"CT REIT continues to remain focused on the health and safety of our employees, our tenants and their customers, and the collective effort to contain the virus and mitigate its impact," said
Tenants representing approximately 6.2% of the REIT's annual base minimum rent are currently not open or operating. Tenants representing approximately 2.8% of annual base minimum rent did not fulfill their financial obligations to the REIT on
Tenants representing another 33.5% of the REIT's annual base minimum rent are now operating on a limited basis. This includes 132 Canadian Tire stores in
The REIT is in a strong liquidity position with a debt-to-gross book value of approximately 43%, and approximately $300 million of undrawn credit facilities and cash on hand. The REIT's assets, with an IFRS value of approximately
The REIT is continuing to closely monitor the impact that the rapidly evolving COVID-19 pandemic has on its business, operations and financial position.
Note: Unless otherwise indicated, all figures in this press release are as of
FORWARD-LOOKING INFORMATION
Certain statements made in this press release may constitute forward-looking information under applicable securities laws, including statements concerning: the effect of the COVID-19 pandemic on the REIT's tenants' business and operations, including the operations of Canadian Tire stores in
Risks and uncertainties related to the effects of COVID-19 on our business include the length, spread and severity of the pandemic, the nature and extent of the measures taken by governments at the federal, provincial and municipal levels to mitigate against the severity and spread of the virus, and the impact of the virus and government authorities' and public health officials' responses thereto on: our tenants' ability to pay rent in full or at all; domestic and global credit and capital markets, and our ability to access capital on favourable terms or at all; the health and safety of our employees and our tenants' personnel; and domestic and global supply chains. Given the evolving circumstances surrounding COVID-19, it is difficult to predict how significant the adverse impact of the pandemic will be on the global and domestic economy, the business, operations and financial position of the REIT's tenants, including Canadian Tire, and the business, operations and financial position of the REIT. For more information on other risks, uncertainties and assumptions that could cause the REIT's actual results to differ from current expectations, refer to Section 4 "Risk Factors" of our Annual Information Form for fiscal 2019, and to Section 11 "Enterprise Risk Management" and all subsections thereunder of our 2019 Management's Discussion and Analysis, as well as the REIT's other public filings, available at www.sedar.com and at www.ctreit.com.
The REIT does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws.
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