Wednesday 24 June marked the second quarter day of 2020; one of four milestones within the financial year where commercial occupiers are contracted to pay rent for the following three months.
Early analysis shows that our Property and Asset Management team has collected over 71% of rent owed by the due date across its managed portfolio, which comprises more than 14,000 tenancies across 5,700 commercial properties in the UK and Ireland. The previous rent collection day fell immediately after lockdown was imposed on 24 March.
In contrast with the same point in the last quarter, our June quarter day collection rates show a 5% increase in the amount of rent collected.
Patricia Bret, National Head of Commercial Property and Asset Management, commented:
“Non-payment of rent obviously has far reaching consequences for landlords and we are proactively engaging with our occupiers to ensure that any potential issues are flagged and resolved in a timely manner in order to safeguard our clients’ financial position.
“The expectation among many analysts was that this quarter’s rent collection figures would be significantly down on March, as businesses sought to preserve cash flow during lockdown. However, while the amount of rent collected obviously varies by sector, with the retail funds performing less favourably, our early statistics suggest an improvement in our collection rate, which is a strong reflection of how well occupiers have responded to our proactive approach.”
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