Secure Income REIT PLC Quarterly dividend declaration & dividend guidance (8096T)
July 23 2020 - 1:00AM
UK Regulatory
TIDMSIR
RNS Number : 8096T
Secure Income REIT PLC
23 July 2020
23 July 2020
Secure Income REIT Plc (AIM:SIR)
(the "Company")
Quarterly dividend declaration and dividend guidance
The Board of Secure Income REIT Plc, the specialist long term
income REIT, today declares an interim quarterly dividend of 3.65
pence per share in respect of the year ending 31 December 2020.
This represents a 3.5% increase in the Company's core dividend
(3.525 pence per share last quarter and defined as total dividend
excluding the topped up income from the sold hospitals portfolio as
announced on 23 July 2019). The dividend 'top-up' introduced in
July 2019 to replace the net income reduction from the Company's
profitable sale of a portfolio of eight hospitals (the top-up being
0.675 pence per share last quarter) will be discontinued.
At 30 June 2020, the Company had a total cash balance of GBP241
million and this liquidity buffer has allowed it to provide support
to its tenants without compromising the strength of its balance
sheet. The various measures the Company has taken to assist those
tenants whose businesses were closed during the Covid-19 lockdown
have been previously announced and, as a result of these measures,
the Company's cash rent receipts will be temporarily reduced in the
2020 and 2021 financial years. Under the terms of the rent
concessions that have been agreed, the Company's total rents are
expected to return to their originally contracted levels by 1
January 2022 (1) . While the level of support extended to tenants
means that maintenance of the core dividend results in its partial
funding from the Company's cash reserves, the Board considers
maintaining payment of core dividends to be appropriate in the
current circumstances.
While the release of much of the UK from lockdown has provided
some welcome clarity for the business and operations of our
tenants, levels of uncertainty around the path of the virus and of
any general economic recovery remain elevated. The Board will
continue to keep dividend payments under review, giving due regard
to the financial stability of the business and balanced with
providing an appropriate return to the Company's shareholders.
Neither the Company nor Prestbury, the Investment Adviser, has
utilised or is utilising any of the employee or fiscal assistance
schemes provided by the UK Government to ease the burden of the
pandemic.
Dividends will be payable on 28 August 2020 to shareholders on
the register on 31 July 2020 and the ex-dividend date will be 30
July 2020. The dividend will be paid as a Property Income
Distribution in respect of the Company's tax-exempt property rental
business.
1 Subject to there being no successful challenge to the
Travelodge CVA which results in the failure of the CVA
For further information on the Company, please contact:
Secure Income REIT Plc +44 20 7647 7647
Nick Leslau Enquiries@SecureIncomeREIT.co.uk
Mike Brown
Sandy Gumm
Stifel Nicolaus Europe
Limited
(Nominated Adviser) +44 20 7710 7600
Stewart Wallace StifelSecureIncomereit@Stifel.com
FTI Consulting
(PR Adviser) +44 20 3727 1000
Dido Laurimore SecureIncomeREIT@fticonsulting.com
Claire Turvey
Eve Kirmatzis
The Company's LEI is 213800M1VI451RU17H40.
Further information on Secure Income REIT plc is available at
www.SecureIncomeREIT.co.uk .
Dividend withholding tax deductions
Shareholders entitled to elect to receive distributions without
deduction for withholding tax should complete the declaration form
which is available in the Investor Centre of the Company's website,
www.SecureIncomeREIT.co.uk or by request to
Enquiries@SecureIncomeREIT.co.uk or by writing to the Company
Secretary, Secure Income REIT Plc, Cavendish House, 18 Cavendish
Square, London W1G 0PJ. Shareholders who qualify for gross payments
are, principally, UK resident companies, certain UK public bodies,
UK charities, UK pension schemes and the managers of ISAs, PEPs and
Child Trust Funds, in each case subject to certain conditions.
Individuals and non-UK residents do not qualify for gross payments
of distributions and should not complete the declaration form.
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contact rns@lseg.com or visit www.rns.com.
END
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