Wynnstay Properties Delivers Strong Annual Results with 5.6% Dividend Hike and Portfolio Growth

Wynnstay Properties annual results 2026 – solid property income growth, higher NAV and a bigger dividend

Wynnstay Properties has put out a good, sensible set of annual results for the year ended 25 March 2026. This is not a flashy story, and that is probably the point. For retail investors looking at small UK property shares, Wynnstay is showing the sort of steady progress that matters – more rent, a higher portfolio valuation, a stronger net asset value and another dividend increase.

The headline numbers are comfortably positive. Rental income rose 7.0% to £2.866 million, earnings per share jumped 23.6% to 71.8p, net asset value per share increased 3.8% to 1,212p, and the total dividend for the year rose 5.6% to 28.5p.

Key figure	2026	2025
Rental income	£2.866 million	£2.679 million
Net property income	£2.024 million	£1.883 million
Operating income after fair value adjustment	£3.072 million	£2.618 million
Earnings per share	71.8p	58.1p
Dividend per share	28.5p	27.0p
Net asset value per share	1,212p	1,168p
Loan to value ratio	23.8%	23.3%

Why Wynnstay’s rental growth and leasing activity matter to investors

The most encouraging part of this RNS is that the growth looks operational, not just accounting-driven. Underlying rental income – meaning like-for-like income from properties held through the full period – rose 3.5% to £2.117 million. That tells you the existing portfolio is doing more work, not just the newly acquired Cambridge units adding bulk.

There was also a lot of leasing activity. Wynnstay completed 18 new leases, made up of three open market lettings and 15 renewals, with aggregate annual rent of about £614,000 per annum. That was 4.4% above the estimated rental value used in the March 2025 valuation, and the company says no rent was agreed below the valuer’s estimates.

That is a strong signal. In property, valuation growth means more when it is backed by signed leases and actual tenant demand rather than hope and optimism.

Tenant retention also looks healthy. Nine tenant break options were not exercised, 15 leases were renewed, and the company reported 100% rent collection for the year. For a small commercial landlord, that is a very respectable operational result.

Wynnstay property portfolio valuation rises as industrial assets keep doing the heavy lifting

The portfolio valuation increased by 2.9% on a like-for-like basis to £44.170 million. Total portfolio value rose to £46.970 million, including the five industrial units in Waterbeach, Cambridge acquired during the year and the Weston-super-Mare property held for sale.

Industrial assets are clearly the engine room here. Segmental reporting shows industrial rental income of £2.824 million out of total rental income of £2.866 million. Retail contributed £42,000 and office contributed nothing in 2026, so Wynnstay is effectively an industrial-focused commercial property company.

That matters because light industrial and trade-counter space has generally held up better than some other parts of the commercial property market. Wynnstay’s strategy is built around flexible, multi-let units in areas with decent occupier demand, and this year’s results suggest that approach is still working.

The post year-end sale of the Weston-super-Mare property also looks smart. It sold for £665,000, which was a 35.7% uplift over its net book value of £490,000 at the March 2025 valuation. That is a nice example of active asset management creating value before exiting.

Dividend growth looks credible, but earnings per share got a boost from revaluation gains

The dividend increase is good news. Wynnstay has proposed a final dividend of 18.0p, up from 17.0p, which takes the full-year total to 28.5p per share from 27.0p. For income-focused investors, that is exactly what you want to see – gradual, repeatable progress rather than a one-off jump.

That said, it is worth keeping your feet on the ground when looking at the 71.8p earnings per share figure. A chunk of that uplift came from a fair value adjustment of £1.048 million on the property portfolio. Fair value gains are revaluation gains – useful and real in terms of asset worth, but not cash in the bank.

The cash-generative side of the business still improved, just more modestly. Operating income before fair value adjustment rose 4.6% to £2.024 million. So yes, the profit growth is good, but it is not all coming from rent rolling in faster.

Debt, refinancing and the December 2026 loan deadline – the main risk in this Wynnstay RNS

The balance sheet remains conservative by property-sector standards, but there is one obvious watchpoint. Wynnstay’s loan to value ratio rose slightly to 23.8% from 23.3%, while borrowings increased to £11.190 million from £9.977 million. Cash fell to £0.539 million from £1.732 million after the Cambridge acquisition.

None of that is alarming on its own. A sub-25% loan to value ratio is fairly modest. The company also had £3.800 million undrawn on its revolving credit facility at year-end.

The issue is timing. Wynnstay’s current loan facilities expire in December 2026, which is why the £11.190 million of borrowings now appears as a current liability. The good news is that Handelsbanken has given credit approval and is willing in principle, subject to contract, due diligence and documentation, to provide new facilities of up to £20 million.

That package would include term loan facilities of £12 million and £3 million, plus a £5 million revolving credit facility. It sounds reassuring, but it is not fully signed yet. So the refinancing risk has reduced, but it has not disappeared.

Capital discipline, EPC upgrades and refurbishment plans show long-term thinking

One thing I liked in this update is the company’s discipline around development. Wynnstay has planning permission for six new units across Liphook, Aylesford and Ipswich, creating around 11,200 sq ft of new space. But it is not pushing ahead because construction costs have risen faster than rents, making returns too marginal for the risk.

That is the right call. Plenty of property businesses destroy value by forcing developments through just because they can.

There is also a practical plan around energy performance. Wynnstay said over 55% of units should achieve an EPC rating of C or above once fresh certificates are lodged, and it has budgeted £210,000 over the next 18 months to bring the remaining units up to at least a C rating by December 2027. That is not exciting, but it is important. Better EPC ratings can help protect lettability, rents and values.

My view on Wynnstay Properties results – a quietly strong year with one refinancing caveat

Overall, this looks like a positive RNS. The business delivered genuine rental growth, strong leasing outcomes, very high occupancy, full rent collection, rising asset values and another step up in the dividend. That is a tidy combination.

The negative angle is mainly around refinancing and, to a lesser extent, higher costs. Property costs rose to £149,000 from £113,000 due to legal and agent fees linked to the busy leasing year, and administrative costs increased to £717,000 from £697,000, including £30,000 of non-recurring board appointment costs. Those increases are manageable, but worth noting.

The bigger point is the debt maturity in December 2026. Wynnstay has clearly made good progress with its lender, but until the paperwork is signed, investors should treat that as the main item to watch.

Even so, this feels like a company doing the boring things well. In listed property, that usually beats drama. If Wynnstay can complete its refinancing on acceptable terms and keep converting leasing activity into rent growth, the investment case still looks healthy from here.