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UK Commercial Property hikes first-quarter dividend 40%

Wed, 5th May 2021

Property investor UK Commercial Property REIT hiked its first-quarter dividend after the value of its portfolio strengthened. The company declared a dividend for the three months through March of 0.644p per share, up 40% year-on-year. Its net asset value total return per share amounted to 2.0% amid a 1.6% rise in its like-for-like portfolio capital value, net of capital expenditure. UK Commercial Property REIT said ent collection for the second quarter of 2021 stood at 86% after allowing for agreed rent deferrals and including tenants paying on a monthly basis. That figure was in line with the whole of 2020. 'Despite the implementation of another lockdown at the beginning of the year creating continued economic headwinds, we have begun 2021 with some positive momentum with solid rent collection, portfolio valuation growth and strong leasing activity, which has further reduced our void rate,' chairman Ken McCullagh said. 'In addition, we have been active in the investment markets with a number of sales and acquisitions undertaken, as we continue to increase our diversified portfolioÂ’s weighting towards modern economy sectors.' 'While we remain fully cognisant of the fact that the longer term impact of the pandemic on the economy remains to be seen, with the vaccine being successfully rolled out and lockdown restrictions gradually being eased there is a definite feeling of renewed optimism in the market.' 'This improved outlook and positive first quarter performance, together with our low gearing and strong cash resources, has given us the confidence to recommend an increased dividend for the quarter under review.' Story provided by StockMarketWire.com

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