McKay Securities, the REIT specialising in the London and South East office and industrial markets, has reported a 0.7% increase in net asset value per share to 303p in its full-year results.
Total rental income for the 12-month period to 31 March was up 1.8% at £24.1m, with 35 lettings secured over the period.
Profit was £17.6m, down from £53m the previous year due to a lower valuation surplus contribution on its £391m portfolio.
During the past year the company redeveloped schemes in Reading and Redhill and its redevelopment of 30 Lombard Street, EC3, is on schedule for delivery in mid-2018.
Unconditional contracts have been exchanged on the disposal of Pinehurst Park in Farnborough, an 11.5% premium to book value.
Richard Grainger, chairman of McKay Securities, said: “Despite market volatility surrounding the EU referendum, these results show the careful and effective deployment of capital following funds raised in 2014, delivering outperformance for the group.”
Simon Perkins, chief executive of McKay Securities, added: “Looking forward, we will continue pursuing our strategy of building a resilient portfolio in our core markets and crystallising the portfolio reversion to deliver attractive returns for our investors over the long term.”
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