Industrial property giant Segro PLC (LON:SGRO) has bucked the trend of most other listed companies and vowed to pay its final dividend on 1 May.
The FTSE 100 REIT said it had a ‘diverse customer base with many involved in the supply of critical goods and services to businesses and consumers’.
In some cases, they are looking for additional space both for immediate occupation and to prepare for longer-term growth once the crisis is over.
Some customers, however, are suffering short term cash flow issues, it said.
These account for about a quarter of its headline rent and it is talking on a case-by-case basis with these over relief, primarily through the timing of payments.
Segro added 71% (96%) of the rent due for the quarter to March has been paid and around 25% is subject to reprofiling discussions.
Development projects scheduled for 2020 will be delayed it added, due to construction restrictions.
The 14.4p dividend will cost the company £158mln and has to be approved by shareholders at the AGM on 1 May, though there is a scrip alternative.
Segro added it has a strong balance sheet, liquidity and significant headroom to its financial covenants:
Cash and undrawn facilities were £1.2bn as at 31 March against £280mln of capital commitments.