(Alliance News) - UK-based real estate investment trust LondonMetric Property PLC on Thursday said it plans to increase its first quarterly dividend for the current financial year ending March 31, 2021, due to strong rent collection despite the Covid-19 pandemic.
LondonMetric didn't say by how much it would raise its quarterly dividend. Its fourth quarterly interim dividend was 2.3 pence per share.
LondonMetric said 95% of rental payments were collected or were being collected monthly with a further 3% expected to be received imminently. The remaining 2% were in discussion with less than half expected to be forgiven.
LondonMetric's Chief Executive Andrew Jones said: "It is particularly encouraging that rent collection of 95% compares favourably with the last quarter where, at the same stage in April, the equivalent number was 85%."
The company also said it has completed on GBP54.5 million of disposals, comprising of two distribution warehouses in Doncaster, let to Next PLC and DFS Furniture PLC, as well as an Audi car dealership in Cheltenham.'
"This strong performance, along with the rapid deployment of the proceeds of our equity raise, gives us the confidence to announce our intention to increase our first quarterly dividend," Jones said.
LondonMetric shares were up 1.8% at 215.60 pence early Thursday in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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