TIDMLAND

RNS Number : 5703B

Land Securities Group PLC

09 October 2020

9 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

GBP120m of rent was due on the 29 September payment date. Taking concessions, deferrals and CVAs into account, the net rent due was GBP110m. 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.

 
                                                             Day 5 equivalent 
                 Net rent due                                 amount received 
              on 29 September  Day 5 amount    Day 5 amount         September 
                         2020      received        received              2019 
                         GBPm          GBPm               %                 % 
-----------  ----------------  ------------  --------------  ---------------- 
Office                     68            56              82                98 
Retail                     30            10              33                89 
Specialist                 12             2              17                90 
-----------  ----------------  ------------  --------------  ---------------- 
Total                     110            68              62                95 
-----------  ----------------  ------------  --------------  ---------------- 
 

Of the amount outstanding, GBP9m 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 GBP80m of rent relief and, to date, GBP14m 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                    Press 
 Ed Thacker                   Jonathan Sibun (Tulchan Group) 
 +44 (0)20 7024 5185          +44 (0)7779 999 683 
 Edward.Thacker@landsec.com   JSibun@tulchangroup.com 
 

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END

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October 09, 2020 03:00 ET (07:00 GMT)

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