Exchange Right, a Pasadena-based real estate investment firm, announced that it will collect 100% of unpaid rent from net lease tenants in 2020, despite the difficult economic environment caused by the COVID-19 pandemic.
ExchangeRight states that it has collected approximately $ 129 million in rent from over $ 3 billion in net leased assets in 39 states. Written statement..
According to the statement, “Despite the historic pandemic and the recession it caused, Exchange Right guarantees that rent payments will be timely and fully recovered to protect investors’ income. I did. ” “The company attributed this success to a rigorous acquisition process focused on long-term net leasing to credible tenants and active coordination with these tenants by the asset management team. “
“Given the strong headwinds from last year, the numbers have been amazing for ExchangeRight on behalf of investors,” said Joshua Underecht, managing partner of ExchangeRight.
“This is a testament to the focus of the acquisition, the strength of the relationship between the tenant and the asset management team, and the financial resilience of the tenant,” said Underecht. “We continue to be 100% leased and collected on over 725 net leased properties, with more than 93% of our tenants seeing it as an important business that remains active throughout the pandemic.”
ExchangeRight rates were above the national average, which fell to 62% in the first quarter of 2020, but recovered to about 90% by the end of the year. Real deal reported last month.
However, the data used in the analysis included only companies with a total monthly rent of $ 250,000 or more, or companies leasing 10 or more locations.
SMEs are recovering much slower, according to recent reports Report from the restaurant business.. And the recovery is not evenly distributed across sectors. The hardest hits were restaurants and movie theaters, which are still struggling.
For more information on ExchangeRight, please visit the company’s website. exchangeright.com..
Pasadena-based real estate investment firm reports 100% rent collection in 2020 – Pasadena Now
Source link Pasadena-based real estate investment firm reports 100% rent collection in 2020 – Pasadena Now