Earnings DilutionThe modest but progressive improvement in current trading is offset by further cost pressures and rising interest costs, and the company expects its development programme to be earnings dilutive over the next two years.
Interest CostsHigher interest costs due to developments and the time it takes to let up new stores puts the brakes on earnings per share growth this year.
Sector PerformanceNo UK REIT has avoided the sector's de-rating over the last 5 months, with share prices adversely impacted by higher rate expectations, a weak economy, and property investment markets devoid of liquidity.