Five year record

 

Balance sheet

 

 

2015
£m

2016
£m

2017
£m

2018
£m

2019
£m

Property portfolio 2,348.2 2,932.1 2,351.9 2,305.2 2,025.0
Joint ventures 636.7 543.4 480.8 423.7 511.9
Trading property 115.9 172.4 246.7 19.5 5.6
Loans and borrowings (638.5) (600.2) (537.7) (347.1) (296.0)
Other net (liabilities)/assets (71.4) (135.5) 196.7 (34.4) 63.2
Net assets 2,390.9 2,912.2 2,738.4 2,366.9 2,309.7
Financed by          
Issued share capital 43.0 43.0 43.0 43.0 41.4
Reserves 2,347.9 2,869.2 2,695.4 2,323.9 2,268.3
Total equity 2,390.9 2,912.2 2,738.4 2,366.9 2,309.7
Net assets per share 701p 847p 796p 840p 851p
Net assets per share - EPRA* 709p 847p 799p 845p 853p

Income statement

 

 

 

2015
£m

2016
£m

2017
£m

2018
£m

2019
£m

Net rental income 66.0 75.5 80.2 92.0 80.3
Joint venture fee income 4.2 4.1 4.1 5.2 3.8
Rental and joint venture fee income 70.2 79.6 84.3 97.2 84.1
Property and administration expenses (27.8) (32.6) (27.4) (35.4) (37.0)
(Loss)/profit on trading property (4.8) (0.6) (0.3) 11.6 (9.5)
Development management (losses)/profits 1.7 4.0   – (0.4) (0.3)
  39.3 50.4 56.6 73.0 37.3
Surplus/(deficit) on investment property 380.6 422.2 (136.9) 35.5 7.3
Share of results of joint ventures 84.7 66.8 (57.2) 41.2 10.0
Operating profit/(loss) 504.6 539.4 (137.5) 149.7 54.6
Finance income 11.8 7.8 9.0 9.8 8.3
Finance costs (17.7) (14.8) (9.2) (11.2) (8.1)
Fair value movement on convertible bond (21.7) 13.5 10.1 8.5 1.3
Fair value movement on derivatives 30.4 9.2 38.9 (5.4)  –
Non-recurring items   –   – (51.5) (74.7)  –
Profit/(loss) before tax 507.4 555.1 (140.2) 76.7 56.1
Tax 0.8 1.1 0.8 (6.4) (6.6)
Profit/(loss) for the year 508.2 556.2 (139.4) 70.3 49.5
Earnings/(loss) per share - basic 148.3p 162.2p (40.8)p 21.5p 17.9p
Earnings/(loss) per share - diluted 147.4p 161.9p (40.8)p 18.2p 17.1p
EPRA earnings per share - diluted 12.7p 13.5p 17.3p 20.4p 19.4p
Dividend per share 9.0p 9.2p 10.1p 11.3p 12.2p

 

 

 

 

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