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AEW UK REIT first-half profit gets lift from Geddington Road property sale
StockMarketWire.com
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Retail estate investment company AEW UK REIT reported a rise in first-half profit as the proceeds as the sale of a property on Geddington Road offset lower rental income.
For the six months ended 30 September 2020, pre-tax profit rose to £5.72 million from £4.16 million, while net rental income fell to £8.12 million from £8.78 million year-on-year.
Net Asset Value was £147.24 million and 92.73 pence per share down from £147.86 million and 93.13 per share seen in March.
The property portfolio had a valuation of £171.36 million across 34 properties, down from £189.30 million across 35 properties.
The sale of 2 Geddington Road, Corby, at a price significantly ahead of its prevailing valuation, realised a profit on disposal of £3.67 million, not only boosted NAV, but improved the company's debt.
The company declared a dividend of 4.00 per share, unchanged from lastg year.
At 9:32am: (LON:AEWU) AEW UK REIT Plc share price was 0p at 78.4p
Story provided by StockMarketWire.com
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