September rent collection
9 October 2020
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.
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.