Financial Highlights 2023
| 2023 | 2022 | 2021 |
| EPRA earnings | £21m | £21m | £20m |
| EPRA earnings per share | 3.9p | 3.9p | 3.7p |
| Net assets | £548m | £657m | £528m |
| Dividends paid per share | 3.5p | 3.4p | 2.8p |
| Dividend cover | 112% | 115% | 134% |
| Property valuation | £766m | £849m | £682m |
Financial performance
- Stable EPRA earnings of £21 million
- Net assets of £548 million, or 100p per share
- Dividends paid of £19 million, 4% higher than preceding year
- Dividend cover of 112%
Defensive capital structure
- Loan to value of 27%
- Weighted average interest rate of 3.8%
- 95% of drawn borrowings fixed with 2031/32 maturities
- EPRA NDV £23 million higher than net assets, reflecting fair value of debt
- £38 million undrawn debt facilities
Resilient operational performance
- Outperforming property portfolio relative to the MSCI UK Quarterly Property Index
- Like-for-like increase in passing rent of 10% and 3% in contracted rent
- Like-for-like increase in estimated rental value of 9%
- Capturing rental growth through:
- 39 lettings, 25% ahead of March 2022 ERV
- 37 lease renewals or regears, 6% ahead of March 2022 ERV
- 20 rent reviews, 7% ahead of March 2022 ERV
- Rent collection over 99% for the year
- Occupancy of 91%
- Three separate acquisitions totalling £21 million
Increased investment with sustainability focus
- £6 million invested into upgrading over 15 assets
- Net zero carbon pathway progress, including installation of solar arrays
- 100% compliance with 2023 EPC minimum standards
- Improved EPC profile with 76% of portfolio rated A-C
- Scope 1 and 2 emissions reduced by 24% compared to the 2019 baseline
