Landsec misses out on rent payments as tenants continue to struggle

Land Securities, the FTSE 100 listed retail and office landlord, collected just two-thirds of rent owed in March as its tenants suffered through repeated closures due to the pandemic. The company said that of the £110m of quarterly rental payments due within five days of their March due date, a total of £33m was left outstanding, with retailers and hospitality firms based in central London hit particularly badly. Less than half of retail rent was collected for the three-month period, Landsec said, in contrast to its offices portfolio where 87pc of the £61m of rent due was paid. Throughout the pandemic, Landsec has agreed £39m of rent concessions with tenants after setting up a £80m relief fund to help struggling tenants. It said it expects the figure for rent concessions to increase as tenants seek to negotiate payments as the the Government's rent moratorium closes at the end of June. Landsec said 84pc of net amounts due for the year to to 24 March 2021 have been paid. Landsec’s £11.8bn portfolio includes the Piccadilly Lights advertising screen on Piccadilly Circus and shopping centres including Trinity Leeds and Westgate Oxford.