Grocery is an anomaly in the retail sector, fast becoming the new retail core investment after strong performance during the pandemic. Greenman Open performance reflects this.
OPEN’s rent collection remained relatively stable throughout to Q1 2022 (c.98.5%) with high levels of occupancy (c.96%) demonstrating the stability of food and necessity based retail tenants.
We entered the final quarter of the year with a positive outlook as restrictions relax and the vaccine rollout increases. While rent collection has remained high, we continue to engage with our tenants and work with any that require flexibility during this time.
There has been no material change to contractual rent, which remains stable at €50m per annum allowing us to maintain regular distributions to investors.
OPEN has a current GAV of € 1.05bn from 75 assets with long-term senior debt obligations of €406.5m. Contractual annual rent is €50m with a WARLT of 8.6 years. The quality of the portfolio, combined with the resilience of it’s food retailer and essential retailer tenants on long leases has contributed to the continued steady Greenman Open performance during a challenging period.