12th Jan 2021 09:42
(Alliance News) - Derwent London PLC on Tuesday said rent collection has been increasing each quarter since June, although retail and hospitality rent collection has fallen considerably.
The property investment and development business primarily operating in London said it has now collected 83% of the rent due at the end of December, higher than both the June and September quarters at an equivalent time.
Derwent has received 87% of its office rent, which is up from 83% of rent received in October. A further 3% is due later within the first quarter, with an additional 6% under agreed plans payable later in 2021, it said. Office rent represents 91% of Derwent's total rental income.
Only 26% of December quarter retail and hospitality rent has been received, with 13% granted free rent and 53% outstanding.
In total, Derwent has 3% of December quarter rent due later in the quarter, with 5% under agreed plans payable later in 2021 and 8% left outstanding.
Rent collection for earlier quarters is now standing at 92% for the September quarter, compared to the 80% announced in October, and 87% for the June quarter, compared to the 70% announced in July.
Shares in Derwent were up 1.4% at 3,110.00 pence in London on Tuesday.
By Zoe Wickens; [email protected]
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