12th May 2020 16:57
(Alliance News) - Standard Life Investments Property Income Trust Ltd said Tuesday that its net asset value dropped over the first quarter of 2020, as the investment market came to a standstill as a result of the national lockdown.
As at March 31, the investment trust's net asset value per share was 83.2 pence, down 7.5% from 89.9p at the end of December, while its portfolio valuation was down by 4.9% on a like-for-like basis to GBP458.6 million.
During the period, Standard Life Investments Property completed the sale of a single let office building in Staines for GBP10.7 million, while two lettings and two lease renewals completed, alongside three rent reviews.
Looking ahead, the trust said it intends to pay a quarterly dividend of 1.19 pence per share, but given the ongoing pandemic and lockdown, rent collection for the second quarter of 2020 will be materially impacted, which could affect future dividends.
Shares in Standard Life Investments Property Trust closed 4.2% lower at 68.80 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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