StockMarketWire.com - LondonMetric Property said it expected to report a rise in earnings, but a slight fall in net asset value amid costs related to its acquisition of A&J Mucklow.

The company also announced plans to raise £100m from a share issue to fund acquisitions, with the offer price to be determined by a bookbuild.

For the year ended 31 March 2020, EPRA net asset value per share fell to 172p from 175p on-year, after deducting 2.5p of costs relating to the A&J Mucklow deal.

EPRA earnings per share were expected to rise 24% to 9.3p on-year, driven by a 24% increase in net rental income to £116m.

The company said its dividend for 2020 was expected to be 8.3p, up from 8.2p last year, with a fourth quarterly dividend of 2.3p per share expected to be declared with its 2020 results in June.

LondonMetric said 92% of rental payments due by 1 April had been collected or were being collected monthly.

'8% of our rent is now paid monthly compared to 13% previously. In respect of monthly rents due by 25 April, similarly high rent collection levels are being achieved,' the company said.

'Overall, the company believes that it is well placed to deal with the current disruption,' it added.

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