TIDMYEW

RNS Number : 9870O

Yew Grove REIT PLC

05 June 2020

Yew Grove REIT plc

(the "Company" or "Yew Grove ")

Rent Collection Update

Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to announce a positive rent collection update.

Rent Collection Update

Yew Grove is pleased to provide an update on rent collections in the second quarter following the statement on 15 April in which it reported that it expected to collect at least 95% of Q2 2020 rents. As at 4 June, the Board is pleased to report collections of 97% for the second quarter rent, which is in excess of our expectations as at 15 April 2020. This includes all of the monthly rental payments due in the quarter. The Company has agreed a temporary rent deferral with a repayment plan on an additional 1.9% of the unpaid balance, bringing the total to 98.9% in due course, with the remainder due from non-food retail outlets which have been closed and are expected to reopen soon and with whom we have begun discussions.

Jonathan Laredo, Chief Executive of Yew Grove, commented:

"We are encouraged that the strength of our tenant covenant across the portfolio and our close relationships with the occupiers of our buildings ensured our collections for the second quarter have remained robust despite the very challenging market conditions. As previously stated on 15 April, we expect to announce a second quarter dividend at the end of June following a Board meeting to review our quarterly results.

"Our focus on tenant credit quality (with 95.3% of our rent roll from Government bodies or multi-nationals and large Irish enterprises) and our lack of exposure to non-food retail (1.2% of the quarterly rent roll) has served, and should continue to serve, us well. We are talking frequently to each of our building occupiers to ensure that we understand what they need both in terms of the ongoing management of the premises whilst they do not occupy them, additional asset management needed from us and, where necessary, assistance to try to ensure that we both weather this crisis. We will be reporting on our expectation for third quarter rent collections in early July."

For further information contact:

 
 Yew Grove REIT plc                           +353 1 485 3950 
 Jonathan Laredo, Chief Executive Officer 
                                             ---------------------------------- 
 Charles Peach, Chief Financial Officer 
                                             ---------------------------------- 
 Michael Gibbons, Chief Investment Officer 
                                             ---------------------------------- 
 
 Goodbody Stockbrokers UC                     +353 1 667 0400 
                                             ---------------------------------- 
 Joint Broker & Euronext Growth Advisor 
                                             ---------------------------------- 
 David Kearney, John Flynn, Edel O'Reilly, 
  Ronan Bransfield 
                                             ---------------------------------- 
 
 Liberum Capital Limited 
                                             ---------------------------------- 
 Joint Broker & Nomad                         +44 20 3100 2000 
                                             ---------------------------------- 
 Richard Crawley, Jamie Richards, Jonathan 
  Wilkes-Green 
                                             ---------------------------------- 
 
 IFC Advisory Limited                         +44 203 934 6630 
                                             ---------------------------------- 
 Financial PR                                 yewgrovereit@investor-focus.co.uk 
                                             ---------------------------------- 
 Tim Metcalfe, Graham Herring 
                                             ----------------------------------

Forward-looking Statements

Certain information contained in this announcement may constitute forward looking information. This information relates to future events or occurrences or the Company's future performance. All information other than information of historical fact is forward looking information. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "predict" and "potential" and similar expressions are intended to identify forward looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that this information will prove to be correct and such forward looking information included in this announcement should not be relied upon. Forward-looking information speaks only as of the date of this announcement. The forward-looking information included in this announcement is expressly qualified by this cautionary statement and is made as of the date of this announcement. The Company and its group does not undertake any obligation to publicly update or revise any forward-looking information except as required by applicable securities laws.

Notes to editors

Yew Grove REIT plc, quoted on the London Stock Exchange's AIM market and on the Euronext Growth Market in Dublin, is an Irish commercial real estate company invested in a diversified portfolio of Irish commercial property. Yew Grove has a particular focus on well-tenanted commercial real estate assets comprising of office and industrial assets outside of Dublin's Central Business District.

Yew Grove's highly experienced team has a proven track record in commercial property investment and asset management in Ireland and internationally and is focused on delivering results. Its investment approach is strategic, not speculative, principally on assets that are let, pre-let or to be let after refurbishment. Shareholders are provided with stable, long-term income from a diverse portfolio of commercial property comprising well-tenanted real estate in strategic centres let to Irish government entities and other state bodies, IDA Ireland supported and other FDI companies, and larger corporates.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

UPDFIMMTMTJMBTM

(END) Dow Jones Newswires

June 05, 2020 02:00 ET (06:00 GMT)

Yew Grove Reit (LSE:YEW)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024 Haga Click aquí para más Gráficas Yew Grove Reit.
Yew Grove Reit (LSE:YEW)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024 Haga Click aquí para más Gráficas Yew Grove Reit.