Overview
Hansteen’s interim results for the six months ended 30 June 2016 show its EPRA NAV per share increased by 11.9% to 124.4p over the period. Adjusting this for the dilution effect of their convertible issue, the NAV was 120.5p. They also publish an adjusted EPRA NAV per share, this increased by 8.4% to 120.5p. Normalised Profits (their measure of underlying realised profits) increased by 28.1% to GBP29.2 million. Diluted EPRA earnings per share were 3.4p (H1 2015: 0.4p). The Board increased the interim dividend by 4.8% to 2.2p per share.
During and just after the end of the period Hansteen topped up its holding in the Ashtenne Industrial fund to take it to 100% ownership. These unit purchases represent the acquisition of GBP79.3 million of property at a yield on the passing rent of 8.0%. The total portfolio owned or co-owned at 30 June 2016 was valued at GBP1.67 billion, with a rent roll of GBP126.5 million per annum, and a vacancy of 12.9%. It comprised 3.8 million sq m with a yield on the passing rent of 7.6% and a EPRA topped up net initial yield of 6.7% generated from 484 estates with 5,270 tenants in five different countries.
HSTN : Hansteen earnings up sharply