The value of Circle Property’s estate fell by 1.82% over the past six months, driven by pandemic-induced changes in market sentiment, the regional office investor said this morning.
The London-listed company was independently valued at £132.15m as of 31 March, while net asset value per share has decreased by 2.8%, reflecting an estimated NAV of £2.77 per share.
Circle Property said the reason its portfolio only marginally declined was because it is made up almost entirely of offices, and has no exposure to retail beyond two pubs and one restaurant in Birmingham.
Rent collection for the current quarter ending 30 June stands at 73%, the company said, while rent collected for the past year now stands at 91.5%.
The company added that it expects to declare a final dividend to shareholders of 4p per share for the year, which together with the interim dividend of 2.5p per share (paid in January 2021), would bring the total annual dividend to 6.5p per share.
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