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Land Securities reports good progress on rent collection


PLC () said it made good progress on rents this June quarter and had now collected 81% of the £103mln 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 £59mln out of £60mln 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 £18mln of rent outstanding, £6mln relates to customers who have withheld payment pending documentation of agreed concessions.”

“To date, £50m 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 PLC (), 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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