Land Securities Group PLC March 2021 quarter day rent collection (2148V)
13 Aprile 2021 - 8:00AM
UK Regulatory
TIDMLAND
RNS Number : 2148V
Land Securities Group PLC
13 April 2021
13 April 2021
Land Securities Group PLC ('Landsec')
March 2021 quarter day rent collection
In response to the continued impact of Covid-19 on Landsec's
operations, the Company has issued the following information on
March rent collection. Footfall and sales performance for the year
to 31 March 2021 will be provided in our annual results
announcement which will be published on 18 May 2021.
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. Our marketing and operations teams have been working
with our brand partners to prepare for yesterday's re-opening of
non-essential shops in England and Wales and the expected
re-opening in Scotland on 26 April.
In early April 2020, we established a customer support fund of
GBP80m for occupiers who most need our help to survive. To date,
GBP39m of rent concessions has been allocated to customers. We
expect this figure to increase as some of our customers, who have
not yet paid their rent, enter into discussions with us following
the Government's announcement about re-opening non-essential retail
and the lifting of the rent moratorium at the end of June. We will
update on this at our annual results on 18 May.
GBP110m of rent was due on the 25 March 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. 67% of this
net rent was paid within five working days, compared with 65% for
the equivalent period last year.
25 March 2021 quarter(1)(2)
Agreed changes in
payment terms
Net
Day 5
amount
amounts received
Gross
amounts Impact Monthly Day 5 Day 5
due 25 of CVAs payment Deferred due 25 amount amount
March and admins Concessions terms payments March received received Mar 20
GBPm GBPm GBPm GBPm GBPm GBPm GBPm % %
-------------- --------- ----------- ------------ --------- --------- --------- --------- --------- ---------
Offices 63 - - (2) - 61 53 87 86
Rest of
Central
London 9 - - (2) - 7 2 29 47
Regional
retail 16 - (1) (2) - 13 5 38 36
Urban
opportunities 5 - - - - 5 2 40 35
Subscale
sectors 17 (1) - (2) - 14 5 36 30
110 (1) (1) (8) - 100 67 67 65
-------------- --------- ----------- ------------ --------- --------- --------- --------- --------- ---------
1. Including our proportionate share of subsidiaries and joint ventures.
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 GBP33m of rent outstanding, GBP10m relates to customers
who have withheld payment pending documentation of agreed
concessions. Assuming all agreed concessions are completed and the
GBP10m of withheld rent is received, the rent collection rate for
the quarter would increase from 67% to approximately 77%.
For the period from 25 March 2020 to 24 March 2021, 84% of the
net amounts due for this period has been received.
The reported collection rates for the net amounts due at each
quarter day during the 2020/21 financial year are as follows (all
as at day five):
Day 5 collection rates during the 2020/21 financial year
24 June 29 Sept 25 Dec 25 Mar
2020 2020 2020 2021
Day 5 Day 5 Day 5 Day 5
amount amount amount amount
received received received received
% % % %
-------------------- ---------- ---------- ---------- ----------
Offices 81 82 87 87
Rest of Central
London 29 33 29 29
Regional
retail 29 28 36 38
Urban opportunities 29 36 40 40
Subscale
sectors 24 20 33 36
60 62 65 67
-------------------- ---------- ---------- ---------- ----------
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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