29th Jan 2021 09:03
(Alliance News) - Stenprop Ltd on Friday said it saw its best rent collection rates for its multi-let industrial portfolio since the pandemic began in the third quarter of its financial year, with occupancy showing steady levels.
The London and Johannesburg dual-listed real estate investment trust said rental collections from the start of its financial year to date are at 89%.
For the quarter to end December, collections are at 95%.
December monthly and quarterly collections remain on course to equal or beat the best collection rates seen since the pandemic struck in April last year, the company said.
Occupancy across the MLI portfolio was at 93.1% as at 31 December, slightly down from 93.3% at September 30, but still higher than 92.0% at end June and 91.0% at end March.
Chief Executive Paul Arenson said: "We are pleased to report another quarter of high rental growth driven by continued demand for space in our MLI portfolio as well as stable levels of occupancy and strong rental collections of 89% for the financial year to date."
"The MLI market has sustained itself well despite the recent coronavirus lockdown, and with Stenprop staff having already visited around 80% of our sites so far in 2021, we can report that the shutters are open and our customers are open for trade. This is in marked contrast to the first lockdown in the Spring of 2020 and explains why we haven't seen any material impact on rent collection rates or new letting enquiries as a result," Arenson added.
Stenprop shares were down 2.0% at ZAR27.61 each in Johannesburg on Friday, and were marginally down at 135.95 pence in London.
By Greg Roxburgh; [email protected]
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