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Posted on 3/26/20 at 8:05 am to CajunTiger_225
quote:
The Cheesecake Factory revenues 2 billion dollars a year. They're definitely hurting but unlikely not capable of paying rent.
A $2B/year publicly traded company doesn’t just announce that they are not paying rent unless a) it is necessary for survival and b) they can get away with it.
Posted on 3/26/20 at 8:11 am to Powerman
quote:
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
I'm a cocksucker and I have zero expectation of getting paid by my tenants anytime soon. And they should have even less expectation of being booted because why would I turn the unit over just to get another tenant that is not going to be able to pay me rent.
This post was edited on 3/26/20 at 8:11 am
Posted on 3/26/20 at 8:11 am to Paul Allen
quote:
Not sure but I bet the food and drink board would have a better idea
In every post you make you come off as such a wanna be cool. It’s sad
Posted on 3/26/20 at 8:25 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.
So cut your nose off to spite of your face?
Posted on 3/26/20 at 8:56 am to tigergirl10
So, my taxes, insurance, and maintenance upkeep on the building stop as well?
I wonder if any of them have water and electric included in the lease? Be real hard to run a restaurant without water and electricity.
I wonder if any of them have water and electric included in the lease? Be real hard to run a restaurant without water and electricity.
Posted on 3/26/20 at 8:57 am to Passing Wind
quote:You're a fine one to talk.
In every post you make you come off as such a wanna be cool. It’s sad
Posted on 3/26/20 at 9:01 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.
The mind of a pissed of adolescent
Posted on 3/26/20 at 9:01 am to latech15
quote:
The correct response is to workout a partial rent payment for 6 months with the remainder to be added back during the next 6 months and at contract renegotiation they can both decide if they want to continue together.
The correct answer is prorated/partial rent that isn't recouped by the LL because LL isn't providing anything of value to the Tenant while LL still owns the property (or has the superior lease on it).
quote:
it’s not right for one business to pass on a loss to someone else
That's exactly what happens if LL provides nothing of value to Tenant and gets full rent.
Posted on 3/26/20 at 9:04 am to DCtiger1
quote:So, the landlord should eat the loss instead CF's stockholders?
The mind of a pissed of adolescent
You're right. Someone has the mind of an adolescent.
Posted on 3/26/20 at 9:08 am to Pettifogger
quote:
That's exactly what happens if LL provides nothing of value to Tenant and gets full rent.
That does not even make sense.
He has provided square footage. He pays taxes, insurance, and building maintenance on the square footage. Not to mention he paid for the building that contains the leased footage.
Mortgages, taxes, insurance and maintenance all stop now?
Posted on 3/26/20 at 9:10 am to tigergirl10
Lawyers finna eat on the soon to come force majeure lawsuits.
Posted on 3/26/20 at 9:11 am to tigergirl10
I am doing the same at my retail locations.
Posted on 3/26/20 at 9:11 am to SavageOrangeJug
quote:
He has provided square footage.
No he hasn't
Access and ability to use the premises for the intended purpose is precluded by no fault of the tenant. The ability to do that is a presumption on which the lease was made, and the absence of that was unforeseeable. Why should LL get a windfall?
Additional rent (CAM, taxes, etc.) are items that some tenants will probably volunteer to pay, even though some of that (CAM and the like) are responsibilities that LL can negotiate and avoid, potentially.
Posted on 3/26/20 at 9:13 am to White Bear
quote:
Lawyers finna eat on the soon to come force majeure lawsuits.
Either most of these folks are going to reach an amicable arrangement (likely)
or
We're going to have huge amounts of new CRE precedent in a couple of years on all these Restatement-type legal arguments
Posted on 3/26/20 at 9:18 am to tigergirl10
Simon property mgmt has closed all its shopping centers (in Knoxville, West Town Mall closed with one day's notice last week), so I'd expect Cheesecake Factories at those malls would probably not be paying half of March as well.
Posted on 3/26/20 at 9:21 am to Paul Allen
quote:
by Paul Allen
quote:
Not sure but I bet the food and drink board would have a better idea
I am very happy they posted this here and no need for you to be a dick.
Posted on 3/26/20 at 9:26 am to Ole War Skule
I have tenants and I also have many leases. The contracts will mean nothing when you see thousands of Chapter 11 filings overnight. The contracts hold up in normal times but their will be more sympathy for people breaking leases now than ever before. At some point if 80% of people don’t honor their leases the system breaks and you start over. Their is no demand for my business but their is also no demand for rental space. It’s going to get ugly.
Posted on 3/26/20 at 9:42 am to azcatiger
I'm no expert at real estate, but I'd guess that the current state of the market right now is 100% a buyer's market.
Posted on 3/26/20 at 10:02 am to tigergirl10
The landlord may not own the property outright. They often use the equity as collateral for more property. The landlord has payments too.
If this happens nationwide, people are going to be surprised that the economy is such a house of cards.
A similar issue is happening with bond payments. If companies are delinquent on interest, they default. Banks hold this debt.
There is another credit crisis risk here similar to 2008.
If this happens nationwide, people are going to be surprised that the economy is such a house of cards.
A similar issue is happening with bond payments. If companies are delinquent on interest, they default. Banks hold this debt.
There is another credit crisis risk here similar to 2008.
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