18th Aug 2020 20:08
Grit Real Estate Income Group Ltd - London-listed real estate firm - Says it has collected 85% of rent for the period from March to July. States figure includes pre-paid rent that was collected in the period. Short-term concessions amounted to 7.9% of contracted rental revenue over the period, primarily from retail assets. Rent deferrals has been agreed on 15% of rent which are now due in the next financial year and beyond.
Notes rent deferrals were mainly agreed in the hospitality sector, which makes up 19% of the portfolio. Rent collections in Mauritius were postponed due to government legislation for six months until September 2020.
Highlights that corporate accommodation, industrial and office sector assets which collectively represent approximately 48% of its total net asset value as at December 31, 2019 has seen limited impact with collection of over 100% of contracted revenue since March 2020.
Looking ahead, Chief Executive Bronwyn Corbett said: "Covid-19 caseload has been significantly lower in Africa than the rest of the world but the full impacts, including economic, remain uncertain. The company is continuing to successfully focus on strong rent collections and tenant initiatives."
Current stock price: 63.00 pence
Year-to-date change: up sharply from 1.19p
By Ife Taiwo; [email protected]
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