UK Commercial Property REIT reported a net asset value total return of 1.9% for the first six months of the year.
The company, which is managed and advised by Aberdeen Standard Investments, saw a increase in EPRA earnings per share of 19% to 1.7p compared with the same period last year. It put the rise down to income accretive acquisitions and asset management initiatives. It said dividend cover for the six month period was 92%.
In February, the company refinanced its debt increasing its maturity profile from 4.1 years to 8.5 years and decreasing its cost from 2.89% to 2.78%.
UK Commercial Property REIT now has up to £90m available for investments including the new £50m revolving credit facility.
Portfolio highlights
The company, which has a diversified portfolio of assets located across the UK, recorded a total return of 2.1%, outperforming the MSCI IPD benchmark total return of 1.2%. This was due in part to its overweight position in industrial sector (now 48% of portfolio by value) and asset management initiatives.
During the period the REIT secured £5.2m of new annualised rent and now has an occupancy rate across the portfolio of 92.5%.
UKCM : UK Commercial Property REIT outperforms benchmark
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