Schroder REIT has reinstated its dividend at a level 50% below its previous rate.
The company postponed the dividend for the quarter to 31 March 2020, but following better than expected rent collection it has reinstated the dividend for the quarter to the end of June.
It will pay a dividend of 0.38575p per share, which equates to 50% of the previous dividend level of 0.7715p per share.
Schroder REIT has collected 75% of contracted rent that was billed in March for the period ended 30 June 2020.
So far this quarter (to the end of September), it has collected 74% of contracted rents.
A breakdown of property sectors shows 91% of office rents have been collected, 78% of industrial, 33% of retail and leisure, and 91% of other.
The announcement was made alongside the net asset value (NAV) for 30 June 2020, which fell 3.4% in the quarter to 57.7p per share.
This was mainly due to a 2.7% drop in the value of its property portfolio to £395.4m.
The group loan to value (LTV) was 24% at the end of June, and it has £85.4m of cash available.
SREI : Schroder REIT reinstates dividend at 50% of previous level