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Real estate income trust Drum Income Plus REIT reported wider losses on a pandemic-led decline in the value of its property portfolio.
For the 12 months ended 30 September 2020, pre-tax losses widened to £3.4 million from £1.1 million year-on-year as capital losses on investments widened to £5.5 million from £3.1 million.
Rental income fell to £4.1 million from £4.2 million.
Net asset value per share at 30th September 2020, was 73.01 pence per share, a fall of 14.1% from 12 months earlier, and a decrease of 7.9% on the NAV as at March 31, 2020.
'Yields remained relatively flat in September 2020 as UK commercial investment volumes reached £7.2 billion in Q3, which was a 55% increase on Q2, but the second quarter was one of the lowest ever recorded,' the company said. 'In comparison to the quarterly average, based upon the last couple of years, Q3 2020 was approximately half this 'normal' level.'