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Sirius Real Estate lifts dividend as underlying earnings improve

By BFN News | 07:48 AM | Monday 01 June, 2020


German property investor Sirius Real Estate posted a 23% fall in annual profit, owing to lower gains on the value of its assets and higher finance expenses. The company's underlying earnings, however, increased on the back of higher rental income and it lifted its dividend for year. Pre-tax profit for the year through March fell to €110.8m, compared to losses of €144.7m on-year. Funds from operations (FFO), an underlying measure of performance, rose 15% to €55.7m, as annualised rent roll rose 6.1% to €81.2m. Like-for-like average rental rates climbed 4.1% to €6.07 per square meter. Sirius Real Estate declared a final dividend of 1.80c per share, giving total dividends for the year of 3.57c, up from 3.36c on-year. The annual dividend payment was based on 67% of FFO pay out ration for the first half and 65% for the second half. The company said that April rent collections were within 98.8% of normal working practice and May collections were in line with April. 'Sirius will continue to use its platform across Germany to work with tenants throughout the current 'back to work' phae of the COVID-19 pandemic,' it said. 'In light of the on-going uncertainty with regards to the impact of Covid-19 in the current financial year, the board does not consider it prudent to provide full year financial guidance but will continue to monitor the situation and update the market in due course.' 'The board remains confident that the company is well placed to meet the challenges ahead and continue to deliver attractive and sustainable returns for shareholders in the future.' Story provided by StockMarketWire.com

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