Real Estate Investors rental collections continue to improve

Investment trust Real Estate Investors said on Wednesday that rent collection for previous and current quarters had continued to improve.

RLE said rent collection for the September quarter was currently 89.92%, adjusted for monthly and deferred agreements, while March and June quarter collections grew to 93.44% to 90.7% and 90.23% from 86.9%, respectively.

The AIM-listed trust also said it continued to be "in supportive dialogue" with a number of tenants and anticipates that unpaid rents would be received from these tenants when normalised trading can resume.

However, RLE highlighted that certain tenants had continued to delay paying rent and were taking "full advantage" of government restrictions on landlords and claimed they had "ability to pay" but were "refusing to do so" while these remained in force.

RLE added that its current occupancy level across the portfolio was 93% and said it would now reflect on the strength of its full-year trading performance before making a final dividend payment.

Chief executive Paul Bassi said: "Management's experience and proactive approach to asset management and the ongoing strategy to operate a diversified portfolio has supported our robust levels of occupancy and rent collection.

"We also remain confident that occupier demand for our assets will continue and we are mindful that the current environment may create opportunistic sales and acquisitions for the group."

As of 1025 GMT, RLE shares were down 0.78% at 28.48p.