TIDMBCPT 
 
To:                   Company Announcements 
Date:                3 December 2020 
Company:        BMO Commercial Property Trust Limited 
LEI:                  213800A2B1H4ULF3K397 
 
Subject:           Dividend Announcement and Rent Collection Update 
 
 
Interim Dividend 
 
The Company today announces a monthly interim dividend in respect of the year 
ending 31 December 2020 at an increased rate of 0.35 pence per share. This is a 
40 per cent increase on recent monthly interim dividends and equates to 70 per 
cent of the original monthly rate paid up until March 2020. This dividend will 
be a property income distribution. 
 
The key dates for this interim dividend are as follows: 
 
Ex-Dividend Date -        10 December 2020 
 
Record Date -               11 December 2020 
 
Payment Date -             31 December 2020 
 
Rent collection statistics are set out below. Encouragingly they are ahead of 
the levels that were originally feared when the Board made the decision to 
suspend the dividend. As reported in October, new leases continue to be signed 
too and there is now a much clearer picture of the net rental profits that the 
Company will achieve for 2020. Notwithstanding recent announcements, the path 
of Covd-19 remains uncertain and economic challenges continue to grow. So, 
whilst the Company expects to continue to pay monthly dividends at this rate 
for the foreseeable future, which will ensure compliance with the REIT test to 
distribute 90 per cent of net rental profits, the Board will monitor rental 
receipts and earnings closely and keep it under review. 
 
 
Rent Collection 
 
We summarise below our current rent collection outcome for Quarter 2 and 3 as 
well as providing an update on collection for Quarter 4. 
 
 
Quarter 2 and 3 Collection (billed between 26 March 2020 and 1 September 2020) 
 
To date the Company has collected 85.1 per cent of the rents due for Quarter 2 
and 85.9 per cent for Quarter 3. The combined collection statistics for the two 
quarters are as follows: 
 
Collection by sector: 
 
                           Rent Billed     Collected 
 
                           (GBPm)            (GBPm)         (%) 
 
Industrial                 6.6             6.5          98.0 
 
Offices                    13.8            13.0         94.5 
 
Retail Warehouse           3.9             3.1          80.2 
 
Retail                     6.1             3.7          60.7 
 
Alternatives               2.2             1.5          68.8 
 
Total                      32.6            27.8         85.5 
 
 
 
Breakdown of uncollected rent: 
 
Total Outstanding              Rent Billed 
 
                               (GBPm)              (%) 
 
Agreed deferments              1.2               3.6 
 
Rent waived                    1.0               3.1 
 
Unresolved / in discussion     2.6               7.8 
 
Uncollected Rent               4.8               14.5 
 
As highlighted in previous announcements the majority of the uncollected rent 
is in the retail and leisure sectors comprising shops, restaurants, a cinema 
and gym. GBP3.6m of the uncollected amount relates to St Christopher's Place, 
Wimbledon Broadway and Newbury Retail Park. Although there is GBP2.6m of 
uncollected rent where there has yet to be a resolution, progress is being made 
and we are hopeful of reaching agreement with many tenants in the near future. 
There continues to be a minority of retailers who should be in a position to 
pay who are not engaging and the Company is in the process of taking further 
steps to encourage dialogue. Given the high-profile coverage of its 
administration, we can confirm that the portfolio has no exposure to Arcadia. 
There is also no exposure to Debenhams. 
 
 
Quarter 4 Collection (billed between 29 September 2020 and 1 December 2020) 
 
The total quarterly rent demanded for Quarter 4 amounts to GBP16.2 million and 
collection is at 83.6 per cent (compared to 72.3 per cent after the equivalent 
number of days in quarter 3 and 99.3 per cent for the same period last year). 
 
Collection by sector: 
 
                           Rent Billed     Collected 
 
                           (GBPm)            (GBPm)         (%) 
 
Industrial                 3.3             3.3          98.7 
 
Offices                    6.8             6.4          93.2 
 
Retail Warehouse           1.9             1.3          70.1 
 
Retail                     3.1             1.7          55.8 
 
Alternatives               1.1             0.9          79.3 
 
Total                      16.2            13.6         83.6 
 
Breakdown of uncollected rent: 
 
Total Outstanding              Rent Billed 
 
                               (GBPm)              (%) 
 
Agreed deferments              0.2               1.3 
 
Rent waived                    0.1               0.5 
 
Monthly payments*              0.5               2.8 
 
Outstanding                    1.8               11.8 
 
Uncollected Rent               2.6               16.4 
 
*  tenants who have been billed for the quarter but are paying in monthly 
instalments. 
 
The total rent collected is expected to increase further as monthly payments 
are received, and outstanding negotiations with tenants crystallise. 
 
Important information 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
(EU) No. 596/2014. Upon the publication of this announcement via Regulatory 
Information Service this inside information is now considered to be in the 
public domain. 
 
Enquiries: 
Richard Kirby 
BMO REP Asset Management plc 
Tel: 0207 499 2244 
 
Graeme Caton 
Winterflood Securities Limited 
Tel: 0203 100 0268 
 
 
 
 
 
END 
 

(END) Dow Jones Newswires

December 03, 2020 02:00 ET (07:00 GMT)

F&c Commercial Property (LSE:FCPT)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more F&c Commercial Property Charts.
F&c Commercial Property (LSE:FCPT)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more F&c Commercial Property Charts.