HIGHLIGHTS
Recurring profits up 44% and dividend increased 133%
- EPRA earnings of £33.3 million (17.2 pence per share), up 44% on a recurring basis (2013: £23.1 million, 13.6 pence per share) and 9% overall (2013: £30.6 million, 18.0 pence per share)
- EPRA EPS yield on NAV of 4.5% in 2014 (2013: 3.9%), a year ahead of plan
- EPRA NAV per share up 13.6% to 434 pence (2013: 382 pence), equating to a total return on equity (NAV growth plus dividends paid) of 15.0%
- Final dividend of 9.0 pence per share (2013: 3.2 pence), making 11.2 pence for the full year (2013: 4.8 pence) and an increased payout ratio of 65% (2013: 35%)
- Like-for-like rental growth of 3.3% for the full year (2013: 3.0%)
Highly visible earnings growth prospects supported by high quality development programme, positive rental growth outlook, strong brand and scalable operating platform
- Rental growth and secured development pipeline, offset by disposals, could add 15 to 20 pence to EPRA earnings per share over the next four years
- Fully funded regional development pipeline comprising 4,400 bed spaces on track for delivery over the next three years with potential to add 37 pence per share to NAV
- LSAV London development pipeline of 2,320 beds on track for delivery in 2015 and 2016 (Unite share 50%) with potential to add 10 pence per share to NAV
