8 January 2021
Secure Income REIT Plc
("SIR", "the Company")
Update on December quarter and January monthly rent collections
Secure Income REIT Plc provides the following update on the collection of rents due up to the date of this announcement, following the end of the rent collection cycle for the December quarter and January monthly rents.
98.6% of the £21.6 million of rent that fell due between 25 December 2020 and 7 January 2021 has been collected. This includes rents received for the quarter commencing 25 December 2020 from the Merlin Entertainments Limited group following the end of their six month rent deferral period. The deferred June and September 2020 quarter rents totalling £17.8 million are receivable on 29 September 2021.
The rent adjustments agreed in support of those tenants facing challenges as a result of the pandemic are as follows:
| Rent reduction | The annualised Travelodge rents after allowing for the temporary CVA concessions have increased from 32% of contractual rents for the period from 1 April 2020 to 31 December 2020, now up to 70% of contractual rents with effect from 1 January 2021, and those rents are expected to revert to 100% of the original contractual levels on 1 January 2022. Travelodge rents of £1.6 million in aggregate were received either before or when due on 1 and 7 January 2021. There are no rents outstanding from Travelodge from any prior period. |
| | |
| Monthly rents | Of the £21.6 million of rents due for collection between 25 December 2020 and 7 January 2021, 90% were quarterly rents and the balance were monthly rents. |
Only 0.5% of the annualised gross rent roll is outstanding at the date of this announcement for the current and any prior rent due dates.
For further information on the Company, please contact:
| Secure Income REIT Plc Nick Leslau Mike Brown Sandy Gumm
| +44 20 7647 7647 enquiries@SecureIncomeREIT.co.uk |
| Stifel Nicolaus Europe Limited (Nominated Adviser) Stewart Wallace
| +44 20 7710 7600 StifelSecureIncomeREIT@stifel.com |
| FTI Consulting (PR Adviser) Dido Laurimore Claire Turvey Eve Kirmatzis | +44 20 3727 1000 SecureIncomeREIT@fticonsulting.com |
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