EDISTON PROPERTY INVESTMENT COMPANY

Notice of Dividend Amount • Jul 8, 2020

National Storage Mechanism | Additional information

RNS Number : 3040S

Ediston Property Inv Comp PLC

08 July 2020

08 July 2020

Ediston Property Investment Company plc

(LEI: 213800JRL87EGX9TUI28)

Announcement of Interim Dividend & Rent Collection Update

Declaration of Interim Dividend

The Company declares its interim dividend (property income distribution) payment in respect of the period from 1 June to 30 June 2020 of 0.3333 pence per share, as timetabled below:

Ex-Dividend Date:	16 July
Record Date:	17 July
Pay Date:	31 July

This monthly dividend of 0.3333 pence per share equates to an annualised dividend level of 4.00 pence per share and is unchanged from the April and May dividends, the latter of which was announced on 3 June. 

The monthly dividends for April, May and June are fully covered (109%) by the net rental income collected in the second quarter of 2020.

Rent collection update

Quarter 2 rent collection

75% of the rent due for Q2 has been collected at the date of this announcement. It is anticipated that a further 3% of rent will be collected for this period from tenants who are currently paying in arrears. The Investment Manager has agreed rent repayment plans representing another 8% of the quarter's income from tenants who have yet to pay rent. Receipt of these monies would lift the collection to 86%, with a number of other tenant arrears still to be resolved. To date, no outright rent-free period has been agreed unless the Company has received something in return, for example, a lease extension.

These collection statistics are significantly ahead of the 74% reported in earlier trading updates, which is encouraging.

Quarter 3 rent collection 

As at 6 July, 74% of the rent due by 1 July has been collected across the portfolio. This compares to 69% paid at the same point last quarter.

A number of tenants are now paying monthly instead of quarterly in advance. The Company will have collected 88% of rent due for the quarter ending 30 September 2020 if the tenants who paid monthly for July continue to make payments for August and September. On this basis, the current dividend level would be 128% covered by rent collected for Q3 and potentially as high as 135%, after taking into account deferred rent covered by payment plans. 

One of the reasons for the anticipated improvement in rent collection is the lifting of restrictions which have prevented non-essential retailers trading. As at 6 July 2020, 96% (on a sq. ft. basis) of the Company's retail warehouse accommodation has reopened for trade, with many tenants reporting trading levels ahead of their forecasts.

The Company will publish its net asset value as at 30 June 2020 later this month and expects to provide a full trading update at that time. In the meantime, the Company will continue to pay dividends out of net income received, absent unforeseen circumstances, and to give guidance on a quarter by quarter basis for future monthly dividends.

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Enquiries
Will Barnett	- Investec Bank plc	0207 597 5873
Calum Bruce	- Ediston Investment Services Limited	0131 225 5599
Ruth Wright	- JTC	0203 893 1011
Ben Robinson	- Kaso Legg Communications	0203 995 6672
Stephanie Ross	- Kaso Legg Communications	0203 995 6676

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