Landsec has hailed “encouraging” levels of footfall in its centres and will reinstate its shareholder dividend from November, despite retail occupants dragging their feet with rents.
The institutional landlord said 60% of its net due rent was paid at the last quarterly rent day June 24, but only 29% of retail occupants had paid within five days.
While this put Landsec in a much better position than the likes of struggling competitors such as Intu and Hammerson, it was still left out of pocket on rent day – having recouped 94% of due rents for the equivalent period last year.
Landsec said 75% of due rent from the March 25 quarterly day had now been received and its office clients continued to be the most diligent occupiers. As of June 30, 81% of Landsec’s office occupiers had paid their due rent.
In a buoyant update to the City, the owner of the Gunwharf Quays and Southside shopping centres said that all of its malls, outlets and retail parks were now open and had seen “encouraging levels of footfall”.
In the two weeks since June 15 and the reopening of non-essential retail, footfall across Landsec sites was at 60% of the equivalent period last year, while like-for-like store sales were at 80%.
Landsec said it “remained in a financially robust position” and, in a marked difference from other listed landlords, confirmed it would reinstate its shareholders’ dividend payment following its half-year results on November 10.
1 Reader's comment