Financial Highlights 2026

202620252024
NAV per share 102p100p96p
Earnings per share 5.0p6.9p-0.9p
EPRA earnings per share  4.0p4.2p4.0p
Dividends paid per share 3.8p3.7p3.5p
Dividend cover 103%113%114%
Property valuation £701m£723m£745m

Robust financial performance delivering positive total and shareholder returns

  • Net assets of £522 million, or 102p per share (2025: 100p per share)
  • Profit after tax of £25.9 million, or 5.0p per share (2025: 6.9p per share)
  • EPRA earnings of £20.9 million, or 4.0p per share (2025: 4.2p per share)
  • Dividends paid during the financial year of 3.8p per share, a 2.7% increase (2025: 3.7p per share)
  • Total return of 6.1% (2025: 8.1%)
  • Total shareholder return of 12.6% (2025: 16.0%)
  • Share buybacks of £17.3 million at an average price of 77p per share, 25% below the March NAV of 102p per share

Outperforming property portfolio

  • Continued MSCI outperformance for 13 consecutive years with a total property return of 5.9% for the year (MSCI UK Quarterly Property Index: 5.4%)
  • Delivered upper quartile outperformance against the MSCI UK Quarterly Property Index since launch in 2005
  • Portfolio weighted towards industrial sector 67%, office 21% and retail and leisure 12%
  • 1.7% like-for-like increase in property valuation, or 0.7% after capital expenditure
  • Disposal of highest value office asset for £34.5 million at a 1% premium to March 2025 valuation
  • 4.8% like-for-like increase in estimated rental value (ERV)
  • Portfolio occupancy of 84%, impacted by two key lease events in the latter half of the year
  • Weighted average unexpired lease term (WAULT) increased to 5.4 years to first break (2025: 4.9 years)
  • Captured rental growth through:
    • 33 lettings, totalling £3.9 million per annum, 4% ahead of March 2025 ERV
    • 43 lease renewals or regears, totalling £4.7 million per annum, 4% ahead of March 2025 ERV
    • 17 rent reviews, securing uplift of £0.4 million per annum, 4% ahead of March 2025 ERV
  • Portfolio with significant reversionary potential of £13.2 million, 11% above the March 2026 contracted rent with:
    • £8.8 million from letting vacant space (47% industrial, 50% office and 3% retail and leisure)
    • £4.4 million where market rent is higher than contracted rent

Valuable long-term debt structure

  • Total borrowings of £208 million, with 100% at fixed rates and a weighted average interest rate of 3.7%
  • Loan to value ratio (LTV) of 24% (2025: 24%)
  • £50 million undrawn revolving credit facility
  • EPRA Net Disposal Value (NDV) of 107p per share, reflecting fair value of debt

Positive sustainable progress

  • £8.8 million invested across the portfolio
  • 85% of assets in office portfolio either fully or partly decarbonised
  • Improvement in portfolio EPC ratings, with 86% now rated A-C (2025: 83%)
  • Annual reduction in Scope 1 and 2 emissions of 23%