Interim Dividend & Rent Collection Update
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:
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Ex-Dividend Date: |
16 July |
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Record Date: |
17 July |
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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 3June.
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 periodfrom tenants who are currently paying in arrears. The Investment Manager has agreedrent 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%reportedin 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 ifthe 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 collectedfor 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'sretail 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 30June 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
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Enquiries |
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Will Barnett |
- Investec Bank plc |
0207 597 5873 |
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Calum Bruce |
- Ediston Investment Services Limited |
0131 225 5599 |
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Ruth Wright |
- JTC |
0203 893 1011 |
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Ben Robinson |
- Kaso Legg Communications |
0203 995 6672 |
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Stephanie Ross |
- Kaso Legg Communications |
0203 995 6676 |
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