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LondonMetric Property rent collection at 98% for March quarter
StockMarketWire.com
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Property company LondonMetric Property said 98% of the March quarterly and monthly rents due had been collected, with a further 0.8% expected 'imminently.'
Rent collection was high across all sectors with distribution at 99%, long income at 98%, offices at 99% and retail parks at 95%, the company said.
Outstanding rent was just £0.2 million with 'half in active discussions and the balance subject to companies in administration; mostly relating to a property where we are obtaining vacant possession for a new letting to Lidl,' it added.
For the full year to March 2021, a total of £114.1 million rent had been demanded, of which 98.1% had been collected or was being collected, 1.1% had been subject to asset management initiatives, 0.4% was forgiven and 0.4% remains unpaid.
'There is currently £1.5 million of rent subject to deferred payments arrangements,' the company said.
For April and May, £0.8 million of rent due were under agreed monthly rental concessions, with monthly payments now accounting for 15% of the total rent roll, compared with 18% as at September 2020.
Story provided by StockMarketWire.com
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