Panther Securities reports £8m loss
Andrew Perloff’s Panther Securities has reported an £8m loss after tax for the first half of 2020.
Perloff attributed this loss to a £6.9m fall in the value of the firm’s portfolio, mainly on its retail properties, due to the impact of Covid-19 and a £3.8m loss on its derivative swaps.
In its latest half year financial results the firm also reported that it had collected £6.8m in rent for the first half of the year. This was down from £7m in 2019, due to the administration of Beales Group.
Andrew Perloff’s Panther Securities has reported an £8m loss after tax for the first half of 2020.
Perloff attributed this loss to a £6.9m fall in the value of the firm’s portfolio, mainly on its retail properties, due to the impact of Covid-19 and a £3.8m loss on its derivative swaps.
In its latest half year financial results the firm also reported that it had collected £6.8m in rent for the first half of the year. This was down from £7m in 2019, due to the administration of Beales Group.
Perloff admitted he expected rental income to suffer further in the second half of 2020 and reported that between April and October, 48 of Panther Securities’s tenants were given rent waivers totalling £247,000, and a number of deferments were also agreed.
“However, out of the few (about five) of our own freehold landlords, being local councils which receive about £675,000 per annum ground rents from us, they, having considered the matter, have given us a concession of absolutely nothing,” Perloff said.
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