StockMarketWire.com - Real estate investor London Metric Property upped its dividend after a rise in rental income helped boost its underlying earnings.

The company declared a full-year dividend of 8.3p per share, up 1% on-year.

It posted a pre-tax loss of £6.7m, compared with a profit of £119.5m on-year.

The swing was due to a loss of £3.8m on the value of investment properties, compared with a gain of £76m in the previous year.

Revenue rose 31% to £113.4m on the back of a 24% increase in rental income, while EPRA earnings climbed 22% to £74.5m.

In a separate statement, the company said it had recently exchanged contracts on 213,000 square foot of distribution lettings.

At its Stoke development, Pets at Home had taken a new lease on a 141,000 sq ft distribution unit.

At Birmingham, Network Rail had taken a new lease on 38,000 sq ft of distribution warehousing at a rent of £7.50 psf, up 8% on previous passing rent and generated additional income of £0.1m a year.

At Greenford West London, Metabolic Healthcare had taken a new lease on a 34,000 sq ft warehouse at £12.80 psf and the new rent was 82% above the rent paid on acquisition in 2018.



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