“Today’s results are further evidence of the steps the business is taking in its aim to become the UK’s leading income focused REIT. The team continues to deliver against our medium-term targets and has made significant progress in all aspects of the business over the last year. This constitutes a particularly strong set of results given the structural changes in the property sector and uncertain economic and political backdrop. We look to the future with confidence.”
Mike Watters, Chief Executive, commented:
“I am very pleased with the progress against our strategic priorities contained in these results. We continue to deliver one of the highest yields on net asset value in the sector, with our performance underpinned by a strong balance sheet and a significantly improved portfolio.
“The investments we have made over the last three years have improved the quality of our income and the defensive nature of our portfolio, positioning us well for the future. The structural changes in occupier demand that are placing a far higher emphasis on operational platforms and services have been addressed. This is an area we have already made great strides in through our latest major acquisitions of limited service hotels and our expansion into London serviced offices. Security of our operational income is supported by our best in class strategic partnerships with RBH and Office Space in Town.
“The year ahead will no doubt bring its own set of challenges. With this in mind, we are placing more emphasis on maintaining liquidity and lower leverage in order to enable us to continue delivering long term sustainable and growing income for our shareholders.”