For the second half of 2016, A&J Mucklow has reported EPRA earnings per share up to 12.54p from 11.89p, an interim dividend up to 9.88p from 9.59p and an EPRA NAV per share up a little to 448p from 446p.
They say that average rental increases on new lettings and lease renewals have been maintained at around 10% and, in some popular industrial locations, rental levels are continuing to rise in excess of this rate due to the tight supply of available space. Industrial property values in the Midlands have remained stable and property yields unchanged since the previous valuation on 30 June 2016. They believe the high yield and growing rental returns offered by industrial property are still very attractive to investors, but capital growth has been restricted, mainly due to a limited number of investment transactions
The vacancy rate in the portfolio was higher at the end of the period at 4.1%. This reflects Mucklow keeping a 64,000 sq ft industrial unit vacant at the year end.
MKLW : A&J Mucklow reports higher NAV at year end