Kevin McGrath’s Regional REIT has reported profits more than doubling to £67.4m for the year ended 31 December 2018.
This is up 149% from £27.1m the previous year.
Its EPRA NAV per share rose 9% to 115.5p and net rental income rose 19% to £54.4m.
Regional REIT was successful in reducing its net LTV below the target of 40%, bringing it down to 38.3% from 45% in 2017.
Stephen Inglis, chief executive of London & Scottish Investments, said: “We continued with our proactive property management strategy, which included the sale of 30 properties and the acquisition of 16 others, with EPRA occupancy levels increasing to 89.4% across a highly diversified tenant base.
“Additionally, we continued to reduce the portfolio exposure to Scotland, which now comprises less than a fifth of the portfolio.
“Looking ahead, occupational demand in our markets remains robust. We are seeing no shortage of opportunities, and the board continues to pursue a progressive dividend policy.”
McGrath added: “We are a long-term business, and while we remain mindful of the uncertain political and economic backdrop, we are also conscious of market cycles and customers’ trends, and our confidence is underpinned by the positioning of our diversified asset base and customer-orientated business model.”
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