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 £12.4 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 £1.3 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 £12.4 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.