Title:

September rent collection

From:

Land Securities Group PLC ("Landsec")

Date:

9 October 2020

In response to the continued impact of Covid-19 on Landsec's operations, the Company has issued the following information on September rent collection. Footfall and sales performance for the six months to 30 September will be provided in our half-yearly results announcement which will be published on 10 November.

Cash collection and customer support

£120m of rent was due on the 29 September payment date. Taking concessions, deferrals and CVAs into account, the net rent due was £110m. 62% of this net rent was paid within five working days, compared with 95% for the equivalent period last year. The table below shows the amount and percentage collected within five days of the due date with a comparison to last year.

Day 5 equivalent

Net rent due on 29

Day 5 amount

Day 5 amount

amount received

September 2020

received

received

September 2019

£m

£m

%

%

Office

68

56

82

98

Retail

30

10

33

89

Specialist

12

2

17

90

Total

110

68

62

95

Of the amount outstanding, £9m relates to customers who have withheld payment pending documentation of agreed concessions.

We continue to have supportive and constructive dialogue with our customers. In March, we established a fund to provide up to £80m of rent relief and, to date, £14m of concessions have been allocated to customers. Taking these concessions plus deferred payments into account, and additional rent collection, 84% of rent due on 25 March (up from 75% at 2 July) and 81% of rent due on 24 June (up from 60% after day 5) has now been received.

Ends

About Landsec

At Landsec, we believe great places are for people to experience and are made with the experience of great people.

As one of the largest real estate companies in Europe, our £12.8 billion portfolio spans 24 million sq ft (as at 31 March 2020) of well-connected,experience-led retail, leisure, workspace and residential hubs, with a growing focus on London. From the iconic Piccadilly Lights in the West End and the regeneration of London's Victoria, to the creation of retail destinations at Westgate Oxford and Trinity Leeds, we own and manage some of the most successful and memorable real estate in the UK.

We aim to lead our industry in critical long-term issues - from diversity and community employment, to carbon reduction and climate resilience. We deliver value for our shareholders, great experiences for our customers and positive change for our communities. At Landsec, everything is experience.

Find out more at landsec.com

Please contact:

Investors

Press

Ed Thacker

Jonathan Sibun (Tulchan Group)

+44 (0)20 7024 5185

+44 (0)7779 999 683

Edward.Thacker@landsec.com

JSibun@tulchangroup.com

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

Land Securities Group plc published this content on 09 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 October 2020 07:09:05 UTC