Yew Grove expects to collect 98% of third-quarter rents
Yew Grove Reit (CDI)
€1.00
14:39 08/02/22
Irish real estate investor Yew Grove said on Thursday that it expects to collect 98% of rents in the current quarter.
Yew Grove said approximately 1% of its rent roll had been delayed by a problem in the client's payment system but noted it would be collected "imminently", while roughly 1.3% of its third-quarter rent roll had been deferred and was no expected to be recovered under a repayment plan from 1 October.
The AIM-listed firm said it was in the process of organising an "appropriate payment plan" for a further 0.7% of the third quarter rent roll due from non-food retail tenants that only reopened their premises in June.
Yew Grove added that its external valuers, Lisney, had confirmed that the firm's portfolio had a current market value of just over €141m - a reduction of €15,000 from the aggregate of the year-end valuation at 31 December.
Chief executive Jonathan Laredo said: "Despite the strains imposed on businesses by the crisis, the strength of our tenant covenant continues to be reflected in the robust performance of our rent roll and the stability of our portfolio valuation and I am pleased that the strong performance we saw in the second quarter has been repeated."
As of 1040 BST, Yew Grove shares were up 1.16% 15 €0.87 each.