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Value & Indexed Property Income Trust PLC on Wednesday said it swung to an annual profit and outperformed its benchmark index, as it prepares to operate as a UK real estate investment trust.
For the financial year ended March 31, the trust reported a pretax profit of £8.3 million, swinging from a loss of £6.5 million the year before. Net asset value per share rose to 231.31 pence from 215.80p, while earnings per share improved to 14.30p from a 17.97p loss.
The portfolio, focused on UK commercial properties with long-term, inflation-linked leases, delivered a total return of 9.0% over the year, outperforming the 6.3% return of the MSCI UK quarterly property index. On a share price basis, the trust generated a total return of 15.0%.
The company declared a final dividend of 3.6p per share, bringing the full-year payout to 13.8p, up from 13.2p the year prior.
The board confirmed the trust’s conversion to a UK REIT took effect from April 1. It said this structure better reflects the company‘s long-term income-focused investment strategy and may improve its appeal to a wider range of investors.
Shares in Value & Indexed Property closed 1.7% lower at 205.50 pence in London on Wednesday.
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