Ediston Property’s NAV total return for the year ended 30 September 2016 was 6.1% (based on a year end EPRA NAV of 107.07p). During the year the share price mostly traded in a relatively tight band around the stated NAV. At the start of the year it was at a 2.3% premium and at the year end a discount of 3.4%. Total dividends for the year were 5.50 pence per share, including the dividend of 0.46 pence paid in October 2016. For the financial year the dividend was 107.3% covered. The EPRA earnings per share were 5.90 pence.
Contracted rent was GBP12.1 million (2015: GBP8.6 million) per annum at the year end, with 12.4% of tenants currently enjoying a rent-free incentive. Rent-free periods as a percentage of contracted rent at the year end falls below 4.1% by June 2017. 87.3% (2015: 86.5%) of rent for the year was collected within seven days and 95.0% within 14 days. As a result of a year passing, two acquisitions and letting activity, the WAULT has decreased to 7.9 years from 8.6 years in 2015.
Their property assets increased in value by 2.2% on a like-for-like basis. Performance was enhanced by the Investment Manager adding value from several asset management initiatives. The most significant of these was the repositioning of the retail space at St Philips Point, Birmingham and the subsequent letting to David’s Bridal. This contributed to the EPRA vacancy rate falling from 7.4% to 4.7% during the year.
EPIC : Ediston Property sees NAV rise over year