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(Alliance News) - Schroder European REIT PLC said Wednesday it will keep future dividend payment under review, in light on ongoing market uncertainty and the trust's stated objective to pay dividends based on rental income.
The real estate investment trust said that in the current circumstances, a postponement or reduction in dividend may be "appropriate".
Schroder European's portfolio comprises 13 assets located in several cities in Continental Europe, with 75% being in the office and industrial sectors, and the remaining 25% in retail.
As at April 7, the trust had received 75% of monthly rents in respect of the month of April. As some rents for the April get paid mid-month, Schroder European expects the payment rate to continue rising, which will more than cover the running costs of the company.
As at the end of 2019, the trust has free cash of EUR10 million, and a net loan-to-value of 30%, with seven drawn debt facilities.
Schroder European REIT will publish its annual results in June.
Shares in Schroder European REIT were up 1.6% at 81.27 pence on Wednesday in London, while its Johannesbirg shares were untraded at ZAR17.50.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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