27th May 2015 09:11
LONDON (Alliance News) - Commercial and industrial real estate investor McKay Securities PLC on Wednesday said its net asset value per share rose in its 2015 financial year as the overall value of its portfolio increased and its estimated rental value surged higher.
McKay, which focuses on the London and South East markets, said its net asset value per share at the end of the year to the end of March was up by 19% to 270 pence from 227 pence a year earlier. Its total portfolio value rose to GBP352.7 million from GBP254.6 million a year earlier, as the value of its existing properties increased and it acquired five more properties for GBP51.5 million.
The estimated rental value of its portfolio rose by 59% in the year to GBP30.2 million per year, from GBP18.9 million a year earlier, with its like-for-like estimated rental value rising by 30% and by 7.9% when excluding developments. The group also saw a 25% rise in contracted rental income in the year to GBP20.5 million from GBP16.4 million.
McKay's occupancy level rose to 91.8% in the year, from 86.8% a year earlier and the group said it has made progress on its development and refurbishment projects, including the letting of the 66 Wilson Street property in the City of London.
On the back of the strong performance, McKay said it has nudged up its final dividend payout to 6 pence per share from 5.9 pence, bringing its total dividend to 8.7 pence from 8.6 pence.
"The prospects for future economic growth look encouraging, particularly with the stability of political continuity. This, in turn, is likely to maintain the recent positive trends we have seen in our markets over the year ahead," said McKay Chairman David Thomas.
Shares in McKay were up 0.4% to 247.02 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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