Circle Property collects 91.5% of FY rents
By Iain Gilbert
Date: Tuesday 13 Apr 2021
(Sharecast News) - Real estate investment trust Circle Property said on Tuesday that it had collected 91.5% of rents for the year ended 31 March and 73% of those due in the current quarter.
Circle stated that its investment and development portfolio, which was mostly focused in the regional office sector with almost no exposure to retail, had been independently valued at £132.15m as at 31 March, down slightly from 30 September 2020's figure of £134.6m.
The AIM-listed firm highlighted that the "marginal" 1.82% valuation decline could be attributed to Covid-19 related market sentiment, something it hopes will be reversed as the economy recovers.
Over the twelve-month period, net asset value per share decreased by 2.8%, reflecting an unaudited estimated NAV of £2.77 per share.
John Arnold said: "Our robust business model has ensured that we have been able to deliver a sustained performance in what has been a challenging year.
"We look forward to welcoming our tenants back as restrictions abate and we are encouraged by signs of regional office demand returning, aided by our flexible investment model which allows us to provide Covid-19-friendly office environments."
As of 1000 BST, Circle shares were up 0.14% at 212.30p.
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