Segro PLC 2021 full year dividend increased 10 per cent to 24.3 pence

DividendMax Ltd.

Segro PLC 2021 full year dividend increased 10 per cent to 24.3 pence

The Segro PLC Board is to recommend a final dividend for 2021 of 16.9 pence which is estimated to result in a distribution of up to £203 million. The total dividend paid and proposed per share in respect of the year ended 31 December 2021 is 24.3 pence (2020: 22.1 pence).

Other financial highlights include:

  • Adjusted pre-tax profit of £356 million up 20 per cent compared with the prior year (2020: £296 million). Adjusted EPS is 29.1 pence, up 15 per cent (2020: 25.4 pence) including 1.1 pence relating to recognition of performance fees from their SELP joint venture.
  • Adjusted NAV per share up 40 per cent to 1,137 pence (31 December 2020: 814 pence) driven by portfolio valuation growth of 29 per cent, including ERV growth of 13.1 per cent (2020: 2.5 per cent), yield compression, portfolio asset management initiatives and development profits.
  • Strong occupier demand, customer focus and active management of the portfolio generated £95 million of new headline rent commitments during the period, including £49 million of new pre-let agreements, and a 13 per cent average uplift on rent reviews and renewals (2020: £78 million)
  • Net capital investment of £1.5 billion (2020: £1.3 billion) in asset acquisitions, development projects and land purchases, less disposals.
  • Continued momentum in the development pipeline with 1.1 million sq m of projects under construction or in advanced pre-let discussions equating to £82 million of potential rent, of which 70 per cent has been pre-let, providing growth in earnings this year and next.
  • Balance sheet well positioned to support further, development-led growth with access to £1.1 billion of available liquidity and an LTV of 23 per cent at 31 December 2021 (31 December 2020: 24 per cent).

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