18th Feb 2019 12:34
LONDON (Alliance News) - Regional REIT Ltd on Monday said its portfolio value increased on a like-for-like basis in 2018, thanks to the strong letting performance.
The real estate investment company said its property portfolio value stood at GBP718.4 million as at the end of December 2018, down from GBP737.7 million a year earlier. On a like-for-like basis, however, portfolio value improved by 4.5%.
Regional REIT said that during 2018 it realised a GBP23.1 million gain on disposals. The company also completed property acquisitions totalling GBP73.3 million before costs and disposals of GBP152.5 million.
The company's net loan-to-value ratio was 38.3% as at December 31, compared to 45.0% the year prior.
"We are extremely pleased with the progress achieved during the year where our asset management initiatives and strong letting performance have resulted in a noticeable increase in the capital value of the portfolio," said Stephen Inglis, chief executive of Regional REIT's asset manager.
Regional REIT shares were trading 0.1% lower on Monday at 101.50 pence each.
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