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Interim Results

Ediston sees further progress

25 May 2016 08:43

Ediston Property Investment Co reports an EPRA net asset value total return of 3.3% in the six months to the end of March with the EPRA vacancy rate reduced to 5.5% (30 September 2015: 7.4%).

Highlights include:

- EPRA NAV per share up 0.68% to 107.21p (30 September 2015: 106.49p)

- Annualised dividend yield of 5.26% based on 31 March 2016 share price of 104.50 pence.

- Two properties purchased for £41.4 million

- Increase of £12.4 million to the existing credit facility with Aviva Commercial Finance Limited, at an "all-in" fixed interest rate of 2.95%

- EPRA earnings per share of 2.60 pence (31 March 2015: 2.18 pence) · - Dividend cover has improved to 94.8% (30 September 2015: 84.7%)

Chairman William Hill said: "The first six months of the year have seen further progress in the Company's development. Two acquisitions have been made and there are a number of interesting opportunities to add value in the extended portfolio. Occupational market fundamentals remain strong and, with volatility in the capital market expected, the Board will be looking for ways for the Company to take advantage of any buying opportunities that arise."

At 8:43am: (LON:EPIC) Ediston Property Investment Company Plc share price was +0.38p at 105.38p

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