Derwent London PLC (LON:DLN) said it has collected 80% of its September quarter rent due totalling £45.2mln, a sum higher than both the June and March 2020 quarters at an equivalent time.
The FTSE 250-listed commercial property group added that it had also continued to receive rent for earlier quarters.
June collections are now at 84%, it said, up from the 70% revealed on July 7, 2020, with an additional 8% still to be received from agreed payment plans.
Derwent added it has received 83% of office rents for the September quarter, 11% better than the previous quarter at the comparable time, though retail and hospitality collections were running at 40%.
Broker Peel Hunt adds that due to its lower retail exposure, Derwent is ahead of close peer Great Portland, which reported 65% collection yesterday (rising to 73% once rent deposits are taken into account). Both companies reported around 85% collection within their office portfolios.
Derwent also reported that of the .£10mln of rent expiring in 2020 and 2021, around £8mln has now been extended. The company has also made a further £1.9mln of new lettings although no rental levels are disclosed.
"Derwent trades on a 26% discount and we continue to maintain our preference for Derwent over Great Portland (23% discount) given the lower retail exposure," said Peel Hunt, which has a hold rating and 3,100p price target.
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