Town Centre Securities, which owns retail, office and car park assets in the UK, has collected 83% of rent since March last year.
This includes a 76% collection rate for the first quarter of 2021. In all, it has received £20.4m of the £24.6m it has billed since March last year (83%). This rises to 87% when agreed deferments are included.
For the current quarter, it has received £3.9m of the £5.2m billed (76%) and has agreed to defer a further £0.6m (10%).
Of the outstanding £0.7m, £0.05m has been waived, while £0.1m was unexpectedly unpaid by Whitbread plc, owner of a Premier Inn hotel in the group’s portfolio, which only paid half of their rent due for the quarter without any agreement in place.
Overall, since March 2020 £3.1m of rent remains unpaid – £1.2m of which has been waived in return for lease extensions and £1.9m is outstanding.
TOWN : Town Centre Securities has collected 83% of rent since March 2020