RDI positioned for ‘service provider’ trend as NAV rises 2.2%

Income focused REIT RDI has posted a 2.2% increase in NAV to 42.3p a share in its first half results. The value of its portfolio, including joint venture shares, was up 0.3% like-for-like in local currency terms rising to £1.6bn in the six months ended 28 February 2018. Chief executive Mike Watters, said: “We continue to make good progress against our strategic priorities, with underlying earnings per share growth of 8.2%, which is well ahead of target. “The income producing qualities of our portfolio have improved through further recycling of capital out of low growth assets into assets and sectors aligned with our strategy of delivering long term sustainable and growing income. “We are also seeing an increasing opportunity for real estate owners to become high quality service providers. We are well positioned to take advantage of this trend, given our operational platforms and experience with our hotel portfolio and the more recent expansion into London serviced offices. “We are confident that our income-led business model, designed to deliver market leading shareholder distributions, remains attractive in a world starved of predictable and recurring income.” Click here for the full Investegate announcement