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Our objective is to deliver attractive and risk appropriate returns to Shareholders, by executing the Group’s investment policy and operational strategy.

Set out below are the key performance indicators we use to track our progress. For a more detailed explanation of performance, please see our Annual Report.

Total Accounting Return

Total Accounting Return (TAR) calculates the change in the EPRA net tangible assets (EPRA NTA) over the period plus dividends paid. It measures the ultimate outcome of our strategy, which is to deliver value to our shareholders through our portfolio and to deliver a secure and growing income stream.


The dividend reflects our ability to deliver a low-risk but growing income stream from our portfolio and is a key element of our Total Accounting Return. Our ambition is to deliver a fully covered and progressive dividend.

EPRA NTA per share

EPRA Net Tangible Assets (NTA) reflects our ability to grow the portfolio and to add value to it throughout the lifecycle of our assets.

EPRA NTA is calculated in accordance with the Best Practices Recommendations of the European Public Real Estate Association (EPRA). We use these alternative metrics as they provide a transparent and consistent basis to enable comparison between European property companies.

Loan to value ratio

Loan to Value ratio (LTV) measures the prudence of our financing strategy, balancing the potential amplification of returns and portfolio diversification that come with using debt against the need to successfully manage risk.

Adjusted earnings per share

Adjusted EPS reflects our ability to generate earnings from our portfolio, which ultimately underpins our dividend payments.

Weighted Average Unexpired Lease Term

The Weighted Average Unexpired Lease Term (WAULT) is a key measure of the quality of our portfolio. Long lease terms underpin the security of our income stream.

Global Real Estate Sustainability Benchmark score

The Global Real Estate Sustainability Benchmark (“GRESB”) score reflects the sustainability of our assets and how well we are managing ESG risks and opportunities. Sustainable assets protect us against climate change and help our customers to operate efficiently.

We were also awarded 99/100 and 5 Green Star rating for developments for 2023 and the GRESB 2023 Regional Listed Sector Leader and Regional Sector Leader for Europe, and Global Listed Sector Leader and Global Sector Leader, all for the Industrial sector.

Total Expense Ratio

This is a key measure of our operational performance. Keeping costs low supports our ambition to maximise returns for shareholders.