LXi REIT did not receive £3.3m of quarterly rent due in March, representing 6.8% of the company’s annual contracted rent roll.
The REIT is in negotiations with tenants who have not paid their quarter’s rent, with £1.7m subject to agreed terms with tenants, the company announced in its latest financial results.
The remaining £1.6m remains the subject of “detailed discussions” with tenants, the REIT said.
Despite the impact of coronavirus, LXi REIT will pay a dividend for the quarter ended 31 March 2020 .
The REIT will pay shareholders 1.4375p per ordinary share on 17 July.
Many companies have postponed or reduced dividend payouts as a result of the pandemic.
Schroder REIT postponed its June dividend payment in after collecting 63% of its rent payments, and UK Commercial Property REIT reduced its quarterly dividend by 50% after receiving 68% of rent due.
LXi REIT collected 67% of rent due for the first quarter.
The REIT said: “The company will continue to monitor the improving visibility on its future rent collection as the UK moves out of lockdown and is keeping its dividend guidance under careful review on a quarterly basis.”
LXi REIT’s NAV per share nudged up to 124.3p for the year ended 31 March 2020, compared to 114.6p last year.
Operating profit increased by £41.1m to £78.4m.
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