Equity Commonwealth announced that for the month of April, 98% of contractual rents were paid, 3% of which is from the application of security deposits and letters of credit. Less than 1% of their revenue is from retail tenants and the firm has no co-working exposure.
- Dry power: The office REIT’s cash and cash equivalents balance was $3.3 billion, while total debt outstanding was a meager $25.5 million. CEO David Helfand noted that it will take some time to find the right opportunities, and we’re still very early. Shares of the REIT are up 5.35% year to date.
- Heard on the Street: Board Chairman Sam Zell told Bloomberg: “Too many people are anticipating a kind of V-like recovery. We’re all going to be permanently scarred by having lived through this. How soon will anybody get on an airplane? How soon will anybody stay in a hotel? How soon will anybody go to a mall? The fact that these places may be open doesn’t necessarily mean that they’ll be doing business.”