Investment Trust Dividends

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EARNINGS AND DIVIDENDS

·      Adjusted earnings per share increased by 3.0% to 6.8p (2022: 6.6p) marginally ahead of analyst consensus

·      IFRS earnings per share decreased by 52.4% to 2.0p (2022: 4.2p) reflecting non-cashflow losses arising on the valuation of the Group’s property portfolio, convertible bond and interest rate derivatives

·      Contracted annualised rent roll increased by 3.8% to £150.8 million (31 December 2022: £145.3 million)

·      Additional annualised rental income on a like-for-like basis of £4.3 million or 3.0% from rent reviews and asset management projects (2022: £3.3 million or 2.4%)

·      EPRA cost ratio 10.7% (2022: 9.9%), representing one of the lowest in the UK REIT sector

·      Quarterly dividends totalling 6.7 pence (2022: 6.5 pence) per share distributed in the year, a 3.1% increase

·      First quarterly dividend of 1.725 pence per share declared and paid on 23 February 2024, equivalent to 6.9 pence on an annualised basis and a 3.0% increase over the 2023 dividend per share, marking the Company’s 28th consecutive year of dividend growth

·      The Company intends to maintain its strategy of paying a progressive, fully covered dividend.

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