Yes correct.At this time we do not know what sort of arrangements tenants will make with landlords.not just for lockdowns but ongoing .
I read some landlords are working with tenants,some are not.In one ChCh mall it depends on your lease.Some leases have a clause that will help tenants through Covid 19, while other leases do not .Those without that clause are expected to "honour" their lease.[ie pay up]
Some malls may never see pre Covid 19 foot traffic,so ongoing rent relief will be reguired.However, that may be easier said than done.So leases are an ongoing area of concern.
Examples.WHS need to close a number of stores.I expect on the leases that come up for renewal over the next few years ,WHS will be play hard ball with their landlords.
Smiths City Colombo Street's landlord will not look at their rent.Therefore they are moving to Sydenham.
Lovisa which I have followed, failed to come to an arrangement with their Spanish landlords and are closing all their stores in Spain.
Australian newspapers are full of bun fights between tenants and landlords.
30% of HLG's last 6 months of sales were online .This means they can be very selective about where they open new stores,the rental they are prepared to pay and other terms of their leases.Some existing leases may be unsatisfactory.
At this time we are guessing all will be rosy.Investing on guesses is not wise.