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Annual Results

Ediston Property Investment Co NAV up

13 December 2016 07:59

The net asset value of Ediston Property Investment Co's portfolio increased during the year to the end of September despite challenging market conditions.

Chairman William Hill said the dividend is now fully covered from increased net earnings and the company is fully invested.

He added: "At the start of the latest reporting period the company's EPRA net asset value (NAV) was recorded as £136.6 million and 106.49 pence per share. At 30 September this had risen to £137.3 million and 107.07 pence per share, generating a NAV total return of 6.1% for the year, taking into account the dividends paid. The return was delivered despite bearing the costs of two purchases in the first half of the year."


- EPRA NAV per share: 107.07 pence

- Fully covered dividend

- EPRA vacancy rate down to 4.7%

- EPRA NAV total return: 6.1%

- Debt facility increased by £12.4 million to £52.4 million. Blended fixed interest rate of 3.06%

- Weighted average unexpired lease term: 7.9 years

Progress during the year:

- Property portfolio increased to £181.4 million (30 September 2015: £136.4 million)

- Acquired two properties for £41.4 million

- Contracted rent increased to £12.1 million (30 September 2015: £8.6 million)

- Revenue profit increased to £7.6 million (2015: £4.0 million)

- EPRA earnings per share increased to 5.90 pence (2015: 4.15 pence)

- Company now fully invested

Hill added: "Following the completion of the investment programme the company has a clear strategy, a well-covered and attractive dividend, long term debt funding in place and a portfolio with opportunities to add value, managed by a well-resourced and creative asset management team."

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Related Company: EPIC

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