Ediston Property Inv Comp PLC Interim Dividend & Rent Collection Update (3040S)
July 08 2020 - 1:00AM
UK Regulatory
TIDMEPIC
RNS Number : 3040S
Ediston Property Inv Comp PLC
08 July 2020
08 July 2020
Ediston Property Investment Company plc
(LEI: 213800JRL87EGX9TUI28)
Announcement of Interim Dividend & Rent Collection
Update
Declaration of Interim Dividend
The Company declares its interim dividend (property income
distribution) payment in respect of the period from 1 June to 30
June 2020 of 0.3333 pence per share, as timetabled below:
Ex-Dividend 16 July
Date:
Record Date: 17 July
Pay Date: 31 July
This monthly dividend of 0.3333 pence per share equates to an
annualised dividend level of 4.00 pence per share and is unchanged
from the April and May dividend s, the latter of which was
announced on 3 June.
Th e monthly dividend s for April , May and June are fully
covered (109%) by the net rental income collected in the second
quarter of 2020.
Rent collection update
Quarter 2 rent collection
75% of the rent due for Q2 has been collected at the date of
this announcement. It is anticipated that a further 3% of rent will
be collected for this period from tenants who are currently paying
in arrears. The Investment Manager has agreed rent repayment plans
representing another 8% of the quarter's income from tenants who
have yet to pay rent. Receipt of these monies would lift the
collection to 86%, with a number of other tenant arrears still to
be resolved. To date, no outright rent-free period has been agreed
unless the Company has received something in return, for example, a
lease extension.
These collection statistics are significantly ahead of the 74%
reported in earlier trading updates, which is encouraging.
Quarter 3 rent collection
As at 6 July, 7 4% of the rent due by 1 July has been collected
across the portfolio. This compares to 69% paid at the same point
last quarter .
A number of tenants are now paying monthly instead of quarterly
in advance. The Company will have collected 88 % of rent due for
the quarter ending 30 September 2020 if the tenants who paid
monthly for July continue to make payments for August and
September. On this basis , the current dividend level would be 128%
covered by rent collected for Q3 and potentially as high as 135%,
after taking into account deferred rent covered by payment
plans.
One of the reasons for the anticipated improvement in rent
collection is the lifting of restrictions which have prevented
non-essential retailers trading. As at 6 July 2020, 96% (on a sq.
ft. basis) of the Company's retail warehouse accommodation has
reopened for trade, with many tenants reporting trading levels
ahead of their forecasts .
The Company will publish its net asset value as at 30 June 2020
later this month and expects to provide a full trading update at
that time. In the meantime, the Company will continue to pay
dividends out of net income received, absent unforeseen
circumstances, and to give guidance on a quarter by quarter basis
for future monthly dividends.
End
Enquiries
Will Barnett * Investec Bank plc 0207 597 5873
Calum Bruce * Ediston Investment Services Limited 0131 225 5599
Ruth Wright * JTC 0203 893 1011
Ben Robinson * Kaso Legg Communications 0203 995 6672
Stephanie
Ross * Kaso Legg Communications 0203 995 6676
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END
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