Commercial real estate investment and management company West Hamilton Holdings Ltd saw its total revenue decrease slightly during the past year to $3.1 million. Its net operating income improved to $1.9 million, up 13.9 per cent, year-over-year.

However, a new accounting standard adopted by the company last year, which reflects fair value of the company’s property assets as opposed to a depreciated cost basis, meant devaluation expenses of $2.3 million created a net loss for the year that ended on September 30. The loss per share was 14 cents, compared to $3.02 per share a year ago.

Regarding the small decline in revenue, the company said that was due to Covid-19 relief provided to tenants and its car parking facility. It retained high occupancy rates across all its property assets; 81 per cent in the Belvedere Building and 100 per cent in both the Belvedere Residences and the car parking facility.

Operating expenses decreased by 6.6 per cent and interest expense decreased by 31 per cent.

Shareholder equity fell 2.4 per cent to $33.9 million, while total assets were $45.3 million, down 3.8 per cent year-over-year.

The board approved an increased annual dividend of 17 cents and a special dividend of 15 cents, for shareholders of record on November 26.

Michael Collier, chairman of West Hamilton Holdings, said: “The company has performed well in what has been undoubtedly a very difficult year managing the Covid-19 pandemic.

“Notwithstanding these challenges, the results remain strong as does cashflow and the company’s ability to declare both the annual dividend and special dividend are very pleasing accomplishments for our shareholders. The property market remains soft and as such the directors have taken the decision that it would not be prudent to look to further develop our property assets at this stage. However, we remain ready to move forward as and when the market dynamics change for the positive.”