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Palace Capital collects 82% of fourth-quarter rent
StockMarketWire.com
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Property investor Palace Capital said it had collected 94% of annual rents, including 92% in the third quarter.
Rent collection for the March quarter, the final quarter of the company's financial year, were 82%, including rents collected or expected to be received under monthly payment plans.
For the fourth quarter, 69% of rent were cash collected, 3% were lease amendments and deferrals and 10% were on payment plans or monthly not yet due.
'We expect to have collected in excess of 90% by the beginning of the June 2021 quarter, as we have in previous quarters,' Palace Capital said.
The company noted that 'consistently high levels of rent collection' had enabled it to pay successive quarterly dividends of 2.5p since July 2020.
Cash reserves at 31 March were £9.4 million with a further £5.0 million available from a revolving credit facility, providing 'good' liquidity.
Net debt as at 31 March was £117.9 million.
At 8:45am: (LON:PCA) Palace Capital PLC share price was 0p at 205p
Story provided by StockMarketWire.com
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