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Share Price      Full Details >
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
Operating highlights
 
31 March 2022 31 March 2021
Average NIY on acquisitions to date 5.5% 5.7%
Average geared IRR on disposals to date 24% pa 23% pa
Rents containing index-linked/fixed uplifts 96% 96%
Rents containing minimum uplifts 76% 69%
Average minimum uplift 2% pa 2% pa
WAULT to first break 21-years 21-years
EPC A or B on forward fundings 99% 98%
Triple-net leases 100% 100%
Portfolio let or pre-let 100% 100%
Property sectors 11 8
Separate tenants >70 >50
  • Average net initial yield (“NIY”) on acquisitions to date of 5.5% net of purchase costs (31 March 2021: 5.7%) with significant compression to valuation at 31 March 2022, reflecting a 4.5% NIY (31 March 2021: 4.9%)
  • 65 separate properties acquired during the year, including acquisitions that had exchanged but not completed at the reporting date, with the proceeds from two equity raises, for a combined purchase price of £558.2m (including forward funded commitments) at an accretive average NIY of 5.2%
  • Disposals to date generated a weighted average geared internal rate of return (“IRR”) of 24% pa (31 March 2021: 23% pa), well ahead of our 8+% medium-term target3
  • Two separate disposals during the year, generating an average geared IRR on disposal of 24% pa to date
  • The portfolio now comprises 193 separate properties and is spread across 11 subsectors, having entered two new subsectors during the year in education and life sciences and splitting out garden centres into a separate sector (on which more detail is given in the Investment Advisor’s report)
  • 96% of contracted rents contain upward only index-linked rent reviews or fixed uplifts (31 March 2021: 96%)
  • 76% of contracted rent reviews contain either a collared or fixed uplift (31 March 2021: 69%), averaging 2% pa (31 March 2021: 2% pa), an effective income growth hedge in a lower inflationary environment
  • Portfolio weighted average unexpired lease term (“WAULT”) of 21-years (31 March 2021: 21-years) to first break option
  • Of the assets that the Group has forward funded to date, 99% have achieved an EPC rating or A or B (31 March 2021: 98%)
  • Portfolio 100% let, or pre-let, to a diverse range of over 70 separate tenants, on full repairing and insuring (“FRI”) leases (31 March 2021: 100%), avoiding exposure to void periods, cost leakage and capex requirements
  • During the 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
  • The Board announced a target annual dividend of 6.3p per share for the financial year commenced 1 April 2022, to be paid in four equal quarterly instalments3. This represents a 5% increase over the 6.0p per share dividend target for the year ending 31 March 2022
  • Stephen Hubbard, Non-Executive Chairman of the Company, and Colin Smith OBE, Non-Executive Director and Senior Independent Director of the Company, stepped down from the Board on 11 March 2022. The Board appointed three new members on 13 January 2022: Cyrus Ardalan as Non-Executive Chairman, Hugh Seaborn as Non-Executive Senior Independent Director and Ismat Levin as Non-Executive Director
Post year end highlights
Dividends
  • The Board proposed and approved a dividend of 1.5p per share for the quarter ended 31 March 2022, meeting the Group’s dividend target for the year ending 31 March 2022
Acquisitions and disposals
  • The Group completed on an Asda foodstore in Halesowen, Birmingham with a 22-year unexpired lease term and five yearly fixed uplifts of 3% per annum compounded. The asset exchanged pre-year end and completed in May 2022
  • The Group exchanged contracts to forward fund an M&S grocery store in Scotland, with a total funding commitment of £5.7m
  • Further details of the acquisitions and disposals during and since the year end are included in the Investment Advisor’s report
Recommended share & cash offer for Secure Income REIT plc
  • On 11 May 2022, the Company announced the terms of a proposed merger with Secure Income REIT plc. The merger remains conditional on, inter alia, shareholders voting to approve the transaction as outlined in the Company’s circular to shareholders posted on 1 June 2022 with the vote expected to be held at a general meeting of shareholders on 22 June 2022
Previous Financial Reports and Presentations
Date
Financial Reports and Presentations
31 March 2022
Annual report 31 March 2022
31 March 2022
Annual results presentation 31 March 2022
31 March 2022
Preliminary results announcement 31 March 2022
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 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