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(Alliance News) - British Land Co PLC on Wednesday said it has collected just over half of its retail rents due last month, as non-essential retail across England reopens following the recent national lockdown.
The London-based real estate investment trust said it has collected 82% of the total rent for its 2021 financial year, which ended March 31, comprised of 99% of office rent and 70% of retail rent.
British Land collected 76% of rent due between March 25 and April 12, which consists of 96% of office rent and 54% of retail rent. A total of 3% of office rent and 34% of retail rent remains outstanding after taking into account customers who pay monthly.
The company said it collections to improve over the coming weeks in line with previous quarters. For comparison, the property developer said in January it collected 71% of its total rent due between December 25, 2020 and January 7, pocketing 95% of office rent but just 46% of retail rent.
"We expect market rents for covered shopping centres to take longer to stabilise than at retail parks due to generally higher occupancy cost ratios for this format and lower visitor numbers during Covid. Covered shopping centres accounted for 22% of our retail portfolio value at September 30, 2020," commented British Land.
Following the opening of non-essential retail on Monday in England, 1,540 of the stores in British Land properties have been reopened, representing 79% of the total. The company said it expects this to increase in the coming weeks if restrictions are relaxed in Scotland as planned, in line with the roadmap set out by the UK government.
Additionally, British Land said its new chief financial officer, Bhavesh Mistry, will take up the position on July 19. The company appointed Tesco PLC Deputy Chief Financial Officer Mistry to the role back in January.
Shares in British Land were up 0.1% at 510.00 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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