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Yew Grove REIT profit falls on lower valuations; says rent collection strong

By BFN News | 07:31 AM | Friday 14 August, 2020


Irish property investor Yew Grove REIT posted a fall in first-half profit, weighed down by negative asset revaluations. Pre-tax profit for the six months through June fell to €1.31m, down from €4.36m on-year. Rental income edged back to €5.61m, down from €5.69m. Yew Grove REIT had in June declared a second-quarter dividend of 1.25c per share, bringing the payout for the first-half up to 2.45c. The company said rent collections had continued to be 'strong' in the second and third quarters, at 97% and 98%, respectively. 'In the first half of 2020, Ireland has suffered lock-down and is now coming to terms with the new normal,' chief executive Jonathan Laredo said. 'Like everybody in the country, we hope that the economy recovers quickly and that the damage caused to businesses and personal livelihoods by Covid-19 is both limited and temporary.' 'Despite the strains imposed on businesses by the crisis, the strength of our tenant covenants continues to be reflected in the robust performance of our rent roll and the stability of our portfolio valuation.' 'The company has increased its asset portfolio and rent roll, completed major lettings and associated asset management works and continued to deliver quarterly dividends to shareholders.' 'We have a programme of further asset management works underway and a pipeline of accretive investments identified.' Story provided by StockMarketWire.com

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