11th Jan 2017 07:59
LONDON (Alliance News) - SEGRO PLC on Wednesday said it expects both its net asset value at year-end and adjusted earnings per share for 2016 to be at the upper end of the range of analysts estimates.
The FTSE 250-listed warehouse property investor said an independent valuation of its assets as at December 31 indicate a like-for-like increase in the value of its portfolio during the year of 4.8%, or 3.0% in the second half.
SEGRO said this increase came on the back of strong rental value growth in its UK portfolio as well as modest yield compression, an uplift in the value of a former industrial estate which SEGRO conditionally agreed to sell and development gains.
In light of this together with its placing in September in which it raised GBP325.0 million, the group said it expects its EPRA net asset value at December 31 to be at the upper end of analysts estimates. The range of estimates currently is for between 459 pence and 499p, averaging at 478p.
SEGRO also noted it has continued to deliver a "strong operational performance" since its trading update in October, with strong like-for-like rental growth and good leasing activity.
The group said 19 of its 27 development projects within its active programme at June 30 have now been completed, and expects its adjusted earnings per share to also be at the upper end of analysts estimates. The range of estimates for 2016 earnings per share is between 18.40p and 19.70p, averaging at 19.10p.
SEGRO will report its full year results on February 17.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2017 Alliance News Limited. All Rights Reserved.
Related Shares:
Segro