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US equity REITs own 292 properties in hurricane-stricken Florida Panhandle

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US equity REITs own 292 properties in hurricane-stricken Florida Panhandle

Fifty-seven U.S. equity real estate investment trusts own a combined 292 properties in the Florida Panhandle, excluding single-family homes and properties under construction. Hurricane Michael made landfall in the area Wednesday afternoon, bringing a life-threatening storm surge, hurricane force winds and heavy rainfall.

At the time of landfall, data from National Oceanic and Atmospheric Administration and Air Force Reserve hurricane hunter aircraft registered the storm at a category 4 with sustained wind speeds near 155 mph.

Single-tenant landlord Realty Income Corp. owns 47 properties in the Florida Panhandle, or about 0.9% of the company's total portfolio, the largest property count of all U.S. equity REITs. Peers VEREIT Inc. and National Retail Properties Inc. also own a large number of properties in the area, at 37 and 18, respectively.

Two nontraded REITs topped the list of those with a large percentage of their property count in the Florida Panhandle. CNL Healthcare Properties II Inc.'s Summer Vista Assisted Living facility is in Pensacola, Fla., and is one of the REIT's three healthcare properties. BRE Select Hotels Corp owns four hotels in the Florida Panhandle, representing about 8% of the company's portfolio.

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