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23 Jun, 2022 07:14 23 Jun, 2022 07:16

Urban Logistics FY net rental income surges

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Urban Logistics REITSharecast graphic / Josh White

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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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.