Sydney Kingsford Smith Airport outlines commercial approach to tenant support

12 August, 2020

Sydney Kingsford Smith Airport outlined (11-Aug-2020) the following commercial approach to tenant support, as a standard set of principles resulting in fair and equitable outcomes:

  • Principled approach:
    • Code of Conduct framework applied to all negotiations, adopting the principle of proportionate relief;
    • Financial transparency required from tenants before relief was granted;
    • No structural changes to contracts, temporary relief only;
  • Relief outcomes:
    • AUD52.9 million (USD37.8 million) of rental abatements provided to retail and property tenants across Apr-2020 to Jun-2020, equivalent to 62% of contracted rents by value;
    • Following accounting standards to recognise a reduction in revenue over the life of the contract upon the agreement;
    • Further negotiations beyond Jun-2020 are in progress. [more - original PR]