Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Property investor Real Estate Investors said it had collected 97.2% of its first-half rent, though its occupancy levels fell.
The rent collection rate for the six months through June had improved from a previous rate of 96.35% and included adjustments for 'for monthly and deferred agreements'.
'We are pleased to confirm that the business has continued to benefit from its tenant, sector and asset diversification across the portfolio,' the company said.
For the current quarter through September, rent collection to date stood at 90.20%, which the company said would improve further.
'As previously announced, there remain a number of tenants who have the ability to pay but have continued to take advantage of government legislation on overdue rents,' it said.
'In these cases, despite the disappointing extension of the moratorium announced by the government in June 2021, we have taken permitted measures towards enforcing rent collection, which in some cases has resulted in overdue rents being collected.'
Occupancy levels had fallen to 83.43%, down from 91.6%, almost entirely due to the loss of the Npower lease in Oldbury and Premier Inn lease in West Bromwich.
'Whilst we continue to see an understandable level of caution due to Covid-19 uncertainty, the second quarter has seen demand for our neighbourhood and convenience assets continue to strengthen, often surpassing local market expectations and interest in non-city centre offices improve,' Real Estate Investors said.
The company completed eight asset disposals totalling £10.7 million during the half, with an aggregate uplift of 10.3% above book value.