Urban Logistics net asset value drops from March but keeps payment flat

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(Alliance News) – Urban Logistics REIT PLC reported a decline in its six-month net asset value on Friday, while outperforming its net asset value from a year ago.

The UK logistics property investor’s net asset value as of September 30 fell 2.4% to 184.54 pence per share from 189.12 pence on March 31. Compared to September 30, 2021, the net asset value increased by 12% from 164.23 pence per share.

Urban declared an unchanged interim dividend of 3.25 pence per share.

In the six months to September 30, pre-tax profit fell to £2.4million from £50.3million a year ago, which Urban blamed on “erosion market-induced returns.

The company reported a loss on changes in fair value of investment properties of £22.2m, compared to a gain of £40.6m a year ago. Administrative costs increased by 75% from £2.9 million to £5.0 million.

Meanwhile, revenue soared 59% to £26.5m from £16.7m.

Looking ahead, Chairman Nigel Rich said, “We remain confident that our portfolio of properties and the strength of our balance sheet will enable us to weather economic headwinds. With our loan to value at 22%, we have the financial resources to purchase other assets. as our manager sees value in the opportunities.”

Company Director, PCP2 Ltd, added: “To weather the current macroeconomic storm, commercial property owners need tenants who can continue to pay rent, the ability to capture rising inflation through active asset management, low leverage and a low and secure cost of debt. At Urban Logistics, we believe that our larger tenant base selling essential assets, our team’s decades of experience in asset management and our 97% covered debt with no refinancing required through 2025 means we face the future in the best possible shape.

Shares of Urban Logistics rose 2.6% to 153.97p apiece in London on Friday morning.

By Tom Budszus; [email protected]

Copyright 2022 Alliance News Limited. All rights reserved.

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