(Alliance News) - AEW UK Long Lease REIT PLC on Wednesday reported a slight decline in net asset value in its first half though the property portfolio value was flat.
Net asset value at December 31 edged 0.2% lower to GBP76.2 million from GBP76.3 million in June and per share it fell at the same rate to 94.63 pence, from 94.81p.
AEW UK Long Lease's portfolio value was unchanged from the June valuation of GBP113.0 million.
Rental and other income was 9.1% higher at GBP3.6 million the year prior, but pretax profit fell by 50% to GBP2.1 million. The company paid 2.75 pence worth of dividends in the first half, flat year-on-year.
AEW UK Long Lease booked a GBP245,000 loss from a change in fair value of its investments, swinging from GBP2.0 million gain in the year prior.
Chair Steve Smith said: "The board welcomes the recent improvement of sentiment in both the economy and the property sector and continues to focus on both generating a progressive cash covered dividend and increasing the capitalisation of the company."
Shares in the real estate investment trust were 0.3% higher at 74.22p each in London on Wednesday morning.
On Tuesday, AEW UK Long Lease said it has appointed Liverpool-based Mason Owen & Partners Ltd as its investment adviser from April 9. Langham Hall Fund Management LLP will act as alternative investment fund manager, with King Capital Consulting Ltd appointed consultant portfolio manager.
By Eric Cunha; ericcunha@alliancenews.com
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