28th Sep 2018 15:02
LONDON (Alliance News) - F&C UK Real Estate Investments Ltd on Friday said its net asset value grew in the first half of 2018 helped by strong portfolio performance.
NAV total return for the year to the end of June was 13.6% with a NAV per share of 108.5 pence, up from 100.1p at the same period a year prior.
F&C UK Real Estate declared a total dividend of 5.0p per share. The stock was trading 1.2% higher on Friday at 95.58p per share.
The share price total return for the year was negative 1.9% with the shares trading at 99.8p at the year-end, representing a discount of 8.0% to the NAV. F&C UK Real Estate said the share price reflects continued market uncertainty.
The company's property portfolio produced an ungeared return of 11.7% over the year, outperforming the IPD Quarterly Index by 210 basis points. Performance was driven by a combination of capital growth of 6.1% and an above market income return of 5.3%.