Midlands-focused Real Estate Investors has said it will not offer a rent-free period for occupiers with strong balance sheets and access to government support.
The REIT said that on the whole, its occupiers have reacted to the present crisis “in a responsible and co-operative manner”.
However, it noted a small proportion have asked for a rent-free period despite having strong balance sheets and being eligible for substantial government funding, including the 12-month rates holiday, VAT deferral and salary support.
“We will be responding to provide some flexibility in their rental payments, but we will not be looking to accommodate a full waiver of rents or a rent-free period,” the company said.
It said it has collected a “high percentage” of March quarterly rent, and monthly rents as due for the start of April, although it did not disclose the exact amount.
“Where necessary, we are working with our tenants on a case-by-case basis to find payment solutions, including rental payments absorbed from any rental deposits held, or switching rent to be payable on a monthly basis rather than quarterly in advance,” stated the company.
The REIT will also pay out a final dividend of 1p per share to shareholders on 30 April, as a property income distribution.
Total dividend per share for 2019 tallied 3.8p, up 7% on 2018, marking a seventh consecutive year of dividend growth.
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