SEGRO has posted a rise in NAV earnings as the value of its properties jumped during the year ending December, on top of a bumper period for lettings.
The value of SEGRO’s portfolio increased by 10.3% to nearly £13bn during 2020.
Adjusted net asset value per share rose by 16.3% to 814p at the end of the year, driven by the increase in portfolio valuation.
The landlord’s IFRS pretax profit surged by 62.3% to almost £1.5bn during the year, while adjusted pretax profit grew by 10.8% to £296.5m.
SEGRO said it delivered a record performance in securing new rents, with £77.9m signed during the year, including £41.1m of rent in prelets.
Net rental income grew by 2.1% on a like-for-like basis to stand at £304.6m.
SEGRO secured more than £1bn of equity and debt financing during the period, giving it a loan-to-value ratio of 24% at the end of December.
Its dividend will be increased by 5.6% to 15.2p per share.
The landlord is also relaunching its sustainability framework after reviewing its approach to the issue.
Chief executive David Sleath said: “The pandemic has reinforced the importance of efficient and resilient distribution networks to facilitate the provision of a wide variety of goods and services, leading to increased demand for warehouse space.
“2020 saw a record level of investment for SEGRO as we seek to capitalise on these favourable trends, giving us confidence in our ability to drive further growth in rental income, earnings and dividends over the coming years.”
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
