Life Science REIT reported a portfolio value of £192.2m at the end of 2021 in its results on Monday, including a £14.5m revaluation gain.
The AIM-traded life science real estate investor said its net asset value as of December 31 was £350.6 million, or 100.2 pence per share.
Revenue for the period from incorporation on 1 August to year end totaled £0.5m and the operating loss before gains on investment property was £0.3m.
The Real Estate Investment Trust posted an IFRS profit before tax of £7.7m.
IFRS earnings per share were 2.2p while EPRA losses per share were 0.1p.
Since the end of 2021, all proceeds from Life Science’s IPO have been used following two further transactions.
In March, the company closed a £150m debt financing facility with HSBC UK, consisting of a three-year loan facility of £75m and a revolving credit facility of the same amount.
The first drawing of £64m was made in May.
The company said it intends to declare its first dividend later in the year for the period from November’s approval through June 30, and thereafter to pursue a progressive dividend policy with semi-annual dividend payments.
“In the six months since the company’s IPO in November last year, we have successfully invested the £350m raised from the IPO in a highly attractive mix of seven exciting projects in the golden triangle of life science innovation of Oxford, Cambridge and London.” , he told Chairwoman Claire Boyle.
“These projects are diversified by location, asset size and stage of development, ranging from immediate revenue generating assets to new build and remodel opportunities.
“Life science real estate is an extremely attractive asset class and the potential to add value through active asset management gives us confidence in making further progress in the coming year.”
At 1100 BST, the Life Science REIT’s shares remained flat at 100 pence.
Reporting by Josh White on Sharecast.com.
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