September quarter day rent collection update
Updated : 07:00
15 October 2021
Land Securities Group PLC ('Landsec')
September 2021 quarter day rent collection data
Rent collection rates continue to improve. As at 12 October 2021 - collection day 10 - 85% of the net rent due on 29 September had been paid, this compares with 81% for the June quarter date. The breakdown of the rent collection by segment is as follows:
29 September 2021 quarter(1)(2) - Rent collection day 10
Gross amounts due 29 September £m | Monthly payment terms agreed £m | Net amounts due 29 September £m | Day 10 amount received £m | Day 10 amount received % | Day 10 amount received June 21 % | |
Offices | 57 | (1) | 56 | 53 | 95% | 95% |
Rest of Central London | 6 | (1) | 5 | 4 | 80% | 71% |
Regional retail | 14 | (2) | 12 | 10 | 83% | 73% |
Urban opportunities | 5 | (1) | 4 | 2 | 50% | 50% |
Subscale sectors | 14 | (2) | 12 | 7 | 58% | 43% |
96 | (7) | 89 | 76 | 85% | 81% |
1. Including our proportionate share of subsidiaries and joint ventures.
2. All amounts are shown gross of VAT. Where an amount billed remains uncollected and is subsequently written off, the VAT component will be recovered by the Group.
Of the £13m of rent outstanding, £5m relates to customers who have withheld payment pending documentation of agreed concessions.
Half-yearly results
Landsec will be announcing its half-yearly results for the six months to 30 September 2021 on Tuesday 16 November 2021.
Ends
About Landsec
At Landsec, we build and invest in buildings, spaces and partnerships to create sustainable places, connect communities and realise potential. We are one of the largest real estate companies in Europe, with a £10.8 billion portfolio of retail, leisure, workspace and residential hubs. Landsec is shaping a better future by leading our industry on environmental and social sustainability while delivering value for our shareholders, great experiences for our guests and positive change for our communities.
Find out more at landsec.com
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