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Financial highlights
 
Alternative performance measures 31 March 2022 31 March 2021 Change
Total NAV return 18.2% 5.6% +12.6pts
EPRA NTA per share 142.6p 125.7p +13.4%
Total shareholder return 23.3% 21.7% +1.6pts
Portfolio value 1 £1,544.4m £938.4m +64.6%
Loan to value 22% 23% -1pt.
Adjusted EPS 7.0p 7.5p -6.7%
Dividend per share 6.0p 5.55p +8.1%
Total expense ratio 1.0% 0.9% +10bps
IFRS performance measures 31 March 2022 31 March 2021 Change
Rental income £58.5m £42.8m +36.7%
Operating profit before fair value changes 2 £49.2m £36.9m +33.3%
Equity raised in the year £354m £125m +183.2%
Earnings per share 22.8p 7.6p +200.0%
Investment property at fair value £1,499.1m £887.5m +68.9%
Total assets £1,592.9m £990.1m +60.9%
Net assets £1,300.7m £781.4m +66.5%
NAV per share 142.7p 125.7p +13.5%
  • EPRA net tangible assets (“NTA”) per share of 142.6p (up 13.4% on prior year), with growth predominantly driven by like for like portfolio value growth in the year and the value achieved at purchase on new acquisitions
  • Total NAV return of 18.2% comprising NAV growth and dividends paid during the year. Since IPO, the Group has delivered an annualised total NAV return of 11.2% pa, well ahead of our 8%+ medium-term target3
  • Portfolio independently valued at £1,544.4m reflecting like for like growth of 10.5% in the year. The growth was broadly spread across sub-sectors as follows, with detail of the key drivers given in the Investment Advisor’s report:
  • • Foodstores and essentials like for like growth of +10.2%
    • Industrial assets like for like growth of +18.5%
    • Hotels like for like growth of +4.3%
    • Healthcare like for like growth of +4.2%  
    • Car parks like for like growth of +3.4%  
    • Drive-thru coffee like for like growth of +9.2%  
    • Pubs like for like growth of +10.4%
    • Garden centres like for like change of +9.9%
  • Loan to value (“LTV”) ratio of 22% with significant headroom to our medium-term borrowing policy cap of 35% and banking covenant of 50%
  • Adjusted EPS of 7.0p (31 March 2021: 7.5p), down slightly on the prior year as a result of the significant increase in scale of the Group’s capital base during the year, but still representing 1.17x dividend cover
  • Dividends paid and declared in respect of the year total 6p per share (31 March 2021: 5.55p), up 8.1% on the prior year
  • Gross equity proceeds raised of £354m in the year and fully deployed into a pre-identified pipeline of accretive assets that further strengthened the Group’s portfolio
1 Includes forward funding commitments
2 Operating profit before change in fair value and gain on disposal of investment property
‍3These are targets and not profit forecasts