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Property investor RDI REIT swung to a first-half loss and scrapped its interim dividend after the value of its portfolio fell and it collected less rental income.
Pre-tax losses for the six months through February amounted to £17.5m, compared to a profit of £14.5m on-year.
Underlying earnings fell to £20.8, down from £26.3m, while like-for-like net rental income fell 1.3%, which the company said partly reflected pressure on the retail sector.
Rental collection for the March quarter had fallen to 59%, compared to 83.1% on-year.
'Over the last few weeks, we have been focused on actively engaging with our tenants and taking necessary pragmatic actions across the business to ensure that we are best equipped to withstand this challenging period,' chief executive Mike Watters said.
'The ongoing implementation of our consistent strategy means that the underlying portfolio is well positioned to resume activity as government restrictions begin to be lifted and, we hope, the onset of strengthening economic conditions.'
'Our assets are focused on sectors and locations with long term positive structural demand characteristics, further reinforced by high portfolio occupancy, a diversified tenant base and a balance sheet that provides access to significant cash reserves.'