Shopping Center REITs closed 2020 on a high note. According to recent filings analyzed by S&P Global Market Intelligence, all 10 shopping center REITs that have filed reports in the last two weeks had increased rent collections from 89% to 95%, showing improvement in the retail market.

Kite Realty Group Trust and Outlet Center REIT Tanger Factory Outlet Centers led the market with each REIT collecting 95% of its base rent in the fourth quarter, followed by Retail Properties of America and SITE Centers, which had 94.1% and 94% rent collections respectively. Macerich was in the middle of the pack with 92% rent collections, while Simon Property Group and Federal Realty Investment Trust had the least with 90% and 89% in total collections.

Retail REIT rent collections have been volatile since the beginning of last year. After the initial impact from the pandemic, rent collections picked up through the summer months and improving through October, when collections finally surpassed 90%, according to research from BTIG. However, in November—as COVID-19 cases surged and some regions went back into lock down—rents faltered. According to research from Datex Property Solutions' tenant track report, rent collections fell .41% from October to November.