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.