Sirius Sirius Real Estate

Strong Performance Amidst Challenges

Earlier this month, we published our full-year results for the year ending 31 March 2024, along with our 2024 Annual Report and ESG Report.

We were pleased to announce another set of positive annual results, driven by strong operational performance. This marks our tenth consecutive year of achieving over 5% annualised rental growth and increased dividends – an achievement that we are immensely proud of.

I often talk about the fact we have a strategy for all weathers, and these results really demonstrate that. The numbers underline the strength of our platform in generating substantial organic growth, even amid challenging macroeconomic conditions. Our high-quality, affordable products continue to attract strong occupier demand.

Navigating Increased Interest Rates

The last financial year was one marked by higher interest rates and as an asset owning real estate company, leverage plays a critical role in our capital structure. This cost of leverage, reflected in interest rates, significantly impacts our profitability. While we are not immune to rising interest rates, our high-yielding portfolio places us in a relatively strong position, allowing leverage to positively influence our returns. The refinancing of our secured lending facilities with BerlinHyp and Deutsche PBB during the year underscores our solid relationship with lenders.

Our primary focus remains driving rental income growth and defending asset values. Ultimately, this protects our profitability from the effects of higher interest rates, and we saw that over the course of the year.

Commitment to Sustainability

In 2022, we outlined our ESG aspirations in our first standalone ESG Report, setting priorities and objectives for our approach to ESG. Alongside our Annual Report launch last week, we also published our second ESG Report, showcasing our ongoing progress and commitment to sustainability. Our ESG programme is built on detailed assessments and sound economic foundations, ensuring our roadmap is realistic and achievable.

Environmental initiatives remain a top priority. This year, we maintained net-zero Scope 1 and 2 emissions in Germany and achieved carbon neutrality for Scope 1 and 2 emissions in the UK for the first time. For the first time, we have set an ambition to reduce our carbon emissions intensity per square metre for Scope 3 emissions by 45% by 2030, using 2021/2022 as our base year. We will review this goal annually, considering the unique dynamics of our portfolio, including asset age, scale, and multiple uses, as well as national grid decarbonisation efforts.

We have also seen great progression in our social initiatives, with a focus on becoming an exceptional employer of choice. We emphasise learning and development, having delivered 1,580 days of training across Sirius this year. You can find out more about how we’re building momentum on ESG, on our website or in the ESG Report itself.

Looking Ahead: Seizing Opportunities

Looking ahead, we believe that the coming year will continue to offer compelling opportunities. As always, we will maintain our focus on core activities, managing our portfolio in the UK and Germany to drive rent roll growth through rate and occupancy-driven returns.

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