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Simon Property Group, Inc. (SPG) - free report >>
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Simon Property Group, Inc. (SPG) - free report >>
Kimco Realty Corporation (KIM) - free report >>
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Agree Realty (ADC) Provides Insight Into Rent Collections
Agree Realty Corporation (ADC - Free Report) provided an update on its initial rent collections for the current month as well as April and May rental receipts.
As of Jun 22, 2020, the company collected rental receipts from 88% of its portfolio for June. Notably, it entered deferral agreements with tenants, comprising 5% of June rents.
Rent collections for April and May amounted to 91% and 88% of the total portfolio, respectively.
Retail REITs, including Agree Realty, Simon Property Group (SPG - Free Report) , Macerich (MAC - Free Report) and Kimco Realty (KIM - Free Report) , have already been battling store closures and bankruptcy issues. The coronavirus pandemic has further aggravated these woes as the real estate landlords now have to cope with uncertain rent collections and dwindling footfall among other problems.
In fact, the coronavirus pandemic has forced most retailers to close stores in order to contain the spread of the virus. Some retailers have also reduced store hours, while many others are keeping their e-retail operations running as consumers are now avoiding social gatherings and increasingly opting for online purchases.
The situation is curtailing demand for the retail space. Moreover, rent collections have become pressing concerns for retail landlords amid the macroeconomic uncertainties and financial stress on retailers.
Shares of this Zacks Rank #3 (Hold) company have appreciated 2.8% so far this year against the 22.9% decline recorded by the industry.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>