Land Securities expects number of tenants on support measures to rise as UK economy reopens

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Land Securities PLC (LON:LAND) said it expects the number of tenants on support measures to rise as non-essential shops reopen and a rent moratorium is lifted at the end of June.


The FTSE 100 group said it has received 67% of the net GBP100mln rent roll due on 25 March, which was slightly higher than a year ago.


Land Securities set up an GBP80mln customer support fund in April 2020, of which GBP39mln is currently being utilised.


Of the GBP33m of rent outstanding, GBP10m relates to customers who have withheld payment pending documentation of agreed concessions, it added.


“Assuming all agreed concessions are completed and the GBP10m of withheld rent is received, the rent collection rate for the quarter would increase from 67% to approximately 77%,” said the statement.


For the twelve-month period from 25 March 2020 to 24 March 2021, 84% of the net amounts due for this period has been received, Land Securities added.


Office occupiers paid 87% in the latest three month period compared to 38%for regional retail, 40% in urban property and 29% in the rest of central London.

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