Full year results to 31 March 2021

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

SHORT-FORM ANNOUNCEMENT: Full year results to 31 March 2021

  GBP1.47          6.78 pence             6.75 pence              28.1%                        6.3%
 EPRA NTA*          Adjusted            Total dividend     Loan-to-value ratio*      Like-for-like* portfolio
 per share     earnings per share*        per share                                 valuation increase in year

Platform efficiency and occupier demand driving performance

-  Like-for-like rental growth across the MLI portfolio of 5.6% for the year
   (2020: 5.6%), driven by average uplifts from previous passing rents upon new
   lettings and renewals of 16.3%
-  MLI portfolio vacancy has fallen to 6.3% on 31 March 2021 from 9.0% on
   31 March 2020 because of high demand and limited supply of MLI units in the market
-  ERV across the portfolio grew 6.2% to GBP6.16/sq ft (2020: GBP5.80/sq ft), reflecting a
   12.8% premium to the average passing rent of GBP5.46 sq ft (2020: GBP5.27/sq ft)
-  Over 60% of leases contracted through Stenprop's short form digital 'Smart Leases'
-  Robust rent collection of 90%
-  Industrials.co.uk website users up 75% year on year

Multi-let industrial transition strategy nearing completion

-  Multi-let industrial assets comprise 74.3% of total portfolio (2020: 58%) with
   Stenprop on target to reach 100% by 31 March 2022
-  14 individual MLI estates, totalling over one million sq ft, acquired during the year
   for GBP91.5 million in line with GBP90 million target
-  Disposed of GBP79.5 million of non-MLI assets in Germany, achieved at an average
   premium of 15% to the 31 March 2020 valuations

Asset management continues to underpin valuation and earnings growth

-  Total Accounting Return doubled to 11.4% (31 March 2020: 5.7%)
-  Declared covered final dividend on 9 June 2021 of 3.375 pence per share,
   which together with the interim dividend of 3.375 pence per share declared
   on 2 December 2020 results in a total covered dividend for the year ended
   31 March 2021 of 6.75 pence per share (2020: 6.75 pence per share). The total
   dividend for the year is fully covered by adjusted earnings(1)
-  Adjusted earnings per share of 6.78p (31 March 2020: 6.88p), mainly reflecting
   a bad debt expense of GBP3 million compared with a bad debt expense last year
   of GBP0.5 million which was before COVID-19. Adjusted earnings attributable to
   shareholders were GBP19.4 million (2020: GBP19.7 million)
-  6.5% increase in EPRA Net Tangible Assets per share to 147 pence
   (31 March 2020: 138 pence). Diluted IFRS* Net Asset Value per share was GBP1.48
   (31 March 2020: GBP1.37)
-  Portfolio valued at GBP582.3 million (2020: GBP532.6 million), reflecting a like-for-
   like valuation increase of 6.3%. This was primarily driven by a 10.1% increase in
   the like-for-like value of the MLI portfolio. 65% of this was as a result of rental
   growth and 35% as a result of a yield change
-  Net rental income from continuing operations for the period of GBP32.0 million
   (2020: GBP33.0 million). Basic IFRS earnings attributable to ordinary shareholders
   increased to GBP53.0 million (2020: GBP15.6 million), equating to a diluted IFRS EPS
   of 18.57 pence (2020: 5.44 pence)
-  Diluted headline earnings for the period were 7.25 pence per share
   (2020: 5.79 pence)
*   EPRA NTA' means European Public Real Estate Association Net Tangible Assets
    Loan-to-value ratio is the ratio of total borrowings, less unrestricted cash, to the Group's aggregate value
    of properties.
    'Like-for-like' is a change in measure for reference data existing in the current and previous period
    'Adjusted earnings per share' was previously named 'Diluted adjusted EPRA earnings per share'

(1) The dividend of 6.75 pence per share represents a dividend yield of 4.4% on the share price at
    8 June 2021 of GBP1.55, and a yield of 4.6% on the diluted EPRA NTA per share at 31 March 2021 of GBP1.47.
    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.

FX rates in period

Average foreign exchange rates in the year: GBP1.00:EUR1.1202; GBP1.00:CHF1.2057
(2020: GBP1.00:EUR1.1442; GBP1.00:CHF1.2544)

Year-end foreign exchange rates: GBP1.00:EUR1.1738; GBP1.00:CHF1.2985
(2020: GBP1.00:EUR1.1249; GBP1.00:CHF1.1914)
Short-Form Announcement

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 11 June 2021 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, 6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196, Johannesburg, South Africa during office hours 
at no charge from Friday, 11 June 2021 to Friday, 18 June 2021. 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 annual financial statements for year ended 31 March 2021 have been audited by the Company's auditors, BDO 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 stenprop.com/investors/results-and-presentations/ and the audit opinion
is available on stenprop.com/our-business/governance

Stenprop Limited
11 June 2021

Registered office: Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

Date: 11-06-2021 08:00:00
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