Highcroft Investments reports for the year ended 31 December 2015 its net asset value per share was up 11% to 1026p and its total property income distribution was up 8% to 38.8p per share.
Gross property rental income rose 12% to £3,435,000. This growth includes the effect of a full year’s income from the Ash Vale and Crawley properties purchased in July 2014 and August 2014 respectively. It also includes a partial year of income from the new acquisition in Wisbech, and allowing for reduced income from properties which they sold in the year and where they had lease expiries and a tenant in administration. All properties are currently let and there were no bad debts in the period.
The equity portfolio produced income of £182,000, coupled with a realised net loss of £68,000 and an unrealised net loss of £347,000. They released £962,000 in net cash from equities during the year and have released a further £493,000 since the year end.
The year-end cash position was £4,852,000 (2014 £2,039,000), whilst readily realisable equity investments totalled £3,155,000 (2014 £4,532,000). Year end bank loans totalled £11.5m.
HCFT : Highcroft reports 11% NAV uplift