St Modwen Properties increases interim dividend by 16.1% to 3.6pence
· NAV per share up 1.3% to 476.4 pence (Nov 2018: 470.2 pence).
· Total accounting return up to 2.2% (2018: 2.0%) despite a 1.2ppt drag from residual non-core retail.
· Adjusted EPRA EPS up 15.9% to 7.3 pence (2018: 6.3 pence) notwithstanding major disposals during 2018.
· Interim dividend up 16.1% to 3.6 pence (2018: 3.1 pence) reflecting solid growth in earnings.
· See-through LTV up 3.8ppt to 20.7% (Nov 2018: 16.9%) due to reinvestment of disposal proceeds.
St Modwen properties has shown progressive growth in all 3 of its operational sectors, Industrial & logistics, St Modwen Homes and Strategic land & regeneration.
Note: BCA marketplace is subject to a takeover bid from TDR capital. It is likely this will be the last dividend paid by BCA marketplace should the takeover go ahead.Read more
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