Source - RNS
RNS Number : 9666Q
Secure Income REIT PLC
24 June 2020

24 June 2020

Secure Income REIT Plc

("SIR", "the Company")


Update on June quarter rent collections


Secure Income REIT Plc provides the following update on the collection of rents due at the date of this announcement.

Of the £11.4 million of rent due today after allowing for the rent adjustments agreed with certain of our tenants and set out below, 100% has been collected.  In addition, arrears of £2.3 million have been received from Travelodge in satisfaction of the amounts due for the previous quarter's rent as compromised by the CVA passed on 19 June 2020. Only 0.2% of rents remain outstanding for the March quarter. 

The rent adjustments agreed in support of certain of our tenants facing challenges as a result of the pandemic are as follows:

·as announced on 23 April, rent deferrals have been granted reducing amounts due in June 2020 by £8.9 million, representing 7.3% of the total annual Group passing rents of £110.7 million at 31 December 2019;  the same amount will be deferred in respect of the September 2020 quarter, with those rents reverting in December 2020 to the full amounts payable. Repayment of the deferred rents are due in full in September 2021;

·following the Travelodge CVA, as announced on 19 June, 12.9% of the Group's total annual rent as at 31 December 2019 has been forgone this year and 7.6% for 2021, after which rents return to the levels originally contracted for the period from 1 January 2022 1; and

·    a six month rent free period has been agreed in respect of the Stonegate pubs portfolio from 1 April 2020, equivalent to 0.9% of the Group's total annual rent at 31 December 2019, in consideration for extending lease terms to 25 years and strengthening the alienation clauses.

Further rental payments of £1.3 million fall due on 1 and 7 July 2020.

The challenge period for the Travelodge CVA expires on 19 July 2020.  Following the expiry of that period, the Company will be in a position to make an announcement in respect of its next scheduled quarterly dividend on 23 July 2020, in line with the expected timetable. 



Note 1   subject to there being no successful challenge to the CVA which results in that CVA failing, and subject to the landlord only break options not being exercised




For further information on the Company, please contact:


Secure Income REIT Plc

Nick Leslau

Mike Brown

Sandy Gumm


+44 20 7647 7647

[email protected]

Stifel Nicolaus Europe Limited

(Nominated Adviser)

Stewart Wallace


+44 20 7710 7600

[email protected]

FTI Consulting

(PR Adviser)

Dido Laurimore

Claire Turvey

Eve Kirmatzis 

+44 20 3727 1000

[email protected]


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