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- UK Commercial Property Trust : UKCM – annual results
UK Commercial Property has released its results for the year ended 31 December 2013. The net asset value rose from 69.6p to 73.1p over the year (the total NAV return was 13.2%) driven largely by income returns and an uplift in property values in Central London, South Eastern industrial assets, distribution warehouse and some regional offices. The share price total return was 25.7% – as the shares moved to a 5% premium. By comparison the return on the IPD Balanced Monthly & Quarterly Funds index was 10.7%.
UK Commercial property has decided to cut its dividend by 30% to 3.68p, described by the Chairman as a “more sustainable level”. This works out as a yield of 4.7% on the share price.