Alternative Income REIT has upped its dividend following continued strong rent collection.
The group, which owns a diverse property portfolio worth £108.7m, has increased its quarterly dividend to 1.25p per share, from 1.00p in the quarter ending December 2020.
This increase followed rent collection since the start of the pandemic of 97.2%, with deferrals agreed on the remaining 2.8%. For the current quarter (Q2 2021) the group has collected 87.9%, with 10.3% expected to be collected on monthly payments by the end of the quarter. The remaining 1.8% is subject to concessions.
The dividend is comfortably covered by EPRA earnings during the quarter of 1.43p per share.
The group’s net asset value (NAV) notched up slightly by 0.5% to 85.13p.
Alan Sippetts, chairman, said: “The board remains confident that the group can provide attractive total returns to our shareholders principally in the form of fully covered dividends. These will be delivered from our 100% let, fully invested portfolio from which we continue to collect strong levels of rent, supported by our robust balance sheet and modest overhead, which should together drive further value for our shareholders.“
AIRE : Alternative Income REIT ups dividend