Rent collection across all categories of REITs filing first-quarter earnings was high in Q1, with levels in line with fourth-quarter numbers, according to new research released this week.
Data compiled by S&P Global Market Intelligence showed that net lease REIT Alpine Income Property Trust and ground lease-oriented Safehold collected all of their billed rents for Q1, while industrial REITs Prologis and Rexford Industrial Realty respectively collected 98.8% and 98.2% of Q1 rents.
The office sector continued to reel from pandemic-related impacts on their retail portfolios, S&P reported, though rent collection was higher in Q1 than in other points over the last year. SL Green collected 98% from its office tenants and 85% from its retail tenants for a total of 95.3%, while Brandywine Realty Trust collected 98.9% of rents billed in Q1.
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On the shopping center side, SITE Centers Corp. reported a collection rate of 96%, up two percentage points from Q4. Retail REIT rent collections have been volatile since early last year, though shopping centers bounced back in a big way during the fourth quarter, led by Kite Realty Group Trust and Tanger Factory Outlet Centers. Most retail REITs showed rent collection improvements from 89% to 95% during Q4, according to an earlier S&P Global analysis.
In the student housing sector, American Campus Communities Inc. collected 97.3% of rents, a number that was in line with Q4 figures.
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