Phoenix Spree Deutschland Limited announced in the light of the decision not to pay a final dividend and taking into account the interim dividend paid in October 2022, the total dividend for the financial year to 31 December 2022 is 2.35 cents per share (2.09 pence per share) (31 December 2021: 7.5 cents, 6.38 pence). Under PSD's business model, cash to pay dividends is substantially dependent on condominium and/or other asset sales. Priority for use of available cash is to continue to invest in the Portfolio, underpinning our core reversionary rental business which continues to thrive.

In light of this, and the persistent very low level of liquidity in the Berlin market, and in line with its peer group, the Company has suspended dividend payments to preserve cash and support its core business.