27th Apr 2020 09:27
(Alliance News) - UK Commercial Property REIT Ltd said Monday it will maintain its quarterly dividend but at a reduced rate, as its business remains affected by the Covid-19 outbreak.
The FTSE 250 real estate investment trust said it will pay a dividend of 0.46 pence per share for the quarter ended March, but will keep its dividend policy under review as it monitors the Covid-19 situation.
UK Commercial Property said it has received 68% of advance rent payments due for the second quarter of 2020, as tenants are constrained in their ability to trade during the lockdown.
However, the trust's investment management remains fully functional, and in February and March completed two sales at prices agreed before the Covid-19 outbreak.
The first was for the sale of the multi-use asset Motor Park in Portsmouth for GBP29.8 million, and the second Broadbridge Retail Park in Horsham for GBP18.1 million. In addition, UK Commercial Property agreed to forward fund a new 221-bed student development in Exeter.
As at March 31, the value of the trust's portfolio was GBP1.29 billion, reflecting a 3.1% like-for-like decline from the end of December.
Looking ahead, due to the impact of the virus, and guidance from the UK Financial Conduct Authority, UK Commercial Property REIT expects to release its 2019 results in May.
Shares in UK Commercial Property were up 0.3% at 60.40 pence on Monday in London.
By Dayo Laniyan; [email protected]
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