20th May 2016 07:13
LONDON (Alliance News) - Industrial Multi Property Trust PLC on Friday said its portfolio valuation and occupancy rose in the first quarter, as it achieved new lettings and lease renewals.
The commercial property investor said its adjusted net asset value per share was up to 263.00 pence as at the end of March from 261.00p at the end of December. This came after the company's property valuation rose to GBP82.1 million at March 31, from GBP81.6 million at the end of December, although the positive impact this had on net asset value was partly offset by finance costs.
These finance costs meant its adjusted earnings per share was a loss of 4.2p during the quarter, despite "improved occupancy and underlying rental income".
Industrial Multi Property said its occupancy rate rose to 90%, up from 89.3% at the end of December, as it completed 11 new lettings and four lease renewals during the period, at a final achievable annual rent of around GBP500,000.
The company said a further nine units are currently under offer to let.
Shares in Industrial Multi Property were untraded on Friday, having last traded at 152.00p.
By Hannah Boland; [email protected]; @Hannaheboland
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