24th Jun 2020 14:48
(Alliance News) - Secure Income REIT PLC on Wednesday said it received GBP2.3 million in missing rental payments from hotel chain Travelodge.
The payment means the real estate investment trust is missing just 0.2% of rent from the quarter ended March.
On Friday, Secure Income said Travelodge's company voluntary agreement was approved, reducing minimum contracted rent by GBP14.4 million in 2020 and by GBP8.6 million in 2021. Thereafter, the budget hotel company is to pay "expected levels of contracted rental income".
Secure Income added on Wednesday added that, save for adjustments agreed with some tenants, it has received 100% of rent due as of Wednesday.
The company agreed a six-month rent holiday with Slug & Lettuce chain owner Stonegate. The missing rent is equivalent to 0.9% of Secure Income's rental income in 2019.
Secure Income shares were 1.5% lower at 271.25 pence each in London on Wednesday afternoon.
By Eric Cunha; [email protected]
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