Real Estate Investors has booked an H1 loss before tax of £560,000, from a year-earlier profit of £8.1m. EPRA net asset value per share was 63.1p, down 2.2% from 64.5p.
CEO Paul Bassi commented:
"Notably the market place has been dominated by the European Referendum, and as anticipated, this uncertainty created a window of opportunity, during which we secured £37.3 million of new assets, increasing our contracted rental income to £15.6 million, up 31% since the year end.
"Our portfolio is now valued at £194.5 million, up 23.5% since the year end. Our profit before tax of £2.4 million, excluding non-cash items was up 60% (H1 2015: £1.5 million) and our EPRA EPS was 1.3p, up 160% (H1 2015: 0.5p).
"Our portfolio has grown to almost £200 million and we remain well positioned to continue to grow our property portfolio, rental income and dividend payments, whilst maintaining prudent gearing levels and capitalising on the historically low interest rate environment.
"Additionally, the existing portfolio has significant capital growth potential from new lettings, planning approvals and rental growth, and is set to benefit from the £3.6 million of annualised new income secured in H1 2016.
"There remains a positive appetite for quality income producing assets in our region, as demand continues to outstrip supply for investment property of most types and there is almost no sign of distressed vendors or discounted asset sales.
"We will consider sales at a surplus to existing valuations, subject to acquiring further property to maintain our income levels."
At 9:14am: (LON:RLE) Real Estate Investors PLC share price was +2.5p at 58.5p