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7 December 2021
2021 Full Year Results

Successful implementation of our strategy. Continued strong performance and dividend growth.

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2021 Full Year Results 

“This has been a significant year in the Company’s development, as the business’s growing maturity has helped us to build both scale and momentum. We are successfully implementing our strategy, acquiring prime assets in excellent locations, extracting value from the existing portfolio and continuing to advance our ESG agenda. This has helped us to deliver a strong financial performance and meaningful dividend growth. Our success this year has been underpinned by our ability to raise new equity and the issuance of our first green bond, which in turn reinforces our ESG strategy.

“Our market remains highly attractive, with strong occupier demand driven in particular by the accelerated growth of e-commerce, combined with limited supply of large, high-quality and sustainable space to rent in prime markets. We see attractive opportunities to add assets to the portfolio that have built-in value creation opportunities and remain confident of further growth in the coming year.”

Robert Orr, Chairman 

Highlights

  30 Sep 2021 30 Sep 2020 Change
Portfolio Value (1) €1,281.4m €837.9m 52.9%
IFRS NAV per share (2) €1.31 €1.19 10.1%
EPRA Net Tangible Assets per Share (2) €1.35 €1.22 10.7%
Dividend per share 5.00 cents 4.40 cents  
Total Return (3) 14.3% 11.0%  
Profit before tax €129.00m €53.58m  
Basic Earnings Per Share (''EPS'') (4) 19.59 cents 10.60 cents  
Adjusted EPS (4)  4.61 cents 4.16 cents  
EPRA Cost Ratio 30.5% 31.3% (0.8) pts
Loan to value (''LTV'') ratio 13.3% 41.1% (27.8) pts

1. Like-for-like increase of 11.9%.

2. Following the October 2019 update to EPRA's Best Practice Recommendations Guidelines and the, the Company has adopted EPRA net tangible assets (NTA) as its primary EPRA measure of net asset value and restated its September 2020 position in line with this change. See note 25 of the Financial Statements for reconciliation.

3. As per KPI definition

4. See note 12 to the financial statements for reconciliation

 

2021 Financial Results

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2021 Full Year Financial Results
2021 Half Year Financial Results

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