Town Centre Securities is furloughing staff across its property, car park and hotel businesses and has agreed a 20% pay cut for board members.
The company said it is in the process of agreeing further cost-saving initiatives and has paused all capital projects apart from the development at the Cube in Leeds.
It is heavily exposed to retail and leisure, with 49% of its portfolio let to tenants in these sectors. TCS said approximately one-third of those properties are open and trading.
At 8 April, it collected 71% of rent owed (£3.5m), with further payments of 15% (£700,000) deferred.
It brings the total to 86% expected to be paid, compared to more than 90% in normal circumstances.
Chairman and chief executive Edward Ziff said: “These are unprecedented times and we are working tirelessly to support all of our stakeholders while doing everything possible to manage the business through this challenging period.
“We welcome the measures the government is putting in place to support the business community, and hope the business rates relief given to retail and leisure operators will be extended to car park operators such as TCS, all of whom are being impacted by the lockdown.”
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