Federal Realty on Thursday reported fourth-quarter earnings and maintained its dividend as rent collections continued improving. The shopping center REIT collected 89% of the rent it billed during the fourth quarter, up from 85% in the third quarter and 72% in the second quarter. However, management expects 2021 to be another tough year. About 85% of Federal's property operating income comes from markets with some of the most restrictive government-imposed COVID laws in the country, including California, New York, and New Jersey. This has continued to hurt non-essential retailers. As you can see, rent collection rates remain especially weak across restaurants (15% of Federal's rent), health and beauty firms (5%), gyms (4%), and experiential retailers (2%).