(Alliance News) - Great Portland Estates PLC on Monday said its near-term outlook remains uncertain as rent collections from the retail, hospitality & leisure sector remain weak.
The FTSE 250-listed property investment and development company said 65% of rent due by the end of September has been collected, or 73% including amounts covered by rent deposits.
With regards to rent for the quarter ended September 29, 71% has been collected, with 92% of monthly rent collected. This equals the 73% of total rent due for at the end of September.
Only 28% of retail, hospitality & leisure rent has been received, while 85% of rent has been collected in the company's other sectors.
For the months of March and June, 82% of rent has now been collected.
At September 30, GBP18.5 million of rent deposits and bank guarantees were held, down from GBP21.6 million a year before.
Great Portland Estates said: "Whilst rental collection and occupancy rates have improved across the portfolio since March, many sectors remain challenged. We continue to engage with those occupiers unable to meet their rental obligations, offering assistance on a case by case basis to support them through this difficult period.
"For those occupiers who have been unable to pay their rent, we are implementing measures to help support them through these unprecedented times. Accordingly, on a case-by-case basis, we are currently offering occupiers facing cash flow difficulties monthly payment terms, deferral of rental payments or rental holidays, as appropriate."
The near-term outlook remains unpredictable, the company added.
Half-year results are expected to be released on 11 November.
Great Portland Estates shares were down 0.3% at 641.00 pence each in London on Monday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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