Profit growth and increased dividend

• Profit before tax in the six month period of €62.2 million (H1 2019: €79.7 million)
• 7.4% growth in funds from operations to €29.1 million (H1 2019: €27.1 million)
• 2.8% increase in dividend per share to 1.82c (H1 2019: 1.77c)

Valuation growth

• NAV per share increased 5.0% to 81.18c (31 March 2020: 77.35c) with adjusted NAV per share increasing by 5.2% to 85.81c (31 March 2020: 81.54c)
• 4.3% valuation increase in owned investment property to €1,229.7 million (31 March 2020: €1,179.5 million)

Strong enquiries and cash collection performance and significant firepower available

• 97.3% cash collection rate with outstanding rent and service charge receivables for the six month period amounting to €1.9 million (excluding VAT)

• Total enquiries up 17.4% on the same period last year and sales conversion rate of 13.4%
• Notarised for acquisition an asset located in Norderstedt for €9.1 million due to complete in December 2020 and completed the disposal of the Weilimdorf asset which was held for sale as at 31 March 2020
• Drew down the last tranche of the €50.0 million unsecured Schuldschein debt that has a blended interest rate of 1.6%, average maturity of 3.2 years and no amortisation  
• Net LTV of 31.6% (31 March 2020: 32.8%), well within stated policy cap of 40%
• Total cash balances of €128.4 million, of which €112.4 million is unrestricted providing significant firepower for a strong pipeline of acquisitions
• Awarded AA MSCI ESG Rating in October 2020