UK Commercial Property Trust’s net asset value per share increased by 3.9 per cent in the first half of 2010 to 75.5p.

UK Commercial Property Trust’s net asset value per share increased by 3.9 per cent in the first half of 2010 to 75.5p.

Total assets less liabilities increased 25 per cent to GBP911m from GBP729m at 31 December 2009.

The value of the property portfolio increased 6.3 per cent to GBP872m on a like for like basis.

Total rental income increased 24.4 per cent to GBP28.5m, compared to GBP22.9m at 30 June 2009 and GBP48.8m for the full year to 31 December 2009.

The net operating profit before finance costs was GBP59.2m, resulting in an increase in earnings per share to 5.14p.

The annual dividend yield is 6.6 per cent based on the period end share price.

The trust has an average unexpired lease term of nine years and four months with a void rate of 4.24 per cent, ahead of the industry average of 9.08 per cent.

The trust placed 195 million new ordinary shares at 77.1p in February 2010 and raised GBP150m to take advantage of acquisition opportunities, of which GBP123m has been invested to date.

Ten new leases have been agreed generating GBP290,000 of annualised income.

Christopher Hill, chairman of UK Commercial Property Trust, says: “During the period the company made solid progress both through a continued focus on asset management to improve the value of its existing properties, and through acquisitions enabled by the successful raising of GBP150m earlier this year. Despite the difficult trading and economic conditions in the UK, the company is well positioned. It has a strong asset management team in place and a sound financial base from which it can grow the asset base of the portfolio. With existing cash and debt facilities we have the ability to acquire properties that will complement and improve the prime characteristics of the portfolio and at the same time offer opportunities to improve dividend cover and the potential for capital returns.”