SAN DIEGO, June 2, 2020 /PRNewswire/ -- Realty Income
Corporation (Realty Income, NYSE: O), The Monthly Dividend
Company®, today provided an update on contractual rent
collections for the month of May
2020.
Through June 1, 2020:
- We have collected 82.0% of contractual rent(1) due
for the month of May 2020 across our
total portfolio;
- We have collected 82.1% of contractual rent(1) due
for the month of May 2020 from our
top 20 tenants(2); and
- We have collected 98.2% of contractual rent(1) due
for the month of May 2020 from our
investment grade tenants(3)
Additionally, in the company's first quarter 2020 earnings press
release, we provided an update on contractual rent collections for
the month of April 2020 through
May 1, 2020, which included 82.9% of
contractual rent(1) collected as of that date across our
total portfolio. Subsequent to May 1,
2020, we have collected additional amounts attributable to
April 2020 rent, which now totals the
collection of 84.2% of contractual rent(1) due for the
month of April 2020 across our total
portfolio.
(1)
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Contractual rent is
the aggregate cash amount charged to tenants inclusive of monthly
base rent receivables. U.K. rent (which is payable in pounds
Sterling) was converted at the exchange rate in effect on May 1,
2020 for rents collected for the month of April 2020 and on June 1,
2020 for rents collected for the month of May 2020.
|
(2)
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We define top 20
tenants as our 20 largest tenants based on percentage of total
portfolio annualized rental revenue.
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(3)
|
We define investment
grade tenants as tenants with a credit rating, and tenants that are
subsidiaries or affiliates of companies with a credit rating, of
Baa3/BBB- or higher from one of the three major rating agencies
(Moody's/S&P/Fitch).
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We continue to be in rent deferral discussions with tenants that
account for a majority of the unpaid contractual rent for the
months of April and May 2020, as well
as certain tenants that did pay contractual rent in both of these
months. Additional detail on May rent collections, including
information regarding industry-specific collection, can be found in
Realty Income's institutional investor presentation available at
www.realtyincome.com/investors/investor-presentation.
About Realty Income
Realty Income, The Monthly Dividend Company®, is an
S&P 500 company dedicated to providing stockholders with
dependable monthly income. The company is structured as a REIT, and
its monthly dividends are supported by the cash flow from over
6,500 real estate properties owned under long-term lease agreements
with commercial tenants. To date, the company has declared 599
consecutive common stock monthly dividends throughout its 51-year
operating history and increased the dividend 106 times since Realty
Income's public listing in 1994 (NYSE: O). The company is a member
of the S&P 500 Dividend Aristocrats® index.
Additional information about the company can be obtained from the
corporate website at www.realtyincome.com.
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SOURCE Realty Income Corporation