Landsec has collected 60% of the £109m it was expecting in rent payments for the June quarter.
It had received only £9m (29%) out of an anticipated £31m due from its retail tenants by day five after 24 June, compared to 92% last year. Specialist tenants have only paid £1m (10%) of the £10m in rent due.
Landsec’s office tenants have paid £55m (81%) of the £68m in rent due, compared to 95% in 2019, the REIT reported in an update.
The REIT was due to collect £122m in rent for the June quarter, but after already agreed concessions and deferrals this reduced to £109m.
Of the rent still to be paid for the June quarter, £3m was from tenants who had withheld payment as they were awaiting documentation of agreed concessions, the firm reported.
Landsec added that it had still only received 75% of the rent that it had been due on 25 March. It said that £30m of rent due for this quarter was still outstanding, but £5m of this was subsequently agreed concessions and deferrals.
By the end of June, 79% of retails units across 16 out of Landsec’s 18 leisure parks were trading again. Footfall at these parks was 60%, compared to last year and like-for-like store sales were 80% of the 2019 level.
Landsec added that it had allocated £9m from the £80m rent relief fund it set up in March.
The firm reported that at the end of June its adjusted net debt was £3.92bn, compared to £3.93bn at the end of March. LTV stood at 30.6% based on March valuations and it had £1.2bn of cash and facilities available.
Landsec also said it intended to reinstate dividend payments after its half-year results on 10 November, but did not confirm the size or timing of the interim dividend to be paid.
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