May 01
The Landlord forgoes base rent and collects only percentage rent as a way to prop up tenants at risk of going dark. And in yet another scenario, percentage rent kicks in as a result of the triggering of co-tenancy provision. “Let’s say the landlord loses an anchor or key tenant that is tied to another retailer’s co-tenancy,” said Jason Baker, co-founder of Houston-based brokerage firm Baker Katz, a member of X Team International. “Often times that remaining tenant will have the option of either terminating its lease of just rolling to a percentage-rent-only scenario.”
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