Real Estate Investors has published results for the year ended 31 December 2015 – its first year of operations as a REIT. The EPRA NAV per share rose by 5% to 64.5p from 61.3p. EPRA earnings per share were 0.81p (2014: loss 0.36p). This was on the back of a 38% increase in rental income to £8.4m. The total dividend per share for 2015 was up 33% to 2p.
Overall occupancy within the portfolio was 89% and the properties have a WAULT of 5.28 years. During the year they made new purchases of £57.7m, including four high street retail investments with a combined average yield of 8.67% and offices with average net initial yields of 9.46% and capital value prices of £133 per square foot, and sales of £15.3m.
Gross debt finished the year at £44m, a bit up from £43m at the end of 2014. This equates to a net loan to value of 22.4% (2014: 35.2%) – the effect of the £45m fund raising they completed in April 2015. After the period end they secured a new 5 year £30m facility with RBS at 1.75% above Libor.
RLE : Real Estate Investors makes a good start to life as a REIT