Regional REIT has credited an active asset management strategy with helping it achieve rent collection during the coronavirus crisis that surpasses the levels of a year ago.
The investor said in a stock exchange update that as of 1 May it has collected 92.8% of rent due, “despite the unprecedented current market conditions”. That figure compares to 91.6% at the same point last year.
“We are encouraged that having positioned the company well through active asset and micro property management and given our established close relationships with tenants we are making real progress despite the current market environment,” said Stephen Inglis, chief executive of London & Scottish Property Investment Management, Regional REIT’s asset manager.
Separately, industrials investor Stenprop says it is making good progress with rent collection from tenants.
In a stock exchange update, the company said that it has now received 81% of the rent invoiced either quarterly at the end of March of for the month of April. That figure stood at 73% in the company’s last market update earlier in April.
“We are very pleased with the progress we have made on rent collections,” said chief executive Paul Arenson. “Our ability to be in direct communication with our customers has assisted significantly in this process and we expect to make further progress on these collection rates over time.”
Stenprop said the first quarter of the year saw it sign new leasings and renewals which will generate £1.03m in annual rent. It also completed the acquisitions of multi-let industrial estates in Brighouse and Warrington, for a total of £9.7m, and bought a business park in Cardiff.
To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette
