Real estate investment trusts turned to revolving credit linesto stay afloat amid the coronavirus pandemic as they collectivelydrew down $37.19 billion in this year's first quarter, analysisshows.
COVID-19 spread across the US in the beginning of the year withthe World Health Organization declaring the disease a pandemic onMarch 11. To stop the spread of the new coronavirus, states andlocal governments closed non-essential businesses.
Hotels as well as retailers who aren't grocery stores and othersdeemed necessary have been most impacted, forcing them to mostaggressively turn to their credit facilities. They collectivelywithdrew $18.78 billion in the first quarter, with retailersdrawing $13.18 billion and hoteliers $5.6 billion, according tofinancial data and research organization S&P Global MarketIntelligence.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
