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SCT

April rent collection varied by tenant type

May 19, 2020

Retail landlords' April rent collection indicates that COVID-19 lockdowns yielded both winners and losers among retailers, Marcus & Millichap president and CEO Hessam Nadji said on the firm’s Retail Trends 2020 webinar. “We’re seeing a huge bifurcation of impact. The stronger players were able to pay and did pay.”

As stores reopen, sales are picking up steam. “We’re pleasantly surprised by the improvement in May,” said Kimco Realty CEO Conor Flynn. DLC Management collected 71 percent of the rent roll for April, and executive vice president and COO Chris Ressa said May will be higher. “As deals get done, that will continue to grow,” he said. Both companies’ portfolios rely heavily on grocery anchors and other essential retailers.

April 2020 rent collection varied 

Source: Marcus & Millichap

Tenant category

Rent paid

Banks/finance

99%

Grocery/pharmacy

98%

Auto/gas station

90%

Professional services

74%

Pet stores/vets

69%

Average

64%

Medical

63%

Apparel and textiles

57%

Hobby/sporting

51%

Restaurants

45%

Entertainment

38%

Personal services

36%

Health/Fitness

12%

Another round of federal stimulus for consumers and aid for small businesses would help the strong survive, Nadji said. “Many of them are going to bridge through this successfully, but many of them are not going to make it.”

Bank savings deposits have soared, and the personal savings rate has skyrocketed, he said, indicating pent-up demand that could benefit some tenants that had trouble paying rent when their stores were closed. “Consumers have had no ability to spend as they normally would," he said. "At some point, this is going to come into the economy.”

By Brannon Boswell

Executive Editor/SCT

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