30th Apr 2021 17:47
Standard Life Investments Property Income Trust PLC - property investor - Says net asset value as at December 31 was 82.0 pence, down 8.8% from 89.9p at the same date in 2019.
This gives a NAV total return of minus 4.6% in the year, as the NAV was also hurt by gearing and the negative movement in the company's swap liability of GBP1.5 million. Reports occupancy rate of 91.7%, which compares favourably to the MSCI benchmark rate of 90.8%.
Standard Life Investments Property declares 2020 payout down 20% to 3.81p from 4.76p.
Looking ahead Chair James Clifton-Brown says; "The Covid-19 pandemic has resulted in the UK suffering an unprecedented economic shock, with GDP falling by 9.9% in 2020. However, assuming the vaccine programme continues to be successful and is not thrown off course by variants of the disease necessitating another lockdown, the economy should grow strongly in 2021. Our Investment Manager forecasts GDP growth of 6.2% on that basis.
"Overall, your company has strong foundations at both a portfolio and corporate level which has enabled it to meet the challenges posed by the current difficult situation as well as being relatively well positioned for the future."
Current stock price: 72.9p
Year-to-date change: up 1.0%
By Arvind Bhunjun; [email protected]
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