NewRiver REIT is suspending all “non-essential” projects and postponing its fourth quarter dividend payout, during the coronavirus pandemic.
It will release £24m through halting capital expenditure projects and £17m by pulling the dividend payout, dropping the payout to 16.2p per share.
In a trading update, the REIT said the cut to business rates would provide a further £4m for the business.
NewRiver said it was still too early to quantify the impact of coronavirus, but it is focusing on liquidity and will update shareholders at its full-year results.
It has £72m in unrestricted cash reserves and £45m of undrawn revolving credit facilities, giving available liquidity of £117m.
NewRiver REIT’s portfolio comprises 77% retail, mainly shopping centres and retail parks, and 23% community pubs. Currently, all of its retail assets and most pubs are operational, awaiting advice from the government.
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