click for accessibility tool

This site uses cookies to improve your experience.

We use cookies to offer you better browsing experience. Cookies enhance site navigation, analyze site usage, and assist in our marketing efforts.To understand more about how we use cookies or to change your cookie preferences, visit our privacy and cookies page or click on ‘Show settings’. By clicking ‘Accept all Cookies,’ you agree to the storing of cookies on your device.

Privacy Policy Centre

When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalized web experience.

Because we respect your right to privacy, below you will find descriptions on the types of cookies used on this site and options to opt out where preferred. Please note blocking some types of cookies may impact your experience of the site and the services we are able to offer.

These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms.

You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. These cookies do not store any personally identifiable information.

These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site.
All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance.

These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site.
All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance.

Privacy and cookies

Commenting on the results, David Sleath, Chief Executive, said:

“2019 was another successful year for SEGRO, with our clear strategy delivering excellent financial and operational results. Our high-quality, well-located portfolio of urban and big box warehouses continues to attract a broad range of customers, benefitting from the structural drivers of e-commerce and urbanisation. As anticipated, these trends are now having an increasing impact on the Continent as well as in the UK.

“We have started 2020 in a strong position. Our substantial, mostly pre-leased development pipeline, along with the ongoing results from the active asset management of our existing portfolio, should enable us to drive further sustainable, compound growth in rental income, earnings and dividends over the coming years.

“This year SEGRO celebrates its one hundred year anniversary. We will continue to take a long-term view, reflecting the interests of our financial stakeholders and our wider responsibilities, as we look to position the business for further success in its next century.”


  • Adjusted pre-tax profit, up 10.8 per cent, reflecting a record year of development completions, high customer retention rates, like-for-like rental growth and a low vacancy rate.
  • Adjusted EPS of 24.4 pence, an increase of 4.3 per cent compared to 2018 (23.4 pence) or 9.9 per cent excluding the impact of the SELP performance fee received in 2018 (payable every five years). IFRS EPS of 79.3 pence (2018: 105.4 pence) reflects the 7.5 per cent increase in the value of our portfolio (2018: 10.7 per cent increase).
  • EPRA NAV per share up 8.9 per cent to 708 pence (31 December 2018: 650 pence). IFRS NAV per share was 697 pence (31 December 2018: 644 pence).
  • Future earnings prospects underpinned by 1.2 million sq m of development projects under construction or in advanced pre-let discussions. This equates to an additional 15 per cent of space and £70 million of potential rent, 71 per cent of which relates to pre-lets and lettings prior to completion.
  • 2019 full year dividend increased by 10.1 per cent to 20.7 pence (2018: 18.8 pence). Final dividend increased by 8.7 per cent to 14.4 pence (2018: 13.25 pence).


Valuation gains and rental growth across the portfolio with Continental Europe outperforming the UK

  • Portfolio capital valuation surplus of 7.5 per cent driven by a 2.5 per cent increase in the like-for-like value of our UK portfolio (2018: 12.0 per cent) and 13.5 per cent in Continental Europe (2018: 5.1 per cent). Valuation gains were driven mainly by asset management, rental value growth (UK: 2.6 per cent, Continental Europe: 3.0 per cent), development gains and further yield compression in Continental Europe.

Operational metrics at record levels thanks to active asset management and strong occupier demand

  • £65.8 million in annualised new rent commitments in the period (2018: £66.4 million), of which £33.2 million (2018: £41.5 million) is from new development.
  • 4.7 per cent like-for-like net rental income growth (5.7 per cent in the UK, 3.1 percent in Continental Europe) aided by an average 17.8 per cent uplift on rent reviews and renewals. The UK figures include the significant impact of lease re-gears and renewals at the Heathrow Cargo Centre.
  • Vacancy rate remains low at 4.0 per cent (31 December 2018: 5.2 per cent) reflecting strong lettings of recently completed speculative developments and some vacant asset disposals. Our continued focus on customer service has kept customer retention high at 88 per cent (2018: 89 per cent).

Capital allocation focused on funding further development-led growth

  • £692 million of investment in our portfolio, including £556 million invested in development capex, infrastructure and land as well as £136 million of asset acquisitions. This was partially offset by £442 million of asset and land disposals (including sales of assets to our SELP joint venture).
  • Total development capex for 2020, including infrastructure and land acquisitions, expected to exceed £600 million.
  • £50 million of potential rent from current development pipeline, 60 per cent of which has been secured. This includes £10 million of potential rent from speculative urban warehouse developments in the very attractive London market.
  • £20 million of potential rent from further ‘near-term’ pre-let projects which are in advanced stages of negotiation. Our land bank and additional land under our control through option agreements provide significant potential for further growth.

