Credit can be given to management teams who navigated their way through a difficult time by focusing on supporting tenants and bolstering the balance sheet. Further credit can be given to debtholders who remained pragmatic and supported landlords through the crisis. The sector is now out of its deepest troughs as collections have recovered to more than 100% in some instances and fears of covenant breaches have since eased.
This combination of factors, we believe, will result in stable, defensive income streams in the future. Companies have also opted to employ pay-out ratios between 75% – 95%, income of which is not lost, but will aid in further strengthening the balance sheet and maintenance of current portfolios.
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