Great Portland collects 82% of quarterly rents

(Sharecast News) - Real estate investment trust Great Portland Estates said on Wednesday that March quarter rent collection had come in ahead of the four previous quarters at 82%, including amounts covered by rent deposits.
Great Portland also stated it had now collected 84% of rent for the year ended 31 March, including drawn deposits, and said it was also holding £17.2m of rent deposits/bank guarantees, of which £1.7m was anticipated to be utilised against outstanding March rent.

The FTSE 250-listed firm also pointed to some "encouraging leasing momentum", with the group completing ten new lettings throughout the quarter, and "good progress" across its development programme, with one development started and two planning applications submitted.

Chief executive Toby Courtauld said: "The most recent Covid-19 lockdown has disrupted the activities of many businesses across London, resulting in a number of occupiers still being unable to meet their rental commitments. However, the ongoing vaccination programme and Government roadmap to easing lockdown restrictions is supporting renewed optimism, which we are seeing reflected in improved rent collection, greater letting activity and increased enquiry levels on available space.

"Our leverage is low, providing significant capacity for growth; our extensive development pipeline is set to deliver high quality, sustainable spaces that remain in high demand; across of our investment portfolio, we are delivering flexible, tech-enabled spaces that support the productivity and wellbeing of our customers; this, combined with the talents of our experienced team and strong culture, means that we have an exciting opportunity to deliver on all our ambitions."

As of 0905 BST, Great Portland shares were up 0.084% at 692.08p.