Sirius Real Estate announces a 2.8% increase in 1.5x covered dividend per share to 1.82c

DividendMax Ltd.

Sirius Real Estate announces a 2.8% increase in 1.5x covered dividend per share to 1.82c

The Sirius Real Estate Board has declared a dividend for the six months ended 30 September 2020 of 1.82c per share, representing a pay-out ratio of 65% of FFO, and an increase of 2.8% on the 1.77c dividend relating to the same period last year that was based on 67% of FFO.

The ex-dividend date will be 15 December 2020 for shareholders on the South African register and 17 December 2020 for shareholders on the UK register. The record date will be 18 December 2020 for shareholders on the South African and UK registers and the dividend will be paid on 21 January 2021 for shareholders on both registers. A detailed dividend announcement will be made in due course, including details of a scrip dividend alternative.

Other financial highlights include:

• 7.4% growth in funds from operations to €29.1 million (H1 2019: €27.1 million)

• 97.3% cash (rent and service charge) collection rate with €1.9 million outstanding for the period and similar collection rates already seen in the second half

• Profit before tax of €62.2 million (H1 2019: €79.7 million) which when adjusted for valuation gains of €33.5 million (H1 2019: €58.2 million) shows a 33.4% increase in underlying profitability

• 4.3% increase in investment property valuation and book value of €1,229.7 million (31 March 2020: €1,179.4 million)

• 5.0% growth in NAV per share to 81.18c (31 March 2020: 77.35c)

• Total enquiries up 17.4% on H1 2019 with strong momentum carried into the second half. Sales conversion rate remained robust at 13.4%

• Acquisition of industrial and office park in Norderstedt for €9.1 million agreed in September and due to complete in December 2020

• Net LTV2 of 31.6% (31 March 2020: 32.8%) following the draw down of the last tranche of the €50.0 million unsecured Schuldschein debt which has a blended interest rate of 1.60%, an average maturity of 3.2 years and no amortisation

• Total cash balances of €128.4 million including €112.4 million of which is unrestricted providing significant firepower for strong pipeline of acquisitions

• Awarded AA MSCI ESG Rating in October 2020

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