REG - LondonMetric - Rent collection update

Londonmetric PropertyAnnouncement

12/10/2020 07:00

RNS Number : 7086B
  
LondonMetric Property PLC
  
12 October 2020
  
 

12 October 2020
LONDONMETRIC PROPERTY PLC
Rent collection update 
 
LondonMetric Property ("LondonMetric" or "Company") announces an update on rent collection.
 
In respect of rental payments due up to 1 October 2020, the Company reports that 94% has been collected, a further 3% is expected to be received imminently, 2% is currently being deferred under previously agreed payment plans and less than 1% is outstanding.
 
100% of our distribution rent due has been or is being collected, with long income at 92%, offices at 97% and retail parks at 83%.
 
No further concessions or deferrals were granted in the period and obligations under previous agreements are being honoured. Rent subject to CVAs represents less than 0.1%.
 
Rent forgiven from the previous two quarters totals £0.26 million and a further £0.35 million remains unpaid, largely relating to a property where we are securing vacant possession for a new letting to Lidl. 
 
Monthly rental concessions represent 5% of the rent roll with a further 13% of rent paid monthly in line with contractual obligations. We are witnessing an increasing trend of occupiers shifting away from monthly payment concessions back to paying quarterly under the terms of their lease.
 
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
 
FTI Consulting
Dido Laurimore / Richard Gotla
Tel: +44 (0) 20 3727 1000
londonmetric@fticonsulting.com     
 
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT that owns one of the UK's leading listed logistics platforms alongside a diversified long income portfolio. It owns and manages desirable real estate that meets occupiers' demands, delivers reliable, repetitive and growing income-led returns and outperforms over the long term. LondonMetric has 16 million sq ft under management.  Further information is available at www.londonmetric.com
 

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