Ediston Property Inv Comp PLC Dividend Declaration
RNS Number : 7499U
Ediston Property Inv Comp PLC
08 April 2021
08 April 2021
Ediston Property Investment Company plc
Announcement of Interim Dividend and 25% increase in Dividend
from May 2021
Declaration of Interim Dividend
The Company declares its interim dividend (property income
distribution) payment in respect of the period from 1 to 31 March
2021 of 0.3333 pence per share, as timetabled below:
Ex-Dividend 15 April
Record Date: 16 April
Pay Date: 30 April
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 previous dividend declared on 4 March .
At the date of this announcement, rent collection is in line
with previous forecasts. If the tenants who pay their rent monthly
continue to do so, it is projected that the Company will collect
94% of the rent due for the first quarter of 2021. On this basis,
the current dividend level would be 126% covered by rent collected
(less expenses) for quarter one.
Dividend rate increase of 25% from May 2021
The Company will increase its dividend by 25%, to 5.00 pence per
share annualised, from 4.00 pence annualised. The first payment at
the increased rate will be made in May 2021, for the month of
The Board believes that the new dividend level will be
well-covered and sustainable, based on net income projections,
subject to there being no dramatic deterioration in the trading
conditions, as was the case a year ago .
The 25% dividend increase takes into account the improving
outlook for income and rent collection and is not to the detriment
of the Company's current projected investment and asset management
activities. Should the improving outlook continue, there could be
further dividend progression in due course.
The projected annualised yield based on the closing share price
of 69.20 pence as at 7 April 2021 would be 7.2%.
The Company will publish its 31 March 2021 net asset value later
this month and will provide a full trading update at that time.
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
Ross * Kaso Legg Communications 0203 995 6676
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(END) Dow Jones Newswires
April 08, 2021 02:00 ET (06:00 GMT)