CREI provided an update for the April-June 2018 period. NAV grew from £415.2m (31 March) to £416.9m (30 June). The portfolio value grew from £528.9m to £537.4m over the same period. EPRA occupancy increased to 96.7% (from 96.5%).
Other highlights for the quarter included NAV per share at 107.8p (vs. 107.3p as of 31 March 2018), net gearing remained at 21.0% of loan-to-value, and dividend per share at 1.6375p. The company invested £8.4m in two property acquisitions and one refurbishment, and achieved £1.7m valuation increase from successful asset management initiatives.
Richard Shepherd-Cross, Managing Director, said, “We will continue to focus on proactive asset management with our tenants on lease extensions, the removal of breaks and securing of lease renewals. We expect these initiatives to continue to enhance NAV.”