8th Jul 2020 09:55
(Alliance News) - CLS Holdings PLC on Wednesday reported strong rent collection numbers, helped by the property investor's limited exposure to the beleaguered hospitality, retail and leisure sectors.
By Tuesday, the FTSE 250-listed firm said it has received 86% of contracted rent due for the third quarter, though this figures nudges up to 93% if it accounts for tenants it has agreed separate rental arrangements with. This time last year, 96% of rent was collected.
For the first half, CLS collected 98% of rent due by July 7, up from 97% a year ago.
"Our tenant base has a strong underpinning of government and major corporations, with limited exposure to those sectors that have been most impacted by Covid-19, such as retail, hospitality and leisure. We are continuing to work closely with our tenants and this can be seen in our rent collections, which have continued to perform well, demonstrating the resilience of our business and strategy," Chief Executive Fredrik Widlund said.
Vacancy rates have risen to 5.2% from 4.0% at the end of December.
Shares were 0.7% lower at 199.60 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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