Landsec and Derwent both edged up on the stock exchange today after disclosing their latest rent collection rates.
Landsec, which inched up by nearly 1% to 716.8p, said this morning that it collected just two-thirds of the amount owed in March. Office tenants, which made up the bulk of the rent due, paid 87% of rent during the period, while non-office central London tenants paid 29%.
Derwent finished the session up by 1.8% at 3,385p. The landlord received 87% of overall rent for the March quarter, collecting 91% of payments owed from office tenants and 24% from retail and hospitality occupiers.
Elsewhere, Countryside’s share price stayed mostly static at 516.5p. The housebuilder, which has been under pressure from activist investors in recent months, today named former Ferguson boss John Martin as its new non-executive chair.
The biggest REIT faller on the LSE today was Schroder European REIT, which fell by 2.7% to 98p. The REIT said it will likely breach its 60% LTV covenant on its shopping centre in Seville, in which it holds a 50% stake. The value of its overall property portfolio fell by 0.6% to €274m at the end of March.
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