Irish commercial property owner Yew Grove REIT has announced it has collected almost 100% of rents for the first quarter of 2021.
All quarterly rent billed for the current quarter at the end of December, which accounts for 90.35% of its rent roll, has been received.
Just €3,175 of the monthly rental agreements, which account for 9.65% of the rent roll, remains outstanding for the month of January.
The company said if this rate was repeated in February and March, the full quarterly collection rate will exceed 99.6%.
The 0.4% of rent not collected relates to non-food retail that has been closed due to the new Irish national lockdown announced just after Christmas. In aggregate, the company’s non-food retail rents amount to only 0.7% of the total rent roll.
Chief executive Jonathan Laredo warned that the new lockdown would “continue to make business very difficult for our smaller tenants and I believe the next six months will continue to challenge us all”.
YEW : Yew Grove collects almost 100% of rent