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Yew Grove REIT PLC (YEW)

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Thursday 08 April, 2021

Yew Grove REIT PLC

Q1 2021 Dividend

RNS Number : 8559U
Yew Grove REIT PLC
08 April 2021
 

 

Yew Grove REIT plc

(the "Company" or "Yew Grove ")

Q1 2021 Dividend

Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, announces that the Board of Directors has approved the payment of an interim ordinary dividend in respect of the first quarter of 2021 (being the period from 1 January to 31 March) of 1.25 cents per ordinary share.

 

This dividend will be paid on 4 May 2021 to shareholders on the register on 16 April 2021, with a corresponding ex-dividend date of 15 April 2021.

 

The Board recognises the importance of quarterly dividends for shareholders.  This interim ordinary dividend is consistent with the Company's target of paying a consistent and sustainable quarterly dividend.  Under the Irish REIT rules the Company is required to have its shares listed on a regulated market within three years, this is expected to be achieved in H1 2021.  All of the non-recurring costs of listing on the regulated market of Euronext Dublin have been accrued and have reduced the quarter's Property Income Distribution ("PID") to 0.54c per share, the balance of 0.71c per share is being paid from Q1 unrealised non rental profits.  On an ongoing basis, the dividend is underpinned by a high-quality rent roll, the capture of increasing reversion through rent reviews and effective asset management that has reduced vacancy.

 

For further information contact:

 

Yew Grove REIT plc

+353 1 485 3950

Jonathan Laredo, Chief Executive Officer


Charles Peach, Chief Financial Officer


Michael Gibbons, Chief Investment Officer




Goodbody Stockbrokers UC

+353 1 667 0400

Joint Broker & Euronext Growth Advisor


David Kearney, John Flynn, Edel O'Reilly




Liberum Capital Limited


Joint Broker & Nomad

+44 20 3100 2000

Richard Crawley, Jamie Richards




IFC Advisory Limited

+44 203 934 6630

Financial PR

[email protected]

Tim Metcalfe, Graham Herring


 

Forward-looking Statements

 

Certain information contained in this announcement may constitute forward looking information. This information relates to future events or occurrences or the Company's future performance. All information other than information of historical fact is forward looking information. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "predict" and "potential" and similar expressions are intended to identify forward looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that this information will prove to be correct and such forward looking information included in this announcement should not be relied upon. Forward-looking information speaks only as of the date of this announcement. The forward-looking information included in this announcement is expressly qualified by this cautionary statement and is made as of the date of this announcement. The Company and its group does not undertake any obligation to publicly update or revise any forward-looking information except as required by applicable securities laws.

 

Notes to editors

 

Yew Grove REIT plc, quoted on the London Stock Exchange's AIM market and on the Euronext Growth Market in Dublin, is an Irish commercial real estate company invested in a diversified portfolio of Irish commercial property. Yew Grove has a particular focus on well-tenanted commercial real estate assets comprising of office and industrial assets outside of Dublin's Central Business District.

 

Yew Grove's highly experienced team has a proven track record in commercial property investment and asset management in Ireland and internationally and is focused on delivering results. Its investment approach is strategic, not speculative, principally on assets that are let, pre-let or to be let after refurbishment. Shareholders are provided with stable, long-term income from a diverse portfolio of commercial property comprising well-tenanted real estate in strategic centres let to Irish government entities and other state bodies, IDA Ireland supported and other FDI companies, and larger corporates.

 

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