8th Jul 2020 09:56
(Alliance News) - Tritax Big Box REIT PLC on Wednesday said 96% of rent was collected in the second quarter of this year and it expects 97% of the third quarter rent by the end of August.
The logistics-focused real estate investment trust added that 1% of the remaining second quarter rent will be paid by August, and 3% will be secured during the rest of the financial year.
Of the 97% of third quarter rent due it expects by the end of August, 84% has been paid already and 13% is scheduled to be collected on a monthly basis over the remainder of the quarter. The London-based company added that 3% is being discussed with tenants over their deferral.
Tritax Big Box Chief Executive Officer Colin Godfrey said: "We expect 97% of our third quarter rent to be paid by the end of August highlighting the strength and critical nature of our Big Box logistics portfolio and underpinning our resilient income generating model."
No rent-free periods or rent reductions have been agreed across the portfolio to date.
Tritax Big Box said: "The company has access to a range of significant financing facilities that form part of its overall strong financial position.
"In June 2020, the termination date in respect of GBP190 million of its GBP200 million unsecured revolving credit facility, was extended from June 2024 to June 2025. The maturity date of the residual GBP10 million that was not covered as part of this extension will remain June 2024."
Godfrey said: "We entered this period of uncertainty in a robust position, and while our rent collection performance and financing structure is strong, we believe it remains appropriate to maintain a cautious approach."
The company's shares were down 0.3% at 144.80 pence on Wednesday morning in London.
By Greg Roxburgh; [email protected]
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