9th Sep 2021 11:26
(Alliance News) - Secure Income REIT PLC on Thursday reported a return to profit as the leisure and hospitality property investor's rent collections continue to rebound from the previous year.
For the six months ended June 30, the group posted a pretax profit of GBP64.5 million, swung from a GBP114.9 million loss a year before. The bottom line was improved by rents returning to 92% of the levels they would have been without pandemic rent concessions, with these anticipated to rebound to levels originally contracted by January, the company said.
The real estate investor's EPRA net tangible assets per share at the end of June stood at 391.1 pence, compared to 386.4p at the same point the year before.
Net assets grew to GBP1.26 billion from GBP1.24 billion a year prior. Net loan to value ratio rose to 35.6% from 35.3%. Interim revenue fell marginally to GBP60.5 million from GBP60.9 million.
"Following an undoubtedly turbulent 2020, we are pleased to be able to demonstrate with these results for the six months to 30 June 2021 that the growth trajectory of the company is recovering," commented Non-Executive Chair Martin Moore.
"While we have all learned not to call an end to Covid-19 challenges too soon, rents across the entire portfolio are contracted to return to their pre-pandemic trajectory by the start of 2022 and we continue to believe that this company is well positioned to further benefit from the recovery," Moore added.
Following on from the positive results, Secure Income declared an increase of 8.2% in the rate of its quarterly dividend to 3.95p per share.
Shares in the company were down 0.5% in London on Thursday at 394.00 pence each.
By Will Paige; [email protected]
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