Rent payments creep up as the economy comes back to life
Landlords told markets this morning that rent payments from tenants were creeping back towards 100 per cent as the economy kicks back into life.
Land Securities collected 81 per cent of rent due at the back end of June, and Derwent London reported it had received 93 per cent of its office rents for the same momth.
That latter figure compares to just 75 per cent last year.
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Many landlords have introduced leniency schemes over the past sixteen months thanks to the unprecedented destruction wrought on the UK economy by the Covid-19 pandemic and associated lockdowns.
LandSec said this morning they were taking a “proactive approach to addressing the challenges the pandemic presents” and said it had allocated £50m of rent concessions over the pandemic.
The property giant also confirmed that the first quarterly dividend for the 21/22 financial year would sit at 7p per ordinary share.
There are signs that office life is coming back.
Data for last month showed that the amount of office space coming on the market had slowed considerably.
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