10th Sep 2020 11:33
(Alliance News) - Secure Income REIT PLC on Thursday said the value of its portfolio fell over the past six months as coronavirus hurt leisure sector investments.
The real estate investment trust said the value of its investment properties reduced by 6.0% as at June 30 to GBP1.96 billion from GBP2.08 billion as at December 31, 2019. Net assets fell by 10% to GBP1.24 billion from GBP1.38 billion over the half-year period.
Secure Income REIT upped its dividend for the six months to the end of June to 8.4 pence compared to 7.9p paid a year before.
"There is no doubt that Covid-19 has created very challenging conditions for the company. Whilst our key operating assets are in less cyclical sectors with high barriers to entry, the impact of the lockdown and sharply curtailed international travel has hit leisure and hotel businesses particularly hard across the globe," said Non-Executive Chair Martin Moore.
"Beyond the current disruption lies significant potential for recovery and the resumption of the strong performance seen from flotation in 2014 up to February of this year," added Moore.
AIM-listed Secure Income REIT shares were trading 1.9% higher in London on Thursday at 275.07p each.
By Evelina Grecenko; [email protected]
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