11th Nov 2021 16:12
(Alliance News) - Urban Logistics REIT PLC on Thursday left its first half payout unchanged as it reported rising annual earnings and an increase in net assets.
The industrial property investor said rental income in the six months ended September 30 was GBP16.0 million, up 69% year-on-year from GBP9.4 million.
Pretax profit in the period surged to GBP50.3 million from GBP9.8 million a year before.
Urban Logistics' portfolio valuation increased 91% to GBP660.5 million from GBP345.9 million a year earlier.
In addition, its net asset value per share increased 8.1% to 164.23 pence from 151.92p in March.
Urban Logistics proposed an interim dividend of 3.25p, unchanged from a year earlier.
"The last six months have been dominated by the after-effects of Covid-19 and Brexit on the economy, with disruption to supply chains globally leading to inflationary consequences. Fortunately, to date this has not had a negative effect on the company, with its concentration on last mile logistics assets and tenants supplying everyday needs," Urban Logistics said.
Urban Logistics said the market for its assets has even "strengthened".
"During the half-year, demand for our properties remained strong and at the period end we had almost 100% of both occupancy and collections of rent due in the period," the company said.
Shares in the company were up 2.7% at 175.10p each in London on Thursday afternoon.
By Abby Amoakuh; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Urban Logistics