Industrial Multi-Property shares up on results

Industrial Multi-Property Trust’s shares are up 9% following the announcement of its annual results for the year ended 31 December 2015. Their adjusted net asset value per ordinary share increased by 18.6% – to 261 pence as at 31 December 2015 from 220 pence at 31 December 2014. Adjusted loss per share improved to a loss of 18.1 pence for the year ended 31 December 2015 from a loss of 19.4 pence for the year ended 31 December 2014. The continuing loss results from the high level of finance costs during the year.

The Board reiterated its previously announced intention, to target a refinancing of the portfolio in Q4 2016 and if a refinancing is not possible it will continue to review alternative ways to improve shareholder value, including a managed winding up of the Company.

68 new lettings and 51 lease renewals were achieved during 2015 (representing 26.8% of the estimated rental value (“ERV”) of the total portfolio, based on the final achievable annual rent including stepped rent). The additional contracted rent amounted to £0.4m per annum of additional passing rent is contracted to start during 2016, directly benefiting cash flow. Occupancy improved – the occupancy level measured by estimated rental value stood at 89.3% as at 31 December 2015 compared with 86.5% as at 31 December 2014. Two light Industrial and four office buildings were sold above valuation – Six buildings were sold at £3.3m before sales costs; 49% above the most recent valuation. The Group’s property portfolio was valued at £81.6m, up from £79.9m (+5.2% like for like)

IMPT : Industrial Multi-Property shares up on results