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Yew Grove NAV dips slightly in H1

By Iain Gilbert

Date: Friday 14 Aug 2020

Yew Grove NAV dips slightly in H1

(Sharecast News) - Real estate investment trust Yew Grove's net asset value slipped only slightly in the first half of 2020, as its focus on areas outside of Dublin and strong tenant covenants helped offset many of the impacts of Covid-19.
Yew Grove said on Friday that its annualised rent roll had risen to €10.4m in the six months ended 30 June and had risen even further still by the end of July, hitting €11.1m on the last day of the month.

The AIM-listed group collected 97% of second-quarter rents by 5 June, with 1.9% of the balance being deferred under a repayment plan and the remainder due from non-food retail outlets which were closed for much of the period. Third-quarter collections were 98% collected.

Yew Grove added that net asset value slipped just 1.1% to EUR 97.39 cents, principally due to the acquisition of six buildings at Millennium Park in County Kildare.

Net revenues for the period dipped to €5.3m, including €150,000 of lease surrender premium payments, from €5.4m in the same period a year earlier. When excluding lease surrender premium payments, revenues grew 51% year-on-year.

Chief executive Jonathan Laredo said: "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's focus on the credit and business of all our tenants has been reflected in strong collections and stable portfolio value in a global crisis period. This validates Yew Grove REIT's differentiated strategy, targeting well tenanted commercial real estate and I look forward to continuing this in the second half of the year."

As of 0950 BST, Yew Grove shares were 0.61% higher at €0.82 each.

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