Bass, Berry & Sims attorney Mike Stewart authored an article for NAIOP’s Development Magazine highlighting five issues for landlords to consider as tenants grapple with the economic impact of COVID-19. Commercial landlords began getting calls for help from tenants as early as March, and while many state and local governments implemented eviction moratoriums to aid businesses that have been struggling, the long-term effects on their ability to pay rent are certain to require action from their landlords soon.
As landlords mull the best steps forward, Mike highlighted five issues they should consider:
- Loan documents could limit tenant relief.
- Identify opportunities.
- Deferment, and not abatement, of rent.
- Co-tenancy concerns.
- Understand the effects of force majeure.
The full article, “Five Issues Landlords Should Consider Regarding a Pandemic’s Impact on Commercial Tenants,” was published in the Summer 2020 print issue of Development Magazine and is also available online.