In this video, CEO Andrew Jones looks at the highlights of the full-year results to 31 March 2021.
Key points include:
• A strong set of numbers. Rental income increased by 6% and EPRA earnings increased by 15%. This resulted in EPRA earnings per share of 9.52p and another progression in the dividend to 8.65p, an increase of 4.2%.
• Revaluation of the portfolio saw a 12% increase in NAV per share to 190.3p. This reflected rental growth and yield compression, particularly in the logistics portfolio and more particularly urban logistics (the company’s strongest conviction call).
• Despite three lockdowns, an active year of asset management delivered £5.3m in extra income. This highlights the enduring strength of assets owned.
• Investment activity saw £400m of transactions (buying and selling), aligning the portfolio with the winning sectors and the strongest assets.
• The company refinanced £780m of debt, increasing maturity by four years and reducing average cost from 2.9% to 2.5%.
• Confidence for the coming 12 months is high. The company announced a 4.8% increase in the Q1 dividend, reflecting how it sees the portfolio performing, with a strong reopening of the UK economy and good demand for the company’s assets.