STENPROP LIMITED 
(Registered in Guernsey) 
(Registration number 64865) 
LSE share code: STP    JSE share code: STP 
ISIN:  GG00BFWMR296 
(“Stenprop” or the “Company”) 
 
 
COVID-19 RENTAL COLLECTION AND OPERATIONAL UPDATE 
 
21 April 2020 
 
Following the update announced on 26 March 2020, Stenprop, the UK multi-let industrial (MLI) property company, today 
provides a further business update in light of the COVID-19 pandemic. 
 
Rent collection 
 
At close of business on 15 April 2020, we had received 73% of the total rent invoiced and due for the aggregate of the 
quarter commencing 25 March 2020 and the month commencing 1 April 2020, broken down as follows: 
 
• 79% of all rent invoiced was for the quarter commencing 25 March and ending 24 June 2020, of which 77% was paid 
by 15 April 2020; and 
 
• 21% of all rent invoiced was for the month of April 2020, of which 56% was paid by 15 April 2020. 
 
Operational matters 
 
We are engaging actively with our tenants on an individual basis, particularly those who are experiencing cash flow 
difficulties as a result of the lockdown measures across Europe. This necessarily involves a detailed understanding of the 
financial and operating impact of the current crisis on each customer’s business and what measures they will be able to 
take (including accessing Government financial support) to ensure they can manage through the lockdown period and 
continue to operate successfully thereafter. It is too early to provide any meaningful conclusions on this while the lockdown 
continues and uncertainty over the timing of a return to normality remains.  
 
Despite the current difficulties, we continue to receive letting enquiries for our UK MLI portfolio through our online digital 
marketing platform, albeit at a much reduced level. However, the enquiries we do receive are typically focused and urgent 
requirements with a higher rate of conversion into lettings. Since all Stenprop staff moved to working from home on 
16 March 2020, we have completed 16 new UK MLI leases, aggregating to £474,000 per annum of new headline rent over 
112,500 sq ft of space, a number of which have been executed entirely digitally through our existing online leasing process. 
Our experience in having already completed 18 leases using this digital platform prior to 16 March 2020, combined with our 
digital-first leasing strategy across our Industrials platform, highlights that the initiatives we have been implementing are 
proving effective and are likely to lead to higher levels of demand in the long term. We continue to invest in the digital 
platform during this period and will provide more information on this in our Annual Report for the year ended 31 March 
2020. 
 
To date, we have not made any redundancies or put any staff on furlough and our entire workforce remains productive and 
fully engaged, meeting the challenges that we face during the current crisis, aided by our existing cloud-based IT 
infrastructure and existing operating procedures. Our team remains vigilant and is ready to support businesses or 
organisations contributing to the efforts in the UK or Germany to fight the COVID-19 pandemic.  We have supplied to the 
NHS a list of all available units in our portfolio should they need space to store or distribute equipment and we have 
recently completed a short-term, rent-free letting to a food bank charity in Cardiff which has been supplying meals to NHS 
staff in the city.  
 
Outlook 
We remain confident that we are well placed to respond to the challenges of COVID-19. As explained in our previous 
announcement, our overall loan-to-value ratio (LTV) stands at approximately 40.7% based on the most recent property 
valuations as at 30 September 2019 and adjusted for subsequent acquisitions and disposals. When unrestricted cash of 
£60 million is deducted from loans, the LTV falls to 29.6%, which combines with significant headroom in our banking 
covenants. 
 
 
  
 
 
While the duration of the crisis remains uncertain, its financial impact upon the business remains difficult to predict.  
 
However, Stenprop remains a financially sound business with a capital structure and operating platform which is well 
STENPROP LIMITED 
placed to deal with a prolonged period of uncertainty and ultimately address, resolve and move on from the current 
challenges when the time comes.   (Registered in Guernsey) 
(Registration number 64865) 
 
LSE share code: STP    JSE share code: STP 
For further information: 
ISIN:  GG00BFWMR296 
 
(“Stenprop” or the “Company”) 
Stenprop Limited 
Pa ul Arenson 
 44(0)20 3918 6600 
 
Julian Carey 
COVID-19 RENTAL COLLECTION AND OPERATIONAL UPDATE 
James Beaumont 
 
 
21 April 2020 
Numis Securities Limited (Financial Adviser) 
 44(0)20 7260 1000  
 Hugh Jonathan 
Following the update announced on 26 March 2020, Stenprop, the UK multi-let industrial (MLI) property company, today 
Vicki Paine 
provides a further business update in light of the COVID-19 pandemic. 
  
