Songbird Estates, which through its subsidiary Canary Wharf Group, owns much of the iconic office development in London's east end, has benefited from strong lease renewals in the first half of 2012.
Bank of New York Mellon extended terms on its 152,000 square feet site at One Canada Square while a further 20,000 square feet of leasings were completed between January and June.
The crucial net asset value per share figure increased by 4.7%, or 9p, to £1.99 between December and June.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Underlying profit before tax for the first half was £17.3m compared with £6.6m for the equivalent period in 2011. The increase of £10.7m was mainly attributable to an increase in net property income of £8.3m, combined with a reduction in administrative expenses of £2.5m.
The Loan to Value rate is now at 64.6%.
Songbird has also lowered the coupon on its preference shares and removed the option of early redemption, the effect being to "eliminate short term refinancing risks".
The shares were up 3.3% in morning trading.
BS
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
