McKay Securities’s EPRA NAV rose by 4.1% over the six months to the end of September 2015 as it reported a 7.1% increase in the value of its property portfolio. The interim dividend was maintained at 2.7p.
McKay Securities underlying profit before tax rose by 33.8% over the period as rental income increased by 20.8% and occupancy increased to 92.7% from 91.2%.
They bought one property, a warehouse distribution facility (96,850 sq ft) at Brunel Way, Theale, for £11.3m (this yields 6.6%). The loan to value ratio climbed to 33.1% from 25.9% as they completed a £175m debt refinancing and sorted out their interest rate hedging arrangements, reducing the notional value of their hedging instruments from £80m to £45m by incurring a £13.16m swap cancellation cost.
MCKS : McKay Securities underlying profits up by a third