Business model

Inputs

The following resources are central to our value creation model:

Physical assets

Skilled and experienced people

Specialist knowledge

Relationships

Financial assets

How we create value

Identify assets to acquire

Review and approve transactions

Monitor and manage investments

Create value through asset management

Recycle capital

Creating economic value

The majority of our occupiers pay rent quarterly in advance, converting our revenue quickly into cash. Many of our costs
are partially or wholly fixed, so we turn a rising proportion of our income into profit as we grow. As a REIT, we do not pay corporation tax on profits and capital gains from our qualifying property rental business, supporting our ability to pay progressive dividends to shareholders.

We also generate capital growth through our asset management activities, higher rents and market yield compression, contributing to our NAV growth.

We create value for our lenders through robust interest cover and attractive assets, which provide a high level of security.

6.2 pence

Dividend per share relating to year ended 31 March 2021

27.7%

Total accounting return for year ended 31 March 2021

4.0x

Interest Cover