03:00 Tue 07 Apr 2020
Ediston Prop Inv - Interim Dividend and Trading Update
(LEI: 213800JRL87EGX9TUI28)
Announcement of Interim Dividend and Trading Update
Declaration of Interim Dividend
The Company has today declared its interim dividend (property income distribution) payment in respect of the period from
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This monthly dividend of
In light of the exceptional circumstances affecting global economies and markets, the Board will continue to monitor the Company's cash receipts and net income each month and consider the future payment of monthly dividends accordingly.
Trading update
Quarter 2 rent collection, tenant exposure and ongoing dividend implications
As at 6 April, 69.7% of the rent due by 1 April has been collected across the portfolio. A number of tenants pay rent monthly. Assuming those tenants who paid monthly in April continue to make payments on this basis, it is anticipated that by the end of
Given the current circumstances, collecting the rents due is proving more difficult than normal. Through the active asset management of the portfolio, the Investment Manager has developed good relationships with its tenants. It will be seeking to collect the balance of the rent due when possible, but in a way that is mindful of the immediate cashflow difficulties that some of the tenants are currently experiencing.
The Company's principal tenants are detailed in its factsheet which will be updated in April following the announcement of the March NAV. Due to the skew to convenience shopping in the portfolio, approximately 56% of the retail warehouse income is from tenants who are defined as providing 'essential services' by the
The Board will do what it can to continue to pay the Company's shareholders dividends from the income it is able to collect, having ensured that the Company can meet its other financial commitments over the medium term. However, there can be no guarantee that the current dividend level can be maintained if cash collection at current levels does not improve or indeed deteriorates. Equally the dividend is at risk if cash is required to protect the Company's balance sheet.
Operations
During this challenging period, the Company is doing what it can to distribute as much income as possible by cutting back on expenditure. It is also stepping back from making new capital commitments until market conditions are more certain, whilst protecting the portfolio where necessary if expenditure is required.
Net Asset Value
The Company expects to report on its net asset value in April, at which point further and fuller guidance will be given on the Company's rent collection and continued ability to pay dividends on its existing monthly basis and timetable.
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Enquiries
Calum Bruce -
Ruth Wright - JTC 0203 893 1011
Ben Robinson -
Stephanie Ross -
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