Urban Logistics Increase in net rental income for the year

Trust in real estate investment Urban logistics saw its net rental income increase in the 12 months to March 31 amid a “significant” capital deployment and a 25.4% increase in the group’s property valuation to £153.0m .

Urban Logistics said on Thursday net rental income jumped 59.8 per cent to £36.5 million, leading to a total property return of 30.3 per cent, from 17.1 per cent a year earlier, and an IFRS pre-tax profit of £172.0 million.

Adjusting earnings per share, which includes the impacts resulting from the group’s £358.0m capital raise, slipped to 6.71p from 6.76p the previous year, while the total dividend of Urban Logistics full year of 7.60p per share was unchanged from the prior period.

The FTSE 250-listed company added that it spent £282.0m on acquisitions throughout the year, at a weighted average net initial yield of 5.3%, and £52.9m further sterling in developments.

Chairman Nigel Rich said, “The company is well capitalized and continues to benefit from structural tailwinds in our industry. With new acquisitions underway and significant asset management opportunities within the existing portfolio, the business is well positioned in the current inflationary environment and we are confident in its long-term growth prospects.”

Reporting by Iain Gilbert on Sharecast.com

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