Ann: Healthscope Update, page-24

Enforcing termination rights, as I'm sure you know, isn't a matter of sending notification of default & then turfing out the tenant. The process can be quite lengthy especially if the tenant pays consistently late before the enforced eviction date.

The announcement yesterday stated that HCW couldn't enforce their termination rights as Healthscope had no rent overdue.
From the previous notice it stated on 4th Mar that the Mar rent had not been paid.
That indicates that Healthscope's terms are monthly in advance.
So from the above you conclude that HCW has received all rents covering the period up to the end of Apr as there are cross guarantees, one property defaults they all do.
The sale process is expected to continue until mid Aug & Healthscope has sufficient funding to get to that point.
For the sale process to complete it can't have Healthscope in a default situation.

So to conclude from all of the above, unless the whole sale process collapses in a heap, HCW will receive 100% of it's rent from Healthscope for the year ending 30/06/25 by the time the FY accounts are due.

I don't expect to see the HCW FY accounts until there is deal done at which point the situation regarding the dividend will be clearer.
A successful deal for Healthscope (i.e all the HCW hospitals are sold) & I'd except a bumper dividend declared for Q4. With the FY26 payout adjusted for whatever adjustments are made on the leases under the new operator.
A delayed deal (past 30th Aug) or partial sale then I'd expected HCW to retain at least part of the earnings as a buffer rather than paying out the 4.2c from Q3,/Q4 (as they did for Q3).