INDUSTRIALS REIT LIMITED

(Formerly Stenprop Limited)

(Registered in Guernsey with registration number 64865)

LSE share code: MLI    JSE share code: MLI

ISIN:  GG00BFWMR296

("Industrials REIT" or the "Company")

16 August 2022

Correction: 2022 Annual Financial Report

The reader is referred to the announcement of the Company's Preliminary results for the year ended 31 March 2022 (released 07:00 on 10 June 2022) and No Change Statement and Annual Report Publication (released 15:00 on 10 June 2022). 

In accordance with IAS 33 - Earnings Per Share, the number of vested share options was included in the weighted average number of basic shares line rather than the share-based payment award shares line in Note 14 (Earnings per share) to the Company's Consolidated Financial Statements for the year ended 31 March 2022 (the "2022 Financial Statements").  In Note 15, however, to calculate Net Asset Value (NAV) per share the number of vested share options should have been included within the share-based payment award shares line.  The number of dilutive shares in Note 15 erroneously omitted the full amount of dilutive share options and instead linked directly to the share-based payment award shares line in Note 14.

Note 15 to the 2022 Financial Statements - Net Asset Value metrics per share, should be reported as follows:

·    Share-based payment award shares of 1,181,961 should have been reported as 3,653,918 shares.

·    The total Diluted number of shares in issue of 293,436,174 should have been reported as 295,908,131 shares.

Net assets attributable to equity shareholders remains unchanged. 

The change in the total Diluted number of shares decreases all NAV per share metrics as at 31 March 2022 by 2p per share:

In addition, the 2022 Annual Report quoted Total Accounting Return as 25.0%.  This should have been reported as 23.6% as a result of the reduced NAV per share metric following the adjustment to the Diluted number of shares reported above.

The Company's auditor has confirmed that this is not regarded as a material misstatement in the 2022 Financial Statements, and the 2022 Financial Statements will not be restated.  All other disclosures in the 2022 Annual Report remain unchanged. Disclosure of the correction will be made in the FY23 interim financial statements.

For further information:

About Industrials REIT:

Industrials REIT is a UK REIT with a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. The objective of the Company is to deliver a combination of sustainable growing income and growth in value to its investors. Industrials REIT focuses on owning and operating a diversified portfolio of UK purpose built multi-let industrial (MLI) estates across the UK. The Company aspires to be the leading MLI business in the UK. For further information, go to www.industrialsreit.com.