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6,000-Plus REIT-Owned Commercial Properties in Hurricane Florence’s Path

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U.S. equity real estate investment trusts owned 6,005 properties, excluding single-family housing, land and timber assets, in the path of Hurricane Florence. That is according to recent information from S&P Global Market Intelligence.

According to the National Hurricane Center’s recent press release, the Category 3 hurricane is forecast to hit the coast of the Carolinas today and into Friday morning and continue to move slowly near the coastline through Saturday.

Single-tenant retail REITs own the most properties in the storm’s projected path, with Realty Income Corp. owning 740 properties in the area—the most of any REIT. As of June 30, 5.1% of Realty Income’s rental revenue came from its properties in the Carolinas, the S&P report said.

VEREIT Inc. and National Retail Properties Inc. also own a significant amount of properties exposed to the storm, at 545 and 479, respectively. VEREIT’s properties in the Carolinas represent 5.6% of the company’s rental revenue, while National Retail Properties generates 4.8% of its annualized base rent through its North Carolina properties.

Single-family housing REITs own more than 15,000 homes in the Carolinas, the report adds.

American Homes 4 Rent owns the most single-family housing units across the two states, with 9,767 properties, representing 19.6% of the company’s total property count. Invitation Homes Inc. owns just under 5,000 homes in the Carolinas, or 6.1% of the company’s housing portfolio, while Front Yard Residential Corp. owns 939 rental properties, or 7.9% of its portfolio.