CAPE TOWN – Stenprop, the UK-based property group kept its dividend stable at 3.375 pence (64c) per share in the six months to September as it continued to make progress on growing into the multi-let industrial (MLI) market.
Net rental income came to £15.8 million (2018: £16m). Taxed profit was static at £13.2m.
Headline earnings for the period amounted to 3.02 pence per share, compared with 4.96 pence in 2018. Loan to value stood at 41.3 percent, and came to 38.2 percent if unrestricted cash was included.
Chief executive Paul Arenson said in a presentation: “Our conviction regarding the growth prospects of the UK MLI asset class grows stronger as we gain more exposure to the sector. The increasing occupational demand, coupled with restricted supply, continues to produce significant rental growth each time we renew or re-let any MLI units.” He said he saw no sign of this trend slowing in the future.
Like-for-like growth in the total portfolio valuation was 3.5 percent for the six-month period, of which the MLI portfolio was 2.5 percent.