4th Feb 2020 15:33
(Alliance News) - Standard Life Investments Property Income Trust Ltd on Tuesday reported an improved performance in the final quarter of 2019, with marginal growth in net asset value.
The investment firm said NAV per share as at December 31 was 89.9 pence, down 0.4% from 90.3p reported at the end of September 2019.
The portfolio valuation was flat on a like-for-like basis, Standard Life Investments said, whilst the IPD/MSCI Monthly Index dropped by 1.0% over the same period.
Five lettings were completed during the quarter to the end of 2019, the company noted, securing a total rent of GBP939,884 per annum, including completing a lease on the company's largest void, a logistics unit in Rugby.
Also, two lease renewals were settled, securing GBP216,500 per annum, an increase of 20% on previous rent. Standard Life Investments said it has completed four rent reviews during the quarter, securing an increase of GBP50,612 per annum, 13% above the previous rental level.
The company paid a dividend of 1.19 pence during the quarter.
Standard Life Investments shares were trading 3.3% lower in London on Tuesday at 96.00p each.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
SLI.L