LONDON (dpa-AFX) - UK Commercial Property REIT Limited (UKCM.L) reported portfolio valuation as at 31 March 2020 of 1.29 billion pounds, a 3.1% like for like decline in valuation after capital expenditure adjustments from 31 December 2019. Before adjustments, the decline was 3.4%. The company has a net gearing of approximately 13%. UK Commercial Property REIT noted that it is not immune from the impact of the COVID-19 pandemic, most notably in relation to rent collection, having currently received 68% of advance payments due for the second quarter of the year.
The Board has decided to maintain a quarterly dividend, due in May 2020, but at the reduced rate of 50% which equates to 0.46 pence per share. The members of its Board of Directors have agreed to reduce their own fees by 20% for the remainder current year.
The company noted that a full quarterly net asset value statement for the quarter ending 31 March 2020 will be issued shortly. The release of the full year 2019 results is now expected to be made during May 2020.
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