Logistics focused property companies Tritax Big Box REIT and LondonMetric Property both announced positive rent collection figures today.
Tritax Big Box REIT said it had received 89% of rent for the fourth quarter, with a further 10% expected by the end of November (through upfront monthly payments). The remaining 1% of rent is on payment plans and will be recovered over the near-term, the group said.
Of the previous quarters, 97% of second quarter rents and 99% of third quarter rents have been received. The group added that no rent-free periods or rent reductions had been agreed across the portfolio. It expects that 100% of all rent for the 2020 year will be paid over the remainder of 2020 and into 2021.
LondonMetric said it had collected 94% of rent for the fourth quarter, with a further 3% expected to be received imminently and 2% subject to agreed payment plans. Less than 1% is outstanding.
Broken down into sectors, 100% of rent due from its distribution (logistics) portfolio collected or due to be collected, 92% of its long income portfolio collected, 97% of office rent and retail parks at 83%.
Rent forgiven from the previous two quarters totals £0.26m, it added, while a further £0.35m remains unpaid, largely relating to a property where it is securing vacant possession for a new letting to Lidl.
BBOX : LMP : Logistics heavyweights post positive rent collection figures