Industrial Multi Property Trust PLC Trading Statement (9853F)
24 May 2017 - 4:00PM
UK Regulatory
TIDMIMPT
RNS Number : 9853F
Industrial Multi Property Trust PLC
24 May 2017
24 May 2017
INDUSTRIAL MULTI PROPERTY TRUST PLC
(the "Company" or together with its subsidiaries the
"Group")
Industrial Multi Property Trust plc is today announcing its
trading update for the quarter ending 31 March 2017 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 - 316.1
pence as at 31 March 2017 (307.4 pence at 31 December 2016)
-- Earnings per ordinary share ("EPS") - profit of 9.9 pence for
the three months to 31 March 2017 (profit of 45.3 pence for the
year ended 31 December 2016)
-- Adjusted earnings per ordinary share ("Adjusted EPS") - loss
of 6.5 pence for the three months to 31 March 2017 (loss of 11.3
pence for the year ended 31 December 2016)
-- One office unit was sold at valuation - One sale at GBP0.39m before sale costs
-- Portfolio valuation increased - the Group's property
portfolio was valued at GBP86.2 million as at 31 March 2017
(GBP85.3 million as at 31 December 2016), an increase of GBP0.9
million (+1.04%) during the quarter (+1.5% on a like-for-like
basis)
-- Occupancy - the occupancy level measured by Estimated Rental
Value ("ERV") remained stable at 91.49% as at 31 March 2017
-- New lettings achieved - 8 new lettings and 12 lease renewals
achieved during the quarter ending 31 March 2017 (representing 2.6%
of the ERV of the total portfolio, based on the final achievable
annual rent including stepped rent)
-- Units under offer to let - a further 11 units as at 31 March
2017 are under offer to let representing 1.2% occupancy as measured
by ERV
Revaluation and NAV
The Group's property portfolio was valued at 31 March 2017 by
Cushman & Wakefield Debenham Tie Leung Limited trading as
Cushman & Wakefield at GBP86.2 million and will next be valued
by an independent valuer as at 30 June 2017. Excluding the
valuation of one office property sold during the quarter, the
valuations increased by 1.5% on a like-for-like basis.
The Company's adjusted NAV per ordinary share was 316.1 pence as
at 31 March 2017 which represents an increase of 2.8% from 307.4
pence reported at 31 December 2016. Primarily this increase
resulted from the revaluation of the property portfolio, partly
offset by exceptional expenses incurred in the quarter.
Adjusted EPS
The Company's adjusted EPS was a loss of 6.5 pence during the
quarter ended 31 March 2017. The adjusted EPS loss is primarily due
to finance costs and exceptional expenses incurred in the
quarter.
Property Update
Tenant/letting activity can be summarised as follows:
Quarter ending Number Rent p.a As % of total
31 March 2017 of Tenants GBP Estimated Rental
Value
------------------------- ------------- ---------- -------------------
Tenant lease breaks
exercised 0 Nil 0.00
------------------------- ------------- ---------- -------------------
Tenant vacated
at lease end 5 78,870 0.87
------------------------- ------------- ---------- -------------------
Tenant insolvency 6 46,185 0.51
------------------------- ------------- ---------- -------------------
New lettings completed 8 *96,428 1.07
------------------------- ------------- ---------- -------------------
Tenant leases
renewed 12 *138,150 1.53
------------------------- ------------- ---------- -------------------
*Final achievable annual rent including stepped
rent
-------------------------------------------------------------------------
The Investment Adviser and Manager continues to progress the
strategy to deliver shareholder value.
Occupancy across the portfolio has remained stable at 91.49% as
at 31 March 2017. Progress continues to be made in letting void
units; 8 new lettings and 12 lease renewals have been successfully
completed in the quarter to 31 March 2017 at a final achievable
annual rent, including stepped rent, of approximately GBP0.2
million per annum.
General Update
Results of EGM held on 11 May 2017
The fourth resolution put forward by the Board on 6 April 2017
was passed. It is expected that the cancellation of trading of
shares on the Specialist Fund Segment of the London Stock Exchange
will take effect from 8.00am on 8 June 2017. Further details of the
EGM and the results are detailed on the Company's website
www.industrialmultipropertytrust.com.
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
Robert Finlay
Financial Adviser and Broker, Stockdale Securities Ltd
+44 (0) 20 7601 6100
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 trading update 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 trading update should be construed as a profit forecast
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTKMGZKMFKGNZM
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May 24, 2017 02:00 ET (06:00 GMT)
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