Secure Income reports NAV surge

Nick Leslau’s Secure Income REIT reported a 7.6% hike in NAV per share for the year ended 31 December 2019. Its EPRA NAV per share surged to 431.1p, with EPRA NAV at £1.4bn, up 8% on the year before. The strong performance was boosted by returns from its £347m hospitals disposal, 19% above December 2018 book value. The REIT saw its LTV plummet to 31.9%, down from 43% a year earlier. A net debt reduction of £316m also saw uncommitted cash of £234m at the end of the period. It reported a like-for-like portfolio valuation rise of 4% to £2.1bn and a blended net initial yield of 4.95%. Chairman Martin Moore said: “With £234m of uncommitted cash, net leverage at the company’s lowest ever level, and with materially the longest leases amongst the major UK long-lease REITs, we are well placed to both ride out any short-term storms and take advantage of any opportunities that arise in the market.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette