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Derwent London collects 83% of December rent

(Sharecast News) – Derwent London has collected has received 87% of its December office rent – which represents around 91% of its total rental income – but just 26% of its retail/hospitality rent.
The group, which has received 83% of its total rent for last month, noted that the office collection rate is higher than the equivalent figures released for the September and June quarters. A further 3% of total rent is expected later in the first quarter and another 5% later in 2021.

The company said a further 3% of office rent is due later within the first quarter, with an additional 6% under agreed plans payable later in the year.

Rent-free periods have been granted on 1% of total rents, in the retail and hospitality sectors, it said.

Broker Liberum, which rates Derwent at ‘hold’, said: “We think is a good result for DLN with improved collection rates for the current period and now less than 5% of total annual rent for 2020 still outstanding or waived.”

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