Circle Property - Lifting estimates again
Circle will publish results for the year to 31 March 2018 in June but recent updates show further strong momentum. Ongoing asset management initiatives are continuing to drive operational progress, delivering strong growth in rental income and cash earnings, and lifting investment portfolio valuations. As a result, we have increased estimates for the third time since we first initiated on Circle in September 2017. The shares are trading at a discount of c 30% to our increased FY18e NAV with a yield of more than 3% and DPS well covered by growing income.Circle Property is a regional office investment and development company operating throughout the United Kingdom. Co.'s portfolio consists of 16 commercial property investments and developments in the UK with a value of £77.73m. All of the properties are held by Circle Property UnitT Trust and/or the Jersey Subsidiaries. The portfolio totals approximately 640,148 sq. ft. of accommodation, the majority of which, by floor area, is in the office sector. The portfolio floor area by sector are office, retail, warehouse, retail warehouse, roadside, conference facility and others.
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