LondonMetric Property PLC Rent collection update (7830R)
02 Luglio 2020 - 08:00AM
UK Regulatory
TIDMLMP
RNS Number : 7830R
LondonMetric Property PLC
02 July 2020
2 July 2020
LONDONMETRIC PROPERTY PLC
Rent collection update, intention to increase dividend
and completion of disposals totalling GBP54.5 million
LondonMetric Property ("LondonMetric" or "Company") announces a
trading update on rent collection, guidance on the first quarterly
dividend and completion of previously announced disposals totalling
GBP54.5 million.
Rent collection update
In respect of advance rental payments due up to 24 June 2020,
the Company reports that 95% has been collected or is being
collected monthly, a further 3% is expected to be received
imminently and the remaining 2% is in discussions, less than half
of which is expected to be forgiven. The proportion of rental
income that is received monthly in advance instead of quarterly is
unchanged at 18%.
On the distribution portfolio, 97% of rent has been collected or
is being collected monthly, alongside 95% of rent for the long
income portfolio.
Increase in first quarter dividend
In light of the strong rent collection and in line with its
progressive dividend policy, the Company intends to increase its
first quarterly dividend for the financial year ending 31 March
2021. The first quarterly dividend will be announced at the end of
August and paid in early October.
Completion of disposals
LondonMetric also announces that it has now completed on GBP54.5
million (GBP51.1 million at share) of disposals comprising two
distribution warehouse in Doncaster, let to Next and DFS, as well
as an Audi car dealership in Cheltenham which was acquired through
the Mucklow portfolio. These transactions had been announced
previously and were subject to delayed completion. The three assets
have a WAULT of six years.
Andrew Jones, Chief Executive of LondonMetric, commented:
"Our high levels of rent collection for this quarter continue to
reflect both the strength and resilience of the portfolio and our
deep occupier relationships. It is particularly encouraging that
rent collection of 95% compares favourably with the last quarter
where, at the same stage in April, the equivalent number was
85%.
"This strong performance, along with the rapid deployment of the
proceeds of our equity raise, gives us the confidence to announce
our intention to increase our first quarterly dividend."
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla / Andrew Davis
Tel: +44 (0) 20 3727 1000
londonmetric@fticonsulting.com
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT that owns one of the UK's
leading listed logistics platforms alongside a diversified long
income portfolio. It owns and manages desirable real estate that
meets occupiers' demands, delivers reliable, repetitive and growing
income-led returns and outperforms over the long term. LondonMetric
has 16 million sq ft under management. Further information is
available at www.londonmetric.com
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END
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