6th Feb 2019 10:33
LONDON (Alliance News) - Yew Grove REIT PLC on Wednesday has paid its first dividend for the period from its incorporation to the end of 2018, below previous guidance as expected.
Having first listed in April, the real estate investment trust in September said it expected to pay a dividend of between 1.0 and 2.0 euro cents per share for the period between its incorporation to the end of December.
However, for the period, Yew Grove declared a dividend of 0.964 cents per share.
In September, the trust said its guidance was dependent on the timing of acquisitions from then to the end of the year, which took longer than expected, leading to it guiding for a payout below the lower end of the range.
During the period, Yew Grove fully deployed the EUR75 million raised in its IPO, first with a seed portfolio, and then into the acquisition of six new buildings.
The trust's portfolio as at December 31 had a value of EUR77.9 million, leading to a rise in net asset value to 100.18 cents per share from 96.55 cents at the end of June.
For the period, Yew Grove reported a pretax profit of EUR2.3 million, driven by a net valuation gain of EUR1.6 million. Net rental income stood at EUR2.6 million.
"We are delighted to announce that by the end of the year the company had invested all of the net proceeds raised in our IPO. We are even more pleased that EPRA NAV per share increased to 100.18 cents from 96.55 cents at the date of the interim results. The fact that this was achieved despite the company absorbing all of the costs of flotation and tripling the size of its property portfolio is a testament to the quality of those purchases, said Chief Executive Officer Jonathan Laredo.
Shares in Yew Grove REIT were untraded on Wednesday, last quoted at EUR1.01.
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