Benzinga | Dec 3, 2020 04:10PM EST

Realty Income Provides Update On Its Rent Collection For The Month And Quarter

SAN DIEGO, Dec. 3, 2020 /PRNewswire/ -- Realty Income Corporation ((Realty Income, NYSE:O), The Monthly Dividend Company(r), today provided a business update regarding its contractual rent collection.

Percentages of Contractual Rent Collected as of November 30, 2020

Quarter Month Month Ended Ended Ended September October November 30, 31, 30, 2020 2020 2020



Contractual rent collected(1) across 93.2% 93.3% 93.6% total portfolio

Contractual rent collected(1) from 91.2% 89.8% 90.2% top 20 tenants(2)

Contractual rent collected(1) from 100.0% 99.9% 99.9% investment grade tenants(3)

(1) Collection rates are calculated as the aggregate cash rent collected forthe applicable period from the beginning of that applicable period throughNovember 30, 2020, divided by the contractual cash rent charged for theapplicable period. Cash rent collected is defined as amounts received includingamounts in transit, where the tenant has confirmed payment is in process. Rentcollection percentages are calculated based on contractual base rents(excluding percentage rents and tenant reimbursements). Charged amounts havenot been adjusted for any COVID-19 related rent relief granted and includecontractual base rents from any tenants in bankruptcy. Due to differences inapplicable foreign currency conversion rates and rent conventions, thepercentages above may differ from percentages calculated utilizing our totalportfolio annualized contractual revenue.

(2) We define top 20 tenants as our 20 largest tenants based on percentage oftotal portfolio annualized contractual rental revenue as of the most recentreported period.

(3) We define investment grade tenants as tenants with a credit rating, andtenants that are subsidiaries or affiliates of companies with a credit rating,of Baa3/BBB- or higher from one of the three major rating agencies (Moody's/S&P/Fitch).

We have executed deferral agreements or maintain ongoing deferral discussions with tenants that account for a majority of the unpaid contractual rent for each of the periods referenced in the table above. Additional detail on rent collections can be found in our supplemental materials available on our corporate website at www.realtyincome.com/investors/investor-presentation.