15 October 2021
Land Securities Group PLC ('Landsec')
September 2021 quarter day rent collection data
Rent collection rates continue to improve. As at 12 October 2021 - collection day 10 - 85% of the net rent due on 29 September had been paid, this compares with 81% for the June quarter date. The breakdown of the rent collection by segment is as follows:
29 September 2021 quarter(1)(2) - Rent collection day 10
| Gross amounts due 29 September £m | Monthly payment terms agreed £m | Net amounts due 29 September £m | Day 10 amount received £m | Day 10 amount received % | Day 10 amount received June 21 % |
Offices | 57 | (1) | 56 | 53 | 95% | 95% |
Rest of Central London | 6 | (1) | 5 | 4 | 80% | 71% |
Regional retail | 14 | (2) | 12 | 10 | 83% | 73% |
Urban opportunities | 5 | (1) | 4 | 2 | 50% | 50% |
Subscale sectors | 14 | (2) | 12 | 7 | 58% | 43% |
| 96 | (7) | 89 | 76 | 85% | 81% |
1. Including our proportionate share of subsidiaries and joint ventures.
2. All amounts are shown gross of VAT. Where an amount billed remains uncollected and is subsequently written off, the VAT component will be recovered by the Group.
Of the £13m of rent outstanding, £5m relates to customers who have withheld payment pending documentation of agreed concessions.
Half-yearly results
Landsec will be announcing its half-yearly results for the six months to 30 September 2021 on Tuesday 16 November 2021.
Ends
About Landsec
At Landsec, we build and invest in buildings, spaces and partnerships to create sustainable places, connect communities and realise potential. We are one of the largest real estate companies in Europe, with a £10.8 billion portfolio of retail, leisure, workspace and residential hubs. Landsec is shaping a better future by leading our industry on environmental and social sustainability while delivering value for our shareholders, great experiences for our guests and positive change for our communities.
Find out more at landsec.com
Please contact: | |
Press | Investors |
Jonathan Sibun (Tulchan Group) | Ed Thacker |
+44 (0) 7779 999 683 | +44 (0) 20 7024 5185 |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.