(Alliance News) - CLS Holdings PLC on Wednesday reported a rise in asset values over 2020 and upped its dividend in response.
The London-based commercial property investor's EPRA net asset value per share ended 2020 at 350.1 pence, up 6.3% from 329.2p at the end of 2019.
CLS's basic NAV per share increased 5.7% over 2020 to 311.9p from 295.1p. It said its EPRA net tangible assets per share rose 5.8% to 345.2p from 326.3p.
The property investor's contracted rents slipped 1.3% to GBP107.9 million from GBP109.3 million which, in turn, saw pretax profit crater 39% to GBP96.5 million from GBP159.0 million.
The company upped its dividend 2.0% to 7.55p from 7.40p.
Chief Executive Fredrik Widlund said: "The strengths of our diversified business model and close relationships with our tenants proved invaluable during a challenging year and led to the delivery of positive financial results with EPRA EPS and EPRA NTA both increasing. Our active management approach resulted in our country teams in the UK, Germany and France delivering on leasing transactions, refurbishments and strong rent collection despite the backdrop of the pandemic."
The company's property portfolio is now worth about GBP2.2 billion, and is split 52% in the UK, 34% in Germany and 14% in France.
Loan-to-value rose to 33.7% from 31.4% due to net acquisitions, it said. Gross debt rose to GBP970.7 million from GBP891.7 million a year before.
Vacancy rate increased to 5.3% from 4.0% but CLS noted rent collection remained strong in 2020 with 99% collected, versus 98% in 2019, and 98% of first quarter 2021 contracted rent due now collected.
Widlund added: "Our portfolio is strategically well placed for the future, concentrated on great locations and offering high quality, flexible space and leases. CLS's balance sheet remains strong and once the six most recent acquisitions complete, which were exchanged at the end of 2020 and the start of 2021, contracted annualised rent will increase to GBP115 million."
Shares in CLS Holdings were 1.9% higher in London on Wednesday morning at 222.70 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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CLS Holdings (CLI)