REIT News - July 2021
REIT Market Overview
In terms of activity, June was relatively slow compared to the great activity recorded in the previous months. Capital markets played a critical role for many players intent to raise funding via private and public placements. Big Yellow Group completed the placing of new ordinary shares, raising gross proceeds of approximately £100 million at a tight discount of 0.9 per cent to the closing share price of 1,302 pence on 23 June 2021. LXi REIT announced its intention to raise approximately £75 million by way of a placing of approximately 56.4 million new ordinary shares at 133 pence per share. Impact Healthcare REIT announced a new revolving credit facility of £26m with NatWest.
Industry trends highlighted in prior months continued, with the property and logistics markets gaining further traction. Home REIT announced the acquisition of a further 14 separate portfolios of properties for an aggregate purchase price of £47.1m. Schroder European Real Estate Investment Trust announced the exchange of contracts to purchase a freehold logistics property in Nantes for €6.15 million.
(Ticker, Share Price, EPRA NAV per Share, Premium/Discount)
AEW UK REIT Plc (LON:AEWU, 96.0p, 99.2p, -3.2%)
AEW UK REIT, which holds a diversified portfolio of 34 commercial investment properties throughout the UK, has published its full year results for the year ended 31 March 2021. Key details are:
- Net Asset Value ('NAV') of £157.08 million and of 99.15 pps as at 31 March 2021 (31 March 2020: £147.86 million and of 93.13 pps);
- Operating profit before fair value changes of £10.73 million for the year (year ended 31 March 2020: £14.47 million);
- NAV Total Return for the year of 15.06% (year ended 31 March 2020: 2.55%);
- The Company held cash balances totalling £17.45 million as at 31 March 2020 (31 March 2020: £9.87 million);
- As at 31 March 2021, the Company's property portfolio had a valuation of £179 million across 34 properties (31 March 2020: £189.30 million across 35 properties) as assessed by the valuer and a historical cost of £173.28 million (31 March 2020: £197.12 million);
- The Company acquired one property during the year for a purchase price of £5.40 million, excluding acquisition costs (year ended 31 March 2020: none). The Company made two disposals during the year with total gross sale proceeds of £29.30 million (year ended 31 March 2020: none);
- The portfolio had an EPRA Vacancy Rate of 8.96% as at 31 March 2021 (31 March 2020: 3.68%). Excluding vacancy contributed by Bath Street, Glasgow, which was exchanged to be sold with the condition of vacant possession, the vacancy rate was 5.58% (31 March 2020: 3.68%);
- Rental income generated in the year under review was £15.71 million (year ended 31 March 2020: £17.42 million). The number of tenants as at 31 March 2021 was 99 (31 March 2020: 91);
- EPRA Net Initial Yield ('NIY') of 7.37% as at 31 March 2021 (31 March 2020: 8.26%);
- Weighted Average Unexpired Lease Term ('WAULT') of 4.43 years to break (31 March 2020: 4.26 years) and 6.71 years to expiry (31 March 2020: 5.55 years).
Assura Plc (LON:AGR, 74.1p, 57.3p, +29.2%)
Assura announced it has reached legal completion on a development funding agreement for a £22m Ambulance Hub in the West Midlands. Let to West Midlands Ambulance Service University NHS Foundation Trust (WMAS) on a 30-year lease with five-yearly rent reviews linked to RPI, the hub will contain essential facilities for the Hazardous Area Response Team, specialist equipment distribution warehouse, training facilities and space for 70 ambulances. WMAS is the second largest ambulance trust in England, covering 5,000 square miles and serving over 5.6m people. Construction is expected to take 15 months with rent commencing in Q3 2022. Continued investment activity in the first two months of the year:
- Completed one development (Ware) and moved on site with the Ambulance Hub;
- Currently on site with 16 developments (16 at 31 March 2021);
- Four acquisitions completed for £22m;
- 10 disposals completed for consideration of £15m, above the book value at March 2021.
Big Yellow Group Plc (LON:BYG, 1,311.1p, 889.2p, +47.4%)
Big Yellow Group announced the successful completion of the placing of new ordinary shares of 10 pence each in the capital of the Company. A total of 7,751,938 new ordinary shares in the Company have been placed by J.P. Morgan Securities at a price of 1,290 pence per Placing Share, with existing and new institutional investors, raising gross proceeds of approximately £100 million. The placing price of 1,290 pence per Placing Share represents a tight discount of 0.9 per cent to the closing share price of 1,302 pence on 23 June 2021. The Placing Shares represent approximately 4.4 per cent of the issued ordinary share capital of the Company prior to the Placing.
Capital & Regional Plc (LON:CAL, 72.4.0p, 150.0p, -51.7%)
Capital & Regional has issued an update on trading and rent collections as well as progress with banking discussions. Key details are:
- 99% of leased units are back open and trading across the Group's seven shopping centres;
- Footfall in the eight weeks since the re-opening of non-essential retail on 12 April 2021 has risen from about 30% beforehand to the equivalent of approximately 72% of the corresponding weeks in 2019;
- Occupancy remains robust at 89% at 31 May 2021;
- In total received 70% of the rent due for the year to date, encompassing the rent billed on or since the 25 December 2020 quarter date up until 18 June 2021. This is an improvement of approximately 11% on when we updated the market on 28 April 2021;
- Leasing progress encouraging following the re-opening on 12 April 2021. To the end of May 2021, 38 new lettings had completed which with renewals represented a combined value of £0.9m, in aggregate above the previous rent and ERV;
- At Luton handed over a new unit to Lidl, facilitating an Autumn opening;
- Achieved a number of notable milestones towards securing the residential development in Walthamstow - principal terms of the s.106 planning obligations package now agreed and the local authority recommendation to grant planning consent has been formally ratified by the Greater London Authority;
- As at 31 May 2021, the Group had total cash on balance sheet of £74.3m, which is equivalent to more than one year's gross revenue. Of this approximately £58.2m was held centrally, outside of the collateral of any of the debt facilities;
- Group's four drawn debt facilities are all non-recourse, with no cross-default clauses. The earliest contractual maturity on any of the Group's property loan facilities is February 2023.
