StockMarketWire.com - Regional REIT posted a large rise in first-half profit after it benefited from profits on property disposals and valuation uplifts.
Pre-tax profit for the six months through June rose to £45.3m, more than double the £16.2m booked on-year.
The company said its EPRA net asset value -- a key measure of performance -- rose 7.8% to £426.5m.
Rental income fell slightly to £61.3m, down from £61.9m, while occupancy rose to 85.5%, up from 85.0%.
Regional REIT said dividends declared for the first half amounted to 3.7p per share, up from 3.6p on-year.
'The first half has once again been active for the REIT and demonstrated our ability to create real value improvements through asset management,' Stephen Inglis, chief executive of asset manager London & Scottish Investments said.
'While we continue to acquire opportunistically, we have disposed of assets that were at the end of our asset management programme or taken advantage of a mismatch between valuations and market values.'
'This has significantly driven profit in the period, as well as changed the makeup of our portfolio, as much of the capital has been reinvested into less mature assets where there are opportunities to increase value.'
At 9:58am: [LON:RGL] Regional Reit Limited share price was +3.35p at 98.65p
Story provided by StockMarketWire.com
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