Segro Plc have announced a 2024 full year dividend increased 5.4 per cent to 29.3 pence (2023: 27.8 pence). Final dividend increased by 5.8 per cent to 20.2 pence (2023: 19.1 pence).
2024 final dividend ex-div date 27 March 2025
2024 final dividend record date 28 March 2025
2024 final dividend payment date 14 May 2025
Other financial highlights include:
-Proactive and customer-focused management of the portfolio generated new headline rent commitments of £91 million during the period (2023: £88 million). £26 million of this was driven by the capture of reversion in the UK portfolio at rent reviews and renewals, reflecting a record 43 per cent average uplift.
-7.0 per cent increase in net rental income to £628 million (2023: £587 million), driven by strong like-for-like rental growth of 5.8 per cent and development completions.
-Adjusted pre-tax profit increased by 14.9 per cent to £470 million (2023: £409 million), resulting from increased net rental income and lower interest costs. Adjusted EPS increased by 5.5 per cent to 34.5 pence (2023: 32.7 pence), the impact of the equity placing being broadly neutral as lower interest costs were offset by the higher share count.
-Adjusted NAV per share of 907 pence (31 December 2023: 907 pence). Over the full year the portfolio value increased 1.1 per cent (2023: 4.0 per cent decline) and rental value (ERV) grew by 3.2 per cent.
-Development completions added £37 million of potential new headline rent, delivered at a yield on cost of 6.9 per cent. 84 per cent of this has been leased and 97 per cent was, or is expected to be, certified BREEAM 'Excellent' (or local equivalent) or higher.
-A further £51 million of potential rent from development projects under construction or in advanced negotiations, 53 per cent relate to pre-lets. Expected yield on cost for these projects is 7.9 per cent.
-Active portfolio recycling to drive portfolio performance: £431 million acquisitions of prime assets in core markets with strong growth potential, £896 million of disposals of assets which we expected to deliver less attractive risk-adjusted returns.
-Since the period end, our joint venture SEGRO European Logistics Partnership ("SELP") exchanged contracts on the acquisition of a further €470 million of high-quality assets in Germany and The Netherlands. The transaction is expected to complete in the first quarter.
-Over £1.5 billion of new equity and debt financing providing the firepower for further growth. LTV of 28 per cent at 31 December 2024 (31 December 2023: 34 per cent) and net debt:EBITDA 8.6 times (31 December 2023: 10.4 times).
-Attractive cost of debt due to their diverse, long-term debt structure. Average cost of debt has reduced to 2.5 per cent (31 December 2023: 3.1 per cent).
