fbpx

News

Derwent London collects 80% of rent for Q4 2020

Derwent London confirms final dividend

Derwent London, owner and developer of some of the biggest offices in London, has collected 80% of rents for the current quarter (billed on 29 September).

This was far higher than the June and March quarter payment days at the equivalent time (70% and 73% respectively).

The majority of the outstanding rent comes from the group’s retail and hospitality portfolio (which are small components of their office buildings). Derwent has received 83% of the £42m office rent billed. A further 7% is due later in the quarter, with an additional 5% under agreed payment plans for 2021.

In the retail and hospitality sectors (which make up £3.2m of rent for the quarter), Derwent has collected just 40% of rent for the quarter. A further 18% is due later in the quarter and 11% has been waived. That leaves 31% of the £3.2m still outstanding. 

September quarter

Current position

Office

Retail/Hospitality

Total

Received to date

83%

40%

80%

Due later in the quarter*

7%

18%

8%

Payment plans 2020

0%

0%

0%

Payment plans 2021

5%

0%

5%

Outstanding

4%

31%

6%

Rent free granted

1%

11%

1%

Total

100%

100%

100%

£42.0m

£3.2m

£45.2m

*Principally monthly receipts

June and March quarters updated

Derwent has now received 84% of the June quarter rents, with another 8% subject to agreed payment plans. This is an improvement on the March quarter where it has now received 82% of rents with another 10% subject to payment plans.

September quarter

               June quarter

             March quarter

Total quarter’s rent

Current position

Announce

7 July

 Current position

Announced

8 April

Current position

Received to date

80%

70%

84%

73%

82%

Due later in the quarter*

8%

9%

0%

6%

0%

Payment plans 2020

0%

1%

1%

7%

3%

Payment plans 2021

5%

8%

7%

5%

7%

Outstanding

6%

8%

3%

5%

2%

Rent free granted

1%

4%

5%

4%

6%

Total

100%

100%

100%

100%

100%

£45.2m

£43.5m

£43.8m

£43.3m

£43.1m

Fellow central London office landlords Great Portland Estates and Helical announced rent collection figures yesterday, while British Land and Land Securities published figures last week.

DLN : Derwent London collects 80% of rent for Q4 2020

Leave a Reply

Your email address will not be published. Required fields are marked *

NULL