Latest Results
FULL YEAR RESULTS TO 31 MARCH 2024

HALF YEAR RESULTS TO SEPTEMBER 2024

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Results Announcement

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Presentation

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Webcast of analyst meeting

“We have further cemented our position as the UK’s leading triple net real estate income investor. The benefits of our actions are evidenced by the portfolio’s exceptional income characteristics, our sector leading EPRA cost ratio and our strong financial performance in the period which saw earnings per share grow by 26%.”

Andrew Jones, Chief Executive
Highlights

Highlights

Result content - 1

Focus on winning sectors and transformational M&A drives rents, earnings and dividend growth

  • Net rental income increased 154% to £193.1m
  • EPRA earnings up 155% to £135.4m, +26.5% on a per share basis
  • Sector leading EPRA cost ratio at 7.6%, - 400bps since year end
  • Dividend increased 18.8% to 5.7p, 117% covered by earnings
  • Q2 dividend declared today of 2.85p, in line with 12p dividend target for full year
Results Content - 2

Portfolio returns driven by reliable, repetitive and growing income

  • Total property return +4.0%, capital value growth +1.1%, ERV growth +1.3%
  • Like for like income growth 1.7% (3.5% annualised) driving valuation uplift of £40.9m
  • EPRA NTA per share of 195.7p (+2.1%)
  • IFRS reported profit of £163.8m (30 September 2023: £81.0m)
  • Total accounting return of 4.9% (30 September 2023: 2.8%)
Results Content - 3

Reshaping portfolio to align to structurally supported sectors of logistics, convenience, healthcare

  • Portfolio value of £6.2bn (31 March 2024: £6.0bn), logistics represents 45% of portfolio, targeting 50% by year end
  • £193.3m acquired in period comprising 19 logistics assets, £10m acquired post period end with £116m under offer
  • £155.4m disposed (mainly LXi and CTPT assets), 21 assets sold post period end for £78.4m with £86m under offer
Results Content - 4

Activity continues to enhance portfolio quality, strengthening long and strong income characteristic

  • Occupancy of 99%, WAULT of 19 years (18 years to first break) and gross to net income ratio of 99%
  • Contractual rental uplifts on 78% of income, 42% of income subject to annual reviews
  • 87% of portfolio EPC A-C rated, 3.3MWp of solar PV added in period, with 3MWp of near term potential
Results Content 5

Occupational activity added £7.7m pa contracted income

  • Rent reviews +17% on five yearly equivalent basis, including market reviews +44%
  • Income uplift expected over next 18 months of £26m, 21% embedded reversion on logistics
Results Content 6

Strong financial position provides flexibility and optionality

  • FTSE 100 status with scale providing better access to capital as well as external growth and consolidation opportunities
  • Extended maturity on £275m, added/extended £447m of hedging, actively engaged on new £175m facility
  • LTV of 33.8% with weighted average debt maturity of 4.8 years and cost of debt at 4.0% (100% hedged)