A lease provision giving a tenant the right to pay reduced rent or terminate the lease if key anchor tenants or a minimum percentage of the shopping center's occupancy falls below a specified threshold.
Co-tenancy clauses are a critical risk-mitigation tool for retail tenants whose business depends on foot traffic generated by anchor stores. They are triggered when a named anchor (e.g., "Walmart") closes or vacates, or when overall occupancy drops below a defined percentage (e.g., 80%). Upon trigger, the tenant may receive a rent reduction — typically to percentage rent only — and if the condition persists beyond a cure period (often 6–12 months), the right to terminate the lease may arise. Landlords strongly resist co-tenancy rights; their presence and scope is a key indicator of tenant negotiating leverage in retail lease abstracts.
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