Real estate investment trusts appear to have relatively limited exposure to drug retailer Rite Aid Corp., which filed for Chapter 11 bankruptcy Oct. 15.

Along with the bankruptcy filing, Rite Aid's announced restructuring plan included evaluating its store portfolio and closing underperforming stores to reduce the company's rent expense and strengthen its overall financial performance.

Retail Opportunity Investments Corp. was the sole REIT that reported Rite Aid as one of its top tenants in its second-quarter filings. The shopping center REIT listed Rite Aid as its third-largest tenant, with 280,038 square feet of leases as of June 30, about 2.7% of its total gross leasable area. Base rent from Rite Aid leases totaled nearly $4 million annually, or 1.7% of its total portfolio annual base rent.

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S&P Global Market Intelligence identified 80 REIT-owned properties where Rite Aid was reported as a tenant on the individual property level in public filings. However, REITs may have more exposure to Rite Aid than what the data shows in public filings.

Shopping center REIT Regency Centers Corp. accounted for 18 Rite Aid-leased properties on the list, followed by Kimco Realty Corp. with 17 and Retail Opportunity Investments with 16.

Other shopping center REITs on the list included Brixmor Property Group Inc. with eight identified properties, and Slate Grocery REIT with four.

Agree Realty Corp. was the only REIT focused on single-tenant retail properties on the list, with four Rite Aid properties identified.

Store counts for both Walgreens Boots Alliance Inc. and CVS Health Corp., two other major drug retailers, have also fallen in recent years, according to Market Intelligence data.

Walgreens Boots Alliance reported a portfolio of 12,680 stores as of Aug. 31, down 11.6% from the 14,336 reported in 2018. While CVS Health reported 9,674 stores as of Dec. 31, 2022, down from 9,921 at the end of 2018.

On Oct. 16, the first trading day following Rite Aid's bankruptcy announcement, Walgreens Boots Alliance's share price fell 2.0%, while CVS Health's was down 0.1%.

Twelve REITs reported Walgreens Boots Alliance or its subsidiary as one of their top tenants. A couple of notable mentions included Alpine Income Property Trust Inc., with leases aggregating to 12% of its total annual base rent, as well as NETSTREIT Corp. at 8.1% of annual base rent.

Similarly, 11 REITs reported CVS Pharmacy Inc. as a top tenant. NETSTREIT was again near the top of the list here, with leases accounting for 8.8% of its total base rent. Agree Realty Corp. followed at 3.1%.