Financial highlights: As at 31 March 2018
11.91%
TOTAL
RETURN
Incorporating NAV growth and dividends paid, 49% above 8%+ target
107.67p
EPRA NAV
PER SHARE
Increase of 9.87% from 98p at IPO
5.50p*
DIVIDEND TARGET
2018/19
Increase of 10% from IPO target
4.00p
DIVIDEND FOR
2017/18
Increase of 33.3% from IPO target
5.12p
ADJUSTED
EPS
4.20p EPRA EPS, both fully cover the 4.00p dividend
1.14%
TOTAL EXPENSE
RATIO
Supporting shareholder returns
£278.9m
PORTFOLIO
VALUATION
9.18% increase against acquisition costs of £255.4m
£138.2m
FUNDS RAISED
AT IPO
February 2017
£60.2m
FUNDS RAISED AT
SECONDARY ISSUE
October 2017
30%
LTV
Comfortably below 35% medium term maximum
11.3
AVERAGE YEARS
DEBT MATURITY
Fixed low debt cost provides good visibility on dividend growth
2.90%
AVERAGE FIXED
DEBT COST PA
313 bps below average acquisition yield
Operational highlights: As at 31 March 2018
6.03%
AVERAGE
ACQUISITION NIY
Against average valuation yield of 5.37%
24.4
YEAR WAULT
TO FIRST BREAK
Long leases yielding secure and predictable income
96%
INDEX-LINKED/
FIXED UPLIFTS
Contracted rental income with embedded growth potential
£16.98m
TOTAL CONTRACTED
RENT ROLL
100%
OCCUPANCY
Fully let or pre let to financially strong tenants
9
PROPERTY
SECTORS
Assets are broadly diversified across defensive and robust sectors
25
STRONG
TENANTS
Yielding diversified income
and secure returns
84%
ACQUISITIONS
OFF MARKET
Reducing acquisition prices and providing value growth on purchase
*This is a target only and not a profit forecast and there can be no assurance that it will be met.