The Segro PLC Board is to recommend a final dividend for 2021 of 16.9 pence which is estimated to result in a distribution of up to £203 million. The total dividend paid and proposed per share in respect of the year ended 31 December 2021 is 24.3 pence (2020: 22.1 pence).
Other financial highlights include:
- Adjusted pre-tax profit of £356 million up 20 per cent compared with the prior year (2020: £296 million). Adjusted EPS is 29.1 pence, up 15 per cent (2020: 25.4 pence) including 1.1 pence relating to recognition of performance fees from their SELP joint venture.
- Adjusted NAV per share up 40 per cent to 1,137 pence (31 December 2020: 814 pence) driven by portfolio valuation growth of 29 per cent, including ERV growth of 13.1 per cent (2020: 2.5 per cent), yield compression, portfolio asset management initiatives and development profits.
- Strong occupier demand, customer focus and active management of the portfolio generated £95 million of new headline rent commitments during the period, including £49 million of new pre-let agreements, and a 13 per cent average uplift on rent reviews and renewals (2020: £78 million)
- Net capital investment of £1.5 billion (2020: £1.3 billion) in asset acquisitions, development projects and land purchases, less disposals.
- Continued momentum in the development pipeline with 1.1 million sq m of projects under construction or in advanced pre-let discussions equating to £82 million of potential rent, of which 70 per cent has been pre-let, providing growth in earnings this year and next.
- Balance sheet well positioned to support further, development-led growth with access to £1.1 billion of available liquidity and an LTV of 23 per cent at 31 December 2021 (31 December 2020: 24 per cent).
