LONDON (Alliance News) - AEW UK Long Lease REIT PLC said on Thursday its net asset value for the quarter to the end of December increased, as well as earnings.
The real estate investment trust reported its earnings per share for the quarter ended December 31 rose by 12% to 1.42 pence from 1.27p the quarter before.
Net asset value as at December 31 was GBP78.5 million, or 97.46 pence per share, up 2.0% from GBP76.9 million, or 95.58p per share as at September 30.
As at the end of December, AEW UK Long Lease's portfolio valuation rose to GBP112.2 million from GBP103.98 million at the end of September.
AEW declared a dividend for the quarter at 1.375 pence per share, taking its first half payout to 2.75p.
"The group's performance during the quarter was strong; we have seen capital growth from our properties of 1.54% and a NAV increase of 1.97%. In addition to this, following the group's ramp up period, its dividend going forward should be fully covered by EPRA earnings and will be further enhanced in future periods by income received from further acquisitions using the additional debt," said Portfolio Manager Alex Short.
"We continue to see reliable performance and prompt rent payments from our tenants, which is key to our strategy with its target of providing our shareholders with a stable income stream, growing in line with inflation," Short added.
Shares in AEW UK Long Lease REIT closed up 0.8% at 90.70 pence on Thursday.