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.
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).
Find below sevenvideos from the Executive and Senior Teams exploring key areas from the results
The changing nature of Stenprop’s investor base
Paul Arenson CEO
Operating platform overview and progress to date
Julian Carey Executive Property Director
MLI asset management performance and transaction management
Simon Ross Head of Asset Management
The investment market and our requirements
Will Lutton Head of Investment
Financial results and our NAV strategy
James Beaumont CFO
Debt finance strategy as we transition to MLI
James Wakelin Head of Portfolio Management
ESG and our green credentials
Sarah Bellilchi General Counsel & Company Secretary