Commercial Property News

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Thursday, June 22, 2023

Warner Estate Holdings achieves 30.7% return on shareholders asset funds

Warner Estate Holdings, the property investment company has announced its preliminary results for the year ended 31 March 2006.

Financial Highlights

  • Total adjusted return 30.7% (2005: 19.6%)(i) - 85.3m (2005: 47.0m)
  • Adjusted net asset value per share up 25% to 741p
  • Net asset value per share up 22% to 660p
  • Triple net asset value per share up 21% to 669p
  • Recurring earnings per share 22.9p (2005: 22.3p restated)
  • Earnings per share 140.2p (2005: 89.2p)
  • 35th successive year of dividend growth
  • Average dividend growth over the last five years of 6.8% per annum
  • Dividend raised by 6.8% to 19.5p

Business Highlights

  • Property owned and under management up 131% to 2.5bn
  • Commercial rent roll owned and under management 152m
  • Successful acquisition and integration of Ashtenne Holdings plc
  • Acquisition goodwill on Ashtenne 11.2m, substantially less than 28.9m anticipated
  • Launch of 256m Apia Regional Office Fund with Morley Fund Management
  • Substantial expansion of Apia via the purchase of 120m of property
  • Establishment of the 312m Agora Max Shopping Centre Fund

Philip Warner, Chairman of Warner Estate commented "This has been another year of considerable achievement with the Group achieving a total adjusted return of 30.7% on its shareholders' triple net asset funds against an IPD return of 20.7%. and, following the successful integration of Ashtenne, assets under management rising from £1.1 bn to £2.5bn. We have made the move from 50:50 joint ventures to multi-investor funds.

The Group continues actively to seek opportunities and since the year end we have made a further acquisition for our Radial Distribution Fund and our first significant Central London office purchase for a number of years. We have a skilled and experienced team in place to ensure that progress continues."