Real Estate Investors shifts dividend up a gear

Real Estate Investors says its EPRA net asset value rose by 4% over the course of 2014 – from 59.1p to 61.3p. Its EPRA earnings per share were negative although less so than in 2013 – loss per share of 0.3p vs. 0.4p in 2013. The dividend has been hiked by 50% however to make a total of 1.5p for the year. real Estate Investors raised £20m of fresh capital during the year. The fund now has gross property assets of £104.4m. Its loan to value ratio has fallen from 47.3% to 35.2%.

Within the property portfolio they saw an improvement in the overall occupancy ratio to 84.6% and the average lease life is now 4.4 years – up from 3.7. The portfolio is focused on Birmingham. they say “The Birmingham and West Midlands economy is on the cusp of emerging as a significant economic powerhouse, with a diversified economy led by professional and financial services, creative industries, tourism, education and high end manufacturing.”

Real Estate Investors has become a REIT. This was a factor in the dividend hike. They intend to start paying quarterly dividends next year.

RLE : Real Estate Investors shifts dividend up a gear