|
Financials |
31 March 2017 |
31 March 2016 |
|
Net rental income (£m)1 |
81.8 |
77.7 |
|
EPRA Earnings (£m) |
51.0 |
48.5 |
|
EPRA EPS (p) |
8.2 |
7.8 |
|
Dividend per share (p) |
7.50 |
7.25 |
|
Reported Profit (£m) |
63.0 |
82.7 |
|
EPRA NAV per share (p) |
149.8 |
147.7 |
|
LTV (%)1 |
30 |
38 |
|
1 Including share of Joint Ventures. Further details on Alternative Performance Measures and the presentation of financial information can be found in the Finance Review |
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EPRA earnings of £51m or 8.2p per share, up 5%
· Net rental income up 5% to £82m
· £21m revaluation surplus contributed to a reported profit of £63m
Dividend increased 3% to 7.5p for year, 109% dividend cover in year
· Fourth quarterly interim dividend declared today of 2.1p with scrip alternative
EPRA NAV of 149.8p (FY 16: 147.7p)
· Portfolio revaluation surplus1 of £44m in second half resulted in a gain of £21m for the year (FY 16: £50m)
· Portfolio valued at £1,534m, topped up NIY of 5.4%
· Total Property Return of 7.4% compared to IPD of 4.6%, 280 bps outperformance
Distribution weighting up to 64% following post period end activity, retail parks down to 13%
· £148m of retail, leisure and residential assets sold, with a further £42m sold PPE
· £107m of distribution investments and, as announced today, a further £24m acquired PPE
· Urban logistics portfolio of 26 assets as at today, valued at £185m with strong terminal values
Strong income growth across the portfolio
· £5.8m pa of additional income from 33 lettings at an average WAULT of 18.2 years
· £1.3m pa of additional income from 36 rent reviews at 4.6% above passing, 4.3% above ERV
· Portfolio delivered 4.6% like for like income growth and 3.8% ERV growth, 5.6% on distribution
Short cycle development activity creating future long income and capital growth
· 1.1m sq ft delivered at yield on cost of 6.5%, adding £7.9m pa of additional income
· 0.7m sq ft under construction at yield on cost of 6.3%, adding £4.9m pa of additional income
Portfolio metrics reflect income longevity, contractual uplifts and occupier contentment
· Occupancy of 99.6%, WAULT of 12.8 years and only 1% of income expiring within 3 years
· 28% of rental income is inflation linked and 24% subject to fixed uplifts
Finances strengthened and diversified by private debt placement and equity placing
· Undrawn facilities of £300m and LTV at 30% (FY 16: 38%)
· Debt maturity of 5.2 years, average cost of debt at 3.5% with marginal cost at 1.5%
· £95m of placing proceeds now fully allocated