Yew Grove REIT plc (LON:YEW), which owns a diversified portfolio of Irish commercial property assets, has announced another positive rent collection update.
Rent Collection Update
Yew Grove is pleased to announce another strong rent collection update, collecting 100% of it’s quarterly rents for Q1 2021. Quarterly rents account for 90.35% of the rent roll and monthly rents account for 9.65% of the rent roll. All but €3,175 of the monthly amounts due on 1 January 2021 have been collected. If this rate of collection is repeated in February and March, the full quarterly collections will exceed 99.6%. The 0.4% of rent not collected relates to non-food retail that has been closed due to the new Irish national lockdown announced just after Christmas. In aggregate, the Company’s non -food retail rents amount to only 0.7% of the total rent roll. As previously announced last year, we continue to collect agreed deferrals from Q2 and Q3 2020.
Jonathan Laredo, Chief Executive of Yew Grove, commented:
“We are pleased that despite the ongoing challenges created by the resurgence of the Covid-19 pandemic our tenants are still demonstrating business resilience. However, whilst the rapidly accelerating vaccine programmes offer a route out of the current situation, the renewed lockdown will continue to make business very difficult for our smaller tenants and I believe the next six months will continue to challenge us all. Whilst we are cautiously optimistic the vast majority of rents will continue to be paid as they fall due, we will keep the markets updated on any material changes to the situation.”
