Shares of Shaftesbury PLC (LON: SHB) gapped lower this morning to match 2011 after the company cancelled the final dividend.
Shaftesbury, a UK-based real estate investment trust which invests exclusively in London’s West End, said it collected 41% of rent due in six months ending September 30. Additional 10% is expected to be subject to deferred collection arrangements.
Nearly a quarter of all rent due (23%) is being waived, while 26% remains outstanding.
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“The course of the pandemic in the short and medium term will continue to dictate the extent of restrictions imposed by the UK and other governments to contain the spread of the Covid-19 virus, with implications for the global economy and the pace of recovery. As an international destination, local trading conditions in the West End will inevitably be affected by these macro uncertainties,” said Chief Executive Brian Bickell.
The company witnessed a slow recovery in the West End, compared to a better rate of recovery in major shopping streets Oxford Street and Regent Street.
Shaftesbury share price gapped around 1% at the open to print a new 9-month low at 449.2p. Shares have recovered in the meantime to trade 0.78% higher on the day at 464.8p.
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