**Redefine Ups Dividend As Distributable Earnings Rise Strongly**
LONDON (Alliance News) – Real Estate Investment Trust Redefine International PLC Wednesday raised its dividend for its last financial year as earnings available for distribution rose by nearly 30%, helped by increased occupancy in its portfolio and higher portfolio values.
The trust, which is converting to become a UK-focused REIT, said it will pay a second interim dividend of 1.70 pence for the year to August 31, bringing the total dividend for the year to 3.20 pence, up from 3.11 pence a year earlier.
Its earnings available for distribution rose to GBP39.1 million, from GBP30.1 million, while basic earnings per share were 7.98 pence, up from 6.66 pence, and its adjusted net asset value rose to 40.54 pence, from 38.66 pence at the end of August 2013.
Redefine said portfolio values excluding non-core assets rose 4.7% over the last financial year, with its UK assets growing 8.8% and its European assets up 2.4% on a constant currency basis. Its portfolio occupancy rose to 97.6%, from 97.3%.
“We are now well underway with our wider ambition of becoming a leading income focused UK-REIT and our attention is firmly re-focused on ensuring our property portfolio is well positioned to produce consistent and growing income returns for our shareholders. We now have critical mass in the retail, commercial and hotel sectors in the UK and have taken a big step forward in building our German portfolio, supported by an overall business environment which is now positive across all our sectors,” Chief Executive Mike Watters said in a statement.
“Against this backdrop, with our strengthened financial position and the flexibility to allocate capital to those areas of our portfolio which are expected to provide the best risk-adjusted returns, we look forward to the future with confidence,” he added.
Redefine reported a pretax profit of GBP101.9 million for the year, up from GBP67.2 million a year earlier, as revenue rose to GBP77.2 million, from GBP56.0 million, and it booked a net fair value gain on investment property and assets held for sale of GBP49.8 million, compared with a GBP20.7 million loss a year earlier.
By Steve McGrath; firstname.lastname@example.org; @stevemcgrath1
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