are key considerations.”
According to a spokesman for shopping center REIT Kimco Realty, while the landlord has worked with tenants to defer rent when necessary, he expects to eventually be reimbursed. “Refund terms vary widely, with greater latitude provided to the smaller mom and pop shops. For gym and theater operators, we’ve also provided some flexible and creative refund options,” says the spokesperson.
Typically, if the tenant is perceived as remaining viable after COVID, landlords offer assistance to help the tenant stay put. “I expect almost every retail category to survive COVID-19 in some way or shape,” says Voorhees. The home rule municipality of Aurora, Colorado spans Arapahoe, Adams and Douglas counties. Sitting at an elevation of 5,471′, Aurora is considered the gateway to the Rockies. The fantastic scenery and the huge selection of things to do have lured almost 362,000 residents to call the city home. Its agricultural and business history provides a variety of housing to suit every style.
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Golf courses are a magnet for professional and amateur sports lovers from across the state, nation and world. Even history buffs enjoy stepping on the same greens played by past presidents and legendary golfers. There is a course for every skill level in public and private courses.
Shopping is a pleasure, from exclusive boutiques to typical brand stores sold in many cities. Isn’t it a global pastime? Cities like London, Paris, San Francisco and New York certainly think so, and so does Aurora. Meet the Arapahoe Crossing open-air mall with an AMC movie theater that shares part of the 460,000-plus acres. Another shopping area, Havana Street, is home to nearly five miles of boutiques, restaurants, shops and more along Havana and 6th. It is common to see happy buyers taking and sending pictures of the impressive area and unusual finds.
Great Sand Dunes National Park, Rocky Mountain National Park and a selection of ski resorts are within easy reach. 12 Mile Stables is a legendary part of Aurora history. Several thousand acres within Cherry Creek State Park provide 27 miles of trails for large and small groups of riders.
Communities that respect and celebrate their heritage build strong and dedicated citizens. Workshops, tours and family activities are held at the Aurora History Museum throughout the year. Two galleries change exhibitions during the year with an emphasis on the past of the region. Architects, engineers and farm enthusiasts make sure to visit the Delaney Round Barn. Originally a grain silo, it was converted into a two-story barn more than a century ago, and is believed to be the last in the country. Today it presents an exhibition that tells the story of Aurora’s past experiences of farming and ranching.
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The last major reason to live in Aurora is that there is always a place for visitors to stay, including brand name hotels and unique, independent places. Savory cuisine freshly prepared in dozens of restaurants. It is a culinary delight that guarantees a satisfying meal for every guest. The city is made up of friends and neighbors celebrating the bright future with success based on its past.
With a unique management style that focuses on a proactive rather than reactive approach, Pioneer has guided thousands of satisfied clients to well-maintained and flowing investment properties.
By implementing effective policies and procedures, efficient systems and software, and calculated execution, we identify issues before they become problems, maximizing your revenue, minimizing headaches, and allowing us to keep your property as an investment, indefinitely. Preferred holdings are EPR Properties (NYSE:EPR). In case you are not familiar with the company, we recommend that you start by reading our investment thesis before entering this update.
EPR is a net lease REIT like Real Estate Income ( O ), Agree Realty ( ADC ) and National Retail Properties ( NNN ).
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However, instead of investing in traditional net lease properties such as Walgreens ( WBA ) drugstores or Dollar General ( DG ) convenience stores, EPR invests in experiential properties such as movie theaters, golf courses, ski areas and many others. These assets have provided higher total returns over long periods of time, but they are also riskier and have suffered greatly during the pandemic.
The big news this month is that Cineworld (OTCPK:CNNWQ; OTCPK:CNWGQ), which owns Regal Cinemas, is filing for bankruptcy.
Regal is a major tenant of EPR. EPR shares fell from around $55 to around $38, or about 30%.
The bottom line in the end is that in the long run, it doesn’t matter what Cineworld does. If you look at five years, EPR ends up with the same profits, or probably more.
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In both cases, the CAGR to fair value in 5 years will be over 15%. And you would get paid well to wait.
There is entertainment value in the announcements by Regal and their owner Cineworld that preceded the news they are expected to deliver. They said that despite a gradual recovery in demand since reopening in April 2021, recent admission levels have been below expectations. These lower admission levels are due to a limited film that is expected to run until November 2022.
What amuses me about this is that Regal management has not presented revenue based on a known film schedule in many months. One wonders where they got their expectations from.
In Chapter 11 bankruptcies, the route explained here, the bankrupt company can repudiate its leases and force a renegotiation. Regal might be stupid enough to try it. The problem is that in that case the landlord can simply take back the assets, and EPR will probably do that.
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I have covered this aspect extensively in a separate article titled EPR Properties: These Darn Tenants Keep Paying Rent. What the pandemic has led EPR to discover is that many of their theater properties are worth much more for other uses than as theaters.
“We sold a theater at the end of last year for industrial conversion, and people asked us. So how did they convert the building? They used a bulldozer…”
He was also asked if they would take the opportunity to take over and sell more theaters if they could, and said yes.
It makes strategic sense; EPR wants to reduce the fractional exposure to the theater (currently 41% of the basic rent). It also makes tactical sense; EPR has proven to be able to sell their theater assets at a cap rate of 6%.
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