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BMO Real Estate Investments posts 3.5% rise in NAV

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BMO Real Estate Investments (BREI) has posted a 3.5% rise in its net asset value (NAV) for the quarter to 31 December 2020.

The unaudited NAV was 98.1p per share (30 September 2020 : 94.8p), the increase driven by a 2.4% increase in the value of its property portfolio to £317.8m.

With the 0.85p quarterly dividend, the NAV total return for the quarter was 4.4%.

After a gloomy year of falling values, the increase in portfolio valuation and NAV is welcome news for the company.

Its 45% weighting to the industrial and logistics sector contributed strongly to the portfolio valuation uplift. All but standard retail assets (which BREI has 9.2% exposure to) went up in value.

Industrial and logistics went up in value by 4.9%, offices (29.7% of portfolio) by 0.5%, and retail warehouse (16.2% of portfolio) by 3.3%. Standard retail fell by 4.4% in the quarter.

Rent collection

In the three quarters of 2020 that were impacted by the COVID-19 pandemic, BREI has collected 94.4% of rent billed. Of the 5.6% that is still outstanding, 0.2% is on agreed deferments, 2.2% has been waived, 2.1% is still in negotiations, and 1.1% has been declared bad debt.

For the first quarter of this year, it has so far collected 82.1% of rent billed, which is in line with the collection rate at the same point in the previous quarter.

Loan to value

The group’s loan to value (LTV) at 31 December 2020 was 25.8%. It has around £14.1m of available cash and an undrawn revolving credit facility of £20m.

BREI : BMO Real Estate Investments posts 3.5% rise in NAV

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