Business
Final Results
Final Results.
About this update from Real Estate Investors Plc
[{"type":"text","content":"\n\nReal Estate Investors Plc\n(\"REI\", the \"Company\" or the \"Group\")\n \nFinal Results\nFor the year ended 31 December 2024\n \nSTRATEGY ON TRACK, WITH ONGOING SALES PROGRESS AND DEBT REDUCTION\n \nReal Estate Investors Plc (AIM: RLE), the UK's only Midlands-focused Real Estate Investment Trust (REIT) with a portfolio of commercial property, is pleased to report its final results for the year ended 31 December 2024:\n \nTargeted Sales Above Book Value & Debt Reduction\n· Completed sales of £18.9 million (an aggregate uplift (pre-costs) of 6.95% above December 2023 valuations)\n· Disposal proceeds used to pay down £15.2 million of debt, reducing total debt to £39.2 million (FY 2023: £54.4 million)\n· Improved LTV (net of cash) to 26.4% (FY 2023: 32.4%)\n· Average cost of debt of 6.5% (FY 2023: 3.7%)\n· Revenue of £10.8 million (FY 2023: £11.5 million) with decrease predominantly due to loss of rent from sales\n· Underlying profit before tax of £3.4 million (FY 2023: £4.5 million)\n· EPRA** EPS of 1.9p (FY 2023: 2.6p)\n· Basic loss per share of (1.3p) (FY 2023: (5.4p)\n· Loss before tax of £2.4 million (FY 2023: loss of £9.4 million), primarily as a result of a revaluation deficit of £6.3 million on investment properties (FY 2023: £13.2 million revaluation deficit) (non-cash item)\n· EPRA** Net Tangible Assets (\"NTA\") per share of 51.3p (FY 2023: 54.9p)\n· £6.9 million cash at bank as at 31 December 2024 (FY 2023: £8 million)\n· Gain in market value of hedging instrument of £282,000 (FY 2023: deficit of £499,000) (non-cash item)\n \nFully Covered Dividend\n· Final quarterly dividend in respect of 2024 of 0.4p per share, payable in April 2025 as an ordinary dividend\n· Total fully covered dividend for 2024 of 1.9p per share (FY 2023: 2.5p) reflecting a yield of 6.7% based on a mid-market opening price of 28.5p on 24 March 2025. The level of dividend for 2025 will be subject to the pace of further disposals\n· £53.9 million total declared/paid to shareholders since commencement of dividend policy in 2012\n \nDiv...