Secure Income REIT’s net asset value has jumped by 50% in the seven months since listing, according to the company’s first annual report.
Secure Income REIT, spun off from Nick Leslau’s Prestbury investment company, increased NAV per share to 258.5p as the value of its portfolio rose by 11.6% to £1.63bn.
Healthcare assets comprise 50% of the REIT’s portfolio, with rental income of £47.7m pa.
Leisure assets, including Madame Tussauds in London, account for the other 50%. Rental income on these is £45.5m pa.
The total portfolio is yielding 5.4% net. Overall profit at the group since listing in June last year is now £247.7m
The gearing, however, emains high with a net LTV of 70%, which has been reduced from the 80% at the time of listing.
Michael Brown, chief executive of Secure Income REIT, said: “There is a probability that the leverage will come down at some point in the future,” but added, “we will be very happy to run this at a higher than average leverage compared to the sector because we think the assets safely support those levels.”
