Redefine has posted a 2.4% decrease in EPRA net asset value to 40p per share in its year-end results.
It attributes the dip to the impact of its AUK portfolio acquisition costs and the 1% increase in UK stamp duty land tax.
The company’s portfolio value has increased by 3.4% on a like-for-like basis.
It also recorded a 17% jump in its earnings available for distribution to £52.5m, from £44.4m.
Since the EU referendum, Redefine has signed 25 leases totalling £2.6m pa, 4.5% ahead of estimated rental value.
Earlier this year Redefine increased the value of its portfolio by 50% to £1.5bn, following the acquisition of the AUK portfolio, and completed a successful equity placement in February, raising gross proceeds of £115m, above the target minimum amount of £100m.
Greg Clarke, chairman, said: “This year marks the tenth anniversary of the company’s listing and the management team has continued to deliver a solid performance in challenging conditions, to create a much stronger company, portfolio and earnings performance.
“Redefine International continues to offer superior distributions relative to its peer group and the resilience of the company’s share price in testing market conditions is reflective of the market’s confidence in Redefine International to provide secure income underpinned by a diversified, well-located portfolio of assets with attractive property fundamentals. We are looking forward to building on these achievements as we enter our next decade as a public company.”
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