Civitas Social Housing Plc (LON:CSH, 115.7p, 108.3p, +6.8%)
Civitas Social Housing announced completion of the acquisition of three supported living properties and exchanged on one further property all located in the East of England for a total consideration of £2.5m (excluding purchase costs). The acquisition is composed of four self-contained single occupancy properties which have been specially adapted for adults with learning disabilities and mental health care needs. The properties are leased to Chrysalis Supported Association, with rents adjusted annually in line with CPI over the full-term and are subject to a lower limit of inflation of 0% pa and a maximum indexation of 4% p. Additionally, the properties benefit from nomination agreements with the respective local authorities that support the rental income for between ten and twenty years. Chrysalis is a counterparty to existing leases within the Company's portfolio.
Civitas Social Housing has announced full year results to 31 March 2021. Key details are:
- Investment property up 4.2% to £915.58m (31 March 2020: £878.74m);
- IFRS NAV per share (diluted) up 0.4% to 108.30p (31 March 2020: 107.87p);
- Rent roll annualised up 5.0% to £50.78m (31 March 2020: £48.42m);
- Rental income up 4.4% to £47.85m (FY 2020: £45.91m);
- EPRA earnings up 63% to £30.60m (FY 2020: £28.81);
- Operating Cash Flow up 9.7% to £36.11m (FY 2020: £32.91m);
- Total shareholder return of 26.48% (FY 2020: 20.36%);
- LTV of 34.48% (31 March 2020: 26.90%);
- Weighted average cost of debt of 2.40% (31 March 2020: 2.46%).
Custodian REIT Plc (LON:CREI, 97.3p, 97.6p, -0.3%)
Custodian REIT, the UK property investment company, acquired five industrial units covering an aggregate 40,419 sq ft on Knowsley Business Park, Liverpool, adjacent to junction 4 of the M57. The units are occupied by Portakabin, Green Thumb, Central Electrical Armature and Med Imaging with a weighted average unexpired term to first break or expiry of four years. The units have an aggregate passing rent of £214,117 per annum, reflecting a net initial yield of 5.74%. The agreed purchase price of £3.5 million was funded from the Company's existing debt facilities, resulting in net gearing increasing to 25.4% loan to value.
Custodian REIT announced a further property purchase at Knowsley Business Park of a 9,016 sq ft industrial unit. The unit is occupied by Engineering Solutions and Automations Limited with an unexpired term to first break or expiry of 4.1 years. The unit has a passing rent of £45,000 per annum, reflecting a net initial yield of 5.17%. The agreed purchase price of £0.825 million was funded from the Company's existing debt facilities, resulting in net gearing increasing to 25.6% loan to value.
Empiric Student Property Plc (LON:ESP, 86.1p, 105.0p, -18.0%)
Empiric Student Property plc, the owner and operator of premium student accommodation across the UK, announced an update on trading and the business, and the recent completion of the sale of a non-core property in Exeter. Key details are:
- All buildings remain open, staffed, maintained, and operating strictly in line with Government guidance and regulations;
- Adjusting for the support provided to students since January 2021, as a result of the third national lockdown, revenue occupancy for the current 2020/21 academic year remains at 65%;
- The collection of rents remains in line with usual collection profile and the physical occupancy level in buildings is currently approximately 67% of total operational rooms;
- Current bookings for the 2021/22 academic year are 40%, whilst lower at this point than in pre Covid-19 cycles, bookings are gradually accelerating;
- The sales cycle for the 2021/22 academic year is expected to be significantly back ended as the benefits of the lifting of restrictions by the UK Government take effect;
- Together with the success of the vaccination programme and the recent UCAS applications, there is cautious optimism about a return to increasingly normal levels of occupancy;
- UCAS applications for the 2021/22 academic year show encouraging growth, with the non-EU international market up by 17% overall, and within this, Chinese applications are up by 21%. UK domestic applications show strong demand growth of 11%;
- The £11.05 million sale of an asset in Exeter at a price ahead of the latest book value at 31 December 2020 and is in line with the Group's strategy to dispose over the short to medium term of around £100 million of non-core assets.
Home REIT Plc (LON:HOME, 113.0p, 102.8p, +9.9%)
Home REIT announced that it has acquired a further 14 separate portfolios of properties located across England for an aggregate purchase price of £47.1m (including acquisition costs). The acquisition, in combination with those properties announced previously, represents the deployment of the entire net proceeds of the Company's £240m IPO and over 40% of its £120m 12-year debt facility. The acquisition adds a further 314 beds across 31 properties, providing accommodation for vulnerable homeless people in London, North West, East, East and West Midlands, South East and South West regions of England. The properties are let at a low and sustainable rental level, on new, unbroken, