Land Securities has received just 50% of normal rental levels for the first quarter of 2021.
The company, which predominantly owns a large retail portfolio and London offices, had collected £66m of the £112m due five days after billing tenants on 25 December 2020.
It collected 81.25% of the £64m rent due from its office portfolio (87% when concessions and monthly payment terms were taken into account).
Of the other property sectors that it invests, which it has labelled rest of central London, regional retail, urban opportunities and subscale sectors – but is mostly retail, it has received just £14m or 29.2% of the £48m billed.
The company has also outlined rent collection figures for the final three quarters of 2020. Combined it billed £553m and has so far received £408m or 73.8%.
Offices have performed well, with a 98.2% collection rate in the three quarters. From the rest of its portfolio it has received 57.1% of the £329m billed.
In April 2020, Land Securities established a customer support fund of £80m to help its tenants survive the pandemic. To date, it has allocated £24m of rent concessions.
LAND : Land Securities receives 50% of rent