Sirius Real Estate Limited (LSE:SRE, JSE:SRE, OTC:SRRLF) has reported strong financial results for the year ending March 31, with funds from operations (FFO) increasing by 7.9% to €110.2 million, driven by a 7.2% like-for-like rent roll growth to €188.7 million.
Profit before tax rose by 32.4% to €115.2 million, with an adjusted profit before tax of €110 million, marking a 14.6% increase.
Sirius made significant acquisitions and disposals during the year, including six UK acquisitions worth £90 million (€104.2 million) and three German acquisitions worth €53.6 million.
Total disposals came to €59.7 million, all of which were closed at a premium.
Adjusted net asset value per share increased by 1.8% to €1.11.
Sirius maintained a strong balance sheet with €214.5 million in cash in the bank and a net loan-to-value (LTV) ratio of 33.9%.
The company declared a total dividend of €0.06 per share for the financial year, a 6.5% increase from the previous year.
Looking ahead, Sirius is assessing further growth opportunities in both Germany and the UK, where strong organic growth opportunities remain.
Chief executive Andrew Coombs stated: "Sirius has delivered another very positive set of annual results, with a strong operational performance driving FFO, valuation and dividend growth in what represents our tenth year of annualised rental growth above 5% and dividend increases.
“This is testament to our platform's ability to drive substantial organic growth, which is underpinned by continued occupier demand for our high-quality and affordable products despite macro headwinds."