Half Year Results

23rd September 2024

RNS Number : 1391F
Real Estate Investors PLC
23 September 2024
 

Real Estate Investors Plc

(“REI”, the “Company” or the “Group”)

 

Half Year Results

For the six months ended 30 June 2024

 

TARGETED SALES ON TRACK & REDUCED DEBT

CONTINUED COVERED DIVIDEND

 

Real Estate Investors Plc (AIM: RLE), the UK’s only Midlands-focused Real Estate Investment Trust (REIT) with a portfolio of commercial property across all sectors, is pleased to report its unaudited half year results for the six-month period ended 30 June 2024 (“H1 2024”).

 

FINANCIAL – ADVANCING SALES STRATEGY IN A CHALLENGING MARKET

·      Completed disposals of £6.7 million and contracted disposals of £1.6 million, plus post-period completed disposals of £5.1 million, totalling disposals year-to-date of £13.4 million, at an aggregate uplift of 3.5% (pre-costs) to 31 December 2023 year end book value

·      Disposal proceeds used to pay down £6.4 million of debt in H1 2024, plus a further £3.6 million paid off since the period end, reducing total drawn down debt to £44.4 million (H1 2023: £67.9 million)

·      Further pipeline of sales in legals to support sales programme and debt repayment strategy

·      Underlying profit before tax* of £1.8 million, due to strategic disposals (H1 2023: £2.2 million)

·      Loss before tax of £3.2 million (H1 2023: £0.8 million loss) includes loss on property revaluations (non-cash item) of £4.9 million (H1 2023: £4.1 million loss)

·      EPRA** Net Tangible Assets (“NTA”) per share of 52.0p (FY 2023: 54.9p)

·      Revenue of £5.6 million (H1 2023: £6.1 million) reducing due to income lost from disposals

·      EPRA** EPS of 1.04p (H1 2023: 1.26p)

·      Q2 2024 fully covered quarterly dividend payment of 0.5p per share (Q2 2023: 0.625p per share) reflecting a yield of 6.15% based on a mid-market opening price of 32.50p on 20 September 2024

·      £52.4 million total declared/paid to shareholders since dividend policy commenced in 2012

 

OPERATIONAL – STRONG RENT COLLECTION & IMPROVED WAULT

·      Strong rent collection for H1 2024 of 99.6% (H1 2023: 99.93%)

·      £136.2 million gross portfolio valuation (inc. £6.7 million completed disposals) (FY 2023: £145.5 million)

·      Like-for-like, the portfolio valuation (conducted pre-election and interest rate reduction) has reduced by 3.51% to £133.8 million (FY 2023: £138.7 million)

·      Completed 14 lease events, with new lettings generating £760,000 p.a. of new income (H1 2023: £385,000 p.a) and a positive pipeline of lettings in legals

·      Improved WAULT*** of 5.55 years to break/6.61 years to expiry (FY 2023: 5.24 years /6.01 years), post period end improved further to 5.63 years to break and 6.74 years to expiry

·      Contracted rental income reduced to £10.3 million p.a. as at 30 June 2024 (FY 2023: £10.9 million p.a.), post period end reduced further to £9.8 million p.a. due to disposals and lease events

·      Occupancy level of 86.42% at 30 June 2024 (FY 2023: 83.03%), post period end reduced to 83.74% due to disposals and lease events

 

BANKING & DEBT RELATED – PRIORITISING DEBT REPAYMENT FROM SALES PROCEEDS

·      Disposal proceeds used to pay down £6.4 million of debt in H1 with £3.6 million repaid since the period end

·      Total drawn debt of £48.0 million (H1 2023: £67.9 million), post period reduced to £44.4 million

·      Board’s intention remains to extend the reduced bank facilities for a further year in Q1 2025, which should be repaid in 2025 from property disposals

·      Reducing loan to value (net of cash) of 31.8% (FY 2023: 32.4%) (in line with target of sub 35%)

·      £5.4 million cash at bank – the Company is maximising returns on cash reserves, with monies on deposit earning an average of 4% on instant access

·      Average cost of debt maintained at 6.5% (FY 2023: 6.5%)

·      Hedge facility has improved by £271,000 for half year to 30 June 2024

 

PAUL BASSI, CHIEF EXECUTIVE, COMMENTED:

Additionally, management remain open to evaluating any portfolio or corporate transaction that is in the best interests of shareholders, in order to maximise shareholder returns.”

