Hansteen’s results for the year ended 31 December 2015 have been published. Its EPRA NAV per share increased by 9% to 111p to give a total return of 17.3%. Full year dividend increased by 5.0% to 5.25p per share.
The Normalised Income Profit or NIP, which excludes profits or losses from the sale of properties, essentially the recurring earnings of the business, were £47.2m (2014: £48.2m). Normalised Total Profit or NTP, being NIP plus profits and losses from property sales and realised profits from one-off items, was £63.2m (2014: £65.3m). Both NIP and NTP were adversely affected by the fall in the value of the Euro.
In total, the portfolio owned or co-owned by Hansteen, at 31 December 2015, was valued at £1.55bn, had a rent roll of £120.2m per annum and 11.9% vacancy. If the portfolio was fully occupied at market rents, the rent roll would be £146.2m per annum, reflecting a yield of 9.4%.
The property valuation increase across the total portfolio was 11.1% (£153.8m). The German portfolio increased by 13.9%, Benelux by 7.3% and the UK by 10.4%. The split between the first and second half of the year was 7.3% in H1 and 3.6% in H2. £131.0m of this uplift is attributable to Hansteen. Had the exchange rate, at 31 December 2015, been the same as at 31 December 2014, the valuation uplift to Hansteen would have been £183.5m.
Notable portfolio changes over the year included the acquisition of units in the Ashtenne Industrial Fund Unit Trust increasing their interest from 36.7% to 81.8% during the year. The sale of HPUT II for £192.1m at a profit to Hansteen of £4.7m and £31.7mover total acquisition cost. £86.3m of other sales at a yield of 6.9% with a total profit of £8.7m (over 31 December 2014 valuation) and £21.2m over total acquisition cost. £68.0m of properties acquired at an average yield of 7.8%.
Net debt to property value ratio at the end of the year was 41.2%.
HSTN : Hansteen posts 17% return for 2015