Regency Centers Collects 58 Percent of May Rent Checks, Down from 68 Percent in April
JACKSONVILLE, FLA. — Regency Centers Corp. reported that it collected 58 percent of base rent from its tenants in May. The Jacksonville-based company released the data during its June 2020 presentation, which also reported that Regency collected 68 percent of base rent in April.
The presentation broke its tenants down by category. Of the essential retailers, which includes grocers, drugstores, mass merchandisers, banks, pet stores, office supplies and medical tenants, 92 percent were able to pay May rent. Essential, quick-service restaurants paid rent at a 48 percent clip, while 31 percent of essential, full-service restaurants paid May rent. Additionally, other tenants in Regency’s portfolio, including soft goods, personal service providers and fitness centers, paid at a 28 percent rate.
In April, every rent rate by category was higher than May. Regency said that as of May 31, approximately 75 percent of its tenants were open for business across the 408-property portfolio.