Real Estate Investors has slashed its quarterly dividend payout as a result of the continued uncertainties and impact caused by Covid-19.
The Midlands-focused REIT will pay 0.5p per share for its Q1 dividend on 24 July, half of what it said it would pay out to shareholders on 30 April.
It will be paid as a property income distribution.
The company said this is also what it expects to payout for Q2 and Q3 dividends, but says it will decide whether to make a larger final quarter dividend payment once the financial year has completed.
“The board has not taken this decision lightly, and looks forward to the resumption of sustainable dividend growth as soon as it is prudent to do so,” a statement by the REIT said.
It was also announced that despite the “extremely challenging market conditions and unhelpful government restrictions placed on commercial landlords”, rent collection for the March quarter stands at 81%.
The REIT is in talks with occupiers “whose payments remain overdue, many of whom are waiting for their businesses to reopen or are taking advantage of the 90-day government payment rule”.
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