Urban Logistics REIT saw the value of its portfolio rise 4.6% on a like-for-like basis in the year to the end of March, as the sub-sector continues to perform strongly despite the impact of covid-19.
The company reported a flat net asset value (NAV), of 137.9p per share, taking into account a £136m fundraise in February 2020.
Its portfolio was valued at £207m, and since the year end it has acquired £98m of properties. The group said it has further boosted its acquisition firepower after agreeing a new £151m debt facility with Barclays, Santander and Lloyds banks.
Net rental income for the year increased 20.7% to £12.2m per annum (3.4% on a like-for-like basis), while adjusted earnings per share grew 9.3% to 7.66p.
It declared a dividend for the year of 7.6p, up 8.6% from the previous year.
The company is one of only a small handful that has collected 100% of its rents due for the current quarter to the end of June, during the covid-19 crisis.
It said only two of its sites were not fully operational.
“Urban logistics remains real estate’s top performing sub-sector,” chief executive Richard Moffitt said. “With our focus on urban logistics, and most of our warehouses situated near to town and city centres, our tenants are mostly involved in the supply chain for getting household goods to end users.
“Throughout a challenging period for UK businesses in recent months, the resilience of our investment strategy has proven itself. We remain focused on building our business through working closely with our tenants and all our properties are selected for their location, specification and strong tenant covenant characteristics.
“Our tenants continue to perform well, all paid their rents for the recent quarter through to June, and our strong balance sheet gives us the ability to move quickly as good investment opportunities arise.“
SHED : Urban Logistics REIT posts 4.6% rise in portfolio valuation