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Commercial property investment firm UK Commercial Property REIT Limited has reported a net loss for the year of £10.3 million a consequence of the Covid-19 pandemic.
The loss was driven by downturns in the leisure, office and retail sectors, although the majority of the firms retail portfolio is in retail warehouses and supermarkets sectors that have proved more resilient through the COVID-19 pandemic.
The company is to issue a further interim dividend in relation to 2020, of 0.531p which will be paid on 21 May 2021 to shareholders on the register by 7 May 2021.
However, this years share price return, taking into account dividends paid over the period, was significantly lower than previous years at -19.7%.
£218 million in cash resources was available at the end of the year, up £88 million on 2019, and this was further boosted by sales in Quarter 1, 2021 resulting in the firm having £276 million to invest into the portfolio and enhance earnings.
Rent collection of 83% in 2020 is down on 97% for the whole of 2019, but rates continued to increase as the year progressed.
Ken McCullagh, chair of UKCM, said: The portfolio that has been put in place over the last few years has enabled the Company to weather the current difficult situation and emerge in a position of relative strength to create additional value in the future.
He added: 'Although there is much speculation over the future of the office sector, for example, as businesses adjust to hybrid working practices, UKCM is in a strong position and the success of the vaccine rollout thus far should provide confidence that businesses can reopen and rebuild.'