FINANCIAL & OPERATIONAL RESULTS

  

30 June 2024

30 June 2023

Revenue

£5.6 million

£6.1 million

Underlying profit before tax*

£1.8 million

£2.2 million

Contracted rental income

£10.3 million

£12.5 million

EPRA EPS**

1.04p

1.26p

Pre-tax loss

(£3.2 million)

(£0.8 million)

Dividend per share

                      1.00p

1.25p

Average cost of debt

6.5%

3.7%

Like-for-like rental income

£10.3 million

£10.6 million

 


30 June 2024

31 December 2023

Gross property assets

£136.2 million

£145.5 million

EPRA NTA per share**

52.0p

54.9p

Like-for-like capital value psf

£118.70 psf

£123.02 psf

Like-for-like valuation

£133.8 million

£138.7 million

Tenants

167

183

WAULT to break***

5.5 years

5.24 years

Total ownership (sq ft)

1.12 million sq ft

1.24 million sq ft

Net assets

£90.7 million

£95.6 million

Loan to value

35.8%

38.0%

Loan to value (net of cash)

31.8%

32.4%

 

Definitions

*      Underlying profit before tax excludes profit/loss on revaluation, sale of properties, interest rate swaps and STIP provision

**     EPRA = European Public Real Estate Association

***    WAULT = Weighted Average Unexpired Lease Term

 

 

Enquiries:

 

Real Estate Investors Plc

Paul Bassi/Marcus Daly

 

+44 (0)121 212 3446

 

Cavendish Capital Markets Limited (Nominated Adviser)

Katy Birkin/Ben Jeynes

 

+44 (0)20 7220 0500

 

Panmure Liberum Limited (Broker)

Jamie Richards/William King

 

+44 (0)20 3100 2000

 

 

About Real Estate Investors Plc

 

Real Estate Investors Plc is a publicly quoted, internally managed property investment company and REIT with a portfolio of mixed-use commercial property, managed by a highly-experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.  The portfolio has no material reliance on a single asset or occupier. On 1st January 2015, the Company converted to a REIT. Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities. The Company announced in January 2024 that it would be undertaking an orderly strategic sale of the Company’s portfolio over three years, disposing of assets individually or collectively, at or above book value, to optimise returns to shareholders.  The pace of the disposal programme will be dictated by market conditions, with an initial focus on repaying the Company’s debt.  In the meantime, it is the Board’s intention to continue paying a fully covered quarterly dividend. Further information on the Company can be found at www.reiplc.com.



CHAIRMAN’S & CHIEF EXECUTIVE’S STATEMENT

 

BUSINESS PERFORMANCE/RESULTS

The underlying profit for the period was £1.8 million (H1 2023: £2.2 million), the reduction in the main due to the strategic sales and the increase of £0.4 million in finance costs as a result of rising interest costs and hedge deals expiring.

 

Administrative expenses for the period were £1.3 million (H1 2023: £1.4 million). Identified cost savings and cost reductions remain on track and totalled £0.4 million for H1 2024, the majority of which was the agreed reduction in directors’ remuneration. However, these savings were offset by a provision of £0.3 million (H1 2023: Nil) for the Company’s STIP which was approved following a comprehensive review and in line with the strategic programme although no payment will be due until completion of the corporate strategy, in line with the rules of the STIP.

BANKING & FINANCING

 


2021

2022

2023

2024 to date

Total

Sales

£17.6m

£20.9m

£18.0 m

£13.4 m

£69.9 m

Debt Repaid

£11.9m

£18.0m

£17.0 m

£10.0 m

£56.9 m

Total Drawn Debt

£89.4m

£71.4m

£54.4 m

£44.4 m

£44.4 m

It remains the Board’s intention to extend the reduced bank facilities for a further year in Q1 2025, which should be repaid in 2025 from property disposals. Due to the current high interest rate environment and the hedge deals falling away, interest costs increased and the average cost of debt was 6.5% as at 30 June 2024. The short-term nature of the facilities is driven by management’s intention to prioritise the repayment of debt from property sales proceeds.

