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Redefine International P.L.C. announces its results for the six months ended 28 February 2017

26 Apr 2017

INTERIM RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2017

COMMITTED TO BEING THE UK’S LEADING INCOME-FOCUSED REIT

Redefine International, the FTSE 250 income-focused UK-REIT, which has a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange, today announces its results for the six months ended 28 February 2017.

Financial Highlights

Income statement Six months ended
28 February 2017
Six months ended
29 February 2016
Year ended
31 August 2016
EPRA earnings (£m) 23.8 23.1 44.1
Underlying earnings (re-based)(1) (£m) 24.3 21.5 46.3
Underlying earnings per share (re-based) (p) 1.35 1.4 2.8
Dividend per share (p) 1.3 1.625 3.2
Balance sheet  
Portfolio valuation (incl. JV share, £m) 1,459.4 1,524.4 1,529.0
Loan-to-value (%)(2) 49.9 52.5 53.4
EPRA NAV per share (p) 40.4 40.3 40.0

(1) Refer to Glossary for explanation
(2) LTV as reported at 28 February 2016 was pro-forma adjusted for AUK completion on 1 March 2016 and excludes The Hague

  • Underlying earnings per share of 1.35 pence, in line with guidance
  • Weighted average cost of debt reduced to 3.3% (31 August 2016: 3.4%)
  • Interest cover improved to 3.1 times (31 August 2016: 2.7 times)
  • Cash and available facilities of £100.3 million (31 August 2016: £57.3 million)

Operational Highlights

  • Disposals totalling £95.0 million at an average premium of 12.4% to August 2016 market value
  • 40 new leases completed in the period for a gross annual rent of £2.2 million, 2.3% ahead of ERV
  • Occupancy increased to 98.0% (31 August 2016: 97.7%)
  • Weighted average unexpired lease term of 7.5 years (31 August 2016: 7.8 years)
  • Acquisition of controlling interest in the German supermarket portfolio, previously held in joint venture, for €49.4 million (£42.2 million) including costs, post period end

Click here for full announcement.

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