Five year record

 

Balance Sheet

 

  2012
£m
2013
£m
2014
£m
2015
£m
2016
£m
Property portfolio 1,366.0 1,899.5 1,972.7 2,348.2 2,932.1
Joint ventures 538.2 348.3 524.8 636.7 543.4
Trading property  -  - 93.3 115.9 172.4
Loans and borrowings (507.4) (666.0) (623.5) (638.5) (600.2)
Other net (liabilities)/assets (158.5) (44.1) (35.4) (71.4) (135.5)
Net assets 1,238.3 1,537.7 1,931.9 2,390.9 2,912.2
Financed by          
Issued share capital 39.1 43.0 43.0 43.0 43.0
Reserves 1,199.2  1,494.7 1,888.9 2,347.9 2,869.2
Total equity 1,283.3 1,537.7 1,931.9 2,390.9 2,912.2
Net assets per share* 402p  451p 564p 701p 847p
Net assets per share - EPRA* 403p 446p 569p 709p 847p

 

Income statement

 

  2012
£m
2013
£m
2014
£m
2015
£m
2016
£m
Net rental income 46.6 57.1 67.7 66.0 75.5
Joint venture fee income 5.6 6.1 6.9 4.2 4.1
Rental and joint venture fee income 52.0 63.2 76.6 70.2 79.6
Property and administration expenses (26.2) (29.3) (32.3) (27.8) (32.6)
Trading property - cost of sales    -       - (1.6) (4.8) (0.6)
Development management profits   -   - - 1.7 4.0
  25.8 33.9 42.7 39.3 50.4
Surplus on investment property 97.2 99.0 325.6 380.6 422.2
Share of results of joint ventures 50.0 61.2 105.6 84.7 66.8
Loss on disposal of joint ventures - (0.5) - - -
Operating profit 173.0 193.6 473.9 504.6 539.4
Finance income 5.1 8.4 9.9 11.8 7.8
Finance costs (19.2) (27.3) (26.5) (17.7) (14.8)
Fair value movement on convertible bond - - (11.3) (21.7) 13.5
Fair value movement on derivatives (2.2) 5.9 (23.8) 30.4 9.2
Non-recurring items (1.5) - - - -
Profit before tax 155.2 180.6 422.2 507.4 555.1
Tax - - - 0.8 1.1
Profit for the year 155.2 180.6 422.2 508.2 556.2
Earnings per share - basic 50.2p 56.3p 123.4p 148.3p 162.2p
Earnings per share - diluted 50.2p 56.3p 122.5p 147.4p 161.9p
Earnings per share - EPRA 5.6 6.9p 11.0p 12.7p 13.5p
Dividend per share 8.4p 8.6p 8.8p 9.0p 9.2p