Regional REIT has provided an update on rent collection stating it had collected 92.8%.
The group, which owns a diverse portfolio of office and industrial property assets in the UK, said the 92.8% of rent collected compares favourably with 91.6% rent collection at the same date in 2019.
The collection rate, as at 1 May 2020, comprised of 87.2% of quarterly rents due and agreed collections from occupiers that are now settling monthly, amounting to 5.6%. It said it had agreed temporary rent holidays with repayment plans on an additional 1.3% and was in discussions with tenants on the remaining outstanding element.
The group said it had carried out several asset management initiatives including five lease renewals and two new leases and the sale of an office in Birmingham for £2.4m, an uplift of 7% above the 31 December 2019 valuation.
Stephen Inglis, chief executive of London & Scottish Property Investment Management, the asset manager of Regional REIT said: “We are encouraged that having positioned the company well through active asset and micro property management and given our established close relationships with tenants we are making real progress despite the current market environment. Our ongoing strategy is reinforced by the strength of our rental income collection even in today’s market.”
RGL : Regional REIT rent collection rises to 92.8%