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Secure Income REIT receives 98.6% of quarter rent

Secure Income REIT SIR

Secure Income REIT has announced it has collected 98.6% of rents due for the first quarter of 2021.

The company said this included rent due from Alton Towers owner Merlin Entertainments, following the end of their six month rent deferral period, and the new contractual rents agreed with Travelodge.

The deferred rent from Merlin for the third and fourth quarters of 2020, amounting to £17.8m, are receivable on 29 September 2021.

Travelodge rents of £1.6m were received and no rents are outstanding from Travelodge from any prior period.

The annualised Travelodge rents after allowing for the temporary CVA concessions have now increased from 32% of contractual rents for the period from 1 April 2020 to 31 December 2020, to 70% of contractual rents with effect from 1 January 2021. Those rents are expected to revert to 100% of the original contractual levels on 1 January 2022.

SIR : Secure Income REIT receives 98.6% of quarter rent

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