Real Estate Investors has announced its interim results for the six-months ended 30 June 2015. The company converted to a Real Estate Investment Trust with effect from 1 January 2015 and so these are its first results under the new structure. During the period, the company’s ERA NAV rose 4% to 63.6p per share whilst revenue increased by 31% to £3.8m (H1 2014: £2.9m). Pre-tax profits rose 211% to £8.1m (H1 2014: £2.6m) although this includes a surplus on the revaluation of interest rate swaps of £690k (H1 2014: £68k loss) and a property revaluation surplus of £5.9m (H1 2014: 2.4m). Other highlights include an increase in rental income of 37% to £3.7m whilst the proposed interim dividend is up 33% to 1.0p. Overall occupancy was 80% (vs. 31 December 2014: 85%) and WAULT to break is 5.1 years (vs. 31 December 2014: 4.4 years).
The company also raised £45m of equity during the period at 60p per share. £8.9m of disposals were also made, at a reportedly significant surplus to book value. The company also say they secured £28.3m of acquisitions, that meet their criteria, during the period.
Real Estate Investors posts 4% increase in NAV during H1 : RLE