Land Securities Group PLC Update on June rent collection (9182R)
03 Julio 2020 - 01:00AM
UK Regulatory
TIDMLAND
RNS Number : 9182R
Land Securities Group PLC
03 July 2020
In response to the continued impact of Covid-19 on Landsec's
operations, the Company has issued the following update on June
rent collection and other relevant information.
In line with government guidance, our shopping centres, outlets
and retail parks are open, with encouraging levels of footfall. Our
high-quality office estate is open and we are seeing early signs of
growing occupancy as customers return to work. Construction
continues at our committed development scheme at 21 Moorfields,
EC2, and we are progressing the build-to-grade works at our other
sites.
Operational update
All of our office properties have remained open, and we continue
to work with our customers as they plan their return to our
buildings.
Following the easing of restrictions on non-essential retail in
England, Scotland and Wales, all our shopping centres, outlets and
retail parks are open. As at 30 June, 79% of the retail units were
trading and 16 of our 18 leisure parks were open. Our Accor managed
hotels remain closed to the general public. Accor will phase the
opening of the hotels over the next three months.
In England, for the two-week period since non-essential retail
opened on 15 June, footfall in our centres was 60% of the level
achieved in the equivalent period last year and like-for-like store
sales were 80% of the level achieved last year. Over the same
two-week period, average transaction values were up 22% compared
with last year.
Cash collection and customer support
GBP122m of rent was due on the 24 June rent payment date. Taking
concessions and deferrals into account, the net rent due was
GBP109m. 60% of the net rent due on 24 June was paid within five
working days compared with 94% 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 Day 5 equivalent
on 24 June Day 5 amount Day 5 amount amount received
2020 received received June 2019
GBPm GBPm % %
----------- ------------ ------------ -------------- ----------------
Office 68 55 81 95
Retail 31 9 29 92
Specialist 10 1 10 89
----------- ------------ ------------ -------------- ----------------
Total 109 65 60 94
----------- ------------ ------------ -------------- ----------------
Of the amount outstanding, GBP3m relates to customers who have
withheld payment pending documentation of agreed concessions.
Covid-19 has resulted in some customers taking longer to pay
their rent and we continue to have supportive and constructive
dialogue with our customers. 75% of rent due on 25 March has now
been received (up from the 65% collected after five working days).
There was an increase across all segments, particularly in Office,
now at 98%. Overall, GBP30m of rent due on 25 March remains
outstanding of which GBP5m relates to concessions and deferred
payments which have subsequently been agreed with customers.
Although some restrictions on our customers are beginning to be
lifted, our focus on supporting them through the pandemic is
unchanged, particularly for those most in need. In March, we
established a fund to provide up to GBP80m of rent relief and, to
date, GBP9m of concessions has been allocated to customers, broadly
in line with our expectations at this point. We continue to have
supportive and constructive dialogue with our customers and expect
to make further allocations of the fund, particularly as the
commercial rent moratorium comes to an end. In addition, GBP4m of
deferred payments have been agreed with retail and leisure
customers.
Balance sheet and dividend
Landsec remains in a financially robust position. At 30 June
2020, our adjusted net debt was GBP3.92bn compared with GBP3.93bn
at 31 March 2020, pro-forma group LTV was 30.6% using March 2020
valuations (31 March 2020: 30.7%), and we had GBP1.20bn of cash and
available facilities.
The Board has reviewed the position on future dividend payments
and intends to reinstate payments following the half-yearly results
announcement on 10 November 2020. The size and timing of our
interim dividend will be confirmed with the publication of the
half-yearly results.
Ends
About Landsec
At Landsec, we believe great places are for people to experience
and are made with the experience of great people.
We are one of the largest real estate companies in Europe with a
GBP12.8bn portfolio which spans 24 million sq ft (as at 31 March
2020) of well-connected, experience-led retail, leisure, workspace
and residential hubs, with a growing focus on London. From the
iconic Piccadilly Lights in the West End and the regeneration of
London's Victoria, to the creation of retail destinations at
Westgate Oxford and Trinity Leeds, we own and manage some of the
most successful and memorable real estate in the UK.
We aim to lead our industry in critical long-term issues - from
diversity and community employment, to carbon reduction and climate
resilience. We deliver value for our shareholders, great
experiences for our customers and positive change for our
communities. At Landsec, everything is experience.
Find out more at landsec.com
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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