19th Mar 2019 12:11
LONDON (Alliance News) - Real Estate Investors PLC on Tuesday hiked its dividend in 2018 following growth in revenue and higher rental income.
The AIM-listed company said its net asset value per share in 2018 rose 0.6% to 69.3 pence from 68.9p a year earlier, as its portfolio value advanced by 5.5% to GBP224.8 million.
Occupancy also improved to 96.1% from 92.8% a year prior, resulting in a record contracted income of GBP17.0 million a year, up 4.9% from 16.2 million per annum in 2017.
Real Estates Investors reported revenue of GBP15.6 million, up 5.1% from GBP14.9 million the year before. Pretax profit, however, declined to GBP8.4 million from GBP11.3 million year-on-year.
The company declared a final quarterly dividend of 0.937 pence a share, taking the total payout to 3.562p, up 14% on the year prior.
"We anticipate seeing off-market opportunities on the back of the current financial and political volatility. We welcome these periods of uncertainty, as they often bring mis-priced assets to the market which, with our local expertise and financial strength, we can move quickly to capitalise on," said Chief Executive Paul Bassi.
Real Estate Investors shares were trading 0.7% higher on Tuesday at 50.35 pence each.
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