Financial Review 2022

Financial Highlights 2022

Profit after tax of £147 million, the highest profit recorded since launch in 2005
Net assets of £657 million, or 120p per share, an increase of 24.4% (2021: £528 million or 97p per share)
Earnings per share of 27.0p (2021: 6.2p)
Total return of 28.3% (2021: 6.6%)
Increased dividends paid of £18.4 million with dividend cover of 115%
Loan to value ratio maintained at 21% with significant headroom against loan covenants
Refinanced existing debt facility increasing borrowings by £49 million while reducing the cost of debt and extending the term

Significant valuation gains with like-for-like valuation increase of 21%
Total property return of 24.3%, outperforming MSCI UK Quarterly Property Index of 19.6%
Outperformed MSCI UK Quarterly Property Index for the ninth consecutive year
Upper quartile outperformance against MSCI over three, five and ten years, and since inception
Well positioned portfolio comprising Industrial 60%, Office 30%, Retail and Leisure 10%
Like-for-like increase in passing rent of 2.1%
Like-for-like estimated rental value increase of 5.4%
Selective investment activity:
- Two industrial assets acquired for 25.0 million
- One retail asset disposal for 0.7 million, 16% ahead of March 2021 valuation
Rent collection back to pre-pandemic levels

Increased occupancy to 93% (2021: 91%)
76 asset management transactions completed including:
- 34 lettings or agreements to lease, 8% ahead of ERV
- 21 lease renewals or regears, 3% ahead of ERV
- 12 rent reviews, 7% ahead of ERV
- 9 other asset management transactions
£10 million invested into asset refurbishment, upgrades and repositioning projects

Improved EPC ratings with 71% rated A-C (2021: 64% rated A-C)
Pathway to net zero carbon published:
- Target date of 2040
- Includes both operational and embodied emissions
Signatory to Better Buildings Partnership Climate Commitment