Alternative Income REIT PLC (formerly AEW UK Long Lease REIT PLC) - UK commercial property investor with assets predominantly let on long leases - As at the end of its financial year ended June 30, posts 12% fall in net asset value to 83.58 pence per share from 84.81p per share the year prior as the Covid-19 pandemic hurt the valuation of its properties. Portfolio now valued at GBP104.8 million, down 7.3% year-on-year.
Posts swing to pretax loss of GBP5.1 million from profit of GBP4.2 million the year prior.
Declares full year dividend of 5.0p, down from 5.5p but states it is targeting an annual dividend of 5.5p by September 2022.
Looking ahead, Chair Steve Smith says: "Despite continuing political uncertainty and the potential for global economic dislocation, the fundamentals for UK property remain strong, even though there will inevitably be a good deal of disruption in the short term. The performance at shareholder level has been unsatisfactory, but the group has a solid portfolio which has suffered modest impairment in the past year and should perform well moving forwards."
Cash held as at June end was GBP2.3 million, down from GBP5.5 million at June 30, 2019.
Current stock price: 53.00p
Year-to-date change: down 28%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Alternative Inc (AIRE)