EPIC.L Regulatory News (EPIC)

08 April 2021

Ediston Property Investment Company plc

(LEI: 213800JRL87EGX9TUI28)

Announcement of Interim Dividend and 25% increase in Dividend from May 2021

Declaration of Interim Dividend

The Company declares its interim dividend (property income distribution) payment in respect of the period from 1 to 31 March 2021 of 0.3333 pence per share, as timetabled below:

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 previous dividend declared on 4 March. 

At the date of this announcement, rent collection is in line with previous forecasts. If the tenants who pay their rent monthly continue to do so, it is projected that the Company will collect 94% of the rent due for the first quarter of 2021. On this basis, the current dividend level would be 126% covered by rent collected (less expenses) for quarter one.

Dividend rate increase of 25% from May 2021

The Company will increase its dividend by 25%, to 5.00 pence per share annualised, from 4.00 pence annualised. The first payment at the increased rate will be made in May 2021, for the month of April.

The Board believes that the new dividend level will be well-covered and sustainable, based on net income projections, subject to there being no dramatic deterioration in the trading conditions, as was the case a year ago.

The 25% dividend increase takes into account the improving outlook for income and rent collection and is not to the detriment of the Company's current projected investment and asset management activities. Should the improving outlook continue, there could be further dividend progression in due course.

The projected annualised yield based on the closing share price of 69.20 pence as at 7 April 2021 would be 7.2%.

The Company will publish its 31 March 2021 net asset value later this month and will provide a full trading update at that time.

End