Industrial Multi Property Trust says its adjusted NAV per ordinary share at 30 June 2016 is 296.2 pence (31 December 2015: 260.6 pence). This increase is mainly due to an increase in the fair value of investment properties which is partly offset by an operating loss due to finance costs. The results for the period show an adjusted EPS loss of 6.1 pence (30 June 2015 loss of 7.9 pence). The continuing losses are due to the Group’s high level of finance costs.
On a like-for-like basis, as no properties were bought or sold in the period, the portfolio valuation increased by GBP3.5 million during the six month period to GBP85.1 million at 30 June 2016, a 4.3% increase.
They say notable progress has been made in increasing occupancy. Based on ERV, the occupancy level stood at 90.2% as at 31 July 2016 (compared with 89.9% on 30 June 2016 and 89.3% as at 31 December 2015). Tenant insolvency has increased marginally with 4 tenants, accounting for 0.6% of ERV, becoming insolvent compared with 2 tenants (0.4% of ERV) in the same period last year.
The overall LTV ratio on total borrowings was 73.3% as at 30 June 2016 (76.3% on total borrowings as at 31 December 2015).
IMPT : Industrial Multi Property Trust makes progress on occupancy