Source: Sharecast
Real Estate Investors said £11.9m of planned disposals had been either completed or conditionally exchanged at an aggregate uplift of 4.1% before costs against December 2023 valuations and said it had a "further strong sales pipeline" in legal that were expected to complete during H2.
The AIM-listed firm also stated receipts from completed disposals had been used to pay £7.3m of debt so far this year, with total draw-down debt now reduced to £47.1m. Total cash at bank sat a £4.4m, with all monies on deposit earning 4.5% interest.
Contractual rental slipped slightly to £10.0m from £10.9m, principally due to disposals and the conclusion of vacant possession on specific assets to satisfy contractual sales obligations. Occupancy currently sits at 84%, with new YTD lettings coming to £760,000 and H1 rent collection at 99.6%.
Real Estate Investors added that its Q1 dividend of 0.5p was now fully covered and said it was committed to an ongoing covered dividend, subject to the pace of its sales programme.
As of 1150 BST, Real Estate Investors shares were up 2.06% at 34.70p.
Reporting by Iain Gilbert at Sharecast.com