Picton Property Income has reduced its interim dividend as the effects of the coronavirus crisis continue.
The investor will reduce the quarterly shareholder pay out planned for May by 28%, from 0.875p per share to 0.625p.
Picton said the change would give it “flexibility in managing the property portfolio and the ability to support its occupiers”, as well as maintaining balance sheet strength.
It added: “Picton is fortunate that it enters this period of uncertainty caused by Covid-19 from a position of strength with a covered dividend and a strong balance sheet with an LTV of 22%. The portfolio is well positioned with a diversified underlying income stream.
“Despite this, the potential length of lockdown, the extent of the future UK government response and the time required for the UK economy to recover is currently unclear. The corresponding impact on our occupiers and therefore our underlying cashflow is less certain than usual.”
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