Retail Properties of America, Inc. (RPAI), a real estate investment trust (REIT) that owns open-air shopping centers, reported that the company had collected 65.3 percent of Q2 2020 rent as of the end of June. The company also stated that rent collection for June arrived at 64.7 percent as of the end of June, according to an announcement.
RPAI said it had collected 67.4 percent of April rent as of the end of June, compared to 60.3 percent of April rent as of May 28. It has also collected 63.7 percent of May rent as of the end of June, compared to 52.4 percent of May rent as of May 28.
Due to the increasing pace of daily cash collections in May and June, as well as the reopening of its tenants’ stores, the company said it paid back “substantial amounts” in June on its $850 million unsecured revolving line of credit, which was almost completely drawn on March 31. The company said it had “$135 million outstanding on the revolver and $715 million in revolver availability.”
Chief Executive Officer Steve Grimes said in the announcement, “With 90 percent of our portfolio square footage open as of July 2, up from 79 percent as of May 29, we have sustained the positive business momentum we outlined during our business update in early June. We continue our broad-based efforts to support our tenants’ reopening efforts as well as to promote a safe and accommodating environment for consumer activity.”
RPAI had 102 retail operating properties domestically, comprising 20 million square feet, as of the end of March of this year.
In separate news from May, a report found that 21 percent of 135 large chains weren’t paying any rent or were paying just a small portion of it in April. National retailers paid only 58 percent of their billed rent in April, which was far below the 96 percent over the same timeframe last year.