The key performance indicators were all pointing in the right direction for Mailbox REIT PLC (LON:MBOX), which declared a maiden dividend on Thursday.
The payout of 0.92p a share covers the period from float on May 14 to June 30 and equates to the annualised 7p a share it pledged in its listing documentation.
The real estate investment trust (REIT), which owns the Mailbox retail and office complex in the heart of Birmingham, said as of July 27 it collected 92.6% of the contractual rent for the June quarter. The remaining amount is either due during the quarter or is subject to payment plans.
An independent assessment of the company’s property assets valued them at £182.2mln as at June 30, up from £181mln three months early. The net asset value, the benchmark on which firms such as Mailbox are judged, advanced to 102.31p a share from 100p at the time of the IPO.
Chairman Stephen Barter said: "Since listing, we have made good progress with our value-enhancing asset management plans for the Mailbox and most notably with the ongoing conversion of low income-producing retail space into high income-producing office space.
"The board is confident that the Mailbox REIT can provide attractive total returns to our shareholders.
“These will come from our long let, very low to low-risk tenant base, from which we continue to benefit from high collection levels, supported by our robust balance sheet and the ongoing conversion of low income-producing retail space into high income-producing office space, which should together drive further value for our shareholders.”
The REIT is listed on the International Property Securities Exchange wholesale segment, a market-focused solely on real estate assets.
The Mailbox complex itself is a five-minute walk from Birmingham's New Street Station and comprises around 698,000 square feet of mainly office space, anchored by the BBC, with a complementary retail and leisure offering.
Over the next three to five years, the property will be further repositioned for growth as a Live Work Play destination.