Preliminary results for the year ended 31 March 2020

(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP JSE share code: STP
("Stenprop" or the "Company")

SHORT-FORM ANNOUNCEMENT: Preliminary results announcement for the year ended 31 March 2020

The publication of this announcement is in line with Johannesburg Stock Exchange requirements.

Highlights for the year ended 31 March 2020

Diluted EPRA NAV* per share                              GBP139
Diluted adjusted EPRA EPS*                               6.88 pence
Total dividend per share                                 6.75 pence
Loan-to-value ratio (27.7% including free cash)          40.8%
Free cash*                                               GBP70 million


- Solid progress made in the transition to become a 100% UK multi-let industrial ('MLI') business:
   -  MLI portfolio represents 58% of the total property portfolio, up from 42.7% a year earlier
   -  Acquisition during the year of 10 MLI estates and a number of additional units on existing estates for a total purchase
      price of GBP38.8 million
   -  Sold three small UK retail properties for an aggregate consideration of GBP4.60 million and the portfolio's largest property,
      known as Bleichenhof located in in central Hamburg, for EUR160.15 million (GBP136.2 million)
   -  Group LTV ratio reduced to 40.8% (2019: 44.2%) on drawn facilities, or 27.7% when taking free cash into account
   -  Further investment in MLI operating platform.
- Completed 197 new lettings / lease renewals in the MLI portfolio for an average contractual term in excess of four years and 19%
  ahead of the previous passing rent for each unit.
- On a like-for-like* basis, the valuation of the total portfolio increased by 2.8% over the prior year. The like-for-like increase on the MLI
  portfolio valuation was 3.7%.
- Strong balance sheet at 31 March 2020 with approximately GBP70 million of free cash and significant headroom for both interest
  cover and LTV loan covenants. Stenprop is well placed to cope with a prolonged period of uncertainty.
- At 31 May 2020, 82% of the portfolio's total rent invoiced and due had been received for the aggregate of the quarter commencing
  25 March 2020 and the months of April and May 2020.


- Declared final dividend on 11 June 2020 of 3.375 pence per share, which together with the interim dividend of 3.375 pence per
  share declared on 21 November 2019, results in a total dividend for the year ended 31 March 2020 of 6.75 pence per share 
  (2019: 6.75 pence per share). The total dividend for the year is fully covered by earnings of 6.88 pence per share. Net rental income for the
  period of GBP33.0 million (2019: GBP33.9 million). Profit after tax of GBP15.6 million (2019: GBP23.8 million). Adjusted EPRA profit after tax was
  GBP19.7 million (2019: GBP25.2 million). 1
- Headline earnings for the period were 5.86 pence per share (2019: 7.63 pence).
- Diluted IFRS* Net asset value per share was GBP1.37 (31 March 2019: GBP1.36). Diluted EPRA NAV* per share of GBP1.39 (31 March 2019: GBP1.41).
- Diluted IFRS EPS was 5.44 pence (2019: 8.35 pence). Diluted adjusted EPRA EPS1 was 6.88 pence (2019: 8.84 pence). The decline in earnings was a 
  direct consequence of the previously communicated strategic decision to withdraw from all historic third-party fund management activity.

* 'EPRA' means European Public Real Estate Association. 'NAV' means net asset value. 'EPS' means earnings per share. 'LTV' means loan-to-value. 
  'IFRS' means International Financial Reporting Standards. 'Like-for-Like' is a change in measure for reference data existing in the current 
  and previous period. 'Free cash' is cash and cash equivalents less restricted cash and cash held for other purposes. 'Diluted Adjusted EPRA' 
  earnings measures are company-specific. 

1.Subject to the receipt of regulatory approvals, a scrip alternative will be offered, which the directors intend to match through the buyback 
  of shares on the market. Subject to the receipt of regulatory approvals, the directors intend to offer shareholders the option to receive all 
  or part of their dividend entitlement by way of a scrip issue of new Stenprop ordinary shares, or in cash. A further announcement informing 
  shareholders of the salient dates and tax treatment of the dividend will be released in due course. Part of the distribution will be a Property 
  Income Distribution (known as a PID) which, subject to certain exemptions, will attract UK withholding tax. The dividend of 6.75 pence per 
  share represents a dividend yield of 6.3% on the share price at 5 June 2020 of GBP1.07, and a yield of 4.9% on the diluted EPRA NAV per share 
  at 31 March 2020 of GBP1.39.   

FX rates in period
Average foreign exchange rates in the year: GBP1.00:EUR1.1442; GBP1.00:CHF1.12544 (2019: GBP1.00:EUR1.1338; GBP1.00:CHF1.3002)
Year-end foreign exchange rates: GBP1.00:EUR1.1249; GBP1.00:CHF1.1915 (2019: GBP1.00:EUR1.1617; GBP1.00:CHF1.2970)


This short-form announcement is the responsibility of the directors and represents a summary of the information contained in the full announcement 
released on SENS and the LSE on 12 June 2020 and does not contain full or complete details. None of the information contained in this announcement 
has been reviewed or reported on by the Company's auditors. 

The full announcement can be accessed using the following JSE link:

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, 12 June 2020 to Friday, 19 June 2020. 
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.

Stenprop Limited's audited annual financial statements for year ended 31 March 2020 have been audited by the Company's auditors Deloitte LLP, who have provided 
an unqualified opinion, including key audit matters within their audit report. The full announcement including the Company's annual financial statements is 
available on and the audit opinion is available on 
Date: 12-06-2020 08:00:00
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