Land Securities Group PLC September rent collection (5703B)
09 Octubre 2020 - 02:00AM
UK Regulatory
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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