M7 Regional E-Warehouse REIT beefs up dividend to 8%
M7’s Regional E-Warehouse REIT has beefed up its annual dividend to 8%.
In a Q3 update posted today the REIT announced a slight fall in net asset value, from £42.2m to £41.3m, based on a portfolio that had also fallen slightly from £114.2m to £112.8m.
The business made a loss before tax of around £100,000.
M7’s Regional E-Warehouse REIT has beefed up its annual dividend to 8%.
In a Q3 update posted today the REIT announced a slight fall in net asset value, from £42.2m to £41.3m, based on a portfolio that had also fallen slightly from £114.2m to £112.8m.
The business made a loss before tax of around £100,000.
But the REIT’s non-executive chair James Max said: “Our third quarter performance remained strong and in line with expectations. We have continued to benefit from the performance of this broad asset class and the individual assets in which we are invested.
“At this time, the cash generation of this portfolio continues to support the dividend which offers an attractive circa 8% yield.”
The 3.5% increase in quarterly dividend announced today will hand out 2.07pps for the three months to 30 September 2022, up from 2pps for the previous quarter. On a pro-rata basis, the dividend is in line with the REIT’s annual 8pps target, or 8% target dividend yield.
Max added that while he recognised “the significant headwinds facing the economy and the resultant impact on the commercial real estate sector”, the board was reassured by the spread of its portfolio, both in terms of geography and tenant.
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