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Spirit Realty Capital Fields 125+ Requests for Rent Deferrals

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.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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