Financial Review 2019

Profit after tax£31m£64m£43m
Dividend cover122%122%115%
Net assets£499m£487m£442m
Earnings per share 5.7p11.9p7.9p
Total Shareholder Return10.1%4.8%25.6%
Property valuation£685m£684m£624m

Operational Highlights

Positive financial results despite economic uncertainty

  • Profit after tax of £31 million
  • Increase in net assets of 2.5%, to £499 million, or 93p per share
  • Total return of 6.5%

Strong dividend cover supported by earnings

  • Earnings per share of 5.7p
  • Increased EPRA earnings to £22.9 million, or 4.3p per share
  • Paid dividends of £18.9 million, or 3.5p per share
  • Dividend cover of 122%

Improved balance sheet and operational flexibility

  • 9% reduction in total debt outstanding to £194.7 million
  • Net saving of £1.1 million in annual finance costs
  • Further reduction in loan to value ratio to below 25%
  • Debt restructured to provide operational flexibility

Outperforming property portfolio

  • Total property return of 7.5%, outperforming MSCI UK Quarterly Property Index of 4.6%
  • Portfolio outperformance against MSCI over one, three, five and ten years
  • Like-for-like valuation increase of 1.8%
  • Like-for-like rental value change of -0.2%
  • Occupancy of 90%
  • Two asset disposals for £12.0 million, 9.7% ahead of March 2018 valuations
  • £1.6 million invested in refurbishment projects

Conversion to UK REIT

  • Entered UK REIT regime on 1 October 2018
  • Tax savings for six-month period following conversion