Derwent London, owner and developer of some of the biggest offices in London, has collected 80% of rents for the current quarter (billed on 29 September).
This was far higher than the June and March quarter payment days at the equivalent time (70% and 73% respectively).
The majority of the outstanding rent comes from the group’s retail and hospitality portfolio (which are small components of their office buildings). Derwent has received 83% of the £42m office rent billed. A further 7% is due later in the quarter, with an additional 5% under agreed payment plans for 2021.
In the retail and hospitality sectors (which make up £3.2m of rent for the quarter), Derwent has collected just 40% of rent for the quarter. A further 18% is due later in the quarter and 11% has been waived. That leaves 31% of the £3.2m still outstanding.
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September quarter |
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|
Current position |
Office |
Retail/Hospitality |
Total |
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|
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Received to date |
83% |
40% |
80% |
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|
Due later in the quarter* |
7% |
18% |
8% |
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|
|
Payment plans 2020 |
0% |
0% |
0% |
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|
|
Payment plans 2021 |
5% |
0% |
5% |
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|
|
Outstanding |
4% |
31% |
6% |
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|
|
Rent free granted |
1% |
11% |
1% |
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|
|
Total |
100% |
100% |
100% |
|
|
|
£42.0m |
£3.2m |
£45.2m |
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*Principally monthly receipts
June and March quarters updated
Derwent has now received 84% of the June quarter rents, with another 8% subject to agreed payment plans. This is an improvement on the March quarter where it has now received 82% of rents with another 10% subject to payment plans.
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|
September quarter |
June quarter |
March quarter |
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|
Total quarter’s rent |
Current position |
Announce 7 July |
Current position |
Announced 8 April |
Current position |
|
Received to date |
80% |
70% |
84% |
73% |
82% |
|
Due later in the quarter* |
8% |
9% |
0% |
6% |
0% |
|
Payment plans 2020 |
0% |
1% |
1% |
7% |
3% |
|
Payment plans 2021 |
5% |
8% |
7% |
5% |
7% |
|
Outstanding |
6% |
8% |
3% |
5% |
2% |
|
Rent free granted |
1% |
4% |
5% |
4% |
6% |
|
Total |
100% |
100% |
100% |
100% |
100% |
|
£45.2m |
£43.5m |
£43.8m |
£43.3m |
£43.1m |
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Fellow central London office landlords Great Portland Estates and Helical announced rent collection figures yesterday, while British Land and Land Securities published figures last week.
DLN : Derwent London collects 80% of rent for Q4 2020