Solid results based upon portfolio growth of €193 million (+ 27%) in financial year 2018:
- EPRA result per share of €2.95, an increase of 14% compared with 2017 (€2.58)
- Proposed gross dividend of €2.26 per share, an increase of 4% compared with 2017 (€ 2,17)
- Fair value of the property portfolio of €912 million, a growth of €193 million or 27% compared with 2017 (€719 million)
- Strong portfolio fundamentals with an occupancy rate of 99.1% and average term of leases on first expiry date of 8.5 years (exclusive of term of solar panel certificates)
- Debt ratio of 51.3% on 31 December 2018 (set to rise to 53.5% on 1/01/2019 when IFRS 16 enters into force)
Outlook for 2019:
- EPRA earnings per share grow by 5%
- Dividend per share grows in line with the growth of EPRA earnings per share, i.e. 5%, on the basis of a payout ratio of 80%
- Growth of the property portfolio by €177.5 million - of which 83% or € 147.5 million is already identified - to €1.09 billion
- Occupancy rate remains above 97.5%. Average term of leases on first due date more than 7.5 years
- Further lowering of the average cost of debt to 2.4%
