LONDON (dpa-AFX) - Real estate investment trust Land Securities Group Plc. (LAND.L) said that 122 million pounds of rent was due on the 24 June rent payment date. Taking concessions and deferrals into account, the net rent due was 109 million pounds. 60% of the net rent due on 24 June was paid within five working days compared with 94% for the equivalent period last year.
The company noted that Covid-19 has resulted in some customers taking longer to pay their rent and we continue to have supportive and constructive dialogue with its customers. 75% of rent due on 25 March has now been received. There was an increase across all segments, particularly in Office, now at 98%.
Overall, 30 million pounds of rent due on 25 March remains outstanding of which 5 million pounds relates to concessions and deferred payments which have subsequently been agreed with customers.
The company noted that all of its shopping centres, outlets and retail parks are open, following the easing of restrictions on non-essential retail in England, Scotland and Wales.
As at 30 June, 79% of the retail units were trading and 16 of our 18 leisure parks were open. The company's Accor managed hotels remain closed to the general public. Accor will phase the opening of the hotels over the next three months.
In England, for the two-week period since non-essential retail opened on 15 June, footfall in centres was 60% of the level achieved in the equivalent period last year and like-for-like store sales were 80% of the level achieved last year. Over the same two-week period, average transaction values were up 22% compared with last year.
Landsec said it remains in a financially robust position. At 30 June 2020, adjusted net debt was 3.92 billion pounds compared to 3.93 billion pounds at 31 March 2020, pro-forma group LTV was 30.6% using March 2020 valuations.
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