April 15, 2020
Spirit Realty Capital’s Jackson Hsieh said his company has received 126 tenant requests for rent deferrals across its portfolio, and has granted 23 to date. On a first-quarter earnings call, the Dallas-based net lease REIT’s CEO said the requests are being evaluated on a case-by-case basis, and pointed out that 83% of the company’s Top 20 contractual tenant rents had been paid for April.
“In a COVID-19 world, some industries are doing well and some are being hit really hard,” Hsieh said.
He noted that in Spirit’s portfolio, grocery, drugstores, convenience stores, professional services, warehouse stores, logistics and distribution, office supply, pet supplies, dollar stores and home improvement tenants were faring well, while the “most challenged” industries included movie theaters, gyms, entertainment and casual dining.
Looking ahead, Hsieh said, “We’re all watching what the health professionals are telling us, and watching the curves and seeing the impacts of social distancing.”
Pictured: Spirit Realty Capital headquarters at 2727 N. Harwood, Dallas.
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