AEW re-tenants 10% of Home REIT portfolio as rent collection falls to 3%

More tenant liquidation expected

Home REIT’s new investment manager AEW has completed lease surrenders and re-tenanting on 10% of the trust’s property portfolio, as rent collection fell to 3% in September.

In its second monthly update today (2 October), the trust said rent collection fell to 3% during the month, down from 7% in the three months to August, as some tenants' financial strength continued to deteriorate.  "AEW continues to assess strategies for non-performing tenants and continued non-payment of rent by some tenants and will consider all actions available to the company to improve rent collection in future periods," the board said.  The trust no longer has any exposure to Redemption Project CIC, one of its non-performing tenants that had not paid any rent for 2023, after it ...