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Inflation-protected, sustainable income and capital growth underpinned by a secure, resilient and diversified portfolio of predominantly UK commercial property assets let or pre-let on very long-term, inflation-linked leases, to a wide range of strong tenant covenants across a diverse range of robust property sectors.

Continuing to invest to further grow and diversify the portfolio with secure commercial property assets predominantly in the UK, let on long (typically 20 to 30 years to first break), inflation-protected leases to institutional-quality tenants across a diverse range of structurally supported property sub-sectors

Focus on forward fundings and sale & lease backs, structurally supported sub-sectors and strong underlying property fundamentals.

Low starting rents, embedded indexed uplifts, capital recycling and asset management allowing passing rents to remain in line with ERVs across the portfolio despite rates of inflation.

Inflation protected income to support progressive dividend growth through upward only, index linked rent reviews.

LATEST NEWS

EXCHANGE OF CONTRACTS ON SALE OF TRAVELODGE HOTELS

08 January 2024

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SOLAR ARRAY TO BE ADDED TO ASSET-ROLL-OUT PROG.

11 December 2023

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DIVIDEND DECLARATION

30 November 2023

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The Company, a real estate investment trust ("REIT"), is listed on the premium listing segment of the Official List of the Financial Conduct Authority, and was admitted to trading on the main market for listed securities of the London Stock Exchange in February 2017. 

The Company is a constituent of the FTSE 250, EPRA/NAREIT and MSCI indices. 

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Highlights from the Company’s Interim Results 30 September 2023

Earnings driven by rental growth and sector leading low cost ratios, supporting progressive dividend
  • EPRA earnings per share (“EPS”) up 12.1% to 4.07p (30 September 2022: 3.63p), and Adjusted cash EPS up 12.7% to 3.44p for the period (30 September 2022: 3.06p), driven by sustainable growth from index linked or fixed rental growth and low cost ratios, underpinning the Company’s progressive dividend policy
  • Contracted annual rental income of £204.2m at 30 September 2023, up from £202.2m at 31 March 2023 as a result of 84 rent reviews, equating to 49% of contracted rent, with an average increase of 3.6%pa in the period, coupled with strong rent collection in the period of 100%. A further 65 rent reviews will take place in the second half of the year, reflecting 12% of current contracted rent
  • Sector leading EPRA cost ratio of 7.1% (30 September 2022: 12.6%) and total expense ratio of 0.6% (30 September 2022: 0.9%), underpinned by our dynamic management fee structure
  • Dividend per share of 3.30p in respect of the period (30 September 2022: 3.15p per share), representing 5% growth on the prior period
Resilient performance from UK’s leading sector diversified long income real estate portfolio
  • Portfolio independently valued at £3,191.4m (31 March 2023: £3,356.3m), reflecting a like for like change of (4.1)%. The movement reflects an outward yield shift of 30 bps to 5.7% at 30 September 2023 (31 March 2023: 5.4%), offset by rental growth of 1.9%
  • EPRA NTA (ex-dividend)2 per share of 112.4p (31 March 2023: 121.1p), reflecting a fall of 7.1%, primarily driven by yield expansion across certain property sectors in response to wider economic conditions
  • The Group owns an inflation linked portfolio of 348 properties that are 100% let with an aggregate valuation of £3.2bn at 30 September 2023, contracted annual rental income of £204.2m and a WAULT to first break or expiry of 26 years
  • Assets are diversified across a broad range of resilient sub-sectors with high barriers to entry, strong underlying property fundamentals and low starting rents, and are let on very long-term leases and FRI terms to tenant counterparties that have a proven track record of strong performance across previous challenging economic cycles
  • Properties are strategically important to the operations of our diverse range of institutional-quality tenants, underpinning the longevity and security of the Group’s income streams
  • Shareholders continue to benefit from the certainty provided by the Group’s fully let, highly diversified, triple-net portfolio of secure real estate assets, sctor leading low expense ratios and a conservative, 100% fixed or capped4 debt position
Further strengthening of balance sheet
  • Pro forma net loan to value (“LTV”)3 ratio of 38% (31 March 2023: 37%), with headroom to our medium-term borrowing policy cap of 40% and comfortable covenant headroom on the financial covenants within the loan facilities
  • During the period, the Company completed a significant refinancing programme comprising:
    -        A new £565m three and five-year term loan and five-year revolving credit facility, and
    -        A new £148m 16-year debt facility
  • Assets are diversified across a broad range of resilient sub-sectors with high barriers to entry, strong underlying property fundamentals and low starting rents, and are let on very long-term leases and FRI terms to tenant counterparties that have a proven track record of strong performance across previous challenging economic cycles
Delivering on our Environmental, Social and Governance (“ESG”) strategy and ambitions
  • Over the last 12-18 months, the Company has progressed from an ambition to develop a Net Zero plan for the portfolio to publishing our roadmap and embarking on its delivery
  • This aligns with our overall objective to add value through asset management opportunities across existing properties as our occupiers continue to seek further investment into their leased sites in line with their own Net Zero targets. We work collaboratively with our tenants to reach these shared goals and monitor our progress carefully against our peer group
  • Improving the quality and transparency of our ESG reporting to investors and other stakeholders has been a top priority over the last 12-18 months. This commitment to ESG reflects our wider commitment to good stewardship, as we pledge to transition to a fully environmentally sustainable business and deliver value to society beyond purely financial returns
1 The portfolio valuation includes forward funding commitments and assets held for sale. A reconciliation between portfolio value and investment property at fair value and IFRS is included in Note 9 to the condensed consolidated financial statements
2 The EPRA NTA per share (ex-dividend) is stated after deducting the dividend of 1.65p per share in respect of the quarter ended 30 June 2023, that went ex-dividend on 14 September 2023 and was paid on 13 October 2022
3 Pro forma net LTV is stated after adjusting the value of investment properties (the denominator) for property transactions that have exchanged but not completed and for costs to complete forward funded assets and net debt (the numerator) for property transactions that have exchanged but not completed plus associated transaction costs and for costs to complete forward funded assets
4 87% of total committed debt at 30 September 2023 is hedged or fixed to full term maturity