Land Securities rent collections fall in September

9th Oct 2020 08:20

(Sharecast News) - Commercial property developer and investor Land Securities said on Friday that 62% of net rent due by 29 September had been paid within five working days.
That figure was a marked decline when compared to the 95% received by the group at the same time a year earlier, with the biggest percentage drops coming from its retail and specialist tenants.

Land Securities noted that of the £120.0m of rent was due on 29 September, concessions, deferrals and CVAs took the net rent due figure down to £110.0m.

The FTSE 100-listed firm highlighted that it was continuing to have "supportive and constructive dialogue" with customers after establishing a fund to provide up to £80.0m of rent relief and allocating £14.0m of concessions to clients.

"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," said Land Sec.

As of 0835 BST, Land Securities shares were up 3.19% at 569.20p.