(Alliance News) - UK Commercial Property REIT Ltd on Thursday said its assets and rent collections rose in the recent quarter.
Shares in UK Commercial Property REIT were trading up 1.2% at 83.60 pence each in London on Thursday morning.
The FTSE 250-listed real estate investment trust reported a net asset value per share of 90.2p at June 30, up 2.5% from 88.0p at March 31 and 7.5% higher year-on-year from 83.9p.
Like-for-like portfolio capital value, minus capital expenditure, rose 3.2% to GBP1.21 billion in the quarter ended June 30, the company said, outperforming the MSCI monthly index, which increased 2.6% in the same period.
In comparison, the company reported a portfolio value of GBP1.22 billion on June 30, 2020.
UK Commercial Property REIT declared an increased second quarterly dividend of 0.644p per share, 40% above the 0.46p dividend issued for the same period a year prior.
Rent collections have remained robust heading into the third quarter, with 91% of quarterly rents paid by July 30, the trust said.
"This figure is ahead of collection rates for the whole of 2020," the company noted.
At this point last year, the company had collected only 74% of third quarter rents by August 3, 2020.
Lead manager of UK Commercial Property REIT at Aberdeen Standard Investments, Will Fulton, said: "During the first half of the year we have made considerable progress in further reducing the vacancy across the portfolio. This asset management and the quality of the industrials portfolio we have built up over the past few years has once again led to growth in portfolio valuation."
In the year ahead, Fulton said the company: "[Has] the financial resources to invest in our strategy for growth and, with a strong pipeline of investment opportunities currently being assessed, expect to add further new high quality assets to our diversified portfolio in the second half."
By Scarlett Butler; scarlettbutler@alliancenews.com
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UK Commercial Property Trust (UKCM)