REGENCY CENTERS
Mary Lou Fiala, president and COO of Regency Centers, said in the company's Feb. 5th quarterly conference call, "Regency is receiving requests for rental assistance from a great number of tenants. There is a few people that we've made exceptions for."<<THAT'S GOODS TO KNOWS<<< The decision is made tenant-by-tenant, explained Fiala, adding that Regency requests three years of sales information, income statements, and credit applications from tenants, as well as a recovery plan.
In the case that rent reduction is granted, Fiala said, "any reduced rent is deferred and not forgiven." She said that only 37 of Regency's 9,000 tenants had been granted such reductions in the last month, "and in 28 of these cases, we were able to extend term of the lease."
KIMCO REALTY CORPORATION
David Lukes, EVP at Kimco Realty Corp., said in the company's Feb. 5th quarterly conference call, "We are preparing for a continued difficult time for our tenants and are forecasting continued weakness and uncertainty. The ability of a tenant to prosper is partly due to their cost of occupying their real estate."
"We have a detailed concession request package that we've developed that's required…and are using occupancy costs, financial help and sales history to separate the tenants that truly need help from those that are merely following the saying, 'you don't get it if you don't ask," explained Lukes. <<<<MORE DENIAL- HOW MANY DON"T REALLY NEED IT<<<<<<To date, the number of requests Kimco has granted are "minimal" compared to the number of requests it has received, said Lukes
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