December quarter rent collection
12 January 2021
In response to the continued impact of Covid-19 on Landsec’s operations, the Company has issued the following information on December rent collection.
Cash collection and customer support
We continue to take a proactive approach to addressing the challenges the pandemic presents to our people, our customers and our business. In early April 2020, we established a customer support fund of £80m for occupiers who most need our help to survive. To date, £24m of rent concessions have been allocated to customers.
£112m of rent was due on the 25 December payment date. The table below shows the amount and percentage of this rent collected within five working days after adjusting for the impact of customers having entered CVAs and administrations, concessions agreed out of the fund and agreed monthly and deferred payment terms. 65% of this net rent was paid within five working days, compared with 94% for the equivalent period last year.
Of the £35m of rent outstanding, £14m relates to customers who have withheld payment pending documentation of agreed concessions.
The table below provides a similar analysis for the rents which were due between 25 March and 24 December 2020. 80% of the net amounts due for this period have been received.