Delayed April and May rent payments are starting to come in at one of the nation’s largest owners of open-air and mixed-use centers.
Retail Properties of America, Inc. reported that it had collected 63.7% of its rents as of June 30. Only 52.4% had been collected by the end of May. In addition, more than 67% of April rent payments were received by the company, which owns and operates more than 20 million sq. ft. of space at 102 centers.
"With 90% of our portfolio square footage open as of July 2, up from 79% as of May 29, we have sustained the positive business momentum we outlined during our business update in early June," said RPAI’s CEO Steven Grimes.
The rental revenue increase helped RPAI repay substantial amounts on its $850 million unsecured revolving line of credit, which was nearly fully drawn at the end of March.