Landsec has established an £80m rent relief fund for its food and beverage occupiers and small businesses.
Some £15m will support F&B customers, equating to three months of rent, the remaining £65m will be allocated on a case-by-case basis to small and medium-sized businesses.
The REIT received 65% of the £121m in rent due on 25 March, compared to 96% for the same period last year.
Its portfolio comprises 50% offices, 38% retail and 12% specialist assets, including leisure and hotels.
The specialist assets received just 23% of the £13m in rent due, retailers forked out 41% of some £37m and office occupiers paid 86% of the £71m owed.
Interim chief executive Martin Greenslade (pictured) said: “These are unprecedented times and it is incumbent upon businesses such as ours to be mindful of the huge challenges faced by many of our stakeholders.”
Landsec has cancelled its third interim dividend, paused development at major schemes and will review the timings of future development commitments.
The company said it can withstand a valuation fall of 62% or EBITDA reduction of £385m before hitting LTV or ICR covenants.
It had £1.2bn in cash and available facilities at 31 March and an LTV of 28.1% reported at September 2019.
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