Circle Property PLC Valuation and Trading Update (2184V)
13 Abril 2021 - 01:00AM
UK Regulatory
TIDMCRC
RNS Number : 2184V
Circle Property PLC
13 April 2021
13 April 2021
Circle Property Plc
("Circle" or the "Company")
Valuation and Trading Update, Notice of Results and Dividend
Circle Property Plc (AIM: CRC), which invests in, develops and
actively manages well-located regional office assets, is pleased to
provide the following update, further to the announcement made on 8
March 2021.
Valuation Update
The Company's investment and development portfolio, which is
almost entirely focused in the regional office sector with no
exposure to retail (other than two public houses and one restaurant
in Birmingham), has been independently valued at GBP132.15 million
as at 31 March 2021* (30 September 2020: GBP134.6 million*). This
marginal 1.82% valuation decline can be attributed to Covid-19
related market sentiment which we hope will be reversed as the
economy recovers.
Over the twelve-month period, net asset value per share ("NAV")
has decreased by 2.8% reflecting an unaudited estimated NAV of
GBP2.77 per share (30 September 2020: GBP2.83 per share).
Rent Collection
Since the outbreak of the Covid-19 pandemic in March 2020, we
have continued to actively engage with our tenants which has
resulted in an average rent collection for the year ended 31 March
2021 of 91.5%. Rent collection for the current quarter ended 30
June 2021 stands at 73%.
Financing and Liquidity
The Company has a financing facility in place with RBS and HSBC
for GBP100 million. The senior revolving facility is for GBP65
million (of which the Company has drawn GBP60.5 million) with an
"accordion" option for a further GBP35 million. At 31 March 2021,
the Company's LTV reflected 46% (excluding cash at bank) and the
Company had GBP5.75 million cash reflecting a net LTV of 44%. In
aggregate, the Company has GBP10.2 million of liquidity at its
disposal.
Notice of Results and Dividend
The Company's final results and report and accounts for the year
ended 31 March 2021 are expected to be published in early July
2021. The Board expects to declare a final dividend of 4p per share
for the year ended 31 March 2021, which together with the interim
dividend of 2.5p per share (paid in January 2021), would bring the
total annual dividend to 6.5p per share.
John Arnold, CEO of Circle Property Plc, commented:
"Our robust business model has ensured that we have been able to
deliver a sustained performance in what has been a challenging
year. We look forward to welcoming our tenants back as restrictions
abate and we are encouraged by signs of regional office demand
returning, aided by our flexible investment model which allows us
to provide Covid-19-friendly office environments."
* valuation figures stated after deducting the value of Power
House, Davy Avenue, Milton Keynes (being GBP3.3 million as at 31
March 2020 and GBP3.25 million as at 30 September 2020) which was
sold by the Company for GBP3.55 million in March 2021.
Certain of the information contained within this announcement is
deemed by the Company to constitute inside information as
stipulated under the UK version of the EU Market Abuse Regulation
(2014/596) which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018, as amended and supplemented from time to
time.
+44 (0)207 930
Circle Property Plc 8503
John Arnold, CEO
Edward Olins, COO
+44 (0)207 397
Cenkos Securities 8900
Katy Birkin
Mark Connelly
+44 (0)203 897
Radnor Capital 1830
Joshua Cryer
Iain Daly
+44 (0)203 757
Camarco 4992
Ginny Pulbrook
Oliver Head
About Circle Property Plc
Circle is the top performing quoted UK real estate company by
NAV total return (NAV growth and dividend) over the last 3
years.
Circle focusses on acquiring assets in regional cities, many of
which have significant office supply constraints, and on office
assets with active management potential (refurbishment
opportunities, under-rented or vacant properties or short leases),
rather than just maximising initial rental yields.
Circle is not a Real Estate Investment Trust (REIT) and can
actively recycle proceeds from asset sales into its refurbishment
and redevelopment pipeline, as well as future investment
opportunities, therefore targeting a broader range of returns for
shareholders, which are primarily driven by NAV growth.
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END
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