Slate Retail Reports 96% of Rent Collected for May

admin  /   June 2020

REIT Benefitted From Portfolio of Grocery-Anchored Centers Deemed Essential That Remained Open Throughout Pandemic

Updated May 29 to include the most recently reported totals announced by the trust.

Slate Retail Real Estate Investment Trust, a subsidiary of Toronto-based Slate Asset Management that owns a portfolio of grocery-anchored neighborhood shopping centers in the U.S., reported it had collected 96% of its May rent as of May 28.

The firm said the May total, up from a previously reported 87%, include government tenants who typically pay at the end of the month. The REIT expects to substantially collect the remaining 4% of May rents through immediate cash collection or short-term deferral programs. It previously reported that 80% of its tenants are open for business, and 60% are considered essential and never closed during the crisis.

“All of our centers have remained open throughout the COVID-19 pandemic and we have continued to achieve strong cash rent collections thus far in May, demonstrating the resilience of our essential service-based infrastructure in an economic downturn,” Slate’s CEO David Dunn said in a statement.

In April, Slate reported that 80% of its tenants paid rent on time. The REIT did end up collecting 85% of April’s rent by mid-May and expects most of that to be paid through deferral agreements as well. 

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