Citycon reports additional details on May rent collection
In the extraordinary circumstances followed by the outbreak of Covid-19 pandemic Citycon provided additional details on the rent collection level of April 2020 published on 12 May 2020. Similar to April, May rent collection remained stable and Citycon has collected and/or accrued as government assistance guarantees approximately 78% of its billed rent for the month of May.
The company has collected approximately 73% in cash from its tenants and has accrued approximately 5% of its billed rent which has been deferred until the tenants are able to collect the monies from the government subsidy programs to offset their fixed costs. Footfall has continued to improve, and the total footfall for week 25 was tracking at 86% compared to 2019. Average spend per visitor continues above prior year level and was 29% higher in May 2020 compared to May 2019.
The company expects to publish more detailed information on its trading and result as well as the impact of COVID-19 in its Q2 report in August.
Espoo, 25 May 2020