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Commercial Property News
Mapeley reports strong H1 results, though NAV has slipped 13%
Mapeley said it had more than doubled its funds from operations (FFO) in the first half, showing not all constituents of Britain's flagging property market were in crisis.
The company, which focuses on the acquisition and management of assets occupied by government and blue-chip tenants, said today funds from operations climbed 129% to £63.1 million in the six months to June 30, as more corporates looked for expert management of their property.
"Our solid performance reported at the end of the first quarter has continued throughout the first half of the financial year," said Chief Executive Jamie Hopkins.
"We have seen a strong operational performance on the outsourcing contracts and the direct property investments portfolio and this has left us in a good cash position at the end of the first half," Hopkins said.
The company reported pretax losses for the half year of £53.8 million versus £30.2 million for the same period last year, on the back of non-cash property portfolio revaluation losses in line with prevailing market conditions.
Its net asset value tumbled to £16.17 per share against £18.62 at December 31 2007, or around 13%.
Average commercial property values in the UK have slumped by around a fifth since June 2007.
The value of Mapeley's total assets slipped to £2.235 billion versus £2.318 billion at December 31 2007.
The company owns and manages a commercial property portfolio covering more than 2.3 million square metres across the UK. Some 92% of its annual rental income is from government or investment grade tenants and its average lease length is 10 years.
The company, which focuses on the acquisition and management of assets occupied by government and blue-chip tenants, said today funds from operations climbed 129% to £63.1 million in the six months to June 30, as more corporates looked for expert management of their property.
"Our solid performance reported at the end of the first quarter has continued throughout the first half of the financial year," said Chief Executive Jamie Hopkins.
"We have seen a strong operational performance on the outsourcing contracts and the direct property investments portfolio and this has left us in a good cash position at the end of the first half," Hopkins said.
The company reported pretax losses for the half year of £53.8 million versus £30.2 million for the same period last year, on the back of non-cash property portfolio revaluation losses in line with prevailing market conditions.
Its net asset value tumbled to £16.17 per share against £18.62 at December 31 2007, or around 13%.
Average commercial property values in the UK have slumped by around a fifth since June 2007.
The value of Mapeley's total assets slipped to £2.235 billion versus £2.318 billion at December 31 2007.
The company owns and manages a commercial property portfolio covering more than 2.3 million square metres across the UK. Some 92% of its annual rental income is from government or investment grade tenants and its average lease length is 10 years.
Mon, 11th Aug 2008