The dividend has continued to increase without interruption, up from 65c to 70c. That’s 11 years of increase, and compares with 5.966c in 2006.

Funds from operations (FFO) in the first half alone have increased by 4.1%, from 87c to 91c – this effectively finances the dividend.

Consolidated net income rose 16% to €29.1m.

Net asset value on an EPRA basis has increased 5% from €22.23 to €23.34 per share.

 The company seems perfectly happy with our forecasts (written prior to the interim results), apart from the 2022 dividend (which we knew was a bit of a flier, so pencil in around 92c instead):

Since we introduced you to this company a year ago (remember the Blue Banana?) life has gone ahead very smoothly. A few salient facts:

The Covid crisis saw the Dehner garden centres close in most states, but they all reopened a couple of months ago (earlier than in the UK) and all rent arrears were paid just before the half year end. There were a few debt forgivenesses for small traders within the Interpark site, but the overall number is insignificant; thus all full year forecasts are unchanged from previous guidance.