Urban Logistics REIT holds dividend steady as profit improves
StockMarketWire.com – Logistics property investor Urban Logistics REIT held its annual dividend steady after its profit was boosted by positive asset revaluations and higher rental income.
Pre-tax profit for the year through March climbed to GBP47.6 million, up from GBP9.4 million year-on-year, as net rental income jumped 88% to GBP22.9 million. Urban Logistics REIT kept its annual dividend at 7.6p per share. It said that more than 99% of rent due had been collected during the reporting period.
‘Urban Logistics continues to prosper with a portfolio focused on last mile, or last touch, logistics real estate,’ chief executive Richard Moffitt said. ‘Logistics tenants continue to invest into their real estate footplate as they respond to strengthening underlying customer demand and build out their own future, medium-to-long term, infrastructure plans.’ ‘During the year we took advantage of strong market conditions, realising GBP30 million in disposals at an attractive 4.8% exit yield.’
‘High lettings levels, a shortage of supply in the market generally and a strong M&A market evidence further potential in our portfolio. ‘
‘Equally, in terms of the year ahead, we are fully invested and have a strong pipeline of attractive off-market opportunities which would allow us to keep pace with our past track record of new investment.’
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