The two listed real estate giants – British Land and Land Securities – both published rent collection figures today that sum up the division in the property market.
Both companies own London offices as well as large retail portfolios. On the offices front, both received a large majority of rent billed for the final quarter of 2020. Land Securities has collected 82% of the £68m due, while British Land has received 91%.
The respective retail portfolios paint a different picture, however. Land Securities has received just 33% of the £30m retail rents, while British Land has collected 50%.
Overall Land Securities has collected 63% of the £110m it billed for the quarter (excluding concessions, deferrals and CVAs. Usual amount billed £120m) and British Land has received 72% of the £96m it billed (this does not include the rent from its Scottish assets which are billed on 28 November and rent that is paid monthly for November and December. The usual monthly billed rent is £136m).
A breakdown of the rent collection figures for this quarter are as follows:
Land Securities
|
|
Net rent due on 29 September 2020 |
Day 5 amount received |
Day 5 amount received |
Day 5 equivalent amount received September 2019 |
|
|
£m |
£m |
% |
% |
|
Office |
68 |
56 |
82 |
98 |
|
Retail |
30 |
10 |
33 |
89 |
|
Specialist |
12 |
2 |
17 |
90 |
|
Total |
110 |
68 |
62 |
95 |
Of the amount outstanding, £9m relates to customers who have withheld payment pending documentation of agreed concessions.
British Land
September rent collection, as at 8 October:
|
Rent due between 29 September and 1 October |
Offices |
Retail |
Total |
|
Received |
91% |
50% |
69% |
|
Rent deferrals |
– |
– |
– |
|
Rent forgiven |
– |
– |
– |
|
Customer paid monthly |
1% |
6% |
4% |
|
Outstanding |
8% |
44% |
27% |
BLND : LAND : British Land and Land Securities reveal quarterly rent collection figures