Update on UK June quarter rent collection
SEGRO plc (“SEGRO” or the “Group”) today updates the market on the status of rental collections from its UK portfolio associated with the UK quarterly payment date of 24 June 2020 (relating to rent payable in advance for the third quarter of 2020).
- As at 7 July 2020, we had received 93 per cent of the £37 million of rent which was due on the UK quarterly payment date after adjusting for re-profiled rent agreed with customers.
- We continue to work proactively and constructively to support customers impacted by the Covid-19 pandemic on a case by case basis. As a result, £9 million of rent ordinarily due on the UK quarterly payment date has been re-profiled, mostly to be paid in the second half of 2020.
With regard to payments for the second quarter of 2020 across our UK and Continental European portfolio, as at 30 June 2020, 98 per cent of the £88 million rent due has been paid after adjusting for re-profiled rent agreed with customers (£13 million). 2 per cent of the rent due (approximately £1.5 million) remains to be paid.
First half results announcement
SEGRO will publish its results for the first half of 2020 on Wednesday 5 August 2020.
Forward-Looking Statements: This announcement contains certain forward-looking statements with respect to SEGRO’s expectations and plans, strategy, management objectives, future developments and performances, costs, revenues and other trend information. These statements are subject to assumptions, risk and uncertainty. Many of these assumptions, risks and uncertainties relate to factors that are beyond SEGRO's ability to control or estimate precisely and which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Certain statements have been made with reference to forecast process changes, economic conditions and the current regulatory environment. Any forward-looking statements made by or on behalf of SEGRO are based upon the knowledge and information available to Directors on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and SEGRO's shareholders are cautioned not to place undue reliance on the forward-looking statements. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), SEGRO does not undertake to update forward-looking statements to reflect any changes in events, conditions or circumstances on which any such statement is based. Past share performance cannot be relied on as a guide to future performance. Nothing in this announcement should be construed as a profit forecast. The information in this announcement does not constitute an offer to sell or an invitation to buy securities in SEGRO or an invitation or inducement to engage in any other investment activities.
Notes to editors:
SEGRO is a UK Real Estate Investment Trust (REIT) and listed on the London Stock Exchange in the FTSE 100 index. It is a leading owner, manager and developer of modern warehouses and light industrial property with a portfolio comprising 7.8 million square metres of space (84 million square feet), valued at £12.2 billion as at 31 December 2019. Its assets are positioned strategically at locations in the UK across London and the South-East and Midlands regions, while in Continental Europe it has developments in France, Germany, Italy, Poland, Spain, The Netherlands and the Czech Republic.
For 100 years SEGRO has been creating the space that enables extraordinary things to happen. From modern big box warehouses, used primarily for regional, national and international distribution hubs, to urban warehousing located close to major population centres and business districts, it provides high-quality assets that allow its customers to thrive.