Yew Grove REIT plc (LON:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, has announced another positive rent collection update.
Rent Collection Update
Yew Grove is pleased to announce that rent collections in the fourth quarter are effectively 100%, having collected 99.95% of the amounts due with the balance expected shortly. This follows from Q2 and Q3 collections of 97% and 98% respectively. The Company had agreed temporary rent holidays for non-food retail businesses (accounting for c.1% of rent roll). Those businesses have now reopened and rent is being collected. In addition, we had agreed a rent deferral for a tenant that had been affected by the suspension of non-Covid related hospital treatments. That business has now recovered and is paying rent and repaying the deferral.
Jonathan Laredo, Chief Executive of Yew Grove REIT, commented:
“We are pleased that our tenants’ businesses have recovered sufficiently that we could record increased collections for the fourth quarter despite the continued challenging market conditions.
“We continue to talk to each of our building occupiers to ensure the ongoing management and improvement of their buildings. We are also working actively on rent reviews and new leases and will update the market when we make material progress.
“The strength of our tenants and the Company’s rent collections and asset management underpin the Company’s quarterly dividends, which have risen throughout 2020 despite the pandemic. We announced a 1.3 cents per share dividend on 30 September 2020 and expect these strong collection numbers to feed through to the final quarter dividend.”