16th Mar 2015 09:50
LONDON (Alliance News) - Real Estate Investors PLC Monday reported higher profit, revenue and dividend for 2014, and gave a bullish outlook saying that it expects further rental growth and improved occupancy and acquisition opportunities remain healthy.
The company reported a pretax profit of GBP6.0 million for 2014, up from GBP5.0 million in 2013, as revenue rose to GBP8.0 million, from GBP6.7 million, driven by a 33% increase in contracted rental income to GBP7.7 million. Its EPRA net asset value per share rose to 61.3 pence, from 59.1p,
The real estate investment trust said it would pay a final dividend for the year of 0.75p, bringing the total to 1.5p, up from 1.0p for 2013.
"Acquisition opportunities remain healthy and will continue to grow our portfolio. We will also make selected sales where we consider we have maximised our management and will capitalise upon our status as a Real Estate Investment Trust," Chief Executive Paul Bassi said in a statement.
"We anticipate further rental growth and improved occupancy levels, benefitting from a growing regional economy that is clearly emerging as a major economic powerhouse in the UK," he added.
The trust, which is focused on Birmingham and the West Midlands, made property acquisitions of GBP29.5 million in 2014, up from GBP2.6 million a year earlier, while property sale proceeds were flat at GBP7.0 million.
Still, its shares were down 5.9% at 61.16p Monday morning, erasing the gains made since mid-February. The stock is still up 4.6% so far in 2015.
By Steve McGrath; [email protected]; @stevemcgrath1
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