18.7% increase in earnings available for distribution to £25.4m (28 February 2015: £21.4m)
Interim dividend of 1.625p per share, an increase of 1.6%
Portfolio valuation increase of 2.0% like-for-like
Adjusted NAV per share 40.9p (31 August 2015: 41.7p), a decrease of 1.9% primarily due to the one-off impact of AUK portfolio acquisition costs
Pro-forma LTV of 52.5% (31 August 2015: 51.8%)
Reduction in the weighted average cost of debt by 30 bps to 3.6% (31 August 2015: 3.9%)
Operational Highlights
Completion of transformational AUK portfolio acquisition, increasing the value of the portfolio to £1.5bn and adding £28.6m of annualised gross rental income. A further uplift of £0.5m is now in solicitors' hands
Successful equity placement, raising gross proceeds of £115.0m
Valuation growth within the AUK portfolio of £4.6m since acquisition (excluding transaction costs)
Disposal of 16 Grosvenor Street prior to completion of the AUK portfolio, realising an immediate profit of £2.8m (excluding transaction costs)
Sale of 10 petrol filling stations for £12.0m, 6.0% above August 2015 book value
Occupancy improved by 80bps to 98.9% like-for-like
Greg Clarke, Chairman, commented:
"Over the past ten years Redefine International has transformed into an established FTSE 250 UK-REIT with a market capitalisation in excess of £800 million. The focus of the last six months has been on completing the £490 million AUK portfolio acquisition and commencing income enhancing asset management initiatives. This off-market acquisition has brought the value of the Company's assets to in excess of £1.5 billion and is a demonstration of management's ability to source, secure and effectively execute high quality transactions.
I am extremely pleased with the support received from both existing and new shareholders during our capital raise in February to part fund the AUK transaction. Given the prevailing volatile capital markets, this is testament to the progress the business has made in reshaping its portfolio and capital structure."
