(Alliance News) - Derwent London PLC on Tuesday said rent collection has been increasing each quarter since September, while rent for retail and hospitality has dropped sharply.
The property investment and development business focused on central London said it has collected 87% of rent due at the end of March, higher than both the December and September quarters at an equivalent time.
Derwent has received 91% of its office rent, which is an increase from 87% of rent received in December. A further 4% is due later within the first quarter, with an additional 4% currently outstanding and 1% granted a rent-free period, it said. Office rent represents 91% of Derwent's total rental income.
Only 24% of March quarter retail and hospitality rent has been received, with 9% granted a rent-free period, 54% outstanding and 13% due later in the quarter.
In total, Derwent has 5% of March quarter rent due later in the quarter, with 7% left outstanding and 1% granted a rent-free period.
Rent collection for earlier quarters is now standing at 91% for the December quarter compared to 83% announced in January and 92% for the September quarter, compared to the 80% announced in October.
Shares in Derwent were up 2.0% at 3,392.00 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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Derwent London (DLN)