"I am pleased that the Company has been able to deliver another strong performance with continued growth in property values and overall Net Asset Value. The reversionary potential that existed within the Portfolio before the introduction of the Mietendeckel is again evident following its withdrawal, and the value within our Portfolio has been further underpinned by our ongoing ability to sell condominiums at a premium to book value.

Our new debt facility and refinancing has strengthened our balance sheet strength and liquidity, and it is pleasing that we have successfully completed our first acquisition since the removal of the Mietendeckel.

We are confident in the ongoing strength of the Berlin residential market and remain focused on continuing to deliver value to shareholders through further investment in our Portfolio growth and quality.

Our thoughts are with those impacted directly and indirectly by the events that are unfolding in Ukraine and I am pleased to announce that PSD has made available a number of furnished apartments on a rent-free basis for refugees affected by the crisis. Although PSD has no direct exposure, we are prepared for the possible secondary effects in the form of higher energy prices and impact of inflation and continue to prioritise the wellbeing of our tenants."

Robert Hingley

€ million (unless otherwise stated) Year to
31 December 2021
Year to
31 December 
2021 v 2020
% change
Income Statement      
Gross rental income 25.8 23.9 7.9
Profit before tax (PBT) 45.3 37.9 19.4
Dividend (€ c (£ p)) 7.50 (6.30) 7.50 (6.62) -
Balance Sheet      
Portfolio valuation (€m) 801.5 768.3 4.3
Like-for-like valuation growth (%) 6.3 6.3 -
IFRS NAV per share (€) 4.74 4.48 5.8
IFRS NAV per share (£)1 3.98 4.04 (1.5)
EPRA NTA per share (€ c)2 5.65 5.28 7.0
EPRA NTA per share (£ p)1,2 4.74 4.76 (0.4)
EPRA NTA2 per share total return (€%) 8.4 8.8 -
Net LTV3 (%) 34.7 33.1 -
Operational Statistics      
Portfolio valuation per sqm (€) 4,225 3,977 6.2
Annual like-for-like rent per sqm growth (%) 3.9 (15.8) -
EPRA vacancy (%) 3.1 2.1 -
Condominium sales notarised (€m) 15.2 14.6 4.1

1 Calculated at FX rate Sterling/Euro 1:1.191 (2020: Sterling/Euro 1:1.11).

2 New EPRA Best Practice guidelines from October 2019 introduced three new measures of Net Asset Value: EPRA Net Tangible Assets (NTA), EPRA Net Reinvestment Value (NRV) and EPRA Net Disposal Value (NDV). EPRA NTA is calculated on the same basis as EPRA NAV, and is the most relevant measure for PSD and therefore now acts as the primary measure of Net Asset Value. Further information can be found on page 85 of the Annual Report 2021.

3 Net LTV uses nominal loan balances (note 22) rather than the loan balances on the Consolidated Statement of Financial Position which include Capitalised Finance Arrangement Fees.