Secure Income REIT PLC Update on rent collections (4205B)
October 08 2020 - 1:00AM
UK Regulatory
TIDMSIR
RNS Number : 4205B
Secure Income REIT PLC
08 October 2020
8 October 2020
Secure Income REIT Plc
("SIR", "the Company")
Update on September quarter and October monthly rent
collections
Secure Income REIT Plc provides the following update on the
collection of rents due up to the date of this announcement,
following the end of the rent collection cycle for the September
quarter and October monthly rents.
100% of the GBP12.4 million of rent that fell due between 29
September 2020 and today, after allowing for the rent adjustments
agreed with certain of our tenants and set out below, has been
collected.
The rent adjustments agreed in support of certain of our tenants
facing challenges as a result of the pandemic are as follows:
Rent reduction
-- Following the Travelodge CVA, rents have been reduced in 2020
and 2021 after which rents return to the levels originally
contracted for the period from 1 January 2022. Travelodge rents of
GBP1.3 million in aggregate were received when due on 1 and 7
October. There are no arrears outstanding from Travelodge from any
prior period.
Rent deferral
-- Rents due in respect of the Merlin leisure assets for the
June and September 2020 quarters have been deferred for collection
in September 2021 therefore no rents are due from Merlin for the
current quarter.
Monthly rents
-- Of the GBP12.4 million 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, which have always
been receivable monthly and where the rent concession period
granted in exchange for lease extensions ended on 1 October.
Only 0.1% of the annualised gross rent roll is outstanding in
total for any current and prior rent due dates.
For further information on the Company, please contact:
Secure Income REIT Plc +44 20 7647 7647
Nick Leslau enquiries@SecureIncomeREIT.co.uk
Mike Brown
Sandy Gumm
Stifel Nicolaus Europe +44 20 7710 7600
Limited StifelSecureIncomeREIT@stifel.com
(Nominated Adviser)
Stewart Wallace
FTI Consulting +44 20 3727 1000
(PR Adviser) SecureIncomeREIT@fticonsulting.com
Dido Laurimore
Claire Turvey
Eve Kirmatzis
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