FULL YEAR RESULTS 2026
12 months to 31 March 2026
FULL YEAR PRESENTATION 12 MONTHS TO 31 MARCH 2026
1
2 June 2026
+8.5%
(FY25 +8.8%)
Leasing vs ERV
+37.3%
(FY25 +17.5%)
Leasing vs Previous Passing Rent
6.7p
(FY25 6.5p)
Dividend Per Share
£37.2m
(FY25 £30.5m)
Growth In Underlying Funds From Operations
Third consecutive period of valuation growth
Well covered, progressive dividend, on a clear growth path
Leasing momentum confirms pricing power and affordability across the portfolio
Earnings growth driven by C&R integration and operational delivery
FY26: GROWTH DELIVERED ACROSS THE BUSINESS
Valuation Growth
Total Accounting Return
Positioned to deliver compounding returns over time
+0.7%
Full Year Valuation
+9.4%
(FY25 -5.9%)
Full Integration Without Disruption
99%
Rent Collection
93%
Tenant Retention Rate
+2.0%
London Valuation Growth
£6.2m
Synergies Delivered
C&R ACQUISITION: A SUCCESSFUL FIRST YEAR, OBJECTIVES DELIVERED
Financial Case Proven
London Exposure Increased and Portfolio Performing
43%
London Weighting
+12.8%
London Leasing vs ERV
A SIMPLE STRATEGY: ESSENTIAL EVERYDAY DESTINATIONS
Focus on where demand is deepest
Where people shop week in and week out for the things they need
Three Strategic Focus Areas
London Retail
UK Major Cities
Retail Parks
Dense catchments, constrained supply, occupier demand concentrating into fewer, more productive locations
High-Frequency Visits
Supports Spending
Drives Rents
Growing Values
Provides Flexibility
ONE INTEGRATED PLATFORM DRIVING PERFORMANCE
Portfolio
Essential Everyday Destinations
People
Specialist Retail Expertise
Partnerships
Capital-Light Fee Income
Platform
Integrated, Scalable and Data-led
Converting demand into income and compounding returns