Half Year 2019 SEGRO PLC Earnings Call Transcript
Okay. Good morning, everybody, and welcome to our 2019 first half results presentation. I'm pleased to report that the momentum we carried through from the end of last year has been maintained in 2019, and once again, has been a period of strong performance for SEGRO with double-digit earnings growth and a good uplift in NAV in what has been a more stable investment market.
The operational highlights are twofold. Firstly, we've delivered a record volume of development completions; and secondly, we've achieved strong gains from asset management on the existing portfolio.
We continue to take a disciplined approach to capital allocation and portfolio management. Our investments remain biased towards development where the CapEx run rate is at least GBP 400 million per annum before taking account of land purchases. And on disposals, we continue to crystallize gains, trim the portfolio around the edges and take money off the table where we think appropriate.
Notwithstanding the wider macroeconomic and political
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