Latest Results

OPERATIONAL HIGHLIGHTS

• Like-for-like growth in the total portfolio valuation was 3.5% for the six-month period, of which the MLI portfolio was 2.5%.
• Completed 90 new lettings/lease renewals in the MLI portfolio for an average 4.36 years at an average rent which was 19.7% above the passing rent previously payable on those units.
• 52% of net rental income was derived from the MLI portfolio compared to 32% in the same period last year.
• Eight MLI estates acquired for an aggregate purchase price of £23.9 million.
• Strategic decision taken to accelerate the sale of German assets to capitalise on strong valuations and an active German investment market.
• Steady progress on developing our MLI operating platform.

FINANCIAL HIGHLIGHTS

• Declaration of an interim dividend on 21 November 2019 of 3.375 pence per share for the six months ended 30 September 2019 (2018: 3.375 pence), covered by earnings and payable on 14 February 2020. A scrip alternative will be offered, which the directors intend to match through the buyback of shares in the market.
• Diluted IFRS net asset value per share was £1.39 (31 March 2019: £1.36). Diluted EPRA net asset value per share of £1.44 (31 March 2019: £1.41).
• Diluted IFRS EPS was 4.59 pence (2018: 4.63 pence). Diluted adjusted EPRA EPS of 3.41 pence (2018: 5.28 pence) for the period ended 30 September 2019. The variance in EPRA EPS was driven by a £5.0 million reduction in net management fee income as the Group has exited its management activities. The property-related diluted adjusted EPRA EPS was 3.25 pence (2018: 3.40 pence).