The
That included 86 new deals with an average rent of
"We are seeing a stronger leasing environment," said Gitlin, in his first earnings call since he took the company's helm after
"Well-capitalized, forward-thinking companies are seizing on the opportunity to lease well-located space."
While food and hospitality businesses experienced the brunt of closures and are currently operating solely through curbside pickup and takeout in many hot spots, Gitlin said sit-down restaurants and personal service providers leased new space or renewed contracts during the quarter.
Furniture, housewares and essential retailers also turned to leasing, he said.
These clients helped
Gitlin believes the REIT remained resilient during in the crisis because many of its tenants were deemed essential.
"We can't predict the length or the extent of the mandated closures, but more than 90 per cent of
"These asset classes are more insulated from the impacts of pandemic-related lockdowns."
He classified more than 80 per cent of
About nine per cent of the trust's tenants were closed at the end of the quarter and nearly 20 per cent of tenants were shut as of
That rate was a slight dip from the fourth quarter of 2020, when it collected 95.1 per cent of billed gross rent, but up from the second quarter of 2020, when 89.6 per cent was collected.
Based on patterns he's seen in the
"It really does depend on the vaccination roll out," Gitlin said.
"My sense is that by the summer and then certainty by the early fall, you are going to see consumer activity return to a very active pace, in fact, higher than pre-pandemic phases, which will put our tenants in good stead."
Funds from operations, a key metric in real estate, reached
Its FFO per unit amounted to
This report by
Companies in this story: (TSX:REI. UN)
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