Financial Highlights 2020

202020192018
Profit after tax£22.5m£31m£64m
Dividend cover105%122%122%
Net assets£509m£499m£487m
Earnings per share 4.1p5.7p11.9p
Total Shareholder Return3.6%10.1%4.8%
Property valuation£665m£685m£684m

Operational Highlights

  • Profit after tax of £22.5 million
  • Net assets of £509 million, or 93p per share
  • Total return of 4.5%
  • Earnings per share of 4.1p
  • Dividend cover of 105%

Strengthened balance sheet

  • 14% reduction in total debt outstanding to £167.5 million
  • Loan to value ratio reduced to 22%
  • Raised £7 million of non-dilutive equity
  • New £50 million revolving credit facility completed post year end
  • Further tax savings as result of REIT regime

Outperforming property portfolio

  • Total property return of 5.3%, outperforming MSCI UK Quarterly Property Index of -0.5%
  • Portfolio top quartile outperformance against MSCI over one, three, five and ten years
  • Like-for-like valuation increase of 1.4%
  • Like-for-like rental income increase of 1.2%
  • Like-for-like estimated rental value increase of 1.3%
  • Occupancy at 89%
  • 104 asset management transactions completed including:
    • 20 rent reviews – 10% ahead of ERV
    • 31 lease renewals or regears – 12% ahead of ERV
    • 35 lettings or agreements to lease – 2% ahead of ERV
  • Two asset disposals for £34.1 million, 15% ahead of March 2019 valuations
  • £9 million invested into refurbishment projects

Responsible stewardship

  • Embedded sustainability into corporate strategy, completing materiality assessment review
  • Improved portfolio EPC ratings
  • Incorporated energy efficiency measures into building refurbishments
  • Further developed occupier and employee engagement programmes