Palace Capital PLC - a real estate investment trust with a portfolio of UK office and industrial properties - For the quarter ended June 30, company has collected 97% of rent, while for the quarter ended September 30, 84% of rent has been collected so far.
As at September 30, cash reserves stands at GBP13.7 million, with another GBP5.0 million available from the revolving credit facility.
Over the six month period, 29 lease events have been completed, delivering an additional GBP600,000 in annual rent.
"The first half of the year has been yet another busy period for Palace Capital with progress achieved across the portfolio. With rent collections continuing to be strong and sales at Hudson Quarter progressing well alongside our disposal programme, we are building up our cash reserves, as we continue to monitor the market for opportunities to recycle capital in line with our regional strategy focusing on the office and industrial sectors," said Chief Executive Neil Sinclair.
Current stock price: 245.63 pence
Year-to-date change: up 22%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Palace Capital (PCA)