NAV up 7.6% at Secure Income REIT

NAV up 7.6% at Secure Income REIT

Secure Income REIT reported a 7.6% increase in net asset value (NAV) in 2019.

The group, which owns a £2.1bn portfolio of long-let property, said NAV per share grew to 431.1p in 2019 as the like-for-like value of the company’s portfolio rose by 4%.

The growth helped Secure Income REIT deliver a total shareholder return of 19.4% in the year.

During the year, the company sold eight private hospitals for £347m, at a 19% premium to book value at the end of 2018. Following the sale, the group has £234m of uncommitted cash.

The company’s adjusted earnings per share (EPS) was also up, rising by 4.1% to 15.3p. It increased its dividend by 17.3% to 16.3p a share (using gains from the hospitals sale as well as higher earnings).

The group said the inflation-linked, long-term income its portfolio produces would be an attraction to investors during the current stock market volatility.

Martin Moore, non-executive chairman, said: “In this environment we strongly believe in the attraction of the safe, inflation-linked long term income streams provided by Secure Income REIT, with its properties valued at a net initial yield of almost 5% driving secure and growing long term dividends.”

SIR : NAV up 7.6% at Secure Income REIT

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