Financial highlights
Half-year ended 30 September 2019 Half-year ended 30 September 2018
EPRA NAV 119.56 pence 113.00 pence
EPRA NAV growth 4.33% 4.95%
Total NAV return 1 6.78% 8.08%
Operating profit £36.17 million £18.39 million
Earnings per share 7.52 pence 8.70 pence
Dividend per share 1 2.875 pence 2.75 pence
Adjusted earnings per share 1 2.93 pence 3.24 pence
Portfolio valuation 1,2 £838.46 million £318.79 million
Loan to value ratio 20% 29%
Average fixed cost of debt 3 2.94% 2.90%
Gross equity raised £200.00 million
Operational highlights
Reporting date 30th September 2019
Average acquisition NIY 5.80% 5.98%
Rents containing index-linked/fixed uplifts 96% 97%
WAULT to first break 22 years 23 years
Portfolio let or pre-let 100% 100%
Property sectors 9 9
Separate tenants 50 29

1 Further detail on Alternative Performance Measures can be found in the Chairman’s Statement and definitions given in the Key performance indicators andthe EPRA performance measures sections or otherwise included in the Glossary included in the Additional Information of the Company’s Annual Report,which is published on the Company’s website at

2 The independent valuation includes forward funded commitments outstanding and properties that had exchanged but not completed at the half-year enddate. A reconciliation to the IFRS fair value as per the condensed consolidated statement of financial position is included in Note 8 to the condensedconsolidated financial statements

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