Urban Logistics REIT PLC – Interim results

Urban Logistics REIT PLC – Interim results

Urban Logistics, (AIM: SHED) the specialist UK logistics REIT, issues its interim financial results for the half year ended 30 September 2019.

 

Highlights

30 Sep 19

 

30 Sep 18

 

Change (%)

Income Statement

Net rental income (£m)

5.8

4.4

+31.3

EPRA Earnings (£m)

3.4

2.6

+30.9

EPRA Earnings per share (p)

3.9

3.1

+25.2

Interim dividend (p)

3.75

3.00

+25.0

Balance Sheet

EPRA NAV per share (p)

145.20

129.21

+12.4

Gross borrowings (£m)

75.7

64.4

+17.5

LTV (%)

34.1

34.3

 

Financial

§ EPRA net asset value (“NAV”) up to 145.20 pence per share

§ Total Accounting Return (NAV + dividends) of 8.2%

§ £195.0 million portfolio valuation with a 3.8% like-for-like increase since 31 March 2019

§ Interim dividend of 3.75 pence per share, up 25% on prior year

 

Property

§ Eight logistics properties with asset management potential acquired for £15.2 million

§ Disposals totalled £18.4 million representing an average profit on cost of 57.4%

§ Portfolio fully occupied

§ WAULT of 6.1 years (31 March 2019: 5.5 years)

 

 

Nigel Rich, Chairman, commented:

“The strong results reflect our specialist focus which is underpinned by a shift in retailing to e-commerce.  

“We maintain a healthy acquisition pipeline which we expect to fund through equity raising and bank debt when we have the opportunity to do so.  

“Looking forward we remain confident that our urban logistics portfolio will continue to deliver attractive returns for shareholders.”

No Comments

Post a Comment