· Robust performance following £1.2bn of net sales of income producing assets in 18 months
· Strong 5.8% LFL rental growth in Offices more than offset £6m impact of CVAs & Admins
· Underlying EPS down 10% due to impact of one off surrender premia received last year
· Half year dividend up 3.0% to 15.50p
· Portfolio value down 1.9%; Retail down 4.5% and Offices up 0.7% with developments up 7.2%
· EPRA NAV 939p, down 2.9%; total accounting return of -1.3% (H118: +4.2%)
· Strong and flexible balance sheet with a disciplined approach to capital allocation
· £842m of asset sales, further reducing leverage to 26.7% (March 2018: 28.4%)
· 5 Broadgate sold for £1bn (our share £500m), delivering 18% return per annum
· £1.3bn of financing activity including £1.1bn of new debt facilities
· £94m of the £200m share buyback extension completed as at 13 November 2018
Divi 15.5p, ex div 3 Jan 19, paid 8 Feb 19.
https://www.investegate.co.uk/british-l ... 00022592H/