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Tritax Big Box says 97% of Q3 rent to be collected by August
8th Jul 2020 07:35
(Sharecast News) - Real estate investment trust Tritax Big Box said on Wednesday that rent collection has been "strong" since the start of the Covid-19 pandemic and that it expects 97% of third-quarter rents will be collected by the end of August.
The FTSE 250 company said 84% of rents have been paid to date, 13% are scheduled to be collected on a monthly basis over the rest of the quarter and for the remaining 3% of rents, it is in talks with a small number of tenants over deferral of payments.
Tritax said 96% of its second quarter rent was paid within the respective quarter, in line with the expectations outlined in its April update. Of the 4% not paid within the period, it expects 1% to be paid imminently and the remaining 3% to be collected over 2020/21.
The company said it is "maintaining a strong financial position" with access to a range of "significant" financing facilities.
Chief executive officer Colin Godfrey said: "Our Big Box logistics assets, all of which have remained operational during the pandemic, have enabled our customers to continue working safely and meet significant surges in demand as more consumers than ever shop online.
"We entered this period of uncertainty in a robust position, and while our rent collection performance and financing structure is strong, we believe it remains appropriate to maintain a cautious approach. Throughout this crisis we have continued to make good strategic progress, managing our assets effectively and progressing our development pipeline in our customers' and shareholders' interests."
The FTSE 250 company said 84% of rents have been paid to date, 13% are scheduled to be collected on a monthly basis over the rest of the quarter and for the remaining 3% of rents, it is in talks with a small number of tenants over deferral of payments.
Tritax said 96% of its second quarter rent was paid within the respective quarter, in line with the expectations outlined in its April update. Of the 4% not paid within the period, it expects 1% to be paid imminently and the remaining 3% to be collected over 2020/21.
The company said it is "maintaining a strong financial position" with access to a range of "significant" financing facilities.
Chief executive officer Colin Godfrey said: "Our Big Box logistics assets, all of which have remained operational during the pandemic, have enabled our customers to continue working safely and meet significant surges in demand as more consumers than ever shop online.
"We entered this period of uncertainty in a robust position, and while our rent collection performance and financing structure is strong, we believe it remains appropriate to maintain a cautious approach. Throughout this crisis we have continued to make good strategic progress, managing our assets effectively and progressing our development pipeline in our customers' and shareholders' interests."