(Sharecast News) - Real estate investment trust Yew Grove has approved the payment of its first quarterly dividend despite disruptions from the ongoing Covid-19 pandemic.
Yew Grove said on Wednesday that it would pay a dividend of EUR 1.20 cents per share on 6 May and expects to make further dividend payments for the next three quarters of the year.
The AIM-listed firm said rental collection had been "robust" during the quarter and added that second-quarter rent was being collected in line with expectations, with 95% set to be paid on time.
Net debt stood at €32.8m at the end of the quarter, including undrawn loan facilities of €8.7m and cash on deposit of €7.5m - providing "significant liquidity headroom" of €16.2m.
Yew Grove highlighted that with the economic effect of the Covid-19 crisis still in its early stages, it was "too early" to say how its developments over the next few months would play out in the Irish commercial real estate market.
However, the firm said the longer-term outlook remained "much as it was" and was expected to be "resilient" provided the virus does not cause "a deep and more prolonged" global downturn.
As of 0935 BST, Yew Grove shares were down 0.57% at €0.87 each.
27 Jan 2022 21:56
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