Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 15 May 2020

Essential Properties Provided Rent Deferrals to Tenants Accounting for 33 Percent of April Rents

Essential Properties Realty Trust, a Princeton, N.J., REIT that owns 1,050 retail properties that are net leased to their tenants, said its rent collections last month amounted to 61 percent of what it was owed. It arranged rental deferrals with tenants representing 33 percent of its April rent.

Commercial Real Estate Direct Staff Report

Essential Properties Realty Trust, a Princeton, N.J., REIT that owns 1,050 retail properties that are net leased to their tenants, said its rent collections last month amounted to 61 percent of what it was owed.

It arranged rental deferrals with tenants representing 33 percent of its April rent. And the remainder of its tenants' rent issues remain unresolved. A total of 88 of its tenants received an average of 3.1 months of rent deferral, but they must pay any deferred amounts back in an average of 12.7 months. In total, it deferred $16 million of rental obligations, or nearly 11 percent of its annualized rental income.

The four-year-old company, which went public two years ago, "took a very accommodative approach" with its tenants, explained Pete Mavoides, the company's president and chief executive, who spoke on a conference call with analysts early this week. "We wanted to give our tenants time to come out and get open, recognizing that June rent is really earned in May," he said.

The unresolved rents involve 26 properties, with nearly...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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