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(Alliance News) - CLS Holdings PLC on Wednesday said it has received less quarterly rent this year but added that it will pay its proposed final dividend, not joining the long list of firms cancelling payouts due to the virus crisis.
The western Europe-focused property investor said it has received 84% of rent due between late March and early April. This figure rises to 87% when factoring on tenants who have switched to monthly rent payments. It is however, still below the 96% received a year ago.
"We are engaging with tenants whose businesses are impacted by short-term cash flow issues and, as a consequence, we are in advanced discussions with a further 5% of our tenants by rent around payment options and asset management initiatives," CLS added.
CLS will still propose it 5.05 pence final dividend, given its "strong cash position".
Its vacancy rates, at April 7, edged up to 4.6% from 4.0% in December. Promisingly, this is still below the company's 5.0% target.
On its financial position, CLS noted that it has debt of GBP114.5 million across nine loans due to refinanced in 2020.
Three loans, worth GBP25.6 million, have already been extended by between six months and 18 months, the company added.
"Discussions are progressing well on the remaining loans to be financed this year," CLS said.
CLS shares were 2.5% higher at 229.50p each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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