Business
Rent collection update
Rent collection update.
About this update from Alternative Income Reit Plc
[{"type":"text","content":"\n \n \n RNS Number : 7235S\n Alternative Income REIT PLC\n 13 July 2020\n \n \n \n \n \n \n 13 July\n 2020\n \n \n \n Alternative Income REIT \n \n \n plc\n \n \n \n (the \"\n \n Company\n \n \" or \"\n \n Group\n \n \")\n \n \n ROBUST RENT COLLECTION CONTINUING WITH AT LEAST 84% OF Q3 RENTS EXPECTED TO BE COLLECTED BY SEPTEMBER 2020\n \n \n The Board of Directors of \n Alternative Income REIT plc\n (ticker: AIRE), the owner of a diversified portfolio of 19 UK commercial property assets let on long leases,\n is pleased to \n provide the following update on rent collection.\n \n \n \n \n \n The Group's annual passing rent roll from its 21 tenants, after adjustment for the terms of the Travelodge Hotels Limited (\"Travelodge\") CVA, is £6.58 million. All of the percentages quoted below are based on the rents contractually due for the current quarter.\n \n \n \n \n \n The Company's resilient and diversified portfolio that remains\n fully let predominantly on long, index-linked leases\n \n has delivered strong rent collection since the start of the COVID-19 pandemic. The Board expects that at least 84% of Q3 rents due will be collected by September 2020:\n \n \n ·\n 89% of the quarterly rents, which represent 70.4% of the annual rent roll, have been collected, including the quarter rent from \n Meridian Steel Limited, whose rent free period ended on 23 June 2020.\n \n \n ·\n The proportion of rents which are contractually due monthly is now 17.4% and, in addition, a small number of tenants, representing 12.2% of the annual rent roll, have been granted concessions for a limited period to settle their rent monthly. 72% of those who currently pay monthly have settled their July rents.\n \n \n ·\n The Company remains in discussion with a small number of tenants, representing 11% of the rent roll, in respect of potential deferral of their rent payments in support of their near term cash flow requirements.\n \n \n o \n Where realistic, the Group may continue to provide proportional assistance to those tenants whose operations\n \n remain materially impacted\n , \n whilst protecting its own position and its responsibility to shareholders\n . \n The Company will treat each case on its merit. \n \n \n o \n To date, no rent\n \n free periods or rent \n adjustments, except for t...