Urban Logistics REIT has announced an increase in net asset value (NAV) of 12.4% to 145.2p in interim results today, reaffirming the strength of the industrial sector.
The specialist logistics REIT posted a 31.3% jump in net rental income to £5.8m in the six months to the end of September, while EPRA earnings per share also increased 25.2% to 3.9p.
The company increased its interim dividend in the period by 25% to 3.75p.
During the period Urban Logistics REIT bought eight properties for £15.2m and sold £18.4m worth of property at an average profit on cost of 57.4%.
Its portfolio is now valued at £195m, a 3.8% like-for-like increase since 31 March 2019.
Nigel Rich, chairman, said: “The strong results reflect our specialist focus which is underpinned by a shift in retailing to e-commerce. We maintain a healthy acquisition pipeline which we expect to fund through equity raising and bank debt when we have the opportunity to do so.
“Looking forward we remain confident that our urban logistics portfolio will continue to deliver attractive returns for shareholders.”
SHED : Urban Logistics REIT posts 12.4% NAV rise in impressive interim results