Business
Final Results for the year ended 31 March 2021
Final Results for the year ended 31 March 2021.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0927B\n Palace Capital PLC\n 08 June 2021\n \n \n \n 8 June 2021\n PALACE CAPITAL PLC\n (\"Palace Capital\" or the \"Company\")\n Final Results for the year ended 31 March 2021\n ROBUST RENT COLLECTION UNDERPINNING DIVIDEND INCREASE WITH COMPANY WELL POSITIONED FOR ECONOMIC RECOVERY\n Palace Capital (LSE: PCA), the Main Market listed UK REIT that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London, is pleased to announce its annual results for the year ended 31 March 2021.\n \n Resilience and continued portfolio activity despite Covid-19 pandemic disruption \n \n · 95% of rents due collected during the year, with significant support provided where required to tenants, totalling £1.1m of rent concessions and deferrals. Strong balance sheet with cash reserves and immediately available facilities of £14.4 million.\n \n · £30m disposal programme well underway with £9.4m worth of assets either exchanged or completed since year end, all at a premium to book value. Proceeds to be recycled in accordance with our strict acquisition criteria.\n \n · Flagship development at Hudson Quarter, York completed on budget on 20 April. Over 39% of 127 apartments sold or under offer to date to the value of £14.9m and 4,781 sq ft of office space let at record rent with strong demand for the remaining space.\n \n · 20% increase to proposed final quarter dividend, rising to 3.0p and bringing total dividends paid for the year to 10.5p. Dividend cash-covered, at a sustainable level, with 3.0p expected to be the minimum level of dividend to be paid each quarter for the year ending 31 March 2022.\n Financial highlights\n \n · Total Property Return of 1.0% compared to the MSCI UK Quarterly Benchmark of 1.2%, with 4% outperformance over a three-year period.\n \n · 38.5% Total Shareholder Return, reflecting resilient portfolio performance and strong share price recovery following the initial 'Covid impact' in March 2020.\n \n · Portfolio valuation increased to £282.8m (2020: 277.8m), albeit down 4% on a like-for-like basis, largely due to increased vacancy and the impact of Covid-19 on our independent property valuations in the year.\n \n · EPRA earnings for the year were £7.2m resulting in EPRA earnings per share of 15.7p (2020: 23.4p).\n \n · Adjusted prof...