For the 1st quarter of 2020 we paid out dividends equivalent to those paid out for the first quarter of 2019 and we have announced that we will redistribute the rental payments received by the SCPI to their associates, in the form of dividend advances in line with the normal SCPI results.
Regarding the distributions, we are happy to declare that we have exceeded our objectives, for the 2nd quarter of 2020 we will be able to distribute payments for our SCPI close to those we paid out for the 1st quarter of 2020. As regards the SCPI Patrimmo Commerce, we will be distributing the equivalent to 55% of that distributed for the 1st quarter.
Remember that as part of the national effort, we have taken specific measures during the confinement, such as rental payment postponement or instalments at the end of the quarter in order to assist those tenants suffering the most in this unique context, whilst continuing to look after the interests of our shareholders. We were able to recover almost 52% of our rental payments for the retail assets, where we expected to only recover 30%. We are confident that the rental recovery rates for the 3rd quarter of 2020 will increase.
Concerning the values of our property assets, we commissioned an exceptional survey campaign on 30 June, this was to allow us to manage our investments and debts as effectively and verify our share prices.
We are happy to state that the Covid crisis will have no impact on Primonial REIM SCPI share prices.
This survey campaign even raised the fact that values had risen for residential and healthcare property assets on 30 June (compared to the values at 31/12/2019).
In the light of these reassuring evaluations and our safety margins on current SCPI reconstitutions, we approach the rest of the year with serenity.
These results are a further statement of the quality and resilience of the property assets held by all of Primonial REIM’s SCPI.
As for perspectives, this crisis re-confirms our strategic choices of:
• targeting office property investments with central locations able to meet the expectations of major potential tenants in terms of efficiency, environmental standards and services,
• continuing to invest in healthcare and residential property, two property asset classes which will emerge from the public health crisis stronger as they meet increased demands from the population,
• remaining very selective in retail property, by concentrating on ground floor investments in high retail activity sectors.
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