UK Commercial Property Trust, the largest Guernsey-based, UK focused commercial property investment company, has announced its final results for the year ended 31 December 2013.
NAV per share was 73.1p as at 31 December 2013 (2012: 69.6p), a rise of 5.0 per cent driven by portfolio capital growth, beneficial sale activity and a reduction in swap liabilities.
The NAV total return was 13.2 per cent and the share price total return was 25.7 per cent in the year, both outperforming the IPD Balanced Monthly & Quarterly Funds benchmark of 10.7 per cent.
Strong share price performance resulted in the company’s shares trading at a 5.3 per cent premium to NAV as at 31 December 2013 (31 December 2012: discount of 5.5 per cent).
Over a five year period the company has returned 107.5 per cent on a share price total return basis, ahead of the IPD Benchmark (44.4 per cent), the FTSE Real Estate Investment Trusts Index (71.9 per cent) and the FTSE All Share Index (95.2 per cent).
There was a move towards a more sustainable dividend policy with the dividend reduced by 30 per cent to 3.68p per annum from May 2014, providing an attractive yield of 4.7 per cent (based on the share price as at 28 February 2014).
Subject to regulatory approval, the management fee will be reduced by seven per cent (based on 31 December 2013 total assets) from July 2014, which also takes into account the additional services that Ignis Fund Managers Limited will provide in relation to the Alternative Investment Fund Managers Directive (AIFMD).
Considerable cash resources of over GBP80m are available for the commitment at Aberdeen Gateway, Aberdeen, other income enhancing acquisitions and asset management opportunities.
Christopher Hill, chairman of UKCPT, says: “2013 saw the company return to positive NAV growth, as the high quality portfolio of UK properties benefited from improving sentiment in the market and good progress as the management team delivered the portfolio strategy. We also announced a rebased dividend policy, which sets a sustainable payment level for the business going forward, while still offering an attractive yield. The work undertaken in the year has positioned us well and I am confident in the prospects for the Company to deliver positive returns in the year ahead.”
Robert Boag, senior investment director at Ignis Asset Mangement, UKCPT’s asset manager, adds: “The asset management team had a particularly active and successful year in 2013, as we delivered the strategy to reposition UKCPT’s property ownership, removing development and occupier risk, reducing voids and improving the income characteristics of the portfolio. This has been achieved through a number of successful acquisitions and disposals, which leaves us in a strong position to continue to create value for shareholders in 2014.”
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