(Alliance News) - Yew Grove REIT PLC on Friday said its net asset value slipped in the first six months of 2020, but there was a rise in its portfolio value and rent collections remain "strong".
Net asset value per share at June 30 came in at 97.39 euro cents, down 1.1% from 98.52 cents.
Yew Grove shares were 0.4% higher at EUR0.82 each in London on Friday morning.
The real estate investment trust is focused on office and industrial assets outside of Dublin's business district.
Its portfolio valuation surged 22% to EUR141.1 million from EUR115.8 million.
Also promisingly, rent collection "continued strong", Yew Grove said. For the second quarter, rent collection was 97%, marginally beaten by the third quarter which is currently at 98%. Rental income however, fell 1.5% to EUR5.6 million from EUR5.7 million.
Pretax profit fell 70% to EUR1.3 million from EUR4.4 million.
Yew Grove's first half payout was 1.2% higher at 2.45 cents from 2.42 cents.
"Despite the strains imposed on businesses by the crisis, the strength of our tenant covenants continues to be reflected in the robust performance of our rent roll and the stability of our portfolio valuation. The company has increased its asset portfolio and rent roll, completed major lettings and associated asset management works and continued to deliver quarterly dividends to shareholders," Chief Executive Officer Jonathan Laredo said.
By Eric Cunha; ericcunha@alliancenews.com
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