Strong Rent Collection Continues – Investment Activity to Resume; Interim Dividend Declaration. For further information follow the link below.Read more
The Company had a positive six months, notwithstanding the outbreak of the COVID-19 pandemic in Europe in the final weeks of the period. We continued to implement our strategy successfully and delivered financial performance in line with our expectations. We believe that the long-term structural trends that are driving demand for logistics space remain compelling, and that changes in consumer and corporate behaviour as a result of the pandemic should further support occupier demand for large logistics assets. Our balance sheet remains robust and we can take further reassurance from the expected future cashflows from the portfolio.
The logistics sector in Europe is well-placed to thrive and we have constructed a resilient business, with first-class assets in excellent locations, financially strong tenants and a robust balance sheet, making us well placed to weather the economic disruption arising from COVID-19. Our close relationships with all our tenants and the asset management opportunities embedded within the portfolio should underpin continued growth in income and capital values. We remain confident that our platform is scalable and is underpinned by a strong and flexible capital structure.
Robert Orr Chairman
An on-demand recording is now available of the 2020 Half Year Results Audio Presentation.
|31 Mar 2020||30 Sep 2019||+/(-)|
|Investment properties||€816.3m||€689.1m (1)||18.5% (2)|
|Basic net asset value (“NAV”) per Share||€1.16||€1.13||2.7%|
|EPRA NAV per Share||€1.19||€1.15||3.5%|
|Weighted average unexpired lease term (WAULT)||9.7yrs||11.0yrs||(1.3)yrs|
|Loan to value (LTV)||41.8%||33.3%||8.5pts|
|31 Mar 2020||31 Dec 2018||+/(-)|
|Dividend per share||2.20 cents||0.40 cents|
|IFRS earnings per share (“EPS”)||5.32 cents||2.29 cents|
|EPRA earnings per share||1.76 cents||0.63 cents|
|Adjusted earnings per share (3)||2.25 cents||0.48 cents|
|EPRA cost ratio||30.2%||37.6%||(7.4)pts|
|Total return for six months||5.7%||1.0%||4.7pts|
|1 Includes held for sale assets |
2 Like-for-like increase of 2.6%
3 See note 7 of the Interim financial statements for reconciliation
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