SL Green Realty Corp., a fully integrated real estate investment trust and an S&P 500 company, has collected the vast majority of its property rents throughout the COVID-19 pandemic.
The company said, April collections have reached 95.1% for office, 63.3% for retail and 89.1% overall, up from 91.8%, 60.0% and 85.7%, respectively, as of April 30. ”To date, May collections are on a similar trajectory to April with collections of 91.1% for office, 54.7% for retail and 84.7% overall,”
The company expects May collections to increase further during June as some tenants are taking longer to make payments than they have historically.
“Despite the challenges created by the COVID-19 crisis, I’m very pleased with the performance of the Company throughout the last several months. Our collections have held up well as a result of our high quality, long dated and creditworthy rent roll, and we have amassed a substantial amount of cash liquidity in a short period of time, which is the reflection of the hard work of our employees and the resiliency of the Manhattan real estate marketplace. We have developed a strong re-entry plan to welcome tenants back to their offices in the coming weeks,” said Marc Holliday, Chairman and CEO of SL Green Realty Corp.
