Life Science REIT pleased with performance since IPO
Life Science REIT reported a portfolio value of £192.2m at the end of 2021 in its results on Monday, including a revaluation gain of £14.5m.
The AIM-traded investor in life science properties said its net asset value was £350.6m, or 100.2p per share, on 31 December.
Its revenue for the period from formation on 1 August to the end of the year totalled £0.5m, and its operating loss before gains on investment properties was £0.3m.
The real estate investment trust recorded an IFRS profit before tax of £7.7m.
Its IFRS earnings per share were 2.2p, while EPRA losses per share came in at 0.1p.
Since the end of 2021, all of Life Science’s initial public offering proceeds had been deployed following two further transactions.
In March, it entered into a debt financing facility of £150m with HSBC UK, consisting of a £75m three-year term loan facility and an equally sized revolving credit facility.
The first drawdown of £64m was made in May.
The company said it intended to declare its first dividend later in the year for the period from admission in November to 30 June, and after that to adopt a progressive dividend policy, with dividends paid semi-annually.
“In the six months following the company's IPO in November last year, we have successfully deployed the £350m raised at IPO in a highly attractive blend of seven exciting projects in the golden triangle of life science innovation in Oxford, Cambridge and London,” said chair Claire Boyle.
“These projects are diversified by location, asset size and development stage and comprise immediately income producing assets through to new build and conversion opportunities.
“Life science property is a highly attractive asset class, and the potential to add value through active asset management means that we are confident of making further progress in the year ahead.”
At 1100 BST, shares in Life Science REIT were flat at 100p.
Reporting by Josh White at Sharecast.com.