22nd Apr 2020 12:22
(Alliance News) - Wynnstay Properties PLC on Wednesday noted a fall in the value of its properties in its financial year to the end of March as it said it has received most of the rent due for its current quarter.
The property investor said that at the end of its financial year on March 25, its freehold properties were valued at GBP34.3 million, down by 3.4% on the valuation on the same date in 2019.
Wynnstay said it has received all rental income due for its recently ended financial year, adding that as at April 20 it had received 70% of the total rental income due for the first quarter of financial 2021.
The company acknowledged the challenges that the Covid-19 pandemic present to its tenants and said it may be able to offer support, such as deferring a portion of quarterly rents and spreading the outstanding amount over the course of the year, or accepting monthly payments instead of quarterly payments. It added that it is currently reviewing requests by tenants for rent holidays or longer-term rent deferrals.
Wynnstay noted that it is keeping on top of its own payment obligations.
"Wynnstay is a small investment company to whom cash flow is as important as it is to our tenants, and the UK government's measures are directed in the main to trading, rather than investment, businesses. We are maintaining our regular payments to our supplierswyn, many of whom are also small businesses, to ensure that their cash flow is supported in the challenging conditions that we all face."
The stock was untraded on Wednesday afternoon in London, last quoted at 605.00 pence each.
By Ife Taiwo; [email protected]
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