Sirius Real Estate (LSE:SRE), in results for the year ended 31 March, reported funds from operations (FFO) of €133.5m for the twelve months, up from €123.2m a year earlier, with FFO per share rising 4.5% to 8.82c as the group progresses towards a €150m target and has launched a longer-term €175m ambition.
The company, which owns and operates business and industrial parks in Germany and the UK, recorded profit before tax of €211.4m, up 4.9%, supported by a €111.3m valuation gain resulting from investments.
"The 38% average return on investment we have generated from upgrading 250,000 sqm of space just through our value add capex programme in the last three years is a real testament to the strength of our team in this respect," said Andrew Coombs, Chief Executive Officer.
Like-for-like annualised rent roll rose 6.4% to €224.2m and total rent roll including acquisitions increased 18.4% to €258.6m, with like-for-like occupancy at 87.5% and a like-for-like average rate of €9.39 per sqm.
The board declared a progressive H2 dividend of 3.22c, taking the full-year dividend to 6.40c, a 4.1% increase and the 25th consecutive dividend uplift. Adjusted NAV per share increased 5.0% to 124.78c, and the investment property portfolio rose 20.5% to €2,969.4m, aided by €369.9m from acquisitions.
The group completed or notarised €463.3m of assets, including nine German deals for €271.1m (annualised NOI €19.8m) and four UK transactions for £166.2m (adding £10.6m NOI), with €155.8m of assets having defence-related tenant bases.
Sirius ended the year with €372.7m cash, a €300m undrawn revolving credit facility, net LTV of 36.1% and Net Debt to EBITDA of 6.6x, and will present results to analysts at 09:00 BST today with a live webcast available.
