Last checked at 16 Oct 2020 16:04
16 October 2020
Alternative Income REIT PLC
("AIRE", the "Company" or the "Group")
ROBUST RENT COLLECTION
The Board of Directors of Alternative Income REIT PLC (ticker: AIRE), the owner of a diversified portfolio of UK commercial property assets predominantly let on long leases, is pleased to announce that the Group continues to engage actively with all of its tenants and is pleased to provide an update on its rent collection since the start of the national lockdown in March 2020.
Steve Smith, Chairman of Alternative Income REIT plc, commented:
"We are pleased to have reached agreements with all of the Group's tenants and, this quarter ending December 2020, if all agreements are honoured, the Group will collect 100% of its rent for the current quarter. Furthermore, the Group has continued to collect its rent arrears with agreements now in place to collect 100% of the rents outstanding for the March and June 2020 quarter days by this time next year."
September to December 2020 quarter rents
Taking account of concessions granted to certain tenants to settle their rent monthly, the Group's rents are currently split 83% quarterly and 17% monthly. As at today, all of the quarterly rents due on the September 2020 quarter day have been collected, along with all of the monthly rents due, and the remainder of the monthly rents are due by the end of this year.
March and June 2020 quarter rents
The Group reported on its June and March 2020 rent collections on 13 July and 24 April 2020, respectively. Since these dates, agreements have been reached with all of the Group's tenants whose rents were in arrears. Overall, 92% and 86% of rents, in respect of the June and March quarter dates respectively, have now been collected with agreements in place for the remaining arrears to be received by September 2021.
ENQUIRIES
Alternative Income REIT PLC |
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Steve Smith - Chairman | via Maitland/AMO below |
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M7 Real Estate Ltd Richard Croft | +44 (0)20 3657 5500 |
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Panmure Gordon (UK) Limited | +44 (0)20 7886 2500 |
Alex Collins |
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Tom Scrivens |
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Chloe Ponsonby |
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Maitland/AMO (Communications Adviser) | +44(0) 7747 113 930 |
James Benjamin | james.benjamin@maitland.co.uk |
The Company's LEI is 213800MPBIJS12Q88F71.
Further information on Alternative Income REIT plc is available at www.alternativeincomereit.com1
NOTES
Alternative Income REIT PLC aims to generate a sustainable, secure and attractive income return for shareholders from a diversified portfolio of UK property investments, predominately in alternative and specialist sectors. The majority of the assets in the Group's portfolio are let on long leases which contain inflation linked rent review provisions.
The Company's investment adviser is M7 Real Estate Limited ("M7"). M7 is a leading specialist in the pan-European, regional, multi-tenanted real estate market. Majority owned by its senior managers, it has over 200 employees in 14 countries across Europe. The team manages over 835 properties with a value of circa €5.1 billion.
1 Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website or any other website, is incorporated into, or forms part of, this announcement nor, unless previously published on a Regulatory Information Service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.