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Financial highlights
Alternative performance measures Half-year to 30 September 2023 Half-year to 30 September 2022 Change
EPRA EPS 4.07p 3.63p 12.1%
Adjusted cash EPS 3.44p 3.06p 12.7%
Dividend per share 3.30p 3.15p 4.8%
EPRA cost ratio
(including and excluding
vacant property costs)
7.1% 12.6% -5.5pts
Total Expense Ratio (annualised) 0.6% 0.9% -0.3pts
Total accounting return -4.5% 0.1% -4.6pts
As at 30 September 2023 As at 31 March 2023 ChangeChange
Portfolio value 1 £3,191.4m £3.356.3m -4.1% LFL
EPRA NTA per share 114.1p 121.1p -5.8%
EPRA NTA per share (ex-dividend) 2 112.4p 121.1p -7.1%
Pro forma net LTV 3 38% 37% +1pts
IFRS performance measures Half-year to 30 September 2023 Half-year to 30 September 2022 Change
Net rental income £124.6m £75.5m 65.3%
Operating profit before fair value
£115.9m £66.0m 75.6%
Earnings per share -4.85p -2.27p -2.58p
As at 30 September 2023 As at 30 March 2023 ChangeChange
Investment property at fair value 1 £3,450.1m £3,601.9m -4.4%
Net assets £1,995.7m £2,108.1m -5.3%
NAV per share 116.4p 123.0p -5.4%
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
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