22nd Mar 2021 10:08
(Alliance News) - Yew Grove REIT PLC on Monday reported that the value of its portfolio "held up well" throughout 2020 in spite of difficulties caused by the Covid-19 pandemic.
The Irish real estate investment trust's net asset value per share as at December 31 stood at 100.03 cents, up 1.5% from 98.52 cents the same date the year before, while NAV was EUR111.6 million, up 2.2% from EUR109.2 million. This was driven by rental income for 2020 rising to EUR11.4 million from EUR7.9 million in 2019, it said.
Yew Grove's 2020 pretax profit grew 37% to EUR7.0 million from EUR5.1 million in 2019, which was partially aided by its strong 100% rent collection for the fourth quarter of 2020 and the first quarter of 2021.
The trust continued its quarterly dividend payments with a total dividend of 5.15 cents per share, down from 6.75 cents in 2019, which it said is underpinned by "a high-quality rent roll and effective asset management that has reduced vacancy." It declared a fourth quarter dividend of 1.40 cents.
Shares in Yew Grove REIT were up 1.1% at EUR0.92 in London on Monday.
"For more than a year we have all had to come to terms with the effect of the pandemic on everyday life. Normal social interactions have been curtailed, working, shopping, travel, visiting friends and family have all been affected in a way that is unprecedented in most of our lifetimes. Despite this, and despite the challenges this presented to our business, we have managed to grow our portfolio, reduce vacancy, increase the rent roll and improve our profitability and begin the process of greening our portfolio," said Chief Executive Jonathan Laredo.
Looking ahead, Yew Grove said it expects an "acceleration" of investment demand in spring and late summer 2021 as a result of the easing of lockdowns.
"The company has continued to perform well and the management team is ambitious and focused on growth. We continue to evaluate a pipeline of accretive investment opportunities and are exploring a range of funding options in that regard, including potentially raising equity."
By Zoe Wickens; [email protected]
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