Financial highlights

Outlook

The pandemic has affected almost everyone and every business. It also has the potential to reshape and transform the future. Its long-term effects on real estate are highly uncertain. We expect continuing challenges to our business as London slowly recovers and the long-term effects of the pandemic become apparent. However we are optimistic that with our strong financial position and countercyclical medical portfolio we will see a return to a growth in income and profits in the medium term.

Our Staff

Finally I would like to pay tribute to our Executive Directors and staff who have had to work in ways they never expected and who have admirably stepped up to the challenge. We are very proud and grateful for all that they have achieved in an extremely difficult year.

Sir William Proby

Bt CBE DL Chairman

Key performance indicators 2021

Rental income Revenue profit before tax* Investment property value Shareholders’ funds Gearing**

£131.8m £63.6m £4,546m £3,277m 19.2%

*Revenue profit before tax is the Group’s preferred measure of profitability. Calculation on page 25. **Gearing is the proportion of the Group’s net assets funded by net debt. 2020

£144.4m £77.6m £4,678m £3,383m 18.3% Change % 8.7% 18.0% 2.8% 3.1% “4.9%

Rental income £m

117.8 127.5 135.9 144.4 Investment property value £m Shareholders’ funds £m

131.8 4,237 4,427 4,606 4,678 4,546 3,210 3,360 3,448 3,383

3,277