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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January 12, 2021 02:00 ET (07:00 GMT)

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