Strong Rent Collection Continues – 97% of Q3 Rent Expected to be Collected by End of August 2020Read more
2019 was an important year in the evolution of the Company – We acquired and integrated a prime logistics platform to complement our high-quality investment portfolio. The core of our business remains unchanged, with 89% of our portfolio comprising of new, modern standing assets, strategically located in prime logistics locations.
The occupational market remained healthy last year. Speculative supply of larger scale logistics buildings markedly decreased and demand outstripped supply for Grade A logistics stock. With a large overhang of probable lettings “under offer”, driven by demand for logistics space over 500,000 sq ft, initial prospects for 2020 look good.
Early positivity in the occupational and investment markets may be tempered by Coronavirus (COVID-19), which is already impacting global growth. It is impossible to know the extent to which the virus will develop, but our Investment portfolio is occupied by a diversified, high-quality Customer base, let on long leases. We continue to monitor the situation.
With renewed global economic uncertainty, we think it is more important than ever to stress the quality and longevity of our income stream together with embedded income growth. We remain confident in our ability to continue to deliver secure and growing dividends to Shareholders as part of an attractive total return over the medium term. As such we have increased our dividend target by 2.2% to 7.00p per share for 2020.
Sir Richard Jewson KCVO, JP, Chairman
|Dividend per share||6.85p||6.70p||+2.2%|
|Contracted annual rent roll||£166.6m||£161.1m||+3.4%|
|Operating profit (1)||£122.5m||£113.7m||+7.7%|
|Adjusted earnings per share||6.64p||6.88p||-3.5%|
(+1.3% excluding transaction
related costs) (2)
transaction related costs) (2)
|Weighted average unexpired lease term (WAULT)||14.1yrs||14.4yrs||-0.3yrs|
|Loan to value (LTV)||30.4%||27.3%||3.1ppt|
|1 Operating profit before changes in fair value of Investment properties and contingent consideration, gain on bargain purchase, impairment of intangible and other property assets and share-based payment charges.|
2 Excluding one-off transaction related cost of the Tritax Symmetry acquisition, totalling 3.8 pence per Share.
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