Palace Capital PLC Update on rent collection (2885N)
January 29 2021 - 1:00AM
UK Regulatory
TIDMPCA
RNS Number : 2885N
Palace Capital PLC
29 January 2021
29 January 2021
PALACE CAPITAL PLC
("Palace Capital" or the Company)
Update on rent collection
Palace Capital (LSE: PCA) the Main Market listed property
investment company that has a diversified portfolio of UK
commercial real estate in carefully selected locations outside of
London, provides the following update on rent collection for the 12
months to 31 December 2020 and the first quarter of 2021:
-- 86% of Q1 2021 rents have been collected or are expected to
be received under monthly payment plans (78% cash collected, 1%
concessions agreed, 7% monthly rents not yet due). The collection
rate is expected to improve further over the coming weeks.
-- Our two leisure assets continue to be closed to the public
and excluding the related arrears in respect of these assets, the
rest of the portfolio rent collection totals 94% for the current
quarter, once monthly payments not yet due and concessions are
included.
-- 92% of all rents due in the 12 months to 31 December 2020
have been collected (96% excluding the two leisure assets). Agreed
concessions represent just 4% of the rent due for the year.
-- In respect of the 4% of rent outstanding for 2020, ongoing
discussions and active management opportunities are expected to
further improve either the income or capital position of the
portfolio.
Neil Sinclair, Chief Executive of Palace Capital commented:
" We are pleased to provide shareholders with a further positive
rent collection update today with total rents received across 2020
amounting to 92% of rents invoiced and concessions agreed for a
further 4%. We anticipate collecting the vast majority of the
outstanding balance in due course. Our Q1 2021 rent collections of
86%, including concessions and monthly payment plans, continue to
be robust and cash collection is in line with the same figure for
the previous quarter. Excluding our leisure tenants, we expect to
have over 94% of rent due collected by the end of the quarter.
"
For further information please contact:
PALACE CAPITAL PLC
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Broker
Numis Securities
Heraclis Economides / George Fry
Tel: +44 (0)20 7260 1000
Broker
Arden Partners plc
Corporate Finance: Paul Shackleton / Daniel Gee-Summons
Corporate Broking: James Reed-Daunter
Tel: +44 (0)207 614 5900
Financial PR
FTI Consulting
Claire Turvey / Methuselah Tanyanyiwa
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com
The information contained in this announcement is deemed by the
Company to constitute inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014
About Palace Capital plc
Palace Capital plc (LSE: PCA) is a UK REIT that has a GBP281.6
million diversified portfolio of UK regional commercial property.
The Company maintains a disciplined investment strategy focused on
towns and cities outside of London that are characterised by
thriving local economies and strengthening fundamentals. Within
those locations the highly experienced management team select
assets that provide opportunities to drive both capital value and
long-term rental income through tailored active asset management
programmes ultimately delivering attractive shareholder
returns.
www.palacecapitalplc.com
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