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The Cheesecake Factory Tells Landlords They Won’t Be Paying April Rent
Posted on 3/26/20 at 1:56 am
Posted on 3/26/20 at 1:56 am
LINK
How many other restaurants are going to get away with doing this?
How many other restaurants are going to get away with doing this?
14
Posted on 3/26/20 at 2:00 am to tigergirl10
quote:
How many other restaurants are going to get away with doing this?
Not sure but I bet the food and drink board would have a better idea
Posted on 3/26/20 at 2:01 am to tigergirl10
CF is a pretty solid client and an anchor store.
They can probably get away with it, but I doubt smaller businesses could.
They can probably get away with it, but I doubt smaller businesses could.
Posted on 3/26/20 at 2:08 am to Eli Goldfinger
I'd say tenants have pretty good leverage right now.
Who else is going to pay you cocksuckers rent right now anyway? That's the argument I'd make.
Who else is going to pay you cocksuckers rent right now anyway? That's the argument I'd make.
Posted on 3/26/20 at 2:24 am to Pesticide
Really they don't have any leverage. Unless they actually have a new tenant already lined up looking to move in (unlikely) then they'll have to take their losses like everyone else.
The idea that you can be immune to this just because you own some property is naive at best.
The idea that you can be immune to this just because you own some property is naive at best.
Posted on 3/26/20 at 2:49 am to Pesticide
quote:
A guy told me couple days ago that he has rent houses so the economic instability wouldn't effect him. I cant tell you how hard it was to not laugh in his face. Some landlords apparently have the attitude of pay up or GTFO.
It's not like he can kick them out instantly (at least in most states)
So he could be short on some payments for a few months and not have much he can do about it
Posted on 3/26/20 at 5:40 am to tigergirl10
I would hate to be heavily involved in corporate real estate right now. This virus will cripple it for years
Posted on 3/26/20 at 6:23 am to tigergirl10
I hate tenants. Times are bad, can't pay rent...Does that mean when times are especially good, you'll pay extra rent?
You have a contract with your landlord, your rent isn't a dividend you stop paying when times are bad.
You have a contract with your landlord, your rent isn't a dividend you stop paying when times are bad.
Posted on 3/26/20 at 6:26 am to Ole War Skule
I'm sure they have every intention of catching up on back owed rent when they're capable
Why do real estate investors believe they're immune to something that is so widespread?
Why do real estate investors believe they're immune to something that is so widespread?
Posted on 3/26/20 at 6:27 am to tigergirl10
Survival of the fittest right now... I love it
Posted on 3/26/20 at 6:28 am to Ole War Skule
A lot of these tenants are precluded from use of their premises because of shopping centers and mall closures. So basically the alternative is LL getting full rent while Tenant bears 100% of the burden and LL can’t really provide what Tenant bargained for in the lease.
Now most of these leases also have default and cure periods, so some of this is probably just an opening negotiation move and deals may be reached for partial rent, etc.
Now most of these leases also have default and cure periods, so some of this is probably just an opening negotiation move and deals may be reached for partial rent, etc.
Posted on 3/26/20 at 6:31 am to Powerman
quote:
Why do real estate investors believe they're immune to something that is so widespread?
The don’t. What makes you think so?
Posted on 3/26/20 at 6:32 am to Powerman
quote:
Why do real estate investors believe they're immune to something that is so widespread?
Because they have a clear contract that says they will.
They don't get extra rent in good times, and shouldnt get reduced in bad times. If the contract allows for reduced or eliminated rent in times such as this, fine.
If cheesecake, or other tenants can't make ti a few months through tough times, that's their fault for not having a solid balance sheet. They should take the loss, not the landlord.
This post was edited on 3/26/20 at 6:34 am
Posted on 3/26/20 at 6:33 am to Ole War Skule
quote:
If cheesecake, or other tenants can't make ti a few months through tough times, that's their fault for not having a solid balance sheet.
Oh for frick's sake.
Posted on 3/26/20 at 6:33 am to Pettifogger
If the mall made the closure, sure, I agree. If the gov't did, then go ask them for the rent, it's not the landlord's problem.
If they lease allows for no rent,or adjustment, of course I'm OK with this.
If they lease allows for no rent,or adjustment, of course I'm OK with this.
Posted on 3/26/20 at 6:33 am to Powerman
quote:
I'm sure they have every intention of catching up on back owed rent when they're capable
The letter made no attempt to convey that intent.
Posted on 3/26/20 at 6:34 am to Ole War Skule
quote:
They don't get extra rent in good times, and should get reduced in bad times. If the contract allows for reduced or eliminated rent in times such as this, fine.
Posted on 3/26/20 at 6:36 am to Ole War Skule
quote:
If cheesecake, or other tenants can't make ti a few months through tough times, that's their fault for not having a solid balance sheet. They should take the loss, not the landlord.
Good then evict them and let the space sit vacant for 6 months. Because that's the type of leverage that commercial real estate owners have right now. And that's probably a rosy projection.
Posted on 3/26/20 at 6:37 am to tigergirl10
We’re simply turning off for a month. Can’t we just do that? Heck, half the European counties do it every year.
Posted on 3/26/20 at 6:37 am to tigergirl10
I'm guessing whomever owns cheesecake factory land can afford to miss rent for a month or two.
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