The ethical housing investor and developer said it will also use the proceeds of any London disposals to continue to invest in supported housing.
For the 2019 calendar year, the REIT’s portfolio delivered a total return of 23%, which was a 423% outperformance of the MSCI UK Residential index’s 4.4% return and the third consecutive year the trust has beaten its benchmark.
Net assets at the March 31 year-end of just over £4mln were up 22% on the previous year, and net asset value of 107p per share.
On revenue up 1.5% to £138,036 for the year, the trust generated a profit of £625,835 from the gain on revaluation of tangible assets, compared to a previous loss of £18,408.
“By our strategy of deal origination and real estate development has enabled us to create significant value growth, increasing our property portfolio 21.9%,” said chief executive Joe McTaggart.
He added that the board “will be seeking to dispose of our remaining London residential assets and recycle the capital to make further, more profitable specialist supported housing investments, translating our benchmark beating performance into a maiden and regular dividend”.
Walls & Futures REIT designs, funds and develops specialist social housing which is let on inflation-linked leases to local authorities, registered care providers and charities, where tenants are often individuals with learning and physical disabilities, autism, dementia, mental health and life-changing injuries.
The trust does not have any involvement with the care delivered within the properties.
Published at Wed, 23 Sep 2020 12:21:00 +0000-Walls & Futures REIT plans disposals to begin paying regular dividend