NAV as at 31 December 2015 and quarterly update
Ediston Property Investment Company plc
("Ediston" or the "Company")
NAV Update for the quarter 1 October 2015 to 31 December 2015
Ediston Property Investment Company plc (LSE: EPIC) announces its Net Asset Value for the quarter ended 31 December 2015.
Quarter 1 Highlights
· NAV per share at 31 December 2015 increased by 1.34 per cent to 107.92 pence (30 September 2015: 106.49 pence)
· Fair Value independent valuation of the property portfolio as at 31 December 2015 of £161.75 million, a 1.65 per cent like-for-like increase on the valuation at 30 September 2015.
· One property acquired during the period for £22.4 million (net of acquisition costs).
Net Asset Value
The Company's unaudited NAV per share as at 31 December 2015 was 107.92 pence. As at 31 December 2015, the Company owned investment properties with a Fair Value of £161.75 million and had cash and cash equivalent balances of approximately £18.1 million. The unaudited NAV of the Company at 31 December 2015 was £138.42 million, or 107.92 pence per share, an increase of 1.34 per cent compared to the Company's NAV as at 30 September 2015:
|
|
Pence Per Share |
£ million |
|
NAV at 30 September 2015 |
106.49 |
136.58 |
|
Transaction costs on acquisitions during the period |
(0.74) |
(0.95) |
|
Valuation uplift in property portfolio |
2.28 |
2.92 |
|
Income earned for the period |
1.91 |
2.46 |
|
Expenses for the period |
(0.65) |
(0.83) |
|
Dividend paid in the period |
(1.37) |
(1.76) |
|
NAV at 31 December 2015 |
107.92 |
138.42 |
The NAV attributable to the ordinary shares has been calculated under International Financial Reporting Standards; the EPRA NAV is not reported separately in this update as it is the same as the NAV reported for this quarter.
The NAV incorporates the independent portfolio valuation as at 31 December 2015, transaction costs on the acquisition in the period and income for the quarter, but does not include a provision for any accrued dividend.
Portfolio activity
During the quarter, the Company completed the acquisition of Plas Coch Retail Park, Wrexham for £22.4m at an initial yield of 6.52%, rising to 7.35% in March 2016.
Dividends
The Company paid three dividends of 0.4583 pence per share in October, November and December 2015 in respect of the three-month period ending 30 November 2015, resulting in a cumulative dividend payment for the quarter of 1.375 pence per share. In the absence of unforeseen circumstances, the Board intends to pay further monthly dividends of 0.4583 pence per share, implying an annualised dividend yield of 5.5%, calculated by reference to the Company's issue price of 100p per share as set out in its October 2014 prospectus.
Post quarter-end activity
The Company will pay a dividend of 0.4583 pence per share for the month to 31 December 2015 on 29 January 2016. This went ex-dividend on 21 January 2016.
We have also today announced our annual results to 30 September 2015.
Forthcoming events
The next independent quarterly valuation of the property portfolio will be conducted by Knight Frank as at 31 March 2016 with the NAV per share at that date expected to be announced in April 2016.
Enquiries:
Will Barnett - Canaccord Genuity, 0207 523 8000
Calum Bruce - Investment Adviser, Ediston Properties Limited, 0131 225 5599
Martin Cassels - Company Secretary, R&H Fund Services Limited, 0131 550 3760
James Whitmore/Jeremy Carey - Tavistock 020 7920 3150
This information is provided by RNS
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