Summit Germany says its EPRA net asset value rose by 24% to 87 cents over the course of 2014 and earnings per share almost tripled to 23.7 cents as rents rose and occupancy hit 90.4%. They paid dividends of 2.85 cents for 2014 and are announcing a quarterly dividend of 0.77 cents today. the plan is to get the yield up to 7% on the 63 cent IPO price.
At the end of the year, the investment portfolio comprised 95 properties with a gross asset value of €582.6m, generating net rent of €47.1m per annum, a rental yield of 8.1%. rents grew by a like for like 5.1% over the course of the period. As previously reported they refinanced their debt and raised €120m of new capital at 70 cents per share, cutting the LTV ratio and their interest cost. They are busy deploying the funds they raised with deals worth €100m agreed and €150m in discussions.
SMTG : Summit Germany busy investing proceeds of fund raising