LondonMetric Property has raised its full-year dividend payout after posting an uplift in rental income.
Net rental income rose 23.6% to £115.9m in the year ending March. It collected 95% of rent owed, with around 1% forgiven.
The company has upped its full-year dividend by 1%, to 8.3p per share.
EPRA NAV per share stood at 171.7p, down on 174.9p in the previous year after factoring in 2.5p of costs incurred from buying A&J Mucklow (pictured).
The company reported a loss of £5.7m for the year ending March, compared with £119m profit in the previous year. This was down to a £12m revaluation deficit.
The bottom line was also hit by £48.3m of goodwill impairment and £8.9m of acquisition costs relating to the Mucklow deal. Excluding these exceptional costs, reported profit for the year stood at £51.5m.
Andrew Jones, chief executive, said: “Notwithstanding the uncertainty from Covid-19, we remain excited by the outlook for the portfolio.
“Quality investment opportunities that are seldom available in a normalised market are presenting themselves and, thanks to the support for our recent equity raise, we are approaching this environment from a position of strength and transacting on a number of excellent opportunities.”
Leasing deals continue
LondonMetric also said it has exchanged contracts on 213,000 sq ft of distribution lettings.
This included securing Pets at Home as a tenant for its 141,000 sq ft distribution hub at its Stoke development, for £6 per sq ft.
Network Rail has also signed for a new lease on 38,000 sq ft of distribution warehousing in Birmingham, at a rent of £7.50 per sq ft. This represented an uplift of 28% on previous passing rent.
At Greenford West London, online pharmacy Metabolic Healthcare agreed a new lease on a 34,000 sq ft warehouse, at £12.80 per sq ft.
Additionally, LondonMetric regeared a lease on a circa 50,000 sq ft warehouse in Fareham, where it has extended the term certain by 10 years.
Combined, these deals comprise a WAULT of 8.2 years and generate an uplift in rent of £1.4m per annum, with new rents agreed at an average of 42% above previous passing.
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