Urban Logistics FY net rental income surges
Real estate investment trust Urban Logistics saw net rental income grow over the 12 months ended 31 March amid "significant" capital deployment and a 25.4% increase in the group's property valuation to £153.0m.
Urban Logistics said on Thursday that net rental income had surged 59.8% to £36.5m, leading to a total property return of 30.3%, up from 17.1% a year earlier, and an IFRS pre-tax profit of £172.0m.
Adjust earnings per share, which include impacts stemming from the group's £358.0m capital raise, slipped to 6.71p from 6.76p a year earlier, while Urban Logistics' total full-year dividend of 7.60p per share was unchanged against the prior period.
The FTSE 250-listed company added that it had spent £282.0m on acquisitions throughout the year, at a weighted average net initial yield of 5.3%, and a further £52.9m on developments.
Chairman Nigel Rich said: "The business is well capitalised and continues to benefit from the structural tailwinds in our sector. With further acquisitions in progress and significant opportunities for asset management within the existing portfolio, the business is well placed in the current inflationary environment and we are confident in its continued long term growth prospects."
Reporting by Iain Gilbert at Sharecast.com
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