Industrial Multi Property Trust PLC 3rd Quarter Results (8195F)
16 November 2015 - 10:00PM
UK Regulatory
TIDMIMPT
RNS Number : 8195F
Industrial Multi Property Trust PLC
16 November 2015
INDUSTRIAL MULTI PROPERTY TRUST PLC
(the "Company" or together with its subsidiaries the
"Group")
16 November 2015
Industrial Multi Property Trust PLC is today announcing its
trading update for the quarter ended 30 September 2015 and the
period up until the date of this announcement. The information
contained herein has not been audited.
Highlights:
-- Adjusted net asset value ("NAV") per ordinary share - 236
pence as at 30 September 2015 (237 pence at 30 June 2015).
-- Portfolio valuation increased - the Group's property
portfolio was valued at GBP81.1 million as at 30 September 2015
(GBP80.5 million as at 30 June 2015, an increase of GBP0.6 million
(+0.1%) during the three month period. The Board believes the
current market conditions for UK commercial property remain
favourable.
-- Occupancy - the occupancy level by estimated rental value
stood at 87.0% as at 30 September 2015 (88.4% as at 30 June 2015).
The Board is optimistic that the occupancy will rise within the
next 6 months.
-- New lettings achieved - 16 new lettings and 7 lease renewals
achieved during the quarter (representing 3.0% of the estimated
rental value ("ERV") of the total portfolio, based on the final
achievable annual rent including stepped rent).
-- Units under offer to let - a further 11 units are currently
under offer representing in excess of 2% occupancy by ERV.
-- Adjusted earnings per ordinary share ("EPS") - loss of 16.2
pence for the nine months to 30 September 2015 (loss of 7.9 pence
for the six months to 30 June 2015).
Revaluation and NAV
The Company's adjusted NAV per ordinary share was 236 pence as
at 30 September 2015 which is in line with that reported at 30 June
of 2015 of 237 pence. Primarily, this resulted from the revaluation
gain in the property portfolio being offset by finance costs in the
period. The property portfolio will next be valued by an
independent valuer as at 31 December 2015.
The Group's property portfolio was valued at 30 September 2015
by Cushman & Wakefield (formerly DTZ Debenham Tie Leung
Limited) at GBP81.1 million. The Board believes that the current
market conditions remain favourable for improving the Company's
valuations, rent and occupancy levels.
Adjusted EPS
The Company's adjusted EPS was a loss of 16.2 pence during the
period ended 30 September 2015. The adjusted EPS loss is mainly due
to high finance costs. The Board is actively reviewing the options
with a view to potentially refinancing out the higher costing
debt.
Property Update
Tenant/letting activity can be summarised as follows:
Quarter ending Number Rent As % of total
30 September 2015 of Tenants p.a Estimated
GBP Rental Value
------------------------- ------------- ---------- ---------------
Tenant lease breaks
exercised 4 42,013 0.46
------------------------- ------------- ---------- ---------------
Tenant vacated
at lease end 7 266,163 2.92
------------------------- ------------- ---------- ---------------
Tenant insolvency 3 19,150 0.21
------------------------- ------------- ---------- ---------------
New lettings completed 16 *178,992 1.96
------------------------- ------------- ---------- ---------------
Tenant leases
renewed 7 *90,390 0.99
------------------------- ------------- ---------- ---------------
*Final achievable annual rent including
stepped rent
---------------------------------------------------------------------
The Investment Adviser and Manager continues to progress the
published strategy to deliver shareholder value, namely:
-- to enhance net rental income;
-- to reduce borrowings and to reduce the loan to value through limited strategic sales;
-- to deploy capital when 'value add' opportunities are identified;
-- to actively review the potential refinancing options, at an
optimum time to mitigate the effects of the loan facilities early
repayment penalties; and
-- to actively review the potential to resume payment of dividends.
While occupancy across the portfolio has slightly decreased with
87.0% of the portfolio let as at 30 September 2015 based on the
ERV, compared with 88.4% as at 30 June 2015; progress continues to
be made in letting void units, 16 new lettings and 7 lease renewals
have been successfully completed in the quarter to 30 September
2014 at a final achievable annual rent, including stepped rent, of
approximately GBP0.3 million per annum. The Board remains
optimistic that occupancy will continue to rise.
Contact:
Jonathan Clague
Chairman, Industrial Multi Property Trust Plc
+44 (0) 1624 681250
Tom Pissarro
Fund Manager, Alpha Real Capital LLP
+44 (0) 20 7391 4714
Alastair Moreton
Financial Adviser & Broker, Westhouse Securities Ltd
+44 (0) 20 7600 6118
For more information on the Company please visit
www.industrialmultipropertytrust.com
For more information on the Company's Investment Manager please
visit www.alpharealcapital.com.
FORWARD LOOKING STATEMENTS
This interim management statement contains forward-looking
statements which are inherently subject to risks and uncertainties
because they relate to events and depend upon circumstances that
will occur in the future. There are a number of factors that could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. Forward-looking
statements are based on the Board's current view and information
known to them at the date of this statement. The Board does not
make any undertaking to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Nothing in this interim management statement should
be construed as a profit forecast
This information is provided by RNS
The company news service from the London Stock Exchange
END
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