RDI REIT posts asset value rise
RDI REIT has reported net asset value growth of 3.4% for the year ended 31 August 2018, according to a trading update released today.
The REIT’s NAV rose from 41.4p per share to 42.8p, with a portfolio valuation increase of more than £80m, hitting £1.6bn for the year (including jv shares).
Profits for the year ending 31 August were £53.5m, up by 7.4% from £49.8m the previous year.
RDI REIT has reported net asset value growth of 3.4% for the year ended 31 August 2018, according to a trading update released today.
The REIT’s NAV rose from 41.4p per share to 42.8p, with a portfolio valuation increase of more than £80m, hitting £1.6bn for the year (including jv shares).
Profits for the year ending 31 August were £53.5m, up by 7.4% from £49.8m the previous year.
RDI posted a 3.3% increase on underlying earnings per share up to 2.84p and a 3.8% increase on dividend per share up to 2.7p.
The REIT said that disposal proceeds of £255.7m, an increased stake (74.1%) in the £104.4m IHL hotel portfolio and the acquisition of the £161.7m London Serviced Office, had strengthened its portfolio.
The net rental income rose by 2.1% on a year-on-year basis.
Chief executive Mike Watters said: “We continue to deliver one of the highest yields on net asset value in the sector, with our performance underpinned by a strong balance sheet and a significantly improved portfolio.
“The investments we have made over the past three years have improved the quality of our income and the defensive nature of our portfolio, positioning us well for the future. The structural changes in occupier demand that are placing a far higher emphasis on operational platforms and services have been addressed.”
He noted that challenges for the year ahead will be met with emphasis on maintaining liquidity and lower leverage to deliver long-term, sustainable income.
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