UK Commercial Property NAV slips
UK Commercial Property REIT reported a drop in its NAV as the value of its portfolio fell in a Q2 trading update.
Its NAV per share fell by 2.8% to 83.9p per share over the quarter, resulting in a NAV total return of -2.3%.
Like-for-like portfolio capital value fell by 2.5%, net of capex, to £1,219.20, with £31.8m shaved off its value.
UK Commercial Property REIT reported a drop in its NAV as the value of its portfolio fell in a Q2 trading update.
Its NAV per share fell by 2.8% to 83.9p per share over the quarter, resulting in a NAV total return of -2.3%.
Like-for-like portfolio capital value fell by 2.5%, net of capex, to £1,219.20, with £31.8m shaved off its value.
The portfolio is weighted to industrials (54.5%), retail (19.4%), offices (14.6%) and alternatives, including student accommodation (11.5%).
It reported losses of 5.9% on its retail assets, which fell to £236.9m. Alternatives dropped by 5.2% to £140.5m.
UK Commercial Property has 201 tenancies across 37 assets, with top tenant B&Q accounting for 5.8% of contracted rental income. At 3 August it had collected 74% of rent due for the third quarter, with 77% of rent collected for Q2.
Ken McCullagh, chair of UK Commercial Property, said: “Occupancy has held up well, and our balance sheet remains robust. These factors, combined with our level of rent collection, have given us the confidence to recommend a dividend at the same level as announced for the previous quarter and which is fully covered by income.
“It is too soon to have any certainty as to what lies ahead and the board remains acutely aware of the changeable situation and recessionary environment.”
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
