28th Nov 2024 18:06
(Alliance News) - AEW UK REIT PLC on Thursday said profit more than doubled in the first half of its current financial year, due to a gain on the fair value of its investment properties.
The London-based real estate investment trust said pretax profit for the six months that ended September 30 was GBP16.6 million, more than doubling from GBP7.2 million last year.
This was primarily due to a GBP7.0 million gain from changes to the fair value of its investment properties, compared to a loss of GBP160,000 last year.
The firm also made GBP1.5 million in realised gains on its disposal of investment properties, compared to GBP1.7 million of gains a year prior.
Net asset value at September 30 was 109.05 pence per share, up 6.0% from 102.73p at March 31. The NAV total return for the six-month period was 10%.
AEW UK REIT declared two quarterly dividends of 2.00p per share, bring its total interim dividend 4.00p, unchanged year-on-year.
Chair Robin Archibald said: "Having joined the board of AEW UK REIT in the last year, I have been impressed by the historic and current performance record of the portfolio, in terms of the sustainability of income, and capital profits generated. This has been achieved against a difficult market background for UK commercial property since the company's inception over nine years ago."
Shares in AEW UK REIT closed 1.2% higher at 97.80 pence each in London on Thursday.
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.