23rd May 2019 11:33
LONDON (Alliance News) - Drum Income Plus REIT PLC said Thursday its net asset value dropped over the first half of its financial year due to continued political and economic uncertainty in the UK.
The real estate investment trust said its net asset value as at March 31 was 91.66 pence per share, down from 95.41p the same date the year before, and from 93.77p as at September.
Drum Income Plus's share price as at the end of March was 94.50 pence, reflecting a 3.0% premium to net asset value.
Shares in the trust were untraded on the day Thursday at 89.50p, having declined since the period-end.
Drum Income Plus said the first half of its financial year was riddled with challenging market conditions, as investor demand and transactional levels for commercial property was hampered by current political and economic issues gripping the UK.
The trust declared two interim dividends of 1.5p per share in the period, in line with the year before, and continues to target an annual payout of 6.0p.
"The political and economic uncertainty that I alluded to in my last statement is still with us and seems certain to remain so until late this calendar year. The board and investment adviser continue to focus on the aspects of the company that they can control and are actively pursuing the value enhancing opportunities that exist within the portfolio," said Chair John Evans.
Related Shares:
DRIP.L