Annual Report 2026

We have delivered a total return of 6.1% alongside a total shareholder return of 12.6%. We have continued our track record of MSCI outperformance for 13 consecutive years.

We remain well-positioned, with a high quality portfolio and a disciplined approach to capital allocation, which this year, has been focused on reducing office exposure, investing into the portfolio and share buybacks.

We have delivered solid operational performance with NAV and ERV growth over the year. This included 5% rental growth across the portfolio, driven by lettings, lease renewals and investment into upgrading the portfolio.

We have an encouraging leasing pipeline and significant reversion of £13.2 million above the contracted rent. We are well placed to grow earnings through leasing activity, resetting rents to ERV and targeted investment into the portfolio.

We have invested £9 million into the portfolio upgrading our assets. 85% of our office assets are either fully or partially decarbonised. We have improved our portfolio EPC ratings with 86% now rated A-C.