Lender

Debt Facility

(as at 30 June 2024)

Debt Maturity

 

Hedging

(as at 30 June 2024)

Debt Facility

(year-to-date)

Lloyds Bank

£15.8 million

May 2025

63%

£14.5 million

National Westminster Bank

£26.3 million

June 2025

Nil

£24.0 million

Barclays

£5.9 million

June 2025

Nil

£5.9 million

The Board is pleased to announce a Q2 2024 fully-covered dividend of 0.5p reflecting a yield of 6.15% based on a mid-market opening price of 32.50p on 20 September 2024.

 

Subject to the pace of the ongoing sales programme, the Board remains committed to paying a fully-covered dividend.  The proposed timetable, for the dividend, which will be paid as an ordinary dividend, is as follows:

Ex-dividend date:

3 October 2024

Record date:

4 October 2024

Dividend payment date:

25 October 2024



 

ASSET MANAGEMENT & OCCUPANCY

 

·      Oldbury – DHU Healthcare CIC took out a new lease of Birch House, for 10 years at a rent of £625,608 p.a. (above ERV), occupying all 35,000 sq ft

·      Crewe – British Heart Foundation took 10,765 sq ft on a 10-year lease at £57,500 p.a., removing a large part of a void unit and associated costs

·      Tunstall  – McDonalds Restaurants Limited signed an Agreement for Lease for 3,189 sq ft at £55,000 p.a.  Once the works completed the lease completed in July 2024, for 20-years with a break after year 10.  Not only was this above the ERV, but the presence of McDonalds adds significant weight to the scheme

·      Bromsgrove – United Recruitment Group Limited took a unit at £31,787 p.a.  In addition, Ladies Fighting Breast Cancer also took a unit – at a 50% rental discount as part of REI’s ESG policy

 

Sector

Income (£)

Income (%)

Office

5,068,890

49.44

Traditional Retail

1,365,681

13.32

Discount Retail – Poundland/B&M etc

922,500

9.00

Medical and Pharmaceutical – Boots/Holland & Barrett etc

541,749

5.28

Restaurant/Bar/Coffee – Costa Coffee

273,286

2.67

Financial/Licences/Agency – Bank of Scotland

216,500

2.11

Food Stores -  Co-op and Iceland

406,545

3.97

Other – Hotels (Travelodge and Vine), Leisure (The Gym Group and Luxury Leisure), Car parking, AST

1,457,307

14.21


10,252,458

100.00

 

 

PORTFOLIO SUMMARY TABLE


Value

(£)

Area

(sq ft)

Contracted

Rent (£)

ERV

(£)

NIY

(%)

EQY

(%)

RY

(%)

Occupancy

(%)

 

Portfolio

 

133,825,000

1,127,383

10,252,458

12,731,915

7.23

8.84

8.98

86.42

 

Land*

 

2,403,262


n/a

n/a

n/a

n/a

n/a

n/a

 

Total

 

136,228,262

1,127,383

10,252,458

12,731,915

7.23

8.84

8.98

86.42


% of portfolio (by sq ft)

EPC Rating

 

 

A

 

B

 

C

 

D

 

E

 

F

 

G

 

Total

31 Dec

2023

2.25

36.88

22.71

35.13

3.03

0

0

100

20 Sep 2024

2.56

37.35

24.90

32.41

2.78

0

0

100

 

 

OUTLOOK

 

The Executive & Management team would like to extend their thanks to all shareholders, advisors, occupiers and staff for their support and assistance, particularly since the announcement of our disposal strategy in January 2024.

CHANGE OF NAME OF BROKER

The Company also announces that its broker has changed its name to Panmure Liberum Limited (formerly Liberum Capital Limited) following completion of its own corporate merger on 1 July 2024.

