29th Nov 2019 10:07
(Alliance News) - Real Estate Credit Investments Ltd on Friday its net asset value per share remained flat over the first six months of its financial year, even as the value of its portfolio rose.
As at September 30, the real estate investor's net asset value per share was 165 pence per share, flat compared to the end of March.
Real Estate Credit's share price at the end of September was 167p each, reflecting a 1.1% premium to net asset value.
Shares in Real Estate Credit remained flat on the day Friday at 168.00 pence in London, having improved further since the year-end.
Real Estate reported a net profit of GBP11.6 million for the six-month period to September-end, up 36% from GBP8.5 million the year before, on operating income that rose by 35% to GBP15.1 million from GBP11.2 million.
The trust's investment portfolio as at September 30 comprised 50 positions in real estate bonds and loans, and was valued at GBP334.0 million, up 10% from GBP302.5 million at the end of March.
The total dividend for the interim period was 6.0 pence per share, made up of two 3.0p quarterly payments, in-line with the year before.
"As I write, the uncertainty caused by Brexit and an imminent general election appear set to continue to overshadow UK financial markets and the real estate sector. Nevertheless, Real Estate Credit is well positioned to take advantage of potential market volatility and selectively invest in opportunities in the UK and Europe which should continue to deliver attractive and stable returns for our shareholders," said Chair Bob Cowdell.
By Dayo Laniyan; [email protected]
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