Highlights for the six months ended 30 September 2019

Stenprop Limited 
Incorporated in Guernsey
Registration number: 64865
JSE share code: STP   BSX share code: STP.BH    
('Stenprop', the 'Company' or the 'Group')

Diluted EPRA NAV* per share    

3.41 pence 
Diluted adjusted EPRA earnings per share                 

3.25 pence                 
Property-related diluted adjusted EPRA EPS* 
(excl. management fee income of 0.16 pence per share)

3.375 pence
Interim dividend per share declared 

Loan-to-value ratio (38.2% including unrestricted cash)

* 'EPRA' means European Public Real Estate Association. 
  'EPS' means earnings per share. 
  'NAV' means net asset value.

  -  Like-for-like growth in the total portfolio valuation was 3.5% for the six-month period, 
     of which the multi-let industrial ('MLI') portfolio was 2.5%.
  -  Completed 90 new lettings/lease renewals in the MLI portfolio for an average 4.36 years 
     at an average rent which was 19.7% above the passing rent previously payable on those units.
  -  52% of net rental income was derived from the MLI portfolio compared to 32% in the same 
     period last year.
  -  Eight MLI estates acquired for an aggregate purchase price of GBP23.9 million.
  -  Strategic decision taken to accelerate the sale of German assets to capitalise on strong 
     valuations and an active German investment market.
  -  Steady progress on developing our MLI operating platform.
  -  Declaration of an interim dividend on 21 November 2019 of 3.375 pence per share for the 
     six months ended 30 September 2019 (2018: 3.375 pence), covered by earnings and payable 
     on 14 February 2020. A scrip alternative will be offered, which the directors intend to
     match through the buyback of shares in the market and an announcement containing details 
     of the dividend, timetable and scrip dividend terms will be made on 19 December 2019.
  -  Net rental income for the period of GBP15.8 million (2018: GBP16.0 million). Profit after 
     tax of GBP13.2 million (2018: GBP13.2 million). Adjusted EPRA profit after tax was 
     GBP9.8 million (2018: GBP15.1 million).
  -  Headline earnings for the period were 3.02 pence per share (2018: 4.96 pence). 
  -  Diluted IFRS net asset value per share was GBP1.39 (31 March 2019: GBP1.36). Diluted EPRA 
     net asset value per share of GBP1.44 (31 March 2019: GBP1.41).
  -  Diluted IFRS EPS was 4.59 pence (2018: 4.63 pence). Diluted adjusted EPRA EPS of 3.41 pence 
     (2018: 5.28 pence) for the period ended 30 September 2019. The variance in EPRA EPS was 
     driven by a GBP5.0 million reduction in net management fee income as the Group has exited 
     its management activities. The property-related diluted adjusted EPRA EPS was 3.25 pence 
     (2018: 3.40 pence).

FX rates in period
Average foreign exchange rates in the period: GBP1.00: EUR1.1263; GBP1.00: CHF1.2517 
(2018: GBP1.00:EUR1.1308; GBP1.00: CHF1.3111)
Period-end foreign exchange rates: GBP1.00: EUR1.1265; GBP1.00: CHF1.2236 
(31 March 2019: GBP1.00: EUR1.1617; GBP1.00: CHF1.2970)

Stenprop Limited's results for the six months ended 30 September 2019 have been released on SENS 
and on the LSE on 22 November 2019 and are available on https://stenprop.com/investors/latest-results/ 
and at the JSE's website at: 
Any investment decision by shareholders and/or investors should be based on information contained 
in the full announcement published on SENS and the LSE, and on the Company's website. This short-form 
announcement is the responsibility of the directors and represents a summary of the information 
contained in the full announcement and does not contain full or complete details. Copies of the 
full announcement may be requested at 180 Great Portland Street, London, United Kingdom, and at 
the office of the sponsor, Java Capital, at 6A Sandown Valley Crescent, Sandton, 2196, Johannesburg, 
South Africa, during office hours at no charge from Friday, 22 November 2019 to Friday, 29 November 2019.

Stenprop Limited
22 November 2019

Registered office: 
Kingsway House
Havilland Street
St Peter Port


Date: 22/11/2019 09:00:00
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