Land Securities reports progress on rent collection

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Land Securities PLC (LON:LAND) said it made good progress on rents this June quarter and had now collected 81% of the GBP103mln due.


The property giant added that there had also been an improvement in the payment rate with 76% received by day five compared to 67% on the same date in the March 2021 quarter.


Offices comprised most of the rent collected at GBP59mln out of GBP60mln due (95%), while regional retail and the rest of central London were at 73% and 71% respectively.


Urban opportunities and subscale sectors were the weakest at 50% and 43%.


In a statement, LandSecs added: “Of the GBP18mln of rent outstanding, GBP6mln relates to customers who have withheld payment pending documentation of agreed concessions.”


“To date, GBP50m of rent concessions has been allocated to customers,” it added.


The FTSE 100 group also confirmed its dividend for this quarter would be 7p.


Office group Derwent London PLC (LON:DLN), meanwhile, said to date it had received 89% of its June 2021 Quarter Day office rents compared to 75% this time a year ago.


March collections are now at 94% and the December quarter 92%, it added.

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