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Palace Capital PLC - investment company with portfolio of UK commercial real estate located outside of London - Collects 94% rents for March quarter and 90% of June quarter rents, with 70% all rents due September quarter collected - higher percentage than at equivalent stage of two prior quarters. September 30 cash reserves GBP14.4 million plus GBP5.0 million revolving credit facility available. Sells additional eight apartments since year end at Hudson Quarter, York with 36 now sold at GBP9.6 million aggregate value. Grants concessions at Sol Northampton with Accor Hotels in return for 5-year lease extension to 2032. Also grants concessions to Gravity Fitness in return for removal of the break clause, secures lease to 2034. Disposes of Meadowcourt, Sheffield for GBP1.3 million and Hyde Abbey House, Winchester post half-year end for GBP1.5 million. Recommences 2.5p per shar minimum dividend payments, next payment due October 16.
Chief Executive Neil Sinclair: "Our financial year commenced only one week after the UK went into a national lockdown. From that point we have been actively engaging in meaningful dialogues with all of our tenants and the success of this strategy, together with the quality of our occupier base, is reflected in our rental collection levels. Our team is composed of experts in active asset management and they have excelled over the last few months in very difficult circumstances."
Current stock price: 200.00p
Year-to-date change: down 39%
By Anna Farley; annafarley@alliancenews.com
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