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US REIT rent tracker: Office REITs collected more than 90% of rent due in April


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US REIT rent tracker: Office REITs collected more than 90% of rent due in April

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.

Office REITs that released their first-quarter earnings during the week ended May 1 collected more than 90% of their rent due in April, according to public filings and conference calls.

On Monday April 27, Alexandria Real Estate Equities Inc. reported that it collected 98.4% of its April rents, the highest percentage of the office group. Franklin Street Properties Corp. followed with 98% of its April rents collected, while Corporate Office Properties Trust collected 97.4%.

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In the industrial sector, Duke Realty Corp. collected 96% of its rent due in April, while EastGroup Properties Inc. collected 94% and Industrial Logistics Properties Trust collected 93.51%. Rounding out the sector for the recent week, STAG Industrial Inc. collected 90% of its April rents, while PS Business Parks Inc. collected 88%.

Self-storage REIT Public Storage reported that it collected 95% of its rent due in April, while healthcare-focused Medical Properties Trust Inc. collected 96%.

Diversified REIT American Assets Trust Inc. collected 94% of its office rents for April and 94% of its multifamily rents, but only 47% of its retail rents.

Shopping center REITs Urban Edge Properties and SITE Centers Corp. collected 56% and 50% of their rents due in April, respectively.

Alexander & Baldwin Inc. and Armada Hoffler Properties Inc., meanwhile, reported April rent collections of 62% and 78%, respectively.

During a first-quarter earnings call, CoreSite Realty Corp. CFO Jeffrey Finnin said April rent collections for the data center REIT were slightly ahead of where they were during the first quarter and were ahead of where they were in April 2019 to date.

Meanwhile, CyrusOne Inc. CFO Diane Morefield said the REIT's rent collections for April were "tracking a bit lower, but not alarming," while QTS Realty Trust Inc. CFO Jeffrey Berson noted rent collections were still consistent with where the company has been in the past.

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