Pacific Industrial & Logistics REIT posts first-half uplift in NAV

Real estate investment trust Pacific Industrial & Logistics REIT issued its interim financial results on Wednesday, following the close of its first reporting period 30 September.

The company posted adjusted net asset value up 24% to 123.87p from the issue price of 100p.

Its £29.9m valuation was a 10.7% uplift on the company's portfolio since acquisition, on a purchase price of £27m.

Rental income was £1.0m, and operating profit of £3.1m for the period.

Net asset value at 30 September 2016 was 122.18p, and adjusted net asset value was 123.87p, adding back the fair-value movement of an interest rate swap.

Diluted net asset value, adjusting for warrants in issue, was 116.47p and adjusted diluted net asset value was 117.78p.

“We are delighted to report that the company has performed well in the interim period to 30 September 2016, through upward-only rent reviews and active asset management in a sector that continues to benefit from strong fundamentals post-EU referendum,” said CEO Richard Moffitt.