Industrial Multi Property Trust PLC Trading Statement (9853F)

TIDMIMPT

RNS Number : 9853F

Industrial Multi Property Trust PLC

24 May 2017

24 May 2017

INDUSTRIAL MULTI PROPERTY TRUST PLC

(the "Company" or together with its subsidiaries the "Group")

Industrial Multi Property Trust plc is today announcing its trading update for the quarter ending 31 March 2017 and the period up until the date of this announcement. The information contained herein has not been audited.

Highlights:

-- Adjusted net asset value ("NAV") per ordinary share - 316.1 pence as at 31 March 2017 (307.4 pence at 31 December 2016)

-- Earnings per ordinary share ("EPS") - profit of 9.9 pence for the three months to 31 March 2017 (profit of 45.3 pence for the year ended 31 December 2016)

-- Adjusted earnings per ordinary share ("Adjusted EPS") - loss of 6.5 pence for the three months to 31 March 2017 (loss of 11.3 pence for the year ended 31 December 2016)

   --      One office unit was sold at valuation - One sale at GBP0.39m before sale costs 

-- Portfolio valuation increased - the Group's property portfolio was valued at GBP86.2 million as at 31 March 2017 (GBP85.3 million as at 31 December 2016), an increase of GBP0.9 million (+1.04%) during the quarter (+1.5% on a like-for-like basis)

-- Occupancy - the occupancy level measured by Estimated Rental Value ("ERV") remained stable at 91.49% as at 31 March 2017

-- New lettings achieved - 8 new lettings and 12 lease renewals achieved during the quarter ending 31 March 2017 (representing 2.6% of the ERV of the total portfolio, based on the final achievable annual rent including stepped rent)

-- Units under offer to let - a further 11 units as at 31 March 2017 are under offer to let representing 1.2% occupancy as measured by ERV

Revaluation and NAV

The Group's property portfolio was valued at 31 March 2017 by Cushman & Wakefield Debenham Tie Leung Limited trading as Cushman & Wakefield at GBP86.2 million and will next be valued by an independent valuer as at 30 June 2017. Excluding the valuation of one office property sold during the quarter, the valuations increased by 1.5% on a like-for-like basis.

The Company's adjusted NAV per ordinary share was 316.1 pence as at 31 March 2017 which represents an increase of 2.8% from 307.4 pence reported at 31 December 2016. Primarily this increase resulted from the revaluation of the property portfolio, partly offset by exceptional expenses incurred in the quarter.

Adjusted EPS

The Company's adjusted EPS was a loss of 6.5 pence during the quarter ended 31 March 2017. The adjusted EPS loss is primarily due to finance costs and exceptional expenses incurred in the quarter.

Property Update

Tenant/letting activity can be summarised as follows:

 
      Quarter ending              Number    Rent p.a        As % of total 
       31 March 2017          of Tenants         GBP     Estimated Rental 
                                                                    Value 
-------------------------  -------------  ----------  ------------------- 
      Tenant lease breaks 
                exercised              0         Nil                 0.00 
-------------------------  -------------  ----------  ------------------- 
           Tenant vacated 
             at lease end              5      78,870                 0.87 
-------------------------  -------------  ----------  ------------------- 
        Tenant insolvency              6      46,185                 0.51 
-------------------------  -------------  ----------  ------------------- 
 
   New lettings completed              8     *96,428                 1.07 
-------------------------  -------------  ----------  ------------------- 
            Tenant leases 
                  renewed             12    *138,150                 1.53 
-------------------------  -------------  ----------  ------------------- 
  *Final achievable annual rent including stepped 
   rent 
------------------------------------------------------------------------- 
 

The Investment Adviser and Manager continues to progress the strategy to deliver shareholder value.

Occupancy across the portfolio has remained stable at 91.49% as at 31 March 2017. Progress continues to be made in letting void units; 8 new lettings and 12 lease renewals have been successfully completed in the quarter to 31 March 2017 at a final achievable annual rent, including stepped rent, of approximately GBP0.2 million per annum.

General Update

Results of EGM held on 11 May 2017

The fourth resolution put forward by the Board on 6 April 2017 was passed. It is expected that the cancellation of trading of shares on the Specialist Fund Segment of the London Stock Exchange will take effect from 8.00am on 8 June 2017. Further details of the EGM and the results are detailed on the Company's website www.industrialmultipropertytrust.com.

Contact:

Jonathan Clague

Chairman, Industrial Multi Property Trust Plc

[phone]

Tom Pissarro

Fund Manager, Alpha Real Capital LLP

[phone]

Robert Finlay

Financial Adviser and Broker, Stockdale Securities Ltd

[phone]

For more information on the Company please visit www.industrialmultipropertytrust.com

For more information on the Company's Investment Manager please visit www.alpharealcapital.com.

FORWARD LOOKING STATEMENTS

This trading update contains forward-looking statements which are inherently subject to risks and uncertainties because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are based on the Board's current view and information known to them at the date of this statement. The Board does not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this trading update should be construed as a profit forecast

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 24, 2017 02:00 ET (06:00 GMT)