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Land Sec. Group PLC (LAND)

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Friday 09 October, 2020

Land Sec. Group PLC

September rent collection

RNS Number : 5703B
Land Securities Group PLC
09 October 2020
 

9 October 2020

 

September rent collection

 

In response to the continued impact of Covid-19 on Landsec's operations, the Company has issued the following information on September rent collection. Footfall and sales performance for the six months to 30 September will be provided in our half-yearly results announcement which will be published on 10 November.

 

Cash collection and customer support

£120m of rent was due on the 29 September payment date. Taking concessions, deferrals and CVAs into account, the net rent due was £110m. 62% of this net rent was paid within five working days, compared with 95% for the equivalent period last year. The table below shows the amount and percentage collected within five days of the due date with a comparison to last year.

 

 

Net rent due on 29 September 2020

Day 5 amount received


 Day 5 amount received

Day 5 equivalent amount received September 2019

 

£m

£m

%

%

Office

68

56

82

98

Retail

30

10

33

89

Specialist

12

2

17

90

Total

110

68

62

95

 

Of the amount outstanding, £9m relates to customers who have withheld payment pending documentation of agreed concessions.

 

We continue to have supportive and constructive dialogue with our customers. In March, we established a fund to provide up to £80m of rent relief and, to date, £14m of concessions have been allocated to customers. Taking these concessions plus deferred payments into account, and additional rent collection, 84% of rent due on 25 March (up from 75% at 2 July) and 81% of rent due on 24 June (up from 60% after day 5) has now been received.

 

Ends
 

 

Please contact:

 

Investors

Ed Thacker

+44 (0)20 7024 5185

[email protected]

 

Press

Jonathan Sibun (Tulchan Group)

+44 (0)7779 999 683

[email protected]

 

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