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Revenue up 6.4% at Real Estate Investors

Revenue up 6.4% at Real Estate Investors

Real Estate Investors, the REIT focused on the Midlands, saw revenues increase 6.4% in 2019.

The company reported revenue of £16.6m in full year results, up from £15.6m in 2018. Underlying profit before tax was also up, by 11.1%, to £8.0m.

The group’s portfolio, which is valued at £228.9m, produces an annualised rental income of £17.7m, up 4.1% on 2018.

However, EPRA NAV was down 2.7% to 67.4p per share, as its portfolio fell 1.6% in value on a like-for-like basis.

The company declared a total dividend for 2019 of 3.8125p per share, up 7% on 2018. The dividend has grown for seven consecutive years and is fully covered by earnings, which were up 12.2% in 2019 to 4.3p per share.

“In a flat market place, we have delivered portfolio, revenue, earnings and dividend growth,” Paul Bassi, chief executive, said. “Our economies of scale drove underlying profits and earnings.”

RLE : Revenue up 6.4% at Real Estate Investors

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