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As of May 31, 2020, U.S. shopping centers had collected 58.6 percent of the rent owed them by tenants for the month, according to Datex Property Solutions, which collects data from thousands of properties owned by clients that use Datex’s business intelligence platform.
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Big-box operators like Barnes & Noble, Bed Bath & Beyond, DSW, Old Navy and Party City were among the national chains that paid no rent or only a fraction of it. Movie theater operators and gyms also failed to pay, including 24 Hour Fitness, AMC, Cinepolis, LA Fitness and Regal. Mall-based stores are among those that missed May rent, as well, including Bath & Body Works, Claire’s, Famous Footwear, Foot Locker, H&M, Kirkland’s, Gap and Supercuts.
The May rent-collection rate falls far short of May 2019 but marks an improvement over April 2020. In March 2020, landlords collected 91.4 percent of the total rent roll: 95 percent of the national-tenant roll and 88 percent of the non-national-tenant rent roll.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
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