Hansteen posts earnings hike
Hansteen Holdings has posted uplifts in net asset value per share and portfolio values, with rents rising by double-digits.
EPRA NAV per share inched up to 104.4p during the six months to 30 June, compared with 102.7p in 31 December. The like-for-like value of its portfolio grew by 1.3% (£8.5m) since December.
The company said it had secured 373 new leases and renewals at average rents of £4.62 per sq ft, 14.6% higher than the portfolio average at the start of the year.
Hansteen Holdings has posted uplifts in net asset value per share and portfolio values, with rents rising by double-digits.
EPRA NAV per share inched up to 104.4p during the six months to 30 June, compared with 102.7p in 31 December. The like-for-like value of its portfolio grew by 1.3% (£8.5m) since December.
The company said it had secured 373 new leases and renewals at average rents of £4.62 per sq ft, 14.6% higher than the portfolio average at the start of the year.
However, gross revenue dipped by 7% to £26.5m compared with the first half of 2018, while IFRS profit before tax was down to £19.1m, compared with £29.2m.
Hansteen completed eight opportunistic sales totalling £19.5m at an average yield of 3.4%, generating profits of £1.5m above December book values. Most of these were negotiated before the year-end, and completed in the first quarter of 2019.
The company stated: “We still think that the market undervalues the strength and reliability of the income our properties produce. Many of these properties have been owned by either Ashtenne or Hansteen for over 20 years, and the returns produced by them on a long-term basis have outperformed most.
“Because of the continuing march in e-commerce and the consequent growth of occupational demand, we believe that the outperformance relative to the other property sectors will continue.”
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