Finance

RDI REIT reports 2.4% rental income rise in ‘challenging market’

By 2018-10-25T08:03:00

Gavin Tipper Chairman RDI REIT

RDI REIT has announced a 2.1% rise in net rental income on a like-for-like basis, despite being hit by a 27% reduction in rents within its £480m retail portfolio over the past year.

In its annual results RDI also revealed a 3.4% year-on-year increase in EPRA NAV per share to 42.8p and said it has reduced its LTV by 380bps to 46.2% from 50% on 31 August 2017.

Over the year the value of RDI’s total portfolio increased 0.6% as underlying earnings per share of 3.3% to 2.84p within what the company described as “challenging market conditions”. From its £38m retail rent roll, £2.2m was hit by closures and CVAs including New Look, Mothercare and Carpetright.

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