Business
Final Results for the year ended 31 March 2020
Final Results for the year ended 31 March 2020.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \n \n RNS Number : 2961S\n Palace Capital PLC\n 07 July 2020\n \n \n \n \n 7 July 2020\n \n \n CORRECTION: Final Results for the year ended 31 March 2020\n \n \n The following amendments have been made to the 'Final Results' announcement released on 7 July 2020 at 07:00am (UK Time) under RNS Number 1883S.\n \n \n The original RNS stated the Dividend record date as 23 July 2020. This is corrected to a Dividend record date of 24 July 2020 and the ex-dividend date will be 23 July 2020. \n \n \n All other details remain unchanged.\n \n \n \n \n \n \n \n \n PALACE CAPITAL PLC\n \n \n (\"Palace Capital\" or the \"Company\")\n \n \n Final Results for the year ended 31 March 2020\n \n \n CAPITAL EXPENDITURE STRATEGY AND LETTING ACTIVITY UNDERPIN POSITIVE PERFORMANCE DESPITE COVID-19 HEADWINDS\n \n \n Palace Capital (LSE: PCA), the UK REIT that has a UK regional commercial real estate portfolio with a bias towards the office and industrial sectors in carefully selected locations outside of London, announces its first set of annual results since converting to a REIT in August 2019.\n \n \n Financial Highlights \n \n \n Focus on regional office and industrial sectors driving continued total property return outperformance\n \n \n · \n Total property return of 1.1%, outperforming the MSCI UK Quarterly Benchmark of -0.5% and marking three successive years of outperformance\n \n \n · \n Final dividend proposed of 2.5p per share, following prudent cancellation of Q3 interim dividend to preserve the Group's cash resources in response to Covid-19, taking the total dividends for the year to 12.0p per share \n \n \n · \n EPRA earnings increased to £10.8 million (March 2019: £7.6 million), reflecting underlying strength of investment portfolio and including one-off surrender premium of £2.9 million \n \n \n · \n 41% uplift in EPRA EPS to 23.4p (March 2019: 16.6p), reflecting 195% cover of 12.0p dividends for the full year; adjusted EPS of 17.5p (March 2019: 17.3p), reflecting 146% cover of total dividends payable for the year\n \n \n · \n EPRA NAV per share 364p (March 2019: 407p) and IFRS net assets of £166.3 million (March 2019: £180.3 million) with reductions due to asset revaluations following the pandemic and strategic capital expenditure on development and refurbishments\n \n \n · \n Portfolio va...