Balance sheet

  • SEGRO continues to be appropriately and efficiently financed. The average cost of debt remains attractive at 1.7 per cent (2018: 1.9 per cent), the long average debt maturity has been maintained at 10.0 years (2018: 10.2 years) and look-through LTV ratio has reduced to 24 per cent (31 December 2018: 29 per cent).
  • Equity placing of £451 million completed in February 2019, providing capacity to continue to invest for growth.
  • SEGRO has almost £1.4 billion of cash and available facilities at its disposal.

1 Figures quoted on pages 1 to 16 refer to SEGRO’s share, except for land (hectares) and space (square metres) which are quoted at 100 per cent, unless otherwise stated. Please refer to the Presentation of Financial Information statement in the Financial Review for further details.


Income statement metrics  2019 2018 Change
per cent
Adjusted1 profit before tax (£m) 267.5 241.5 10.8
IFRS profit before tax (£m) 902.0 1,099.1 (17.9)
Adjusted2 earnings per share (pence) 24.4 23.4 4.3
IFRS earnings per share (pence) 79.3 105.4 (24.8)
Dividend per share (pence) 20.7 18.8 10.1


Balance sheet metrics             31 Dec 2019            31 Dec 2018 Change
per cent
Portfolio valuation (SEGRO share, £m) 10,251 9,425 7.55
EPRA34 net asset value per share (pence, diluted) 708 650 8.9
IFRS net asset value per share (pence, diluted) 697 644 8.2
Group net borrowings (£m) 1,811 2,177 -
Loan to value ratio including joint ventures at share (per cent) 24 29 -

1 A reconciliation between Adjusted profit before tax and IFRS profit before tax is shown in Note 2.
A reconciliation between Adjusted earnings per share and IFRS earnings per share is shown in Note 11(i).
A reconciliation between EPRA net asset value per share and IFRS net asset value per share is shown in Note 11(ii).
Calculations for EPRA performance measures are shown in the Supplementary Notes to the condensed financial information.
Percentage valuation movement during the period based on the difference between opening and closing valuations for all properties including buildings under construction and land, adjusting for capital expenditure, acquisitions and disposals.

View the full press release in PDF format.

Full details of our holdings can be found in the SEGRO Property Analysis Report.

Watch a video interview with David Sleath, Chief Executive and Soumen Das, Chief Financial Officer.


A live webcast of the results presentation will be available from 08:30am (UK time) at:

The webcast will be available for replay at SEGRO’s website at: by the close of business.

A conference call facility will be available at 08:30 (UK time) on the following number:
Dial-in: +44 (0)2071 928000
Access code: 4534627
An audio recording of the conference call will be available until 21 February 2020 on:
UK & International:   +44 (0)3333 009785
Access code:  4534627

A video interview with David Sleath, Chief Executive, discussing the results is now available to view on, together with this announcement, the Full Year 2019 Property Analysis Report and other information about SEGRO.


2019 final dividend ex-div date 19 March 2020
2019 final dividend record date 20 March 2020
2019 final dividend scrip dividend price announced                                    26 March 2020
2019 final dividend payment date 01 May 2020
2020 First Quarter Trading Update 21 April 2020
Half Year 2020 Results 30 July 2020


SEGRO is a UK Real Estate Investment Trust (REIT), and a leading owner, manager and developer of modern warehouses and light industrial property. It owns or manages 8 million square metres of space (86 million square feet) valued at £12.2 billion serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in eight other European countries.

Forward-Looking Statements: This announcement contains certain forward-looking statements with respect to SEGRO’s expectations and plans, strategy, management objectives, future developments and performances, costs, revenues and other trend information. These statements are subject to assumptions, risk and uncertainty. Many of these assumptions, risks and uncertainties relate to factors that are beyond SEGRO’s ability to control or estimate precisely and which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Certain statements have been made with reference to forecast process changes, economic conditions and the current regulatory environment. Any forward-looking statements made by or on behalf of SEGRO are based upon the knowledge and information available to Directors on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and SEGRO’s shareholders are cautioned not to place undue reliance on the forward-looking statements. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules), SEGRO does not undertake to update forward-looking statements to reflect any changes in events, conditions or circumstances on which any such statement is based. Past share performance cannot be relied on as a guide to future performance. Nothing in this announcement should be construed as a profit forecast.

Neither the content of SEGRO’s website nor any other website accessible by hyperlinks from SEGRO’s website are incorporated in, or form part of, this announcement.

Financial Investors
Copy URL