Drum Income Plus REIT ups dividend – Drum Income Plus REIT says that its net asset value per share at 30 September 2018 was 93.8 pence, 0.2% lower than the figure at the end of the previous year. When dividends paid during the year are included the net asset value total return for the year was 6.0%. At the time of writing the share price stands at 94.5 pence, representing a premium of 0.7% when compared to the year end net asset value per share.
Dividends will total 6.0 pence per share, an increase of 9.1% on the dividends paid in respect of the previous year. The dividend yield on the current share price is 6.3%. The dividends were fully covered by revenue earnings per share of 6.80 pence. It is the Board’s intention, in the absence of unforeseen circumstances to at least maintain the 6.0p level of payment for the current year.
Retail woes offset by gains elsewhere
Talking about the portfolio performance for the year, the chairman had this to say: ” In such a short period and given an increasingly uncertain macro outlook for the UK economy there has, inevitably, been some mixed outcomes for the portfolio. There has been considerable comment and speculation in relation to the retail sector and the challenging background that the industry faces. The portfolio has not been immune to these challenges and a reduction in value was seen at the property in Eastern Avenue in Gloucester when one sitting tenant entered a Company Voluntary Arrangement (CVA). Your investment adviser however is in a position to pursue a number of initiatives in relation to this asset which, if successful, should result in the diminution in value seen in 2018 recouped to some extent. The value reduction referred to has been offset by activity elsewhere in the portfolio that has seen valuations increase reflecting new lease terms and increased rents in a number of properties.”
DRIP : Drum Income Plus REIT ups dividend
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