Standard Life Investments Property Income Trust (SLI) has posted full year results for 2020. The highlights are:
- Net asset value (NAV) per share 82.0p (Dec 19: 89.9p), down 8.8% as valuations came under pressure, particularly in the first half of the year, due to COVID-19.
- NAV total return of -4.6%
- EPRA earnings per share 4.1p
- Dividends declared 3.8p (80% of 2019 level) – dividend cover of 108%
- Rent collection for 2020 of 93.6% of rent due (2019: 99%)
- Occupancy rate of 91.7% (2019: 93.4%)
- Loan to Value of 23.0% (2019: 24.6%)
- Financial Resources of £55m available for investment through revolving credit facility.
- Share buybacks totalling £6m as at 23 April 2021 at significant discounts to NAV which are accretive to both NAV performance and earnings.
- Portfolio sector weightings: 48.2% in industrials and only 12% in retail.
SLI : Standard Life Inv. Property Income posts COVID-affected results