Financial highlights
Year ended 31 March 2019 Period ended 31 March 2018 1
Total NAV return 2 12.13% 11.91%
Total shareholder return 2 30.68% 2.45%
NAV (and EPRA NAV) per share 2 114.60 pence 107.67 pence +6.44%
Dividend per share 5.50 pence 4.00 pence +37.50%
Dividend target 2019/20 3 (2018/19) 5.75 pence 5.50 pence +4.55%
Adjusted earnings per share 2 6.11 pence 5.05 pence +20.99%
EPRA earnings per share 2 5.55 pence 4.20 pence +32.14%
Operating profit £37.3 million £22.07 million +69.01%
Portfolio valuation 4 £589.5 million £278.92 million +111.35%
Loan to value 29% 30%
Average fixed cost of debt 2.94% 2.90%
Operational highlights
Year ended 31 March 2019 Period ended 31 March 2018 1
Average acquisition NIY to date 5.80% 6.03%
Rents containing index-linked or fixed uplifts 96% 96%
WAULT to first break (years) 22 24
Portfolio let or pre-let 100% 100%
Average geared IRR p.a. on disposals to date 32% -
Property sectors 9 9
Separate tenants 38 25
Acquisitions to date made ‘off market’ 83% 84%
Average debt maturity (years) 12 11

1 The comparative information in this report is for the period from incorporation on 21 December 2016 to 31 March 2018 with operating activity commencing at IPO on 27 February 2017

2 Further details on Alternative Performance Measures can be found in the Chairman’s Statement and definitions given in the Key performance indicators and the EPRA performance measures sections or otherwise included in the Glossary included in the Additional Information in the Company’s March 2019 Annual Report

3 These are targets and not a profit forecast and there can be no assurances that they will be met

4 The independent valuation includes forward funded commitments outstanding and properties that had exchanged but not completed at the year end date. A reconciliation to the IFRS fair value as per the consolidated statement of financial position is included in Note 9 to the consolidated financial statements in the Company’s March 2019 Annual Report