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Financial highlights
 
Alternative performance measures 31 March 2021 31 March 2020 Change (like for like)
EPRA NTA 125.7p 124.3p +1.1%
Total NAV return 5.6% 13.4%
Total shareholder return 21.7% (6.2)%
Portfolio valuation 1 £938.4m £914.0m +0.2%
Loan to value 23% 20%
Adjusted EPS 7.5p 6.3p +18.3%
Dividend per share 5.55p 5.75p -3.5%
Total expense ratio 0.9% 1.1% -20bps
IFRS performance measures 31 March 2021 31 March 2020 Change
Rental income £42.8m £38.5m +11.2%
Operating profit before fair value changes 2 £36.9m £31.9m +15.7%
EPS 7.6p 15.2p -50.0%
Total assets £990.1m £833.7m +18.8%
Net assets £781.4m £648.0m +20.6%
NAV per share 125.7p 124.3p +1.1%
  • EPRA net tangible assets (“NTA”) and net asset value (“NAV”) per share under IFRS of 125.7p (up 1.1% on prior year), with growth predominantly driven by disposals ahead of book value and the like for like portfolio growth in the year
  • Total NAV return was 5.6% comprising NAV growth and dividends paid during the year. Average annual total NAV return is 10.1% pa in the four years since IPO, well ahead of our 8+% medium term target3
  • Portfolio independently valued at £938.4m. The growth in portfolio value demonstrates the defensive benefits of diversification, with individual sub sectors experiencing a range of performance:
  • • Foodstores and essentials showed positive like for like change of +10.0% during the year
    • Industrial assets showed positive like for like change of +11.0% during the year
    • Hotels showed negative like for like change of -12.4% during the year
    • Healthcare showed a positive like for like change of +6.3% during the year
    • Car parks (down 5.7%), Pubs (down 17.7%), Drive-thru coffee (up 0.9%)
  • Loan to value (“LTV”) ratio of 23% with significant headroom to our medium-term borrowing policy cap of 35% and banking covenant of 50%. Following the extension and full deployment of the RCF the LTV is expected to return to 30%
  • The dividends paid and proposed in respect of the year total 5.55p per share (31 March 2020: 5.75p) reflecting a 3.5% reduction on the previous annual rate, as a result of the impact of Covid-19 on the Group’s income
  • Dividends were fully covered by the Group’s Adjusted EPS of 7.5p (31 March 2020: 6.3p) and Adjusted cash EPS for the year of 5.5p (31 March 2020: 5.2p)
  • Gross equity proceeds raised of £125m via an oversubscribed equity raise. The proceeds of the raise have been deployed into a pre-identified pipeline of accretive assets that will further strengthen the Group’s portfolio
Operating highlights
 
Reporting date 31 March 2021 31 March 2020
Average NIY on acquisitions to date 5.70% 5.70% 5.80%
Average geared IRR on disposals to date 23% pa 23% pa 34% pa
Rents containing index-linked/fixed uplifts 95% 96% 96%
Rents containing minimum uplifts 67% 68% 61%
Average minimum uplift 2% pa 2% pa 2% pa
WAULT to first break 22-years 21-years 22-years
EPC A or B on forward fundings 98% 98% 100%
Triple-net leases 100% 100% 100%
Portfolio let or pre-let 100% 100% 100%
Property sectors 8 8 9
Separate tenants >50 >50 >50
  • Average net initial yield (“NIY”) on acquisitions to date of 5.7% net of purchase costs (31 March 2020: 5.8%) with significant compression to valuation at 31 March 2021, reflecting a 4.9% NIY (31 March 2020: 5.0%)
  • 18 assets acquired during the year at an average NIY of 5.6%, the vast majority in the foodstores and essentials sector
  • Disposals to date generated a weighted average geared internal rate of return (“IRR”) of 23% pa (31 March 2020: 34% pa), well ahead of our 8+% medium term target 3
  • Four separate disposals during the year, including two portfolio sales, generating an average geared IRR on disposal of 14% pa
  • 95% of contracted rents contain upward only index-linked rent reviews or fixed uplifts (31 March 2020: 96%)
  • 67% of contracted rent reviews contain either a collared or fixed uplift (31 March 2020: 61%), averaging 2% pa (31 March 2020: 2% pa), an effective income growth hedge in a lower inflationary environment
  • Portfolio weighted average unexpired lease term (“WAULT”) of 22-years (31 March 2020: 22-years) to first break
  • Of the assets that the Group has forward funded to date, 98% have achieved an EPC rating or A or B (31 March 2020: 100%)
  • Portfolio 100% let, or pre-let on full repairing and insuring (“FRI”) leases (31 March 2020: 100%) avoiding exposure to void periods, cost leakage and capex requirements
  • Portfolio diversified across eight property sectors and over 50 separate tenants (31 March 2020: nine sectors, over 50 tenants)
Post year end highlights
Dividends
  • The Board announced a target annual dividend of 6.0p per share for the financial year commenced 1 April 2021, to be paid in four equal quarterly instalments 3
  • The Board proposed and approved a dividend of 1.46p per share for the quarter ended 31 March 2021
Acquisitions
  • Since the year end the Group has acquired 18 assets fully deploying the net equity proceeds raised during the year at an average NIY of 5.3% including foodstores and essentials, industrial, garden centre and drive-thru coffee assets
  • Further details of the acquisitions and disposals during and since the year end are included in the Investment Advisor’s report
Debt extension
  • The Company has received credit approval from a new lender and Lloyds Bank plc (the existing lender) to increase the existing RCF by an additional £65m, along with an uncommitted £65m accordion on the same terms as the existing facility agreement. The new lender will enter into the existing facility agreement alongside Lloyds Bank plc, subject to completion of satisfactory due diligence which is expected to be finalised in the coming days
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
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 Includes forward funding commitments
2 Operating profit before change in fair value and gain on disposal of investment property
3 These are guidance levels or targets only and not a profit forecast and there can be no assurance that they will be met