Strong performance over reported period
Portfolio value increased 4.9% on an underlying basis to £571.9 million including acquisitions
NAV increased 1.4% to £550.0 million including equity raised of £35.0 million
NAV per share (post dividend) up 1.0% to 106.8 pence
Continued strong cash flows from the Portfolio
Interim dividend of 3.125 pence per share, annualised 6.25 pence per share
Profit after tax of £21.4 million on an investment basis
Operational Highlights
Acquisition of additional stake in the E18 road project and a new acquisition of a 30% stake in Peterborough Hospital
Successful refinancing of revolving credit facility of £150 million
Post balance sheet events: Successful tap issue of £35 million; acquisition of a portfolio of 11 new operational assets from Investors in the Community LLC, the fund's largest acquisition since launch; and agreement to acquire an additional stake in LUL Connect (CityLink).
Commenting on today's results, Paul Lester, Chairman of JLIF, said:
"JLIF has performed strongly in the first half of 2013, executing two high quality acquisitions in the period.
In July 2013, JLIF successfully raised £35 million of equity capital and on 23 August 2013, completed the acquisition of 11 assets from Investors in the Community, JLIF's single large transaction since launch. The fund continues to deliver value to shareholders, as evidenced by increasing the dividend above the stated target.
The outlook for JLIF remains favourable. A robust and buoyant secondary market offers a strong pipeline and we are confident that there remains sufficient asset flow to continue to meet JLIF's growth targets."
