Stenprop, the UK industrial property focused company, has provided a first quarter trading update, adding that it had now collected 81% of rent for the current quarter.
In the first quarter the group completed 28 new lettings and 25 lease renewals, totalling 186,513 sq ft and generating £1.03m per annum of contractual rental income.
It said the average rental uplift on the previous passing rent was 34% for new lettings and 20% on lease renewals. The average rent on its multi-let industrial (MLI) portfolio as at 31 March 2020 increased to £5.27/sq ft (from £5.19/sq ft), reflecting a 1% increase.
Stenprop also completed the acquisition of two multi-let industrial estates during the quarter. It bought Brookfoot Business Park in Brighouse and Clarendon Court in Warrington, for a total of £9.7m. The estates comprise 49 tenants across 142,000 sq ft with an average occupancy rate of 95% and provide an additional £803,000 of rental income per annum, which is equivalent to £5.94/sq ft.
Rent collection for the quarter commencing 25 March 2020 and the month commencing 1 April 2020, was broken down as follows:
- 79% of all rent invoiced was for the quarter commencing 25 March and ending 24 June 2020, of which 85% was paid by 30 April 2020
- 21% of all rent invoiced was for the month of April 2020, of which 66% was paid by 30 April 2020
For the MLI portfolio, an aggregate of 75% of total rent invoiced had been paid by 30 April 2020.
MLI comprised 57.3% of Stenprop’s portfolio, at 31 March 2020, and Stenprop’s loan-to-value ratio (LTV) was 40.8%.
STP: Stenprop collects 81% of rent