Alternative Income REIT has collected 91.4% of rent for the COVID affected final nine months of 2020.
It said payment plans were in place on the remaining 8.6%. For the first quarter of 2021, it has collected 80.4% of quarterly billed rent and has agreed or is in the process of agreeing rent concessions with the remaining 19.6%.
The group said rent concessions had so far been rent deferrals, it was now considering limited rent free periods where lease extensions or regearing can be negotiated to increase the value of the property.
The group’s NAV increased 0.9% in the quarter to the end of December 2020 to 84.68p per share.
EPRA earnings per share for the quarter to the end of December 2020 was 1.32p per share, which covers a dividend of 1p per share declared for the period.
This dividend is below the 5.5p per share annual target, which the group said it hopes to get back to by September 2022.
It said the hotel and leisure sectors, which make up around a quarter of the group’s rent, have been particularly adversely affected by COVID-19 lockdowns and rent arrears from these two sectors are around 8% of its 202 rents.
AIRE : Alternative Income REIT collects 91.4% of rent