National Retail Properties exec: Rent collections see uptick but ‘uncertainty’ lingers

ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

Orlando's lone real estate investment trust saw a bit of good news last month: Rent collections were up.

That's a sign of optimism for the retail industry that's struggled across the U.S. due to the pandemic.

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National Retail Properties Inc. (NYSE: NNN) — which owns 32.5 million square feet of retail space in the U.S. — said Aug. 3 that 84% of rent originally due in July 2020 was paid, according to an Aug. 3 filing with the U.S. Securities and Exchange Commission. That's up from May when the company said roughly half of its tenants weren't paying rent.

Retailers have been among the worst impacted businesses since the start of the Covid-19 pandemic as government restrictions and consumer fears translated to weak sales to brick-and-mortar stores. That pain has been felt throughout the retail industry, including REITs.