Vereit, which
owns and manages one of the largest portfolios of single-tenant commercial
properties in the U.S., announced it has been collecting the bulk of its rents
during the coronavirus pandemic.
As of June
16, VEREIT had received approximately 84 percent of April rent, 84 percent of
May rent and 82 percent of June rent, which includes approximately two percent
to be paid in arrears by a Government agency
tenant.
VEREIT continues to have one of
the highest collection rates as compared to its peers and other retail segments
driven by its property type diversification, industry breakdown,
investment-grade tenancy, public versus private ownership, and geographic
diversity.
Some 80 percent of its properties
are occupied by single-tenant office and industrial tenants as well as necessity
based retail and quick- service restaurants such as Walgreens and McDOnalds.
“The has provided a good
baseline for rental collection during this uncertain environment,” said the
company in a statement. “We are also seeing some positive movement in certain
categories as parts of the country reopen and are coordinating rental payments
with some tenants.
As of June 16, 2020, VEREIT
had corporate liquidity of approximately $1.2 billion comprised of $101.0
million in cash and cash equivalents and $1.1 billion of availability under its
credit facility.
