Profit growth and dividend increase

• Profit before tax in the period grew 43.0% yoy to €78.2 million (H1 2017: €54.7 million)
• Funds from Operations1 grew by 25.9% to €23.3 million (H1 2017: €18.5 million)
• Interim dividend increased 4.5%2 to 1.63c per share (H1 2017: 1.56c)

Significant valuation growth

• Total valuation increase of €69.3 million
• Total portfolio book value of €1,048.8 million (31 March 2018: €931.2 million)
• Increase in NAV per share of 6.7% to 67.29c (31 March 2018: 63.09c) with adjusted NAV3 per share increasing by 7.3% to 70.52c (31 March 2018: 65.71c)

Strong rental growth

• Increase in rental and other income from investment properties of 16.6% to €40.8 million (H1 2017: €35.0 million) in the period despite the impact of three large expected move-outs
• Increase in like-for-like annualised rent roll4 of 2.6% in the period despite the impact of three large expected move-outs
• Total annualised rent roll increased 17.6% to €82.0 million (30 September 2017: €69.7 million)

Acquisitions and asset recycling progress

• Good progress on investing funds from March 2018 equity raise with two assets acquired in the period for a total of €29.8 million5, followed shortly after the period end by the acquisition of an asset for €9.6 million and notarisation of an asset for €25.7 million

• Completed the disposal of all non-core assets for total proceeds of €19.3 million in or just after the period end freeing up further capital to be recycled