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Brookfield playing both sides

Brookfield is chasing small retailers to pay thousands of dollars in rent on outlets that were forced to close during the coronavirus pandemic, even as the Canadian investment group skips payments on its mortgages and asks lenders for forbearance, according to the Financial Times.

  • No mercy: Some shopkeepers who lease kiosks and small stores inside Brookfield malls have been told to pay rent for April and May, a period during which the properties were mostly closed
  • The process: Several tenants who asked for rent forgiveness described being asked to provide extensive financial information, including their personal tax returns for the past two years. The merchants said Brookfield ultimately refused to waive the payments, although it offered to give them until the end of 2021 to come up with the money.
  • Bottom line: Three-quarters of Brookfield’s tenants have requested changes to their lease agreement. Among the major retailers that have acknowledged seeking rental relief from landlords are Bed Bath & Beyond, Levi Strauss and Urban Outfitters. [FT]

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