Financial Review 2021

Financial Highlights 2021

Resilient financial performance

• Profit after tax of £33.8 million, an increase of over 50% on the prior year results
• Net assets of £528 million, or 97p per share, an increase of 3.7%
• Earnings per share of 6.2p
• Total return of 6.6%
• Received 92% of rental income over the financial year, with a further 1% deferred
• Combined reduction of 6% in property, operating and finance costs over the year
• Total dividends paid of £15.0 million with dividend cover of 134%
• Loan to value ratio reduced to 21% with significant headroom against loan covenants
• New £50 million revolving credit facility completed

Outperforming property portfolio

• Total property return of 7.3%, outperforming MSCI UK Quarterly Property Index of 1.2%
• Outperformance against MSCI over one, three, five and ten years and since inception
• Well positioned portfolio comprising Industrial 53%, Office 36%, Retail and Leisure 11%
• Like-for-like valuation increase of 3.2%
• Like-for-like increase in passing rent of 1.9%
• Like-for-like estimated rental value increase of 1.1%
• One retail asset disposal for £4.0 million, 30% ahead of March 2020 valuation

Improving occupancy through asset management

• Increased occupancy to 91%
• Occupier retention of 88%
• 90 asset management transactions completed including:
  • 17 rent reviews, 7% ahead of ERV
  • 30 lease renewals or regears, 10% ahead of ERV
  • 25 lettings or agreements to lease, 3% ahead of ERV
• £5 million invested into asset refurbishment & repositioning projects

Supporting our stakeholders

• Provided assistance to over 90 occupiers during the Covid-19 pandemic
• Increased dividends twice during the year, with payments almost back to pre-pandemic levels
• Reduction in property running costs to assist our occupiers
• Improvement in annual GRESB score achieving two Green star status
• Pathway to net zero carbon to be in place by March 2022