RDI REIT collected only 59% of rent due for the March 2020 quarter, owing to coronavirus disruption.
In the REIT’s latest financial results, the company said that it would have collected 83.1% of rent excluding its RBH managed hotels and London serviced offices.
Its net rental income for the six months ending 29 February 2020 was £35.7m, down from £44.2m in the previous comparable time period the year before.
Its EPRA NAV per share dipped to 172p, compared with 190.2p in 2019, largely due to the “reduction in the like-for-like portfolio of 4.1%”, the REIT said. Its portfolio valuation also decreased to circa £1.34bn, down from £1.44bn.
Chief executive Mike Watters said: “Over the last few weeks, we have been focused on actively engaging with our tenants and taking necessary pragmatic actions across the business to ensure that we are best equipped to withstand this challenging period.
“Our assets are focused on sectors and locations with long-term positive structural demand characteristics, further reinforced by high portfolio occupancy, a diversified tenant base and a balance sheet that provides access to significant cash reserves.”
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