BMO has collected 84% of rent for the latest quarter, as it praised the performance of its industrial portfolio.
The REIT, which has about £153m invested in industrial property in the south east of England, £95m in offices, £54m in retail warehouses and £23.5m in standard retail, said that it had benefitted from its five-year programme to shed its high street retail properties.
“The absence of any exposure to the shopping centre, hospitality and leisure sectors remains an important factor in the comparatively high level of rent collection,” BMO added.
It said the outstanding rent was largely because the REIT had allowed a number of its retail tenants to pay monthly, despite being billed quarterly.
Net asset value per share stood at 102.p, while the share price at 30 June was 71p, representing a discount to NAV of 24.3%.
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