Regional REIT’s portfolio value dropped by 5.8% to £742.3m in the six months to June, and its NAV per share also took a hit.
Its portfolio value compared with £787.9m at the end of December last year. The fall was largely driven by a £33.2 valuation decline.
EPRA NTA per share dropped to 102.5p, compared with 114.1p in the previous year.
The REIT posted a £27m pretax loss, down on £10.7m profit during the same period last year.
The company said rent collection remained strong, after collecting 97.6% of rent invoiced for the period to 30 June as of 11 September. Some 94% of occupiers paid.
Stephen Inglis, chief executive of asset manager London & Scottish Property Investment Management, said: “Whilst earnings were impacted as expected during the period, in part by the additional debt drawdown and by the company holding a larger cash balance which would normally be invested in income producing assets, the company continues to perform in line with our expectations.
“We have constructed a resilient business, with high quality assets in excellent locations, financially strong occupiers and a robust balance sheet, making us well placed to weather any ongoing economic disruption from Covid-19 and Brexit.”
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