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Helical PLC - London-based property investor - On Thursday announces it converts to a real estate investment trust as of April 1, exempting it from UK corporation tax on future profit within the REIT structure. Says dividends from December of this year will be paid as a ‘property income distribution’ from the REIT profits, and a second payout from the non-REIT business.
Helical collects 93% of rents for the March quarter, which is an increase from 83% year-on-year, and expects to collect 99% by the end of June. In its second half ending March 31, it secures nine new lettings worth £2.0 million at 2.9% above estimated rental value as of March 31 in 2021. Helical's share is £1.8 million.
Annual results for financial 2022 will be released on May 24.
Current stock price: 419.00 pence, closed down 2.3% on Thursday
12-month change: up 0.1%
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