Land Securities Group PLC December quarter rent collection (3165L)
12 Gennaio 2021 - 08:00AM
UK Regulatory
TIDMLAND
RNS Number : 3165L
Land Securities Group PLC
12 January 2021
12 January 2021
Land Securities Group PLC ('Landsec')
December quarter rent collection
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 GBP80m for occupiers who most need our help to
survive. To date, GBP24m of rent concessions have been allocated to
customers.
GBP112m 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.
25 December 2020 quarter(1)(2)
Agreed changes in
payment terms
Day 5
amount
received
Gross
amounts Impact Monthly Net amounts Day 5 Day 5
due 25 of CVAs payment Deferred due 25 amount amount
December and admins Concessions terms payments December received received Dec 19
GBPm GBPm GBPm GBPm GBPm GBPm GBPm % %
-------------- --------- ----------- ------------ -------- --------- ------------ --------- --------- --------
Offices 64 - (1) (3) - 60 52 87 96
Rest of
Central
London 9 - - (2) - 7 2 29 87
Regional
retail 17 (1) - (2) - 14 5 36 90
Urban
opportunities 5 - - - - 5 2 40 93
Subscale
sectors 17 (1) - (1) - 15 5 33 90
112 (2) (1) (8) - 101 66 65 94
-------------- --------- ----------- ------------ -------- --------- ------------ --------- --------- --------
1. Including our proportionate share of subsidiaries and joint
ventures, as explained in the Presentation of financial information
above.
2. All amounts are shown gross of VAT. Where an amount billed
remains uncollected and is subsequently written off, the VAT
component will be recovered by the Group.
Of the GBP35m of rent outstanding, GBP14m 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.
For the period ended 24 December 2020(1)(2)
Agreed changes
in payment terms
Gross
amounts Impact Net amounts Amounts Amounts
due for of CVAs Deferred due for received received
the period(3) and admins Concessions payments the period(3) to date to date
GBPm GBPm GBPm GBPm GBPm GBPm %
-------------------- --------------- ------------ ------------ ---------- --------------- ---------- ----------
Offices 224 - - (2) 222 220 99
Rest of Central
London 77 (1) (4) - 72 59 82
Regional retail 153 (8) (11) (3) 131 76 58
Urban opportunities 23 (1) (1) (1) 20 11 55
Subscale sectors 76 (5) (5) (2) 64 42 66
Total 553 (15) (21) (8) 509 408 80
-------------------- --------------- ------------ ------------ ---------- --------------- ---------- ----------
1. Including our proportionate share of subsidiaries and joint
ventures, as explained in the Presentation of financial information
above.
2. All amounts are shown gross of VAT. Where an amount billed
remains uncollected and is subsequently written off, the VAT
component will be recovered by the Group.
3. Due dates from 25 March 2020 to 24 December 2020. Does not
include 25 December 2020 quarter day rents.
Ends
About Landsec
At Landsec, we strive to connect communities, realise potential
and deliver sustainable places.
As one of the largest real estate companies in Europe, our
GBP11.8 billion portfolio spans 24 million sq ft (as at 30
September 2020) of well-connected retail, leisure, workspace and
residential hubs. From the iconic Piccadilly Lights in the West End
and the regeneration of London's Victoria, to the creation of
retail destinations at Westgate Oxford and Trinity Leeds, we own
and manage some of the most successful and memorable real estate in
the UK.
We aim to lead our industry in critical long-term issues - from
diversity and community employment to carbon reduction and climate
resilience. We deliver value for our shareholders, great
experiences for our customers and positive change for our
communities.
Find out more at landsec.com
Please contact:
Investors Press
Ed Thacker Jonathan Sibun (Tulchan Group)
+44 (0)20 7024 5185 +44 (0)7779 999 683
Edward.Thacker@landsec.com JSibun@tulchangroup.com
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END
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