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LONDON (Alliance News) - Urban Logistics REIT PLC, which recently changed its name from Pacific Industrial & Logistics REIT PLC, said on Thursday that it recorded an annual rise in net asset value as its portfolio value increased.
For the financial year that ended March 31, the property investment company reported that its net value per share grew 5.3% to 122.49 pence from 116.11p the prior year.
The company said pretax profit jumped to GBP9.9 million from GBP4.9 million the year before, due to a rise in rental income and increased revaluation gains.
Rental income climbed to GBP5.6 million from GBP2.3 million the previous year, while gains from revaluation totalled GBP7.2 million, up from GBP3.9 million.
The company increased its dividend per share by 1.4% for the full year to 6.32p from 6.23p.
Urban Logistics sold a site in Bedford, north of London, in November for GBP5.8 million. It noted in its outlook that it expects to benefit from a number of acquisitions in the next year, including a forthcoming portfolio acquisition from LondonMetric Property PLC for GBP36.0 million.
"This has been a transformational period for the company, which underwent a significant capital raise, increasing its market capitalisation to over GBP100 million...We are confident of delivering excellent returns for our shareholders," said Urban Logistics Chairman Nigel Rich.
Shares in Urban Logistics REIT were untraded at 129.00 pence on Thursday.
