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Financial highlights
 
Alternative performance measures 30 September 2021 30 September 2020 Change (like for like)
Total NAV return 9.0% -0.6% +9.6pts
Dividend per share 3.00p 2.65p 13.2%
Adjusted EPS 3.5p 3.3p 6.1%
Total expense ratio (annualised) 1 1.0% 1.0% -
30 September 2021 31 March 2021 Change (like for like)
Portfolio value 2 £1,216.6m £938.4m 4.9%
EPRA NTA per share (ex dividend) 3 134.0p 125.7p 6.6%
Loan to value 25% 23% -
IFRS performance measures 30 September 2021 30 September 2020 Change
Rental income £25.4m £20.3m 25.1%
Operating profit before fair value changes £21.0m £17.6m 19.3%
IFRS EPS 11.3p -0.8p
30 September 2021 31 March 2020 Change
Investment property at fair value 2 £1,192.1m £887.5m 34.3%
Issue of ordinary shares in the period £104m -
Net assets £948.5m £781.4m 21.4%
NAV per share 135.5p 125.7p 7.8%
  • Total NAV return was 9.0% comprising NAV growth and dividends paid during the half-year. Since IPO, the Group has delivered an annualised total NAV return of 10.7% pa, well ahead of our 8%+ medium term target 4
  • Dividend per share in respect of the half-year totalled 3.0p per share (30 September 2020: 2.65p per share), which represents 13.2% growth on the half-year to September 2020
  • Adjusted EPS for the half-year was 3.5p (30 September 2020: 3.3p), which represents growth of 6.1% on the half-year to 30 September 2020, and a rate of 1.1X the dividend per share
  • Portfolio independently valued at £1,216.6m reflecting a six-month like for like uplift of 4.9% across the Group’s assets. 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 +5.3%    
    • Industrial assets like for like growth of +7.3% 
    • Hotels like for like growth of +2.0%
    • Healthcare like for like growth of +2.7%  
    • Car parks like for like growth of +3.0%  
    • Drive-thru coffee like for like growth of +2.3%  
    • Pubs like for like growth of +7.3%
    • Garden centres like for like change of +4.2%
  • EPRA net tangible assets (“NTA”) per share (ex dividend) 3 of 134.0p (31 March 2021: 125.7p), reflecting a half-year increase of 6.6%, predominantly driven by like for like portfolio growth
  • Loan to value (“LTV”) ratio of 25% (30 September 2020: 23%), with significant headroom to our medium-term borrowing policy cap of 35% and banking covenant of 50%
  • Gross equity proceeds raised of £104m via the placing programme in July 2021
Portfolio highlights
  • Acquired 44 separate properties during the half-year, for a combined purchase price of £248.6m (including forward funding commitments) and at an average NIY of 5.23%
  • Sold one property during the half-year generating a geared IRR on disposal of 26% pa and at a price reflecting an exit NIY of 3.85%
  • The portfolio now comprises 172 separate properties and is spread across 11 subsectors, having entered two new subsectors during the half-year in education and life sciences (on which more detail is given in the Investment Advisor’s report)
  • 96% of the contracted rents contain upward only index-linked rent reviews or fixed uplifts
  • During the half-year, the Board has enhanced its own overview process to further integrate ESG factors such as energy efficiency and the ESG credentials of the tenant/use of the asset for acquisitions
  • We are focussing on our reporting and the reduction of the portfolio’s carbon footprint and our Climate Risk Working Group is developing asset management initiatives and carefully evaluating our policy towards new acquisitions
  • Portfolio weighted average unexpired lease term (“WAULT”) of 23-years to first tenant break option
  • Portfolio 100% let, or pre-let, to a diverse range of almost 70 separate tenants, on full repairing and insuring (“FRI”) leases (31 March 2021: 100%), avoiding exposure to void periods, cost leakage and capex requirements
Post period end highlights
Dividends
  • The Board proposed and approved a dividend of 1.5p per share for the quarter ended 30 September 2021
Acquisitions and disposals
  • The Group exchanged contracts to forward fund a Lidl grocery store and Lock n’ Store self-storage unit anchored scheme in Basildon, Essex, with a total funding commitment of £19.5m, reflecting a 5.1% NIY
  • The Group sold the parade of shops that was originally acquired ancillary to the Co-op portfolio purchased in 2020, generating proceeds of £0.6m, reflecting a £0.3m uplift on acquisition price
Debt
  • The Group has full credit approval and is in the documentation stage to extend its revolving credit facility by an additional £65m commitment from Barclays Bank
Previous Financial Reports and Presentations
Date
Financial Reports and Presentations
31 March 2021
Annual report 31 March 2021
31 March 2021
Preliminary results announcement 31 March 2021
31 March 2021
Annual results presentation 31 March 2021
30 September 2021
Interim report 30 September 2021
30 September 2021
Interim results  30 September 2021 RNS
30 September 2021
Interim results presentation 30 September 2021
Date
Financial Reports and Presentations
31 March 2020
Annual report 31 March 2020
31 March 2020
Preliminary results announcement 31 March 2020
31 March 2020
Annual results presentation 31 March 2020
30 September 2020
Interim report 30 September 2020
30 September 2020
Preliminary interim results announcement 30 September 2020
30 September 2020
Interim results presentation 30 September 2020
Date
Financial Reports and Presentations
31 March 2019
Annual report 31 March 2019
31 March 2019
Preliminary results announcement 31 March 2019
31 March 2019
Annual results presentation 31 March 2019
30 September 2019
Interim report 30 September 2019
30 September 2019
Preliminary interim results announcement 30 September 2019
30 September 2019
Interim results presentation 30 September 2019
Date
Financial Reports and Presentations
31 March 2018
Annual report 31 March 2018
31 March 2018
Preliminary results announcement 31 March 2018
31 March 2018
Annual results presentation 31 March 2018
30 September 2018
Interim report 30 September 2018
30 September 2018
Preliminary interim results announcement 30 September 2018
30 September 2018
Interim results presentation 30 September 2018
Date
Financial Reports and Presentations
30 September 2017
Interim report 30 September 2017
30 September 2017
Preliminary interim results announcement 30 September 2017

1 The annualised total expense ratio is calculated by multiplying the half-year operating costs under IFRS, presented as a percentage of the Group’s weighted average NAV over the six-month period.
2 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.
3 The EPRA NTA per share (ex dividend) is stated after deducting the dividend of 1.5p per share in respect of the quarter ended 30 June 2021, that went ex dividend on 30 September 2021 and was paid on 29 October 2021.
4 These are targets and not profit forecasts.