DRIVING PERFORMANCE
URBAN LOGISTICS REIT PLC
ANNUAL REPORT AND ACCOUNTS 2021
WE PROVIDE HIGH-QUALITY LOGISTICS PROPERTIES TO ENABLE OUR TENANTS TO OPERATE THE ESSENTIAL MODERN DISTRIBUTION NETWORKS DEMANDED BY E-COMMERCE.
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URBAN LOGISTICS REIT PLC | 1 |
Annual Report and Accounts 2021 |
CONTENTS
STRATEGIC REPORT pages 1 to 33
Our Highlights | 2 | ||
At a Glance | 4 | ||
Chairman's Statement | 6 | ||
Business Model | 8 | ||
Q&A with the CEO | 10 | ||
Manager's Report | 12 | ||
Key Performance Indicators | 25 | ||
Principal Risks and Uncertainties | 26 | ||
s172 Statement and Stakeholder Engagement | 29 | ||
Environmental, Social and Governance | 32 | ||
GOVERNANCE pages 34 to 49 | |||
Board of Directors | 34 | ||
Chairman's Corporate Governance Statement | 36 | ||
Audit Committee Report | 40 | ||
Management Engagement Committee Report | 43 | ||
Nomination Committee Report | 44 | ||
Directors' Report | 45 | ||
Directors' Responsibility Statement | 49 | ||
FINANCIAL STATEMENTS pages 50 to 83 | |||
Independent Auditor's Report | 50 | ||
Consolidated Statement of Comprehensive Income | 56 | ||
Consolidated Statement of Financial Position | 57 | ||
Company Statement of Financial Position | 58 | ||
Consolidated Statement of Cash Flows | 59 | ||
Company Statement of Cash Flows | 60 | ||
Consolidated Statement of Changes in Equity | 61 | ||
Company Statement of Changes in Equity | 62 | ||
Notes to the Financial Statements | 63 | ||
Supplementary Information | 80 | ||
ADDITIONAL INFORMATION pages 84 to 92 | |||
Glossary of Terms | 84 | ||
Company Information | 85 | ||
Financial Information | 86 | ||
Notice of Annual General Meeting | 87 | ||
REPORT STRATEGIC
2 | URBAN LOGISTICS REIT PLC | |
Annual Report and Accounts 2021 | ||
OUR HIGHLIGHTS
Urban Logistics is the only listed company giving investors a focused exposure to urban logistics assets, which remains real estate's top performing sub-sector.
FINANCIAL HIGHLIGHTS
NET RENTAL INCOME
£22.9M
+88.0% 31 March 2020: £12.2m
ADJUSTED EPS1
6.76P
-11.7% 31 March 2020: 7.66p
DIVIDEND PER SHARE
7.60P
31 March 2020: 7.60p
TOTAL ACCOUNTING RETURN ("TAR")
15.6%
31 March 2020: 5.6%
IFRS NET ASSETS
£387.5M
+49.7% 31 March 2020: £258.8m
EPRA NTA PER SHARE2
152.33P
+10.5% 31 March 2020: 137.89p
IFRS PROFIT BEFORE TAX
£47.6M
+408.6% 31 March 2020: £9.4m
LOAN TO VALUE ("LTV")
27.9%
31 March 2020: n/a
- A full reconciliation between IFRS earnings and adjusted earnings per share can be found in note 12 of the Financial Statements.
- In October 2019, EPRA introduced new best practice recommendations for reporting of net asset value. The Group considers EPRA Net Tangible Assets ("NTA") to be the most relevant measure for its operating activities and has been adopted as the Group's primary measure of net asset value. Reconciliations for all EPRA performance measures are shown in the Supplementary Information to this Report. Prior year comparatives have been adjusted to reflect these new measures.
URBAN LOGISTICS REIT PLC | 3 |
Annual Report and Accounts 2021 |
REPORT STRATEGIC
OPERATIONAL HIGHLIGHTS
PORTFOLIO VALUATION
£507.6M
+145.2% 31 March 2020: £207.0m
WAULT
7.4 years
31 March 2020: 4.9 years
LIKE-FOR-LIKE CONTRACTED RENT GROWTH2
6.5%
31 March 2020: 3.4%
EPC - % OF PORTFOLIO RATED A-C3
76.2%
31 March 2020: 84.4%
PORTFOLIO LIKE-FOR-LIKE
VALUATION GROWTH1
13.2%
31 March 2020: 4.6%
GROSS TO NET RENTAL INCOME RATIO
96.5%
31 March 2020: 98.3%
EPRA VACANCY RATE
6.9%
31 March 2020: 2.4%
TOTAL PROPERTY RETURN
17.1%
31 March 2020: 10.1%
- Including the five assets sold on 25 March 2021.
- Based on income producing assets at the start and end of each reporting period.
- On a like-for-like basis EPCs are 84.4%.
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Urban Logistics Reit plc published this content on 14 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2021 07:52:05 UTC.