1st Feb 2023 09:49
UK Commercial Property REIT Ltd - London-based commercial property investor - In the quarter to December 31, net asset value falls. NAV per share as at December 31 decreases 22% to 79.7 pence per share from 101.5p at September 30. NAV total return is negative 21%, compared to negative 7.9% a quarter ago. Reports a 12% rise in earnings per share to 0.82 pence as at December 31, up from 0.73p on September 30. Declares dividend of 0.85 pence per share for the quarter, up from 0.75p a year prior.
Chair Ken McCullagh says: "UK Commercial Property REIT's high-quality, diversified portfolio, which is weighted towards sectors that benefit from strong underlying structural and societal drivers, coupled with our proactive approach to asset management have allowed us to deliver robust earnings growth in the final quarter and almost 20% over the year. This gives me confidence that, at an operational level, the company is well placed to weather the current economic headwinds and rising interest rates which have led to a rerating of real estate and therefore downward pressure on valuations."
Looking into 2023, the company notes real estate opportunities for 2023 based on the pace of repricing in the UK. It expects UK headline inflation to have peaked.
Current stock price: 55.50 pence each, down 4.0% on Wednesday morning in London
12-month change: down 33%
By Xindi Wei, Alliance News reporter
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