 
Tavistock (PR Adviser)  44(0)20 7920 3150 
R Jame ent s c W ollh eitmore ction  
 
 
James Verstringhe 
At close of business on 15 April 2020, we had received 73% of the total rent invoiced and due for the aggregate of the 
 
quarter commencing 25 March 2020 and the month commencing 1 April 2020, broken down as follows: 
JSE Sponsor   27(0)11 722 3050 
 
Java Capital Trustees and Sponsors Proprietary Limited 
 • 79% of all rent invoiced was for the quarter commencing 25 March and ending 24 June 2020, of which 77% was paid 
by 15 April 2020; and 
About Stenprop 
 
Sten• p ro 21 p % is o af  a Gll r uee rn ns t e in y- vre oice gisd te was red  f U oK r th RE e IT mon . Thth e o o b fjec Aptiv ril e 2020 of th , o ef  wh Com ich pan 56% y is w to as de paid live b r ys 15 usta Ap inril 2020. able growing  income to its 
in vestors. Stenprop’s investment policy is to invest in a diversified portfolio of UK multi-let industrial (MLI) properties with 
the strategic goal of becoming the leading MLI business in the UK. For further information, go to www.stenprop.com. 
Operational matters 
 
We are engaging actively with our tenants on an individual basis, particularly those who are experiencing cash flow 
difficulties as a result of the lockdown measures across Europe. This necessarily involves a detailed understanding of the 
financial and operating impact of the current crisis on each customer’s business and what measures they will be able to 
take (including accessing Government financial support) to ensure they can manage through the lockdown period and 
continue to operate successfully thereafter. It is too early to provide any meaningful conclusions on this while the lockdown 
continues and uncertainty over the timing of a return to normality remains.  
 
Despite the current difficulties, we continue to receive letting enquiries for our UK MLI portfolio through our online digital 
marketing platform, albeit at a much reduced level. However, the enquiries we do receive are typically focused and urgent 
requirements with a higher rate of conversion into lettings. Since all Stenprop staff moved to working from home on 
16 March 2020, we have completed 16 new UK MLI leases, aggregating to £474,000 per annum of new headline rent over 
112,500 sq ft of space, a number of which have been executed entirely digitally through our existing online leasing process. 
Our experience in having already completed 18 leases using this digital platform prior to 16 March 2020, combined with our 
digital-first leasing strategy across our Industrials platform, highlights that the initiatives we have been implementing are 
proving effective and are likely to lead to higher levels of demand in the long term. We continue to invest in the digital 
platform during this period and will provide more information on this in our Annual Report for the year ended 31 March 
2020. 
 
To date, we have not made any redundancies or put any staff on furlough and our entire workforce remains productive and 
fully engaged, meeting the challenges that we face during the current crisis, aided by our existing cloud-based IT 
infrastructure and existing operating procedures. Our team remains vigilant and is ready to support businesses or 
organisations contributing to the efforts in the UK or Germany to fight the COVID-19 pandemic.  We have supplied to the 
NHS a list of all available units in our portfolio should they need space to store or distribute equipment and we have 
recently completed a short-term, rent-free letting to a food bank charity in Cardiff which has been supplying meals to NHS 
staff in the city.  
 
Outlook 
We remain confident that we are well placed to respond to the challenges of COVID-19. As explained in our previous 
announcement, our overall loan-to-value ratio (LTV) stands at approximately 40.7% based on the most recent property 
valuations as at 30 September 2019 and adjusted for subsequent acquisitions and disposals. When unrestricted cash of 
£60 million is deducted from loans, the LTV falls to 29.6%, which combines with significant headroom in our banking 
covenants.