6th Apr 2020 11:52
(Alliance News) - Secure Income REIT PLC said Monday it will continue to pay its dividends, despite the ongoing Covid-19 pandemic.
The real estate investment trust said it expects to announce its next payout for the March quarter on April 20, and this will remain at 4.2 pence per share, in-line with the previous quarter.
Secure Income confirmed that of the rents due to date, representing over 94% of the total quarterly rent roll, 76% has been paid on time. The balance of the quarter's rent that remain outstanding is subject to active discussions for agreeing on a level of temporary deferment.
As at December 31, Secure Income had a net loan to value ratio of 32% across its non-recourse debt structures, and GBP234 million in uncommitted cash.
"The company's management team has had very long relationships with all of the company's major tenants and, consistent with its aim to work in long term partnership with them, it wishes to be supportive of those affected businesses whilst protecting its own position and its responsibility to its shareholders," Secure Income stated.
"While current conditions, including forced temporary closures of tenant premises, will require collaboration between all stakeholders to deal with the cash flow challenges resulting from the pandemic, those discussions are already underway where necessary," the trust added.
Shares in Secure Income REIT were up 3.2% at 303.86 pence on Monday in London.
By Dayo Laniyan; [email protected]
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