At the half year Workspace PLC decided to defer a decision on the payment of the dividend as the UK was entering another month of lockdown at that time and there was heightened uncertainty. However, in line with their policy, the Board is now recommending a final dividend of 17.75p per share (2020: 24.49p) to be paid on 6 August 2021 to shareholders on the register at 2 July 2021. The dividend will be paid as a Property Income Distribution and fully meets the REIT distribution requirement for the year to 31 March 2021, with a dividend cover at 1.2 times adjusted underlying earnings per share.
Other financial highlights include:
Trading profit after interest down 52% to £38.7m from a 33% (£40.5m) decrease in net rental income to £81.5m, which includes £19.9m of rent discounts given to customers
Property valuation of £2,324m, an underlying reduction of £258m (10.0%) from 31 March 2020, driven by a fall in estimated rental values, with property yields stable
EPRA net tangible assets per share down 13.8% to £9.38
£300 million Green Bond issued in March 2021 with a seven-year term and interest rate of 2.25% pa
Exceptional finance costs of £16.4m on early repayment in April 2021, of £148.5m of private placement notes due June 2023 that carried an interest rate of 5.6% pa
Loan to value of 24% (2020: 21%) with £434m of undrawn facilities and cash at 31 March 2021, reducing to £269m on a proforma basis following the repayment of private placement notes
Loss before tax of £235.7m (2020: £72.5m profit), reflecting the fall in trading profit after interest, reduction in the property valuation and exceptional finance costs
