Results centre

5 August 2021

Our H1 2021 Results

Excellent performance
Strategic progress
Positive outlook

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.

Financial Results archive

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Title	Statement	Presentation	Webcast	Transcript	Report	Factsheet
2020 Full Year Financial Results
2020 Half Year Financial Results

Title	Statement	Presentation	Webcast	Transcript	Report	Factsheet
2019 Full Year Financial Results
2019 Half Year Financial Results

Title	Statement	Presentation	Webcast	Transcript	Report	Factsheet
2018 Half Year Results
2018 Full Year Results

Title	Statement	Presentation	Webcast	Transcript	Report	Factsheet
2017 Half Year Results
2017 Full Year Results

Title	Statement	Presentation	Webcast	Transcript	Report	Factsheet
2016 Half Year Results
2016 Full Year Results

Title	Statement	Presentation	Webcast	Transcript	Report	Factsheet
2015 Half Year Results
2015 Full Year Results

Title	Statement	Presentation	Webcast	Transcript	Report	Factsheet
2014 Half Year Results
2014 Full Year Results

2021 Half Year Results

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

Highlights

2021 Financial Results

Financial Results archive