LONDON (Alliance News) - Secure Income REIT said on Monday its net asset value per share rose along with shareholder return over the first half of 2018.
For the six months to the end of June, EPRA net asset value rose to 382.4 pence per share up 3.2% from 370.4p at the end of 2017, while total shareholder returns grew by 8.1%
The portfolio's value put in a 27% hike to GBP2.25 billion as at June 30 from GBP1.77 billion at the end of 2017, resulting in the net initial yield climbing up to 5.2% from 5.1%. This was due to the portfolio growing to 140 properties from 81 properties.
Rental income for the period rose to GBP50.3 million from GBP46.5 million for the same period the year before, while like-for-like passing rents rose 2.4% over the period.
Secure Income REIT declared a dividend of 6.0 pence per share, down from 6.6p a year before.
"The core attributes of our business remain very appealing with a net initial property yield of 5.2% secured on key operating assets in defensive sectors let to good covenants with RPI or fixed uplifts and a weighted average unexpired lease term of 21.4 years. The biggest strength of Secure Income REIT is that it is not dependent upon new acquisitions to continue to deliver an attractive risk-adjusted return and we continue to view the future prospects of the business with confidence," said Chairman Martin Moore.
Shares in Secure Income REIT were up 0.5% at 387.80 pence on Friday.