26th Feb 2016 08:09
LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC on Friday hiked its first quarterly dividend for 2016, as it reported an increase net asset value following a strong portfolio valuation increase in 2015.
The FTSE-250 listed property investor said its EPRA net asset value was up 15% at the end of 2015 to GBP1.53 billion from GBP1.39 billion in 2014, chiefly driven by portfolio valuation increases. At the end of the year, Kennedy Wilson's portfolio was valued at GBP2.80 billion, up from GBP1.50 billion, after a number of acquisitions during the year.
Kennedy Wilson said it had paid 35.0 pence per share in dividends in 2015, but declared a 12.0p per share dividend for the first quarter of 2016, up from 10.0p in the last quarter of 2015. This represents 48.0p per share annualised, meaning a 37% increase in prospective annualised dividend.
The group said both operational and financial results were "ahead of business plans".
"Our business remains in robust operational health with ample liquidity. This will allow us to selectively capitalise on investment opportunities across our target regions that may arise from potential market dislocations, given the current volatile state of capital markets," said President and Chief Executive Mary Ricks.
Kennedy Wilson shares were up 3.4% at 1,092.00p on Friday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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