25th Jun 2020 13:34
(Alliance News) - Real Estate Credit Investments Ltd said Thursday that net asset value dropped slightly over the recently ended financial year, despite a rise in the value of its portfolio.
As at March 31, the real estate investor's net asset value per share was 147 pence, down 11% from 165p on the same date a year before.
Real Estate Credit's share price at the end of March was 116 pence, reflecting a 21% discount to net asset value.
Shares in Real Estate Credit were down 1.2% on the day Thursday in London at 127.44 pence.
The fair value of bilateral loans and bonds increased by 37% year-on-year to GBP287.3 million from GBP210.0 million, while the fair value of market bonds dropped by 5.0% to GBP87.9 million from GBP92.5 million.
The trust reported a net loss for the year to the end of March of GBP17.4 million, swinging from a profit of GBP19.2 million the year before, on an operating loss of GBP9.5 million from an income of GBP25.2 million.
The trust's investment portfolio as at March 31 comprises 52 positions in real estate bonds and loans, and was valued at GBP375.6 million, up 25% from GBP302.5 million.
The total dividend for the year was 12.0 pence per share, made up of four 3.0p quarterly payouts, in line with the year before.
"It is only a few months ago that the Covid-19 pandemic arose and impacted global markets and society. It brought with it the uncertainties caused by a 'one in a hundred year event' and the completely unprecedented government lockdown responses worldwide. These uncertainties and the potential economic ramifications are forecast to continue for some time," said Chair Bob Cowdell.
By Dayo Laniyan; [email protected]
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