Sirius Real Estate, the leading operator of branded business parks providing conventional space and flexible workspace in Germany, today announces its half year results for the six months ended 30 September 2020.
• 7.4% growth in funds from operations to €29.1 million (H1 2019: €27.1 million)
• 97.3% cash (rent and service charge) collection rate with €1.9 million outstanding for the period and similar collection rates already seen in the second half
• Profit before tax of €62.2 million (H1 2019: €79.7 million) which when adjusted for valuation gains of €33.5 million (H1 2019: €58.2 million) shows a 33.4% increase in underlying profitability
• 2.8%1 increase in 1.5x covered dividend per share to 1.82c (H1 2019: 1.77c)
• 4.3% increase in investment property valuation and book value of €1,229.7 million (31 March 2020: €1,179.4 million)
• 5.0% growth in NAV per share to 81.18c (31 March 2020: 77.35c)
• Total enquiries up 17.4% on H1 2019 with strong momentum carried into the second half. Sales conversion rate remained robust at 13.4%
• Acquisition of industrial and office park in Norderstedt for €9.1 million agreed in September and due to complete in December 2020
• Net LTV2 of 31.6% (31 March 2020: 32.8%) following the draw down of the last tranche of the €50.0 million unsecured Schuldschein debt which has a blended interest rate of 1.60%, an average maturity of 3.2 years and no amortisation
• Total cash balances of €128.4 million including €112.4 million of which is unrestricted providing significant firepower for strong pipeline of acquisitions
• Awarded AA MSCI ESG Rating in October 2020
1-Interim dividend representing 65% of FFO (H1 2019: 67% of FFO).
2-Includes unrestricted cash balances.
Source : Company