Increased rental income and lower costs delivering resilient adjusted earnings growth, excluding DMA income
· Adjusted EPS of 7.75 pence (2022: 7.79 pence) with higher underlying earnings growth impacted by £nil DMA income in period (FY22: £9.3 million DMA income).
o 3.2% growth in Adjusted EPS (excluding additional DMA income), driven by rental income from completed developments, like-for-like rental growth and lower management fees, offset in part by the impact of disposals.
o 6.2% Adjusted EPS growth excluding all DMA income in current and prior period.
o Deferred 2023 DMA income expected to be recognised in 2024, with total 2024 DMA income expected to be in excess of £8 million.
· 4.3% increase in dividend per share to 7.30 pence (2022: 7.00 pence) reflecting payout of 94% of Adjusted EPS (excluding additional DMA income).
· 2.2% Total Accounting Return supported by growth in IFRS earnings and more stable portfolio valuation (2022: -15.9%).
· 5.8% increase in passing rent to £217.0 million (2022: £205.1 million).
o Stable contracted rent reflects incremental £15.4 million from acquisitions, development lettings, rent reviews and asset management, offset by £14.1 million from disposals and a lease expiry.
· 13.1% EPRA cost ratio (2022: 15.7%), supported by 15.4% reduction in management fees and rental income growth.
And later;
On 29 February 2024, the Company approved the fourth interim dividend for declaration in respect of the year ended 31 December 2023 of 2.05 pence per share payable on 2 April 2024. The total dividends declared for the year of 7.30 pence are all property income distribution ("PID").
https://www.investegate.co.uk/announcem ... 23/8064962
Also posted on Company News here; viewtopic.php?p=650365#p650365
I don't hold these, but I think some here do, so this may be of interest here.
Ian.