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Interim Results

Hansteen's NAV

23 August 2016 07:21

Hansteen Holdings' normalised income profit increased by 28.1% to £29.2 million in the six months to the end of June.

Normalised total profit rose to £30.8 million (H1 2015: £30.1 million).

EPRA NAV per share increased by 11.9% to 124.4p and adjusted EPRA NAV per share increased by 8.4% to 120.5p (31 December 2015: 111.2p).

IFRS NAV per share increased by 10.2% to 116.0p (31 December 2015: 105.2p).

IFRS pre-tax profit fell to £54.8 million (H1 2015: £103.7 million).

The November interim dividend is increased by 4.8% to 2.2p per share (November 2015: 2.1p per share).

The net debt to property value ratio was 44.9% (31 December 2015: 41.2%).

Chairman James Hambro said: "Light industrial property is one of the few areas of the property sector which has not yet surpassed its previous value highs. Yields are still high relative to the cost of money. Hansteen's portfolio has a simple yield of 7.6% (passing rent divided by value) and our all-in cost of borrowing is 3.2%. That yield has consistently translated into one of the highest earnings amongst the REIT sector and wrapped in the yield and earnings is around 450 acres of undeveloped land and 5.3 million sq ft of vacant space, both of which does not produce income but will in time produce further value."

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