Sirius
  • €97.2m Annualised rent roll
  • €163.7m Profit before tax
  • 1.98c per share Interim dividend
  • €60.9m Funds from Operations
  • 19.5 Total accounting return

Organic growth, robust trading and cash collection

  • Like-for-like average rental rates increased 3.5% to €6.17 per sqm with the total average portfolio rate growing 3.2% to €6.17 (2020: €5.96 and €5.98 per sqm, respectively)
  • Occupancy up to 87.0% (2020: 85.3%), with like-for-like occupancy increasing to 86.9% (2020: 85.2%), providing further scope to grow income through asset management initiatives
  • 5% increase in enquiries and 13% sales conversion rate in the period, driven by the Company’s specialist sales and marketing platform
  • Strong cash collection rate of 98.2% for the twelve-month period to 31 March 2021, reflecting Sirius’ tenant diversification and resilience of its portfolio
  • Awarded AA MSCI ESG Rating in October 2020 (previous A status) in recognition of sustainability focus

Strong balance sheet

  • 5% or €135.7 million increase in like-for-like investment property book value to €1.31 billion (2020: €1.18billion) led by asset management initiatives, €4.8 million rent roll growth and yield compression of 42 bps
  • Gross yield of the portfolio of 7.2% (2020: 7.6%) with 59% of the portfolio representing value add assets at a gross yield of 7.6% and the remaining 41% representing mature assets at a gross yield of 6.6%
  • NAV per share increased by 14.2% to 88.31c (2020: 77.35c) with adjusted NAV increasing by 15.0% to 93.79c (2020: 81.54c) and EPRA NTA per share increasing by 14.7% to 92.29c (2020: 80.44c)
  • Total cash balance of €65.7 million at year end, of which €49.3 million is unrestricted
  • Net LTV of 31.4% as at 31 March 2021, materially below the stated target of 40%
  • Sirius did not apply for or receive any state financial assistance in connection with the Covid-19 crisis or otherwise

Return to acquisitive growth in the second half with €125.8 million of acquisitions

  • Five on balance sheet asset acquisitions completed or notarised during the year for €45.9 million, providing a mix of stable income and value add opportunity
  • €79.9 million acquisition in Augsburg notarised in the period as part of the Titanium venture with AXA IM Alts
  • One €10.1 million asset disposal completed that was notarised for sale in the prior year

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