Financial Highlights 2024
| 2024 | 2023 | 2022 |
| EPRA earnings | £22m | £21m | £21m |
| EPRA earnings per share | 4.0p | 3.9p | 3.9p |
| Net assets | £524m | £548m | £657m |
| Dividends paid per share | 3.5p | 3.5p | 3.4p |
| Dividend cover | 114% | 112% | 115% |
| Property valuation | £745m | £766m | £849m |
Robust financial performance
- EPRA earnings of £22 million
- Net assets of £524 million, or 96p per share
- Dividends paid of £19 million, 4% higher than preceding year
- Dividend cover of 114%
Outperforming property portfolio with improving income and reversionary potential
- Continued MSCI outperformance for 11 consecutive years with a total property return of 1.6% for the year
- Delivered upper quartile outperformance against the MSCI UK Quarterly Property Index over three, five and ten years, and since launch in 2005
- Repositioned portfolio to reduce office exposure with two office assets held for sale at year end
- Capturing rental growth through:
- 26 lettings, 3% ahead of March 2023 ERV
- 31 lease renewals or regears, 2% ahead of March 2023 ERV
- 13 rent reviews, 2% ahead of March 2023 ERV
- Rent collection over 99% for the year
- Stable occupancy of 91%
- Portfolio with significant reversionary potential of £12.8 million, 29% above the March 2024 passing rent
Valuable long-term debt structure
- Loan to value of 28%
- Weighted average interest rate of 3.9%
- 93% of drawn borrowings fixed with 2031/32 maturities
- EPRA NDV of 101 pence per share reflecting fair value of debt
Continued sustainability progress towards net zero targets
- Improvement in portfolio EPC ratings, with 80% now rated A-C (2023:76%)
- Reduction in Scope 1 and 2 emissions by 16% compared to the 2019 baseline
- £4.5 million invested into upgrading over 20 assets
- 99% of leases completed during the year contained green clauses
- Increase in solar capacity of 184% compared to 2023
