LondonMetric has continued to declare quarterly dividends and has offered shareholders a scrip alternative to cash payments.
In the year to 31 March 2020, the Company paid the third and fourth quarterly dividends for 2019 and the first two quarterly dividends for 2020 at a total cost of £64.2 million or 8.4p per share as reflected in note 7 to the financial statements.
The Company issued 2.9 million ordinary shares in the year under the terms of the Scrip Dividend Scheme, which reduced the cash dividend payment by £5.8 million to £58.4 million.
The first two quarterly payments for the year to 31 March 2020 of 2.0p per share were paid as Property Income Distributions ('PIDs') in the year. The third quarterly payment of 2.0p was paid as a PID in April 2020 and the Company has approved a fourth quarterly payment of 2.3p in July 2020, of which 0.75p per share will be a PID. The total dividend payable for 2020 has increased 1.2% to 8.3p, comprising a PID of 6.75p and an ordinary dividend of 1.55p.
Other financial highlights include:
Contracted income up 37% to £123.3m
Net rental income up 24% to £115.9m1, on an IFRS basis net rental income increased 32%
EPRA earnings up 22% to £74.5m, +6% on a per share basis
Rent collection strong at 93% with c. 1% rent forgiven