Industrial Multi Property Trust says its adjusted net asset value rose to 237p as at 30 June 2015 from 220p at 31 December 2014. The adjusted earnings per ordinary share worked out as a loss of 7.9 pence for the six months to 30 June 2015 (loss of 7.7 pence for the six months to 30 June 2014 restated.
They report 37 new lettings and 30 lease renewals achieved during the six months to 30 June 2015, (represents 15.1% of the estimated rental value (“ERV”) of the total portfolio based on the final achievable annual rent including stepped rent).
They sold four office buildings for £1.55m; 48% above the most recent valuation.
The group’s property portfolio was valued at £80.5m as at 30 June 2015 an increase of £600,000 (0.9%) during the six month period (+2.2% on a like for like basis).
They say the occupational market is continuing to improve, and the Group’s flexible approach to meeting tenant demand has been successful in reducing the number of vacant units: 37 new lettings and 30 lease renewals were completed during the period, with a further 11 units under offer for new leases as at 30 June 2015. Many of the leases incorporate stepped increases in rents and there is an additional £0.5m per annum of contracted rent due to start during the next twelve months which will benefit the Group’s cash flow.
They believe the number of new lettings and tenant retention is encouraging, and accordingly notable progress has been made in increasing occupancy. Based on ERV, the occupancy level stood at 88.4% on 30 June 2015 compared to 86.5% as at 31 December 2014. In addition, tenant insolvency has stabilised with 2 tenants, accounting for 0.4% of ERV, becoming insolvent compared with 3 tenants (0.7% of ERV) in the same period last year.
IMPT : Industrial Multi Property NAV climbs in H1