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For example, RioCan approved $15 million in rent deferral requests from its commercial tenants, representing 17 per cent of gross April rents, and First Capital approved deferrals on 6.5 per cent of its tenants, with an equal amount of pending requests yet to be dealt with.\u00a0<\/span><\/p>\n \u201cWe continue to be increasingly worried about May rent payments,\u201d Rodrigues said in his note. \u201cWe think rent deferrals could total 40 per cent to 60 per cent.\u201d<\/span><\/p>\n SmartCentres, which collected 70 per cent of the rent expected after deferrals offered to some of its smaller independent retailers, said it was \u201cdisappointed\u201d that some \u201cstrong, stable companies\u201d didn\u2019t pay though it didn\u2019t name them.<\/span><\/p>\n A significant portion of the REIT\u2019s portfolio is made up of power centres, large suburban spaces that house big-box retailers such as Best Buy, Home Depot and Walmart Canada, its biggest tenant.\u00a0<\/span><\/p>\n \u201cPower centres are a slightly more favourable investment that enclosed malls, but they still have not been performing as well as residential, industrial or office spaces,\u201d Ma said.<\/span><\/p>\n SmartCentres\u2019 stock has lost about a third of its value since the start of the pandemic in late February.<\/span><\/p>\n