StockMarketWire.com - Commercial property developer Land Securities cancelled its dividend and established an £80m rent relief program to help its customers after collecting only about two-thirds of rent due.

Just 65% of the rent due on 25 March was paid by 31 March, compared with 96% for the equivalent period last year, the company said.

The £80m fund would be mainly aimed at supporting F&B customers and small and medium sized businesses.

In an effort to preserve cash, the company took the decision to cancel its third interim dividend, which was due to be paid on 9 April, and said it would regularly review the position on future dividend payments.

'During March, we saw a rapid drop off in visitor numbers to our retail and leisure destinations and many of our office customers invoked working from home protocols for their employees. All our own office-based staff were advised to work from home from 16 March,' the company said.

'For the year ended 31 March 2020, our EPRA earning per share would have been towards the upper end of analysts' estimates before any impact from provisions related to emerging occupier difficulties. At this point, it is too early to guide on the level of provisions required this year or the impact of current market conditions on next year's earnings,' it added.


At 8:28am: [LON:LAND] Land Securities Group PLC share price was +2p at 528.8p



Story provided by StockMarketWire.com