16th Oct 2020 10:10
(Alliance News) - RDI REIT PLC on Friday said rent collection for the September quarter was resilient and it anticipates further improvement going forward.
The property investment business said about 82% of gross rents or income due was collected across the group portfolio for either the September quarter, or the month of September, where rents are billed monthly. This meant GBP67.1 million in annualised gross rental income.
The September collection rate compares to 70% for the June quarter, at the equivalent time post the relevant due date. The collection rate for June now stands at 90%.
Negotiations with occupiers and clients are ongoing, RDI REIT noted, with collection rates expected to improve or, in some cases, result in agreements to remove break options or extend leases.
Some 93% of licence and fixed service fees billed were collected across the London Serviced Office portfolio for the month of September. The collection rate of 93% includes rental income related to gym operators, RDI REIT said.
By region, rent collected across the UK portfolio - excluding UK Hotels and London Serviced Offices - totalled 78% of rents due, adjusted for tenants paying monthly. This ranged from 59% collected from the retail portfolio to 85% from offices and 91% from distribution and industrial properties.
Meanwhile, 98% of rents due across the European portfolio, which are typically paid monthly in advance, were collected.
RDI REIT shares were trading 0.3% lower in London on Friday at 89.40 pence each, while in Johannesburg, the stock was flat at ZAR18.90 a share.
The company said it will announce its annual results on Novemeber 5.
By Evelina Grecenko; [email protected]
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