Industrials REIT 1H Profit, Revenue Rose

By Joe Hoppe

Industrials REIT Ltd. said Friday that its first-half revenue and profit rose, and that it expects positive performance trends to continue into the second half.
The multi-let industrial-property company, formerly known as Stenprop, said pretax profit for the six months ended Sept. 30 came in at 41.0 million pounds ($54.6 million), up from GBP12.7 million a year earlier. The company attributed the rise to greatly increased fair-value gains on investment properties, coupled with higher revenue.

Revenue rose to GBP20.0 million from GBP14.6 million a year prior.
Portfolio valuation rose 7.5% to GBP574.0 million, while occupancy remained robust at 93.9%, driving rental growth. European Public Real Estate Association, or EPRA, net tangible assets per share rose to 158 pence from 147 pence at the end of fiscal 2021, it said.
The board declared an interim dividend of 3.375 pence, flat on the same year prior, and maintained guidance for a full-year dividend of at least 6.75 pence.
“We look forward to the second half with a high degree of confidence that these trends will continue,” Chief Executive Paul Arenson said.
Write to Joe Hoppe at joseph.hoppe@wsj.com