StockMarketWire.com - German business park investor Sirius Real Estate said it collected almost all of rent due in June following a relaxation of Covid-19 lockdowns.

Rent and service charge collection during the month was 99.8% of normal levels, the company said.

That compared to collection of over 98% in April and May.

Sirius Real Estate said the consistency of cash collection was reflective of the breadth of its tenant base, as well as the efficiency with which the German government had acted to support businesses.

A small number of tenants facing Covid-19-related financial difficulties had requested deferral of rental and service charge payments.

'These are being addressed on a case-by-case basis and have had very limited impact on cashflow at this point,' the company said.

Sirius Real Estate reiterated that it would pay a dividend of 1.8c per share, representing 65% of funds from operations, for the second half of the financial year through March 2020.

The dividend would be paid on 20 August and a scrip alternative was being offered.

Like-for-like annualised rent roll as at end of June in comparison to end of March had reduced by about €478k, from €89.6m at 31 March.

Conferencing income returned to normal monthly levels in June, with a shortfall from March 2020 compared to the prior year estimated at €200k.

'Whilst the last few months have been a hugely challenging time for people both personally and economically, we have weathered the first phase of this crisis with relative success,' chief executive Andrew Coombs said.

'Looking ahead, we are well positioned with a strong balance sheet to take advantage of opportunities in the market.'




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