Workspace Group PLC (LON:WKP) has ended the 50% reduction offered to business centre customers during the quarter to June 30, the first of the current financial year.
It represented a loss of £16mln, although 15% of the discounted rent was agreed to be deferred.
READ: Workspace raises its dividend even though most occupants get rent discount
The real estate investment trust has received payments accounting for 75% and 65% of rents for the first and second quarter, respectively, while deposits offset the risk of bad debts.
Trading has improved gradually since the start of lockdown, with lettings rising to 91 in June from 20 in April.
Tenants are slowly returning to its business centres, with activity now at around 15% of usual levels, but occupancy fell by 3% to 90% in the quarter to June.
As of the end of June, net debt was £546mln, with cash balances and undrawn facilities of £161mln.
“We continue to believe in the longer-term attractions of WKP’s flexible business model, but it is clear operational performance is going to take some time to return to pre-lockdown levels,” analysts at Liberum commented.
Shares dipped 1% to 617.7p on Thursday morning.