Interim results this morning show a familiar pattern of growth in rental income, control of expenses, growth in underlying profit and higher dividend. They also show an increase in Net Asset Value because, as we predicted, the independent valuers have shifted the yield basis for valuing the portfolio from 6% to 5.8%. NAV comes out at 304p on an EPRA basis, and we expect this to be the year-end figure also. The likely full year dividend of 17.5p gives a yield on the shares at 293p of 6%.   We have slightly reduced our pre-tax profit and eps estimates for the current year because we now have greater clarity following the recent burst of property additions. Our new current year estimates are £10.3m pre-tax profit and 16.5p eps.   

 

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