Financial Highlights

20162015 2014 2013 2012
£m£m £m £m £m
Income statement
Gross property income 156.0152.0 138.4 131.6 124.8
Net property and other income 149.2148.6 136.1 124.3 117.0
Profit on disposal of properties and investments 7.540.2 30.2 53.5 10.8
Profit before tax 54.5779.5 753.7 467.9 228.1
Earnings and dividend per share
EPRA earnings 85.778.7 58.6 55.1 51.3
EPRA earnings per share (p) 76.9971.34 57.08 53.87 50.36
IFRS dividend (p) 44.6640.60 37.40 34.50 31.85
Distribution of years' profit (p) 52.3643.40 39.65 36.50 33.70
Net asset value
Net assets 3,999.43,995.4 3,075.7 2,370.5 1,918.0
Net asset value per share (p) - undiluted 3,5303,528 2,931 2,248 1,824
EPRA net asset value per share (p) – diluted 3,5513,535 2,908 2,264 1,886
EPRA triple net asset value per share (p) – diluted 3,4503,463 2,800 2,222 1,764
EPRA total return (%) 1.723.0 30.1 21.9 12.7
Property portfolio
Property portfolio at fair value 4,942.74,954.5 4,168.1 3,353.1 2,859.6
Revaluation (deficit)/surplus (42.6)651.4 671.9 337.5 175.3
Cash flow statement
Cash flow1 19.6(43.6) (57.3) (65.9) 1.9
Net cash from operating activities 77.776.0 65.6 57.5 52.5
Acquisitions 18.0246.2 92.4 130.1 99.8
Capital expenditure on properties 213.5116.4 113.2 108.4 78.6
Disposals 224.7277.2 114.4 149.7 161.0
Gearing and debt
Net debt 904.8911.7 1,013.3 949.2 874.8
NAV gearing (%) 22.622.8 32.9 40.0 45.6
Loan-to-value ratio (%) 17.717.8 24.0 28.0 30.0
Net interest cover ratio (%) 370362 286 279 263

1Cash flow is the net cash from operating and investing activities less the dividend paid.