(Alliance News) - UK Commercial Property REIT Ltd on Wednesday announced a special dividend, as it continues to look ahead with confidence.
The Guernsey-based commercial property investment trust said that net asset value per share was up 1.5% to 112.9 pence at June 30, from 111.2p at the end of March.
Like-for-like portfolio capital value, minus capital expenditure, rose 1.4% to GBP1.71 billion, outperforming the MSCI monthly index, which increased 2.1% in the same period.
In comparison, the company reported a portfolio value of GBP1.21 billion on June 30, 2021.
UK Commercial Property also said that rent collection rates have normalised to pre-pandemic levels, with 99% received in the third quarter of 2022 and 99% received in the year-to-date. In the same quarter last year, the trust reported that 91% of quarterly rents were paid.
UK Commercial Property announced a quarterly dividend of 0.85 pence per share, bringing the total dividend for the first half of the year to 1.65p. Further, it declared a special dividend 1.92p per share, reflecting "strong gains".
Chair Ken McCullagh said: "While we are acutely aware of the broader economic challenges ahead, including rising inflation and interest rates, that could be negative on valuations, we believe that we are well placed both in terms of the quality of our portfolio and the strength of our lowly leveraged balance sheet, to continue to deliver shareholder value through a growing level of income."
UK Commercial Property shares were up 0.2% to 74.52 pence each in London on Wednesday morning.
By Sophie Rose; sophierose@alliancenews.com
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