“It is pleasing that our core rental business continues to prosper, with rental values and growth well supported by the positive trends that continue to exist within the Berlin residential property market. Higher interest rates have affected property values across Europe and, against this backdrop, our enhanced disposal programme and, where feasible, returning proceeds to shareholders, remain a key focus during the current stage of the real estate cycle.”
Robert Hingley
Chairman
| € million (unless otherwise stated) |
Six months to |
Six months to |
12 months to |
12 months to |
|---|---|---|---|---|
| Income Statement | ||||
| Gross rental income | 13.8 | 13.0 | 25.9 | 25.8 |
| (Loss)/Profit before tax (PBT) | (58.0) | 17.0 | (17.5) | 45.3 |
| Dividend (€ c (£ p)) | - | 2.35 (2.09) | 2.35 (2.09) | 7.50 (6.38) |
| Balance Sheet | ||||
| Portfolio valuation1 (€m) | 714.3 | 820.1 | 775.9 | 801.5 |
| Like-for-like valuation (decline)/growth (%) | (6.9) | 2.2 | (3.1) | 6.3 |
| EPRA NTA per share (€ c) | 4.46 | 5.72 | 5.10 | 5.65 |
| EPRA NTA per share (£ p)2 | 3.83 | 4.92 | 4.52 | 4.74 |
| EPRA NTA per share total return (€%) | (12.5) | 2.2 | (8.4) | 8.4 |
| Net LTV3 (%) | 42.7 | 36.0 | 39.1 | 34.7 |
| Operational Statistics | ||||
| Portfolio valuation per sqm (€) | 3,808 | 4,318 | 4,082 | 4,225 |
| Annual like-for-like rent per sqm growth (%) | 3.8 | 3.7 | 3.9 | 3.9 |
| Like-for-like rent growth (%) | 5.6 | 4.3 | 6.1 | 1.3 |
| EPRA vacancy (%) | 2.7 | 2.5 | 2.4 | 3.1 |
| Condominium sales notarised (€m) | 2.0 | 3.0 | 4.7 | 15.2 |
1 Portfolio valuation includes investment properties under construction.
2 GBP:EUR FX rate 1:1.164 as at 30 June 2023.
3 Net LTV uses nominal loan balances as per note 17 rather than the loan balance on the Consolidated Statement of Financial Position which consider Capitalised Finance Arrangement Fees in the balance.
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