AIM-listed property investor Panther Securities was one of the best-performing real estate stocks in trading today (30 September), up by almost 8% on the back of interim results that showed it back in the black.
The company posted a profit of £8.8m for the six months to 30 June, compared with a loss of £8m in the same period a year ago and a profit of £2.6m for the year ended 31 December 2020.
Nonetheless, chairman Andrew Perloff said in a brief statement on the market outlook: “I am sure I have previously mentioned a Chinese quote sometimes said on departing from business meetings, ‘May you live in interesting times.’ Many people thought this was a form of verbal pleasantry for people but, of course, this is actually a curse.
“We are currently living in these ‘interesting times’ and it will be some time before the comfort of normality returns.”
Also among the session’s top real estate risers was NewRiver REIT, which gained 3.5% to hit a month-and-a-half high of 83.3p.
The company held a capital markets event for investors today. Chief executive Allan Lockhart said the board is “acutely aware that our shares are trading at material discount to NAV” but that the discount should narrow as values stabilise and the REIT’s balance sheet strengthens.
“It is the first time for a while that we can look forward with such confidence,” Lockhart added. He said rent collection for Q1 now stands at 86% and for Q2 at 91%. This time a year ago, both figures were 67%.
The FTSE 100 ended the day at 7,086 points, a drop of 0.3%. The FTSE 250 closed at 23,031 points, down 0.5%.
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