The number of listed property companies issuing profit warnings rose by 400% last year, as the sector struggled to cope amid 10 months of coronavirus restrictions. FTSE-listed real estate companies issued 30 profit warnings in 2020, the highest number in 22 years, according to data from EY's latest profit warnings report. The surge in real estate profit warnings outpaced all other industries, with the energy sector seeing a 138% rise in warnings and consumer staples posting a 136% increase. Within real estate, a third of listed property investment and services firms issued warnings, and 17% of REITs did. EY corporate finance leader Fraser Greenshields told Property Week that when the government support measures ended, he expected to see a notable rise in corporate defaults.
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