RE:RE:RE:News
Slate Retail offers reassurances amid COVID-19
2020-04-15 18:33 ET - News Release
Mr. David Dunn reports
SLATE RETAIL REIT PROVIDES COVID-19 UPDATE
Slate Retail REIT has provided an update regarding the impact of COVID-19 on its business.
"We remain focused on the well-being of our team, tenants and partners as we continue to work together to navigate these unprecedented times," said David Dunn, chief executive officer of Slate Retail REIT. "The majority of the REIT's tenants are providers of grocery and essential goods and services who continue to operate during the COVID-19 crisis. Based on industry feedback, we estimate that a number of strip centre landlords are experiencing April rent collections of 40 to 50 per cent. In contrast, we expect to substantially collect April rents, underscoring the defensive nature of our portfolio."
COVID-19 update:
- As of April 14, the REIT has collected 80 per cent of April rents in cash and expects more cash collections by month-end.
- The REIT expects to substantially collect the remaining 20 per cent of April rents through immediate cash collection or deferral programs.
- All of the REIT's grocery-anchored centres remain open, with over 70 per cent of tenants currently operating.
- Over 60 per cent of the REIT's portfolio comprises essential tenants including grocers, pharmacies, medical, government, financial institutions, liquor stores and veterinary services.
- The REIT has no debt maturities until 2023.
About Slate Retail REIT
Slate Retail REIT is a real estate investment trust focused on U.S. grocery-anchored real estate. The REIT owns and operates approximately $1.3-billion (U.S.) of assets located across the top 50 U.S. metro markets that are visited regularly by consumers for their everyday needs. The REIT's diversified portfolio and quality tenant covenants provide a strong basis to continue to grow unitholder distributions and the flexibility to capitalize on opportunities that drive value appreciation