September rent collection
Source: RNS9 October 2020
September rent collection
In response to the continued impact of Covid-19 on Landsec's operations, the Company has issued the following information on September rent collection. Footfall and sales performance for the six months to 30 September will be provided in our half-yearly results announcement which will be published on 10 November.
Cash collection and customer support
£120m of rent was due on the 29 September payment date. Taking concessions, deferrals and CVAs into account, the net rent due was £110m. 62% of this net rent was paid within five working days, compared with 95% for the equivalent period last year. The table below shows the amount and percentage collected within five days of the due date with a comparison to last year.
|
Net rent due on 29 September 2020 |
Day 5 amount received |
|
Day 5 equivalent amount received September 2019 |
|
£m |
£m |
% |
% |
Office |
68 |
56 |
82 |
98 |
Retail |
30 |
10 |
33 |
89 |
Specialist |
12 |
2 |
17 |
90 |
Total |
110 |
68 |
62 |
95 |
Of the amount outstanding, £9m relates to customers who have withheld payment pending documentation of agreed concessions.
We continue to have supportive and constructive dialogue with our customers. In March, we established a fund to provide up to £80m of rent relief and, to date, £14m of concessions have been allocated to customers. Taking these concessions plus deferred payments into account, and additional rent collection, 84% of rent due on 25 March (up from 75% at 2 July) and 81% of rent due on 24 June (up from 60% after day 5) has now been received.
Ends
Please contact: |
|
Investors Ed Thacker +44 (0)20 7024 5185
|
Press Jonathan Sibun (Tulchan Group) +44 (0)7779 999 683 |
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