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US REIT rent tracker: COVID-19 hits mall, outlet center REIT April rents hardest

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US REIT rent tracker: COVID-19 hits mall, outlet center REIT April rents hardest

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 public filings and conference calls. We plan to provide updates on collected REIT rent payments on a recurring basis throughout the earnings season. Click here to download these charts in Excel format.

Data released by U.S. REITs during the week ended May 15 continued to show April rent collection by retail REITs to be the most impacted by the coronavirus pandemic, with regional mall and outlet center REITs collecting the lowest percentage of April rents of the group.

Tanger Factory Outlet Centers Inc. collected only approximately 12% of its billed April rents. The REIT gave its tenants the option to defer their April and May rent payments on an interest-free basis, payable in January and February 2021, with the majority of tenants utilizing the option.

Regional mall REIT Macerich Co. collected 26% of its billed rent for April, and 18% of its May rent as of May 8.

Service Properties Trust disclosed that it collected 45% of its April rents from its service-oriented retail properties, which represent roughly 39% of its total annual minimum returns and rents.

In the shopping center sector, RPT Realty collected 57.8% of its rent due in April, while Cedar Realty Trust Inc. collected 70%.

Single-tenant-focused Essential Properties Realty Trust Inc., meanwhile, collected 61% of its April rents.

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On the flip side, Postal Realty Trust Inc., which leases properties to the U.S. Postal Service, collected 100% of its rent in April.

Healthcare REIT National Health Investors Inc. collected 99.7% of its rent due in April.

In the multifamily sector, Investors Real Estate Trust collected 97.4% of its April rent, while Bluerock Residential Growth REIT Inc. collected 97%. Single-family rental REIT Front Yard Residential Corp., meanwhile, reported April rent collection nearly equal to its March rent collections.

Preferred Apartment Communities Inc. reported April rent collections of 97% for its multifamily and student housing portfolios, 96% for its office portfolio and "just shy" of 80% for its grocery-anchored shopping centers, aggregating to 92% for its overall portfolio.

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