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5 August 2021
Our H1 2021 Results

Excellent performance
Strategic progress
Positive outlook

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2021 Half Year Results 

Excellent first half performance – continued strategic progress – positive outlook reaffirmed

““We are benefitting from implementing a strategy that anticipated long-term and accelerating structural changes, particularly the growth in e-commerce. The strategic decision we took in 2019 to increase our development capabilities is paying off, providing us with a significant opportunity to capture unprecedented levels of demand and deliver attractive total returns to shareholders. This will provide new product to complement our high-quality investment portfolio and together with a strong balance sheet, we are well placed to take advantage of the very favourable market conditions.”

Aubrey Adams, Chairman

Highlights

  30 June 2021 30 June 2020 % change
Operating profit (1) £84.1m £70.6m +19.1%
Adjusted earnings per share (2) 4.03p 3.26p +23.6%
Dividend per share (DPS) 3.20p 3.13p +2.4%
Dividend pay-out ratio 79% 96%  
Dividend pay-out ratio (3) 
(ex. additional development management income) 
87% 96%  
Total Accounting Return 12.5% 4.2% +8.3pts
IFRS earnings per share 21.96p 6.04p +263.6%
EPRA cost ratio (incl.vacancy cost) 14.1% 14.1%              -
       
   30 June 2021 31 Dec 2020  
EPRA Net Tangible Assets/share 194.22p 175.61p +10.6%
Portfolio value (4) £4.89bn £4.41bn +10.9%
Contracted annual rent roll £189.0m £180.6m +4.7%
WAULT 13.4yrs 13.8yrs  -0.4 yrs
Loan to value (LTV) 30.3% 30.0% +0.3 pts
IFRS net asset value per share 188.57p 169.92p +11.0%

Notes
1. Operating profit before changes in fair value and other adjustments.
2. See Note 6 to the financial statements for reconciliation.
3. The anticipated run rate for development management income is £3.0 – 5.0 million per annum over the medium term. Adjusted EPS becomes 3.69p when excluding development management income above this anticipated run rate. £3.0 million of development management income is included in the 3.69p Adjusted earnings per share in H1 2021 (H1 2020 £3.0 million included in 3.26p Adjusted earnings per share).
4. The Portfolio Value includes the Group's standing assets as well as capital commitments on forward funded developments, land assets held at cost, the Group’s share of joint venture assets and other property assets.

2021 Financial Results

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2021 Half Year Financial Results

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