Sirius
  • €167.0m Group annualised rent roll
  • €168.9m Profit before tax
  • 4.41c per share Total dividend
  • €74.6m Funds from Operations
  • 210.2m Total revenue

Operating platform continuing to drive rental growth, FFO and dividend

  • Group annualised rent roll increased 73.1% to €167.0 million (2021: €96.5 million1) as a result of demand and asset management led organic growth, acquisitions and the impact of BizSpace following completion in November 2021
  • Like-for-like annualised rent roll in Germany increased by 6.4% reflecting the eighth consecutive year of like-for-like annualised rent roll growth in excess of 5.0%
  • Like-for-like annualised rent roll in the UK increased by 7.6% in the Company’s 4.5 month period of ownership of BizSpace
  • Profit before tax of €168.9 million, representing a 3.2% year-on-year increase (2021: €163.7 million)
  • Funds From Operations (“FFO”) increased by 22.5% to €74.6 million to(2021: €60.9 million)
  • H2 dividend of 2.37c, an increase of 19.7% on the 1.98c dividend relating to the same period in the prior year. Total dividend relating to the financial year ended 31 March 2022 of 4.41c, an increase of 16.1% (2021: 3.80c) with the same pay-out ratio of 65% of FFO
  • Total shareholder accounting return of 20.0% (2021: 19.5%)

 

Continued acquisitive growth, asset recycling and entry into new market 

  • €201.9 million of acquisitions in Germany completed or notarised across 10 sites, providing an attractive mix of income and value-add opportunity
  • Entry into UK market via acquisition of BizSpace for cash consideration of approximately £245.0 million based on an enterprise value of £380.0 million and representing a net initial yield of 7.1%.
  • Two strategic disposals providing c.€30 million of capital to recycle into the business completed or expected to complete after the period end:
    • €13.75 million sale of the Company’s Magdeburg asset in Germany representing a 5.5% increase on the last reported book value
    • £16.0 million sale of BizSpace business park in Camberwell, London, representing a 94% premium to the valuation at the time of Sirius’ acquisition of BizSpace

 

Strengthened balance sheet and income driven valuation gains

  • €737.8 million or 54.2% increase in investment property book value2 to €2,100.0 million (2021: €1,362.2 million) as a result of acquisitive growth in Germany, the acquisition of BizSpace and strong valuation gains
  • Like-for-like increase in valuations in Germany of 9.4% or €127.2 million driven predominantly by annualised rent roll growth of €6.2 million but also 20 bps of gross yield compression
  • Gross yield of German portfolio of 6.9% (2021: 7.2%) with two-thirds of the portfolio representing value add assets at a gross yield of 7.3% and one-third representing mature assets at a gross yield of 6.1%
  • Like-for-like increase in valuations relating to the 4.5 month period of ownership of BizSpace in the UK of 10.6% or £36.7 million driven predominantly by annualised rent roll growth of 7.6% during the 4.5 month period but also 30 bps of gross yield compression
  • NAV per share increased by 15.5% to 102.04c (2021: 88.31c) with adjusted NAV increasing by 15.7% to 108.51c (2021: 93.79c) and EPRA NTA per share increasing by 16.2% to 107.28c (2021: 92.29c)
  • Transformative corporate bond issuances totalling €700.0 million providing financial capacity for acquisitions and repayment of secured debt as well as providing significant flexibility for asset recycling and enhanced cash flows for investment
  • Reduction in the weighted average cost of debt to 1.4%, extension of the weighted average term of debt to 4.3 years and an increase in the number of unencumbered assets to 127 with a book value of €1.6 billion
  • Total cash balance of €151.0 million at year end (2021: €65.7 million), of which €127.2 million is unrestricted
  • Net LTV of 41.6% (2021: 31.4%)

 

Outlook

  • Post year end trading in line with market expectations, driven by continued strong occupier demand, transformative investment and ongoing on-shoring of production and supply chains by German and UK manufacturers
  • Positive impact of FY22 acquisitions expected to be more pronounced in the new financial year
  • Actively assessing further opportunities for growth in both Germany and the UK
  • Whilst the business is mindful of global macro-economic conditions causing uncertainty, Sirius remains well placed to continue to deliver attractive returns for shareholders

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