10th Mar 2020 10:04
(Alliance News) - Yew Grove REIT PLC on Tuesday said its earnings surged in 2019, thanks to its portfolio of "diversified and differentiated" Irish commercial property.
The real estate investment trust reported a 49% increase in its portfolio valuation in 2019 to EUR115.8 million from EUR77.9 million, with contracted rent up 41% to EUR8.9 million from EUR6.3 million.
Occupancy levels slipped, however, to 92.5% from 97% year-on-year, as the company said it focused on high credit quality tenants.
As a result, Yew Grove said its net income in 2019 more than tripled to EUR9.4 million from EUR2.6 million, pushing pretax profit up to EUR5.1 million from EUR2.3 million.
Net asset value per share, declined, however, by 1.7% to 98.52 Euro cents from 100.18 cents as at the end of 2018. But Yew Grove upped its dividend for the year to 6.75 cents from 0.96 cents.
"Our reversionary portfolio and asset management efforts will seek to capture further income and value from our existing portfolio while our target market continues to offer opportunities for us to further expand our footprint outside the Dublin CBD at below replacement cost. We have a strong pipeline of attractive acquisition opportunities and we continue to review further investments," said Chief Executive Jonathan Laredo.
"We remain confident in the fundamentals of our business and its continued success in 2020," Laredo added. "The Irish economy again performed strongly in 2019 and the outlook for 2020 looks positive. Despite this we acknowledge the seriousness of the Covid-19 outbreaks and will continue to monitor the situation closely."
AIM-listed Yew Grove shares were untraded in London on Tuesday, last closing at EUR0.95 each.
By Evelina Grecenko; [email protected]
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