A prominent Irish commercial property firm has revealed that it has effectively collected near 100% of the rent due in Q4.
The diverse Yew Grove REIT today announced via the London Stock Exchange that they had collected 99.95% of the rent due in Q4, effectively making for a perfect, 100% collection.
Despite the backdrop of COVID-19 affecting their retail businesses, Yew Grove managed to post 97% and 98% rent collection figures in Q2 and Q3 respectively; while also agreeing temporary rent holidays for non-food retail businesses.
Commenting on the results, Jonathan Laredo, Chief Executive of Yew Grove, said: “We are pleased that our tenants’ businesses have recovered sufficiently that we could record increased collections for the fourth quarter despite the continued challenging market conditions.
“We continue to talk to each of our building occupiers to ensure the ongoing management and improvement of their buildings. We are also working actively on rent reviews and new leases and will update the market when we make material progress.
“The strength of our tenants and the Company’s rent collections and asset management underpin the Company’s quarterly dividends, which have risen throughout 2020 despite the pandemic. We announced a 1.3 cents per share dividend on 30 September 2020 and expect these strong collection numbers to feed through to the final quarter dividend.”