Spirit Realty Expects to Receive 65-70% of April Rent by Month’s End

Spirit Realty Capital, Inc. (NYSE: SRC) President and CEO Jackson Hsieh said the net-lease REIT has collected 60% of April rent to date and expects that figure to rise to 65% to 70% by the end of the month.

Speaking on an April 13 investor call, Hsieh said nine of Spirit’s top 10 tenants are paying April rent. He added that 17 of the company’s top 20 tenants are paying April rent, including one that made a partial payment on some of their stores. That’s equivalent to about 83% of Spirit’s top 20 tenants’ contractual rent, Hsieh said.

Meanwhile, Spirit is evaluating 126 tenant requests for rent deferral, Hsieh said. So far, 23 requests have been approved by Spirit’s investment committee. Of those 23 requests, about half were for 30-day deferrals, 14% were for 60-day deferrals, and the balance were for 90-day deferrals, he noted.

Hsieh pointed out that 62% of Spirit’s properties remain open, while 10% are partially open and 28% are closed. Spirit’s most resilient tenants, he said, include grocery stores, drug stores, professional service providers, warehouse space, pet supply stores, and home improvement stores. The most challenged include gyms, entertainment, and casual dining tenants.

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