Assembly Row. Photo courtesy of Federal Realty

Tenants submitted just over half of May rent payments to retail landlord Federal Realty Investment Trust, but phased reopenings are continuing at its 104 shopping centers as local authorities lift restrictions on public gatherings.

Rent collections ranged from 100 percent of FRIT’s bank and financial service tenants to just 4 percent of fitness clubs, the Rockville, Maryland-based developer announced Monday.

The retail REIT said it collected 54 percent of May rents as of Monday, compared with 57 percent in April, and 54 percent of its commercial tenants are now operating. Phased reopenings of properties are continuing throughout its nationwide portfolio, including Massachusetts.

Gov. Charlie Baker this week released guidelines for phase two reopenings for Massachusetts businesses, including a transition from curbside pickup to in-store transactions.

In a business update, FRIT said it has $2 billion in liquidity in the form of cash and a $1 billion untapped revolving credit facility.

In March, the company drew down $990 million from a revolving credit facility, and in early May, it took out a $400 million loan with a one-year maturity and closed on $400 million in notes due in 2030 and $300 million due in 2024.

Federal Realty owns 11 Massachusetts shopping centers including Somerville’s Assembly Row and Wellesley’s Linden Square.