Financial Highlights
• Net assets per share down 1% since 30 June 2016 at 355p (2015: 359p; 30 June 2016: 357p)
• Interim dividend up 5% to 3.25p (2015: 3.1p)
• EPRA profit before tax increased to £4.2m (2015: £3.5m), up 8% like for like
• EPRA earnings per share up to 8.0p (2015: 6.7p), a like for like increase of 8%
• Two new banking lines added, total increase in facilities £17m
• Loan to value ratio of 50% (2015: 50%; 30 June 2016: 50%)
Operational Highlights
• Continuing emphasis on hands on property management, resulting in:
o Overall occupancy level of 98% (2015: 97%; June 2016: 98%)
o 91 management transactions during the half year
Merrion Centre
• Further letting activity demonstrates resilience
o Arena Quarter now fully let with rental income of £155,000 pa added this half year
• Record footfall in 2016 with 11.5m visitors
• Merrion House construction on track for completion December 2017
• Merrion Hotel and Marco Pierre White's 'New York Italian' restaurant opening April 2017
Continued progress with development programme
• Development programme on track to deliver increases of £1.8m pa in net income and £6.4m in net assets
• Premier Inn at Whitehall Road Leeds completed on time and on budget
o Reserved matters application secures planning future at Whitehall Riverside Leeds
• Continuing development activity at Piccadilly Basin Manchester
o Including construction, part site sale and further planning permission in progress
Ongoing capital recycling programme
• Two properties sold in Edinburgh for £2.0m, with 7% exit yield above their June 2016 valuations with further Scottish properties under offer for sale