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UK Commercial Property REIT Ltd - Final Results for the Year Ended 31 December 2023

10 Downing Street, die Residenz des britischen Premierministers in London. © palinchakjr / iStock Editorial / Getty Images Plus / Getty Images http://www.gettyimages.de

PR Newswire

Please be advised that this announcement replaces the one made earlier today at 13:45. The earlier one was published with the incorrect headline of 'Fourth Interim Dividend for 2023'. This has been amended to 'Final Results for the Year Ended 31 December 2023'. All content below remains unchanged.

UK Commercial Property REIT Limited

(an authorised closed-ended investment company incorporated in

Guernsey with registration number 45387)

 

LEI Number: LEI number: 213800JN4FQ1A9G8EU25

(The “Company” or “UKCM”)


ARIVA.DE Börsen-Geflüster

 

19 April 2024

 

FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023

 

UK Commercial Property REIT Limited (FTSE 250, LSE: UKCM) which owns a £1.25 billion diversified portfolio of high-quality income-producing UK commercial property and is managed and advised by abrdn, announces its final results for the year ended 31 December 2023.

 

Productive portfolio management and weighting to structurally supported sectors driving earnings growth

  • 6.3% growth in annual EPRA EPS to 3.35p1 (FY 2022 3.15p).
  • Total dividend paid in 2023 increased 4.6% to 3.40p and 99% covered (FY2022: 3.25p).
  • Annual NAV total return of 3.0%.  Audited NAV per share 78.7p (FY2022: 79.7p).
  • Strong track record of high occupancy maintained at 96% at year-end.

 

Asset management generating earnings growth

  • Continued momentum in rental reversion opportunities and expected Autumn 2024 earnings boost from delivery of Hyatt, Leeds development.
  • Strategic asset management focus contributing to strong earnings growth by adding net £4.9 million p.a. (excluding lease incentives adjustments) in rent across 2023 and maintaining low void rate at 4%; this demonstrates the appeal of UKCM’s portfolio to occupiers and the ability to capture reversionary rents.

 

Values stable with continued outperformance from diversified portfolio

  • Portfolio valuation remained broadly stable, with a marginal 0.89% drop over the year, net of capital expenditure, to £1.25 billion.  The Company’s portfolio continues to compare favourably to the MSCI Balanced Portfolio Quarterly Property Index’s 6.4% fall and has outperformed the MSCI benchmark2 over 1, 3, 5 and 10 years.

 

Investing in future earnings growth

  • Capital expenditure of £30 million in the year as the Company continues to invest in driving future earnings growth, with the majority used to progress UKCM’s Hyatt hotel development in Leeds which is expected to generate a 7.25% yield on cost when it completes later this year.

 

Disciplined Capital Allocated

  • Strengthened balance sheet via strategic disposals focussed on lower yielding assets and reducing RCF draw. Alive to reinvestment opportunities.
  • Balance sheet provides flexibility with total group LTV at 17.2%3 (FY2022: 20.0%) at a blended drawn cost of 3.56%.

 

1 Excludes Cineworld non cash adjustment announced in Q2 2023 results.

2 Benchmark: MSCI UK Balanced Portfolios benchmark to 31 December 2023

3 Calculated under AIC guidance, as gross borrowings less cash divided by portfolio value.

 

 

For further information please contact:

Will Fulton / Jamie Horton / Peter Taylor, abrdn

Via FTI consulting

 

Richard Sunderland / Emily Smart / Andrew Davis, FTI Consulting

Tel: 020 3727 1000

UKCM@fticonsulting.com

 

The Company's Annual Report and Accounts for the year ended 31 December 2023 will shortly be available to view on the Company's corporate website at https://www.ukcpreit.com/en-gb/literature/.  The Documents have also been submitted to the National Storage Mechanism and are available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. 

 

PERFORMANCE SUMMARY

 

CAPITAL VALUES AND GEARING

31 December 2023

31 December 2022

% Change

Total assets less current liabilities (excl Bank loan) £’000

1,259,579

1,327,405

-5.1%

IFRS Net asset value (£’000)

1,023,247

1,035,719

-1.2%

Net asset value per share (p)

78.7

79.7

-1.3%

Ordinary Share Price (p)

62.0

58.4

6.2%

Discount to net asset value (%)

(21.2)

(26.7)

n/a

Gearing (%)*: 

17.2

20.0

n/a

 

 

 

 

 

1 year

% return

3 year

% return

5 year

% return

TOTAL RETURN

 

 

 

NAV †

3.0

2.5

1.7

Share Price †

13.1

6.6

(4.7)

UKCM Direct Portfolio

3.9

9.3

12.0

MSCI Balanced Portfolios Quarterly Property Index

(1.9)

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