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(Sharecast News) - Commercial property developer and investor Land Securities said on Friday that 62% of net rent due by 29 September had been paid within five working days.
That figure was a marked decline when compared to the 95% received by the group at the same time a year earlier, with the biggest percentage drops coming from its retail and specialist tenants.
Land Securities noted that of the £120.0m of rent was due on 29 September, concessions, deferrals and CVAs took the net rent due figure down to £110.0m.
The FTSE 100-listed firm highlighted that it was continuing to have "supportive and constructive dialogue" with customers after establishing a fund to provide up to £80.0m of rent relief and allocating £14.0m of concessions to clients.
"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," said Land Sec.
As of 0835 BST, Land Securities shares were up 3.19% at 569.20p.
12 Mar 2024 09:04
IN BRIEF: Land Securities prices GBP300 million bond at 4.75% coupon
Land Securities Group PLC - London-based commercial property developer and investor - Landsec subsidiary Land Securities Capital Markets PLC prices GBP300 million in 7.5 year bonds with a 4.75% coupon, which it notes is a 103 basis point spread over its reference gilt rate. Says the bond offer is "multiple times over-subscribed", showing strong investor demand for Landsec credit. The bond replaces two that matured last month. Average debt maturity now is 9.4 years, the company says.
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