Annual Report 2025

We have outperformed the FTSE 350 REIT Index alongside our twelfth consecutive year of outperformance against the MSCI UK Quarterly Property Index. This is the fifth consecutive year of EPRA earnings growth.

We have made further progress repositioning the portfolio, improved occupancy to 94% and reduced our office exposure by a fifth, with £51 million of disposals ahead of March 2024 values.

We commenced our share buyback programme in January, utilising proceeds from asset disposals to enhance earnings, alongside repaying debt, reducing financing costs and investing into the portfolio to improve our assets.

Our portfolio has significant reversionary potential of £7.5 million, 16% above the March 2025 contracted rent.

We have invested £11.8 million into the portfolio upgrading our assets. We have completed ten decarbonisation projects converting from gas to electric and improved our EPC ratings A-C (83%).