 



 



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME





For the 6 months ended 30 June 2024

 

 



 

 

 

 


 

 

Six months to

Six months to

Year ended

 

 

30 June 2024

30 June 2023

31 December 2023

 

 

(Unaudited)

(Unaudited)

(Audited)

 

Note

£’000

£’000

£’000






Revenue


5,578

6,056

11,513






Cost of sales                 


(1,132)

(1,285)

(2,232)






Gross profit


4,446

4,771

9,281

 





Administrative expenses


(1,299)

(1,359)

(2,616)

(Deficit)/gain on sale of investment properties


(80)

737

(182)

Deficit in fair value of investment properties


(4,863)

(4,073)

(13,197)






(Loss)/profit from operations


(1,796)

76

(6,714)






Finance income


88

51

                             177

Finance costs


(1,734)

(1,294)

(2,371)

Gain/(deficit) on financial liabilities held at fair value


271

388

(499)






Loss before taxation


 (3,171)

(779)

(9,407)






Income tax charge







Net loss after taxation and total comprehensive income


(3,171)

(779)

                       (9,407)






Basic loss per share

6

(1.82)p

(0.45)p

(5.44)p

Diluted loss per share

6

(1.82)p

(0.45)p

(5.44)p

EPRA earnings per share

6

1.04p

1.26p

2.59p

 

+

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY





for the 6 months ended 30 June 2024





 





 

Share

Share

Capital

 

Share-based payment

Retained

Total

 

Capital

Premium

Redemption

Reserve

Earnings


 


Account

Reserve

 

 


 

£’000

£’000

£’000

£’000

£’000

£’000

 


 





At 31 December 2022

17,266

51,829

1,463

 

759

37,648

108,965

 


 





Share based payment

75

75

Dividends – final 2022

(755)

(755)

Dividends – interim 2023

(1,079)

(1,079)

Transactions with owners

                 –

 

75

(1,834)

(1,759)



 





Loss for the period and total comprehensive income

 

(779)

(779)



 





At 30 June 2023

17,266

51,829

1,463

834

35,035

106,427








Share based payment

(75)

(75)

Share issue

119

215

(334)

Dividends – interim 2023

(2,166)

(2,166)

Transactions with owners

119

215

(409)

(2,166)

(2,241)

 

Loss for the period and total comprehensive income

 

 

(8,628)

(8,628)



 





 


 





At 31 December 2023

17,385

52,044

1,463

425

24,241

95,558








Share based payment

300

300

Share issue

54

129

(183)

Dividends – final 2023

(1,086)

(1,086)

Dividends – interim 2024

(872)

(872)

 

Transactions with owners

54

129

 

117

(1,958)

(1,658)



 







 





Loss for the period and total comprehensive income

 

(3,171)

(3,171)



 







 





At 30 June 2024

17,439

52,173

1,463

 

542

19,112

90,729

 

 


 





 



 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 


as at 30 June 2024

 

 

 


 

30 June 2024

30 June 2023

31 December 2023


 

(Unaudited)

(Unaudited)

(Audited)


Note

£’000

£’000

£’000






Assets





Non-current assets

 



Investment properties

5

133,825

166,800

143,105

Property, plant and equipment


1

2

2








133,826

166,802

143,107






Current assets

 



Inventories


2,403

2,393

2,395

Trade and other receivables


2,608

2,882

2,550

Derivative financial asset


456

Cash and cash equivalents


5,400

8,010

7,981








10,411

                          13,741

12,926






Total assets


144,237

                        180,543

156,033

 





Liabilities

 



Current liabilities





Bank loans


(47,970)

(52,915)

(54,407)

Trade and other payables


(5,378)

(6,205)

(5,637)

 


(53,348)

(59,120)

(60,044)






Non-current liabilities





Bank loans


(14,996)

Derivative financial liabilities


(160)

(431)








(160)

(14,996)

(431)






Total liabilities


(53,508)

(74,116)

(60,475)

 





Net assets


 

90,729

106,427

95,558






Equity





Ordinary share capital


17,439

17,266

17,385

Share premium account


52,173

51,829

52,044

Capital redemption reserve


1,463

1,463

1,463

Share-based payment reserve


542

834

425

Retained earnings


19,112

35,035

24,241

Total equity


90,729

106,427

95,558



 

CONSOLIDATED STATEMENT OF CASHFLOWS

for the 6 months ended 30 June 2024



Six months to

Six months to

Year ended


30 June

2024

     30 June 2023

31 December 2023


(Unaudited)

(Unaudited)

(Audited)


