March 26, 2020 / 8:25 AM / 11 days ago

BRIEF-British Land Estimates Aggregate Amount Of March Deferrals Will Be C£40m (British Land Share)

March 26 (Reuters) - British Land Company PLC:

* BUSINESS AND DIVIDEND UPDATE

* FOLLOWING NEW MEASURES ANNOUNCED BY GOVERNMENT ON 23 MARCH, ONE OF OUR RETAIL CENTRES IS CLOSED (VALENTINE, LINCOLN)

* ALL OTHERS REMAIN OPEN TO PROVIDE IMPORTANT ACCESS TO ESSENTIAL STORES SUCH AS SUPERMARKETS AND PHARMACIES

* SPLIT OF OUR ASSETS BY VALUE AS OF 30 SEPTEMBER 2019 WAS 55% LONDON OFFICES, 41% RETAIL AND 4% CANADA WATER & RESIDENTIAL

* FINANCIAL IMPACT IN TERMS OF LOST RENT AND SERVICE CHARGE IS C.£3M

* RELEASING OUR SMALLER RETAIL, FOOD & BEVERAGE AND LEISURE CUSTOMERS FROM THEIR RENTAL OBLIGATIONS FOR THREE MONTHS (APRIL TO JUNE)

* FOR RETAIL, FOOD & BEVERAGE, LEISURE CUSTOMERS WITH FINANCIAL CHALLENGES BECAUSE OF COVID-19, PREPARED TO DEFER MARCH QUARTER DAY RENTS

* ESTIMATE AGGREGATE AMOUNT OF MARCH DEFERRALS ACROSS GROUP WILL BE C£40M (BRITISH LAND SHARE)

* HAVE £1.2BN OF AVAILABLE CASH AND UNDRAWN FACILITIES AND NO REQUIREMENT TO REFINANCE UNTIL 2024

* BOARD CONSIDERS IT PRUDENT TO TEMPORARILY SUSPEND FUTURE DIVIDEND PAYMENTS

* TEMPORARILY SUSPEND FUTURE DIVIDEND PAYMENTS INCLUDING FY20 Q3 DIVIDEND DUE FOR PAYMENT IN MAY

* UNDERLYING EARNINGS FOR YEAR ENDING 31 MARCH 2020 ARE CURRENTLY EXPECTED TO BE BROADLY IN LINE WITH PREVIOUS EXPECTATIONS

* UNTIL THERE IS CLARITY, BOARD IS UNABLE TO COMMENT FURTHER ON OUTLOOK Source text for Eikon: Further company coverage:

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