BMO Real Estate Investments has reported a rent collection rate for the year to 31 March 2021 of 94.7%, while its net asset value (NAV) notched up 1% in the first quarter of 2021.
The group, which owns a diverse portfolio heavily weighted to the industrial sector, said collection for the current quarter (to the end of June) was currently 82.1%.
A breakdown of rent collection stats for the year to March 2021 are as follows:
| Rent Billed | ||
| (£m) | (%) | |
| Quarter 2 2020 | 4.1 | 93.3 |
| Quarter 3 2020 | 4.1 | 94.5 |
| Quarter 4 2020 | 4.2 | 96.8 |
| Quarter 1 2021 | 4.2 | 94.2 |
| Total | 16.6 | 94.7 |
Collection by sector:
| Rent Billed | Collected | |
| (£m) | (%) | |
| Industrial, logistics and distribution | 6.1 | 100.0 |
| Offices | 4.5 | 99.5 |
| Retail Warehouse | 3.7 | 94.9 |
| Retail | 2.3 | 70.7 |
| Total | 16.6 | 94.7 |
Breakdown of uncollected rent:
| Total Outstanding | Rent Billed | |
| (£m) | (%) | |
| Agreed deferments | 0.0 | 0.1 |
| Rent waived | 0.3 | 1.8 |
| Unresolved / in discussion | 0.4 | 2.2 |
| Bad Debts | 0.2 | 1.2 |
| Uncollected Rent | 0.9 | 5.3 |
Net asset value
The group’s NAV at 31 March 2021 was 99.1 pence. This represents an increase of 1.0% from the NAV per share as at 31 December 2020 of 98.1 pence and a NAV total return for the quarter of 1.9%, including a quarterly dividend payment of 0.85 pence.
The property portfolio increased in value during the quarter by 0.8% to £318.8m, with the value of its industrial assets (45.9% of the portfolio) up 2.5%. Offices (29.6% of the portfolio) was down 0.6%, as was standard retail (8% of the portfolio). The value of its retail warehouse properties (16.5% of portfolio) was flat.
Gearing
The company has around £15.7m of available cash and an undrawn revolving credit facility of £20m. A £90m long-term debt facility with Canada Life and an undrawn loan facility with Barclays do not need to be refinanced until November 2026 and March 2025 respectively. As at 31 March 2021, the loan to value (LTV) was 25.3% and the group said there was significant headroom under debt covenants.
BREI : BMO Real Estate reports positive rent collection rates