(Alliance News) - Ediston Property Investment Co PLC on Friday upped its payout despite a decline in net asset value in its most recently ended financial year.
The stock was trading 1.9% higher in London on Friday morning at 87.40 pence a share.
The real estate investment trust said its NAV per share as at the end of September stood at 108.72p, a fall of 5.7% compared to 115.30p reported a year prior. This is primarily due to a decrease in the valuation of the investment properties during the year, Ediston explained.
Fair value independent valuation of the property portfolio as at the end of September was GBP319.2 million, a like-for-like decrease of 3.5% on the valuation a year ago.
During the year, Ediston said it has completed 13 lease transactions securing GBP2.0 million of rental income. It also signed eight agreements for lease with new tenants with a contracted rent of GBP1.1 million.
The company said it paid an annual dividend of 5.75p per share, up 1.4% from 5.67p paid a year ago.
"The company has a strong portfolio of assets and good sustainable income. Going forward, it is anticipated that active asset management initiatives will maintain the stability of the company's income," said Financial Controller Neelum Yousaf.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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