2020-10-14 — fool.com
Retail REITs focused on shopping centers only collected 50.3% of the rent they billed in April, according to a survey by Nareit. That number got even worse in May, falling to 49.3% as government-imposed lockdowns dragged on in many areas. Meanwhile, REITs focused on free-standing retail properties (i.e., net lease) fared slightly better as they collected 72.6% of the rent they billed in April and 70% of May's total. June was a bit better as shopping center receipts topped 60% while free-standing REITs collected almost 80% of their billings.
Meanwhile, the third quarter has shown even more improvement. Shopping centers collected 72.8%, 80.2%, and 81.6% of the rent they billed in July, August, and September, respectively. Meanwhile, REITs focused on free-standing properties received 90.9%, 90.5%, and 94.9% of the rent they billed during those three months. Both groups have also experienced a decline in rent deferral and forbearance requests.
Comments: Be the first to add a comment