Land Securities : December quarter rent collection
January 12, 2021 at 03:10 am EST
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In response to the continued impact of Covid-19 on Landsec's operations, the Company has issued the following information on December rent collection.
Cash collection and customer support
We continue to take a proactive approach to addressing the challenges the pandemic presents to our people, our customers and our business. In early April 2020, we established a customer support fund of £80m for occupiers who most need our help to survive. To date, £24m of rent concessions have been allocated to customers.
£112m of rent was due on the 25 December payment date. The table below shows the amount and percentage of this rent collected within five working days after adjusting for the impact of customers having entered CVAs and administrations, concessions agreed out of the fund and agreed monthly and deferred payment terms. 65% of this net rent was paid within five working days, compared with 94% for the equivalent period last year.
Of the £35m of rent outstanding, £14m relates to customers who have withheld payment pending documentation of agreed concessions.
The table below provides a similar analysis for the rents which were due between 25 March and 24 December 2020. 80% of the net amounts due for this period have been received.
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Land Securities Group plc published this content on 12 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2021 08:09:03 UTC
Land Securities Group PLC is a United Kingdom-based real estate company, which is engaged in building and investing in buildings, spaces, and partnerships to create sustainable places, and connect communities. The Company operates through four segments: Central London, Major retail, Mixed-use urban and Subscale sectors. The Central London segment includes all assets geographically located within central London. Major retail destinations include all regional shopping centers and shops outside London and its outlets. The Mixed-use urban segment is engaged in capital investment. The Subscale sectors segment consists of leisure and hotel assets and retail parks. The Company has approximately 23.8 million square feet of retail, leisure, workspace, and residential hubs. Its properties include Goodmayes Retail Park, Chadwell Heath; White Rose Centre, Leeds; Hill House, London, Parrswood Leisure Park, Manchester; Novotel Sheffield Centre, Sheffield; Fountain Park, Edinburgh, and others.