10th Nov 2014 11:21
LONDON (Alliance News) - Industrial Multi Property Trust PLC Monday said occupancy across its portfolio has increased, with 87.6% of the portfolio let at the end of September, based on the estimated rental value, compared with 86.2% as at the end of June.
In a statement, the trust said it is making progress in letting void units. It said 20 new lettings and 19 lease renewals were completed in the quarter at a final achievable annual rent, including stepped rent, of about GBP600,000 per year.
The trust said its investment adviser and manager are focused on its strategy of enhancing net rental income, reducing borrowings and reducing the loan to value through "limited" strategic sales. They also are focused on deploying capital when 'value add' opportunities are identified.
The trust said its net asset value per share, on an adjusted basis, rose by 11 pence to 234p over the quarter, as the value of its portfolio rose by GBP1.2 million to GBP79.3 million over the quarter.
However, the trust's adjusted earnings per ordinary share showed a loss of 12.8 pence for the nine months to the end of September, compared with a loss of 7.7 pence in the first six months of the year.
Industrial Multi Property Trust shares were up 5.8% at 55.00 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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