Split performance on REIT rent collection

Commercial REITs have reported varying performance on rental collection, with retail occupiers continuing to struggle to meet payments for the September quarter. NewRiver REIT has collected or agreed 66% of rents due for the third quarter. It said rental payments are already 72% ahead of where they were at the same time in Q2. The REIT’s £1.2bn portfolio includes 33 community shopping centres, 25 retail parks and 700 pubs. It has now collected or agreed 85% of Q2 rents and 84% of Q1 rents. Urban Logistics said it has collected 99% of the rent due for the quarter, with the remaining 1% to be collected imminently. Elsewhere, Nick Leslau’s Secure Income REIT has collected 100% of the £12.4m in rent due between 29 September and 7 October, of which 92% were quarterly payments. The REIT has agreed rent reduction, deferrals and a shift to monthly payments. Following the Travelodge CVA it reduced rents for 2020 and 2021. Secure Income has collected £1.3m from Travelodge and has no outstanding arrears. It has deferred rents due for the Merlin leisure assets for the June and September quarters until September 2021. Rents owed by Stonegate continue to be paid monthly, with a rental concession period granted in exchange for lease extensions ended at the start of the month.   To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette Image © Xyz Pictures/imageBROKER/Shutterstock