Alpha Real Trust sees small decline in NAV
Real estate investment trust Alpha Real Trust said on Friday that net asset values slipped slightly in the six months ended 31 December.
Alpha Real's NAV per ordinary share dropped to 212.7p from the 213.50p recorded six months earlier.
However, basic earnings for the period shot up to 5.7p from 2.7p and adjust earnings increased to 4.8p from 3.0p.
Alpha said it now had an increased portfolio weighting towards secured loan investment, with the group continuing to augment and diversify its portfolio of secured senior and secured mezzanine loan investments.
On 31 December 2019, the size of ART's secured loan portfolio was £48m - representing 39.4% of its total investment portfolio.
Alpha, which declared a dividend of 1.0p per ordinary share, also highlighted that the Supreme Court had upheld an arbitration award in its favour, with Logix now having been ordered to pay INR 860m (£9.3m) to the group.
Looking forward, ART said as it continues to actively reposition its investments to deliver "attractive income returns", returns were likely to see greater contributions from its growing senior debt and mezzanine loan portfolio and less from capital gains in the medium-term.
"The company maintains an active pipeline of potential new secured senior and mezzanine loans and equity investment opportunities under review," said Alpha.
As of 1010 GMT, Alpha shares were down 1.93% at 200.06p.