Land Securities PLC expects tenants on supports to rise as economy reopens

PLC () said it expects the number of tenants on support measures to rise as non-essential shops reopen and a rent moratorium is lifted at the end of June.

The FTSE 100 group said it has received 67% of the net £100mln rent roll due on 25 March, which was slightly higher than a year ago.

set up an £80mln customer support fund in April 2020, of which £39mln is currently being utilised.

Of the £33m of rent outstanding, £10m relates to customers who have withheld payment pending documentation of agreed concessions, it added.

“Assuming all agreed concessions are completed and the £10m of withheld rent is received, the rent collection rate for the quarter would increase from 67% to approximately 77%,” said the statement.

For the twelve-month period from 25 March 2020 to 24 March 2021, 84% of the net amounts due for this period has been received, added.

Office occupiers paid 87% in the latest three month period compared to 38%for regional retail, 40% in urban property and 29% in the rest of central London.