More than $300 million of mortgaged commercial real estate is within the perimeter of the Thomas Fire in Southern California.
According to the National Wildfire Coordinating Group, as of the morning of Dec. 29, the Thomas Fire had burned through 281,893 acres since it started on Dec. 4, destroying more than 1,000 structures. Two lives have been confirmed lost in the wildfire, which was reported to be 92% contained.
In this analysis, S&P Global Market Intelligence aggregated the most recent assessed values for all commercial real estate properties with a mortgage located within the Thomas Fire perimeter. Properties without mortgages are not included in the analysis.
Agricultural land was the most prominent property type in the affected area, while religious and multifamily assets were also represented. The New York Times reported that avocado crops in Ventura County and surrounding areas were at particular risk due to the fact that the hills lined with avocado orchards were in the path of the Thomas Fire.
The impact on real estate investment trusts has so far been limited. While at least 15 REIT-owned properties were located in Ventura and nearby Santa Paula, only one REIT-owned property was confirmed to have been damaged by the flames.