Industrials REIT - KPIs

Adjusted earnings per share (pence)

Calculated as EPRA earnings after Company-specific adjustments. Adjusted earnings per share provides an indication of underlying operating earnings that support dividend payments. It excludes components not relevant to core earnings performance of the portfolio such as property and derivative fair value adjustments and gains/losses on disposals. This earnings measure is applied against all dilutive share options.

Dividends per share (pence)

The total dividends per share that Industrials REIT makes to shareholders in respect of the financial year. Dividends are paid twice yearly.

EPRA Net Tangible Assets (NTA) per share

EPRA NTA is aligned with IFRS NAV in that it includes deferred tax liabilities with regard to properties classified as held for sale. EPRA NTA per share represents the net assets, as calculated by IFRS, but excludes the mark-to-market on derivative financial instruments, the carrying value of intangibles and deferred taxation in relation to fair value adjustments of investment property and financial instruments not held for sale. EPRA NTA is adjusted for the dilutive impact of share options.

Total accounting return (TAR)

Total accounting return is the ratio of growth in EPRA NTA per share plus dividends paid (cash and scrip) as a percentage of opening EPRA NTA per share.

Like-For-Like MLI valuation increase

The growth in property valuations of our MLI properties, owned throughout the current and previous periods under review.

EPRA cost ratio

Administrative and operating costs expressed as a percentage of gross rental income.

MLI portfolio

The percentage of Industrials REIT’s total property portfolio reported in sterling as represented by MLI properties.

Group Loan-To-Value (LTV)

The ratio of the principal value of gross debt, less unrestricted cash, to the Group’s aggregate value of properties.

MLI occupancy

Occupancy of the portfolio as a percentage of total lettable area.

Like-for-like MLI rental growth

The growth in the passing rent of the MLI portfolio owned at the start of the financial year.

MLI lease renewal rate

The percentage of tenants who have chosen to remain in occupation following a contracted lease expiry or break option during the current financial year.

Average Energy Performance Certificate ( EPC ) rating

The average energy performance certificate (“EPC”) score across all leased MLI units within our portfolio.

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