Results for the year ended 30 September 2015
Key achievements of 2015
Financial results
· 5.4 pence per share increase in EPRA NAV for the year to 70.8 pence per share (30 September 2014: 65.4 pence per share)
· Quarterly dividend of 1.475p per share announced in October 20154; total dividends of 5.9p per share for the year or 7.0% dividend yield (2014: total dividends of 5.8p per share; 6.9% dividend yield)4,5
· EPRA earnings of £13.4 million, an increase of £4.7 million or 54% from prior year, equivalent to 3.7p per share (30 September 2014: £8.7 million; 2.5p per share)6
· Dividend and underlying dividend cover 63.3% and 68.0% respectively (30 September 2014: 53.6% and 67.1%)7
· Discounted cash flow net asset value of £346.3 million equivalent to 94.9p per share (30 September 2014: £331.1 million; 93.4p per share)
· EPRA NNNAV of £228.9 million equivalent to 62.7p per share (30 September 2014: £229.2 million; 64.7p per share)6
Investments
· New committed and approved investments since 1 October 2014 of £41.2 million acquired at a cash yield of 5.78%1
· First investment made in the Republic of Ireland of €10.1 million
· £559.5 million committed investment in 148 primary healthcare properties as at 4 December 2015, an increase of 8.0% (8 December 2014): £518.2 million, 137 properties)1,8
· Annualised rent roll at 4 December 2015 of £35.8 million with 88.3% of rents reimbursed by the NHS, an increase of £3.0 million, or 9.1%, since 8 December 20141
· Strong pipeline of approximately £126.0 million of acquisition opportunities1
Funding
· Market capitalisation £308.5 million1 following share price appreciation and £6.9 million net proceeds raised from 8.3 million shares issued since 1 October 2014 at an average issue price of 83.1p per share1
· New £50 million loan note with an agreed term of thirteen years and five months with an all-in fixed rate of 3.838%
· The maturity on an existing £50 million loan note was extended nine years and three months to mature in December 2028
· Total drawn debt facilities of £338.3 million with an average all-in fixed rate cost of debt of 4.45% and an average unexpired term of 15.0 years, close to average unexpired lease term of the investment properties of 15.8 years and compared with 4.35% and 13.3 years for the prior year
· Net debt of £281.4 million equating to 50.2% adjusted gearing at 30 September 2015 (30 September 2014: £255.2 million; 49.9%)
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