Financial Review 2019
| 2019 | 2018 | 2017 |
| Profit after tax | £31m | £64m | £43m |
| Dividend cover | 122% | 122% | 115% |
| Net assets | £499m | £487m | £442m |
| Earnings per share | 5.7p | 11.9p | 7.9p |
| Total Shareholder Return | 10.1% | 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
