2017 saw continuing growth in assets, earnings, NAV, dividends and dividend cover. EPRA NAV total return for the year was 16.4%. The prospects for further growth are good, with a strong pipeline of investment opportunities, a reduced LTV and average cost of debt, and substantial undrawn borrowing facilities. While yield tightening has benefited capital growth in recent years, it also increases the cost of acquisitions, and indications of accelerating rent growth are a positive development.

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