£’000

£’000

£’000

Cashflows from operating activities


Loss after taxation

(3,171)

(779)

(9,407)





Adjustments for:



Depreciation

1

1

Deficit/(gain) on sale of investment property

80

(737)

182

Net valuation loss

4,863

4,073

13,197

Share based payment

300

75

Finance income

(88)

(51)

(177)

Finance costs

1,734

1,294

2,371

(Gain)/loss on financial liabilities held at fair value

                (270)               

(388)

499

Increase in inventories

(9)

(4)

(6)

(Increase)/decrease in trade and other receivables

(59)

231

560

Decrease in trade and other payables

(159)

(164)

(624)






3,222

3,550

                6,596









Cash flows from investing activities


Expenditure on investment properties

(2,121)

(425)

(733)

Proceeds from sale of property, plant and equipment

6,459

3,318

                  17,279

Interest received

88

51

177






4,426

2,944

16,723





Cash flow from financing activities


Interest paid

(1,734)

(1,294)

(2,371)

Equity dividends paid

(2,058)

(1,448)

(3,721)

Repayment of bank loans

(6,437)

(3,560)

(17,064)






(10,229)

(6,302)

(23,156)





Net (decrease)/increase in cash and cash equivalents  

(2,581)

192

163





Cash and cash equivalents at beginning of period

7,981

7,818

7,818

Cash and cash equivalents at end of period

5,400

8,010

7,981

 

 


NOTES TO THE INTERIM FINANCIAL INFORMATION

for the 6 months ended 30 June 2024

 

1.   BASIS OF PREPARATION

 

Real Estate Investors Plc, a Public Limited Company, is incorporated and domiciled in the United Kingdom.

 

The interim financial report for the period ended 30 June 2024 (including the comparatives for the year ended 31 December 2023 and the period ended 30 June 2023) was approved by the board of directors on 20 September 2024. 

 

It should be noted that accounting estimates and assumptions are used in preparation of the interim financial information. Although these estimates are based on management’s best knowledge and judgement of current events and action, actual results may ultimately differ from these estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the interim financial information are set out in note 3 to the interim financial information.

 

The interim financial information contained within this announcement does not constitute statutory accounts within the meaning of the Companies Act 2006. The full accounts for the year ended 31 December 2023 received an unqualified report from the auditor and did not contain a statement under Section 498 of the Companies Act 2006.

 

2.   ACCOUNTING POLICIES

 

The interim financial information has been prepared under the historical cost convention. 

 

The principal accounting policies and methods of computation adopted to prepare the interim financial information are consistent with those detailed in the 2023 financial statements approved by the Board on 25 March 2024.

 

Some accounting pronouncements which have become effective from 1 January 2024 and have therefore been adopted do not have a significant impact on the Group’s financial results or position.

 

3.   CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

 

Critical accounting estimates and assumptions

 

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting year are as follows:

 

Investment property revaluation

 

The Group uses the valuations performed by its independent valuers or the directors as the fair value of its investment properties. The valuation is based upon assumptions including future rental income, anticipated maintenance costs, anticipated purchaser costs and the appropriate discount rate. The valuer and the directors also make reference to market evidence of transaction prices for similar properties.

 

Interest rate swap valuation

 

The Group carries the interest rate swap as a liability at fair value through the profit or loss at a valuation. This valuation has been provided by the Group’s bankers.

 

Critical judgements in applying the Group’s accounting policies

 

The Group makes critical judgements in applying accounting policies.  The critical judgement that has been made is as follows:

 

REIT Status

The Group elected for REIT status with effect from 1 January 2015.  As a result, providing certain conditions are met, the Group’s profit from property investment and gains are exempt from UK corporation tax.  In the Directors’ opinion the Group has met these conditions.

 

 

 

4.   SEGMENTAL REPORTING

 

Primary reporting – business segment

 

The only material business that the Group has is that of investment in commercial properties. Revenue relates entirely to rental income from investment properties.

 

 

 

5.   INVESTMENT PROPERTIES

 

The carrying amount of investment properties for the periods presented in the interim financial information is reconciled as follows:

 


£’000



Carrying amount at 31 December 2022

173,030



Additions

425



Disposals

(2,582)



Revaluation

(4,073)



Carrying amount at 30 June 2023

166,800



Additions

308



Disposals

(14,879)



Revaluation

(9,124)



Carrying amount at 31 December 2023

143,105            



Additions

              2,121



Disposals

(6,538)



Revaluation

(4,863)





Carrying amount at 30 June 2024

133,825

 

 

 

6.   EARNINGS AND NAV PER SHARE

 

The calculation of the basic earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. The calculation of the diluted earnings per share is based on the basic earnings per share adjusted to allow for all dilutive potential ordinary shares.

 

The calculation of the basic NAV per share is based on the balance sheet net asset value divided by the weighted average number of shares in issue during the period. The calculation of the diluted NAV per share is based on the basic NAV per share adjusted to allow for all dilutive potential ordinary shares.

 

The European Public Real Estate Association (“EPRA”) earnings and NAV figures have been included to allow more effective comparisons to be drawn between the Group and other businesses in the real estate sector.

 

EPRA EPS per share


30 June 2024

30 June 2023


Earnings

Average number of shares

Earnings per share

Earnings

Average number of shares

Earnings per share


£’000

 

P

£’000

 

P


 

 

 


 


Basic loss per share

(3,171)

173,977,342

(1.82)

(779)

172,651,577

(0.45)

Fair value of investment properties

 

 4,863  

 

 

4,073



Deficit/(gain) on disposal of investment properties

80

 

 

(737)



STIP provision

300





Change in fair value of derivatives

(271)



(388)



EPRA Earnings

1,801

173,977,342

1.04

2,169

172,651,577

1.26

 

 

NET ASSET VALUE PER SHARE

 

The Group has adopted the new EPRA NAV measures which came into effect for accounting periods starting 1 January 2020. EPRA issued new best practice recommendations (BPR) for financial guidelines on its definitions of NAV measures. The new NAV measures as outlined in the BPR are EPRA net tangible assets (NTA), EPRA net reinvestment value (NRV) and EPRA net disposal value (NDV).

 

The Group considered EPRA Net Tangible Assets (NTA) to be the most relevant NAV measure for the Group and we are now reporting this as our primary NAV measure, replacing our previously reported EPRA NAV and EPRA NNNAV per share metrics. EPRA NTA excludes the intangible assets and the cumulative fair value adjustments for debt-related derivatives which are unlikely to be realised.

 


30 June 2024


EPRA NTA

EPRA NRV

 

EPRA NDV


£’000

£’000

£’000


 

 

 

Net assets

90,729

90,729

90,729

Fair value of derivatives

160

160

Real estate transfer tax

7,360

EPRA NAV

90,889

98,249

Number of ordinary shares issued for diluted and EPRA net assets per share

174,738,511

174,738,511

174,738,511

EPRA NAV per share

52.0p

56.2p

51.9p

 

 

 

 

 

The adjustments made to get to the EPRA NAV measures above are as follows:

 

• Real estate transfer tax: Gross value of property portfolio as provided in the Valuation Certificate (i.e. the value prior to any deduction of purchasers’ costs).

• Fair value of derivatives: Exclude fair value financial instruments that are used for hedging purposes where the company has the intention of keeping the hedge position until the end of the contractual duration.

 

 

 


31 December 2023


EPRA NTA

EPRA NRV

 

EPRA NDV


£’000

£’000

£’000


 

 

 

Net assets

95,558

95,558

95,558

Fair value of derivatives

431

431

Real estate transfer tax

            8,586

EPRA NAV

95,989

104,575

95,558

Number of ordinary shares issued for diluted and EPRA net assets per share

174,702,476

174,702,476

174,702,476

EPRA NAV per share

54.9p

59.8p

54.7p


 

 

 


30 June 2024

No of Shares

31 December 2023

No of Shares


 

 

Number of ordinary shares issued at end of period

174,381,971

173,844,434

Dilutive impact of options

 

356,540

858,042


 

 

Number of ordinary shares issued for diluted and EPRA net assets per share

174,738,511

174,702,476

Net assets per ordinary share

 

 

Basic

52.0p

54.9p

Diluted

56.2p

59.8p

EPRA NTA

51.9p

54.7p

 

 

 

 

 

 

 

 

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