LONDONMETRIC PROPERTY PLC
Rent collection update
LondonMetric Property (“LondonMetric” or “Company”) announces an update on rent collection.
In respect of rental payments due up to 1 October 2020, the Company reports that 94% has been collected, a further 3% is expected to be received imminently, 2% is currently being deferred under previously agreed payment plans and less than 1% is outstanding.
100% of our distribution rent due has been or is being collected, with long income at 92%, offices at 97% and retail parks at 83%.
No further concessions or deferrals were granted in the period and obligations under previous agreements are being honoured. Rent subject to CVAs represents less than 0.1%.
Rent forgiven from the previous two quarters totals £0.26 million and a further £0.35 million remains unpaid, largely relating to a property where we are securing vacant possession for a new letting to Lidl.
Monthly rental concessions represent 5% of the rent roll with a further 13% of rent paid monthly in line with contractual obligations. We are witnessing an increasing trend of occupiers shifting away from monthly payment concessions back to paying quarterly under the terms of their lease.