• Healthy leasing activity in H1 2020, with 115,500 sqm of commercial space taken-up or extended at an average WALL of 3.2 years.
  • Leases renewed accounted for 74% of the company’s leasing activity, resulting in its WALL remaining substantially the same over the period (4.5 years as at 30 June 2020 vs 4.6 years as at 31 December 2019).
  • Standing portfolio footprint increased by 34,800 sqm mainly attributed to the addition of Globalworth Campus T3 in Bucharest, to 1,248,500 sqm of GLA.
  • Average standing occupancy of the company’s commercial portfolio of 93.3% (94.2% including tenant options), decreasing from 94.7% (95.9% including tenant options) at year-end 2019. Like-for-like occupancy decreased by 0.8%.
  • Most of Globalworth’s contracted rent is from office and industrial properties (89.9% of annualised contracted rent) which have remained largely unaffected by measures taken by the authorities against Covid-19.
  • Claims were received principally by occupiers of space who have been impacted by the COVID-19 pandemic, with claims accounting for 2.4% of annualised contracted rent received and settled with tenants and further claims accounting for 2.3% of annualised contracted rent rejected or under negotiations.
  • The modest economic impact of claims is expected to be substantially mitigated by the cost-cutting initiatives already implemented by the Group and through the extensions of leases in place negotiated as part of the COVID-related agreements reached with tenants. 
  • Rate of collections for rents invoiced and due remained high at 92.7% during the first half of 2020.
  • Group liquidity position remains very strong with c. €565 million of cash available as of 30 June 2020.

Source: property-forum