Industrial Multi Property NAV edges up on improved occupancy

Industrial Multi Property Trust’s results for the year ended 31 December 2014 show its net asset value (on an adjusted basis) increasing from 207p to 220p (the unadjusted net asset value rose from 206.8p to 210.3p). They aren’t paying a dividend.

Industrial Multi Property Trust has fifty-three multi let properties (split roughly 85% industrial and 15% offices) offering 507 leasable units with a total floor area of approximately 163,600 square metres (approximately 1.8 million square feet) all of which are located in the UK. They achieved 87 new lettings and 41  lease renewals to get their occupancy ratio up from 84.6% to 86.5%. The lease terms are relatively short however as tenants demand flexibility – the weighted average unexpired lease length is 3.2 years and 1.9 years to the next break point. I(f everything was let, they reckon they’d earn an additional £1.8m a year in rents (on the £7.4m they made in 2014).

IMPT : Industrial Multi Property NAV edges up on improved occupancy