Last checked at 15 Jan 2021 07:00
UPDATE ON RENT COLLECTION
SEGRO plc (“SEGRO” or the “Group”) today updates the market on its continued strong rent collection for the full year to 31 December 2020 and the first quarter of 2021.
For the year ending 31 December 2020, to date we have collected 98 per cent of all rents.
In respect of UK rents payable in advance relating to the first quarter of 2021, as at 14 January, we had received 88 per cent of the £63 million of rent due. This represents a higher collection level than at the equivalent time in each of the three previous quarters.
We expect the substantial balance of outstanding rents to be paid by the end of the quarter with the majority now due to be paid monthly.
Rental collection update1 (as at 14 January 2021)
|
| FY 2020 | Q1 20212 | ||
|
| UK | CE | Group | UK |
Paid | % | 97 | 98 | 983 | 88 |
Deferrals (including payment plans)
| % | 2 | 0 | 1 | 8 |
Outstanding | % | 1 | 2 | 1 | 4 |
Total | % | 100 | 100 | 100 | 100 |
Total rent billed | £m | 245 | 172 | 417 | 63 |
1 Based on exchange rate of €1.12:£12 Rents in our Continental European portfolio are typically paid monthly so we are still early in the collection cycle3 The Q2-Q4 2020 collection rate for the Group is currently 97%, excluding Q1 2020 (when rent collection was not affected by Covid-19).
CONTACT DETAILS FOR INVESTOR / ANALYST AND MEDIA ENQUIRIES:
SEGRO | Soumen Das (Chief Financial Officer) | Tel: +44 (0) 20 7451 9110 |
Claire Mogford (Head of Investor Relations) | Tel: +44 (0) 20 7451 9048 | |
Lizzie Humphreys (External Communications Manager) | Tel: +44 (0) 20 7451 9129 | |
FTI Consulting | Richard Sunderland / Claire Turvey / Eve Kirmatzis | Tel: +44 (0) 20 3727 1000 |
Notes to editors:
ABOUT SEGRO
SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses and industrial property. It owns or manages 8.1 million square metres of space (88 million square feet) valued at £13.3 billion serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in seven other European countries.
For over 100 years SEGRO has been creating the space that enables extraordinary things to happen. From modern big box warehouses, used primarily for regional, national and international distribution hubs, to urban warehousing located close to major population centres and business districts, it provides high-quality assets that allow its customers to thrive.
See www.SEGRO.com for further information.
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