Financial Review 2018

Profit after tax£64m£43m£65m
Dividend cover122%115%112%
Net assets£487m£442m£417m
Earnings per share 11.9p7.9p12.0p
Total Shareholder Return4.8%25.6%1.9%
Property valuation£684m£624m£646m

Operational Highlights 

Growing Occupancy and Portfolio Outperformance

  • Total property return of 13.0%, outperforming MSCI IPD Quarterly Benchmark of 10.1%
  • Total property return and income return outperformance ahead of MSCI IPD over 1, 3, 5 and 10 years
  • Increased occupancy to 96%, ahead of the MSCI IPD Quarterly Benchmark of 93%

Portfolio Activity

  • Like-for-like valuation increase of 6.5%
  • Like-for-like passing rent increased by 3.9%
  • Like-for-like ERV growth of 2.4% with total portfolio ERV of £47.9 million
  • One property acquisition of £23.2 million and three non-core disposals for £10.4 million
  • Invested £3.6 million into refurbishment projects to enhance the portfolio