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US REIT rent tracker: Mall REIT CBL received 27% of billed April cash rent


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US REIT rent tracker: Mall REIT CBL received 27% of billed April cash rent

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 earnings releases and conference calls. Click here to download these charts in Excel format.

Three U.S. REITs disclosed details on their April rent collection during the two weeks ended May 29, rounding out the first-quarter earnings season.

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In the regional mall REIT sector, CBL Properties collected roughly 27% of its billed cash rents for the month of April, and estimated May rent collection to be in the range of 25% to 30%.

While Pennsylvania Real Estate Investment Trust did not mention the amount of April rent it has collected to date, the REIT began negotiating rent deferrals that would allow it to collect 45% of its outstanding April and May rents by the end of 2020, and more than 90% by the end of 2021.

Single-tenant REIT VEREIT Inc. also provided an update on its rent collections, receiving approximately 81% of its April rent and 78% for May as of May 15.

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