US REIT rent tracker: Recent REIT reports show high collection rates for Q1

Editor's note: S&P Global Market Intelligence compiled the data in this article on a best-efforts basis, sourced from real estate investment trust press releases, investor presentations and conference calls. Click here to download these charts in Excel format.

U.S. REITs that released earnings in the week ended April 30 collected nearly all of their rent for the first quarter, with the vast majority reporting collection rates in excess of 95%.

In the shopping center sector, Kite Realty Group Trust collected approximately 97% of first-quarter base rent and recoveries, followed by Weingarten Realty Investors, which collected 95% of its rent and billable expenses. Kimco Realty Corp., meanwhile, collected 94% of its rent billed in the first quarter, while Acadia Realty Trust and Retail Opportunity Investments Corp. reported collection rates of 92% and 91.8%, respectively.

Single-tenant retail REITs reported higher rent collection rates than their shopping center counterparts. NETSTREIT Corp. collected all of its billed rent for the past eight consecutive months, while Four Corners Property Trust collected 99.7% of its contractual rent for the quarter. Similarly, Seritage Growth Properties reported rent collection at 97%.

All eight multifamily REITs that released earnings in the past week reported rent collection rates in excess of 95%, a trend that has continued throughout the pandemic. Within the multifamily sector, Mid-America Apartment Communities Inc. and NexPoint Residential Trust Inc. reported rent collection rates of 99.1% and 99%, respectively, while Camden Property Trust and Independence Realty Trust Inc. both collected 98.4% of their rent for the recent quarter.

Similarly, office-focused REITs that reported earnings during the week collected the vast majority of their rent for the quarter. Corporate Office Properties Trust reported rent collection at 99.6%, while Office Properties Income Trust, Highwoods Properties Inc. and Piedmont Office Realty Trust Inc. all reported rent collection at 99%.

The industrial sector continued to report some of the highest rent collection rates, with Duke Realty Corp. and EastGroup Properties Inc. reporting rates of 99.9% and 99.5%, respectively, for the quarter.