Yew Grove collects 99% of H1 rents

Real estate investment trust Yew Grove said on Friday that it had collected 99% of first-half rents.

Yew Grove said net rent rose 7% during the half to €5.7m, ahead of analysts' forecasts, while interim profits of €4.6m were significantly ahead of the €1.3m brought in at the same point a year earlier. Yew added that its annualised rent roll increased from €10.9m to €12.8m.

The London-listed company, which declared an interim dividend of 2.55 cents per share, also stated its property portfolio valuation was €168.1m as of 30 June, up from €142m at the end of 2020, while net asset value ticked up from 100.03 cents to 100.64.

Chief executive Jonathan Laredo said: "In the first half of 2021, Ireland continued to work from home. Despite the strains imposed on all by the Covid-19 pandemic, the company delivered leading rent collections, a growing rent roll and stability of its portfolio valuation.

"The company has raised and deployed further equity capital, increased its office and industrial asset portfolios and rent roll, reduced vacancy and begun its first industrial development for a life sciences tenant. We have a programme of additional asset management works underway and an identified pipeline of accretive investments."

As of 0940 BST, Yew Grove shares were up 2.0% at €1.02 each.