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08 Oct 2020 | 15:30

Secure Income REIT upbeat on recent rent collection

(Sharecast News) - Secure Income REIT updated the market on its rent collection on Thursday, reporting that 100% of the £12.4m of rent due between 29 September and Thursday, after allowing for the rent adjustments agreed with certain tenants, had been collected. The AIM-traded firm did note that some rent adjustments had been agreed in support of some tenants, which were facing challenges as a result of the Covid-19 pandemic.

It said that following the Travelodge company voluntary arrangement, rents had been reduced in 2020 and 2021, after which rents would return to the levels originally contracted for the period from 1 January 2022.

"Travelodge rents of £1.3m in aggregate were received when due on 1 and 7 October," Secure Income said in its statement.

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

Rents due for the Merlin leisure assets for the June and September quarters had been deferred for collection in September 2021, the board added, and thus no rents were due from Merlin for the current quarter.

Finally, of the £12.4m of rents due for collection between 29 September and 7 October, 92% were quarterly rents and the balance was monthly rents, including the Stonegate rents.

"[The Stonegate rents] have always been receivable monthly and where the rent concession period granted in exchange for lease extensions ended on 1 October," the board said.

Secure Income said that 0.1% of the annualised gross rent roll was outstanding in total for any current and prior rent due dates.

At 1527 BST, shares in Secure Income REIT were up 2.96% at 270.79p.
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