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(Correcting that the dividend is the total payout for the year).
Alternative Income REIT PLC on Thursday said it remained convinced of its portfolio's fundamentals after meeting dividend and net asset value targets in its financial year.
Alternative Income is a London-based real estate investment trust which owns a diversified portfolio of 19 regional commercial property assets in the UK.
At June 30, the firm's net asset value per share was 96.40 pence per share, up from 85.60p at the same time a year prior.
In the financial year ended June 30, Alternative Income's net asset value return was 22.5%. This compares favourably to a return of 8.3% the year prior.
The firm reported a pretax profit of £13.2 million, up considerably from £5.6 million. There was a positive change in the fair value of investments, which went up to £8.0 million from £682,000 last year.
Non-Executive Chair Alan Sippetts said Alternative Income is continuing to deal with a backdrop of global and recent-UK centred economic headwinds impacting the UK commercial property sector.
‘Our focus is on generating an increasing dividend which is fully covered, and our recent dividend increase is testament to the board's confidence in the long-term value we expect to deliver to our shareholders,’ he added.
Alternative Income paid a total dividend for the year of 5.50p, up 7.0% from 5.14p.
Alternative Income shares were trading 0.15% lower at 66.60p each on Thursday afternoon.
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