Secure Income maintains strong rent collection through holiday period

(Sharecast News) - Secure Income REIT updated the market on its collection of rents due on Friday, following the end of the rent collection cycle for the December quarter and January monthly rents.
The AIM-traded real estate investment trust said 98.6% of the £21.6m of rent that fell due between 25 December and 7 January had been collected.

That included rents received for the quarter starting 25 December from the Merlin Entertainments group following the end of their six month rent deferral period.

The deferred June and September quarter rents, totalling £17.8m, would be receivable on 29 September.

Secure Income also issued an update on the rent adjustments agreed in support of tenants facing challenges as a result of the pandemic, reporting that the annualised Travelodge rents after allowing for the temporary company voluntary arrangement (CVA) concessions had increased from 32% of contractual rents for the period from 1 April to 31 December, up to 70% of contractual rents with effect from 1 January.

Those rents were expected to revert to 100% of the original contractual levels on 1 January 2022.

"Travelodge rents of £1.6m in aggregate were received either before or when due on 1 January and 7 January," the board confirmed in its statement.

"There are no rents outstanding from Travelodge from any prior period."

Of the £21.6m of rents due for collection between 25 December and 7 January, Secure Income said 90% were quarterly rents, with the balance being monthly rents.

At 0836 GMT, shares in Secure Income REIT were up 2.76% at 307.25p.