(Alliance News) - Derwent London PLC on Tuesday said its rent collection rates are returning to pre-Covid levels, as more of the labour market returns to the workplace.
The central London-focused property developer and landlord said it has collected 94% of rent for the third quarter.
"Collection rates continue to strengthen and are higher than for the preceding six quarters at an equivalent time," Derwent commented.
At the equivalent times, Derwent had collected 89% of rent for the second quarter and 87% for the first.
The property developer added it has now received 96% of first quarter rent and 97% of second quarter rent.
So far in the third quarter, it has collected 96% of office rent, with 2% due later in the quarter and 2% outstanding.
However, retail and hospitality lets trail behind with a collection rate of 64%. Derwent maintained its 1% rent-free grant for some businesses in this area of its portfolio, but 15% is outstanding and 20% is due to be paid later in the period.
According to a Google Community Mobility Report, 38% of London's workforce is still working remotely.
Derwent shares were up 0.7% at 3,388.00 pence in London on Tuesday morning.
By Josie O'Brien; josieobrien@alliancenews.com
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Derwent London (DLN)