Economics
Property
Arena REIT commits to dividend payment for second half 2020
Jason Roberts
May 24, 2020
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Arena REIT has confirmed that it anticipates paying a final FY2020 distribution for the second half of the year and has confirmed all of its centres are now open and trading.
The confirmation comes after the company deferred future distribution guidance in March 2020 as the COVID-19 outbreak took hold and uncertainty around the sector’s viability and funding support were peaking.
A second half FY20 distribution of between 6.75 cents and 6.85 cents has now been confirmed that will take the full year distribution to 13.9 cents to 14.0 cents, slightly lower than the guidance provided at its half year results in February of 14.3 cents.
The trust also confirmed that each of its tenant partners have qualified for the JobKeeper allowance and ECEC Relief Package and that conditions in the sector remain challenging as a result of increasing attendances and therefore rising costs at a time when the funding payments are fixed.
In the absence of clarity from the Federal Government regarding the future of the ECEC Relief Package, the trust notes that uncertainty will remain.
The company has as yet not provided any distribution guidance for FY2021.
To read the trust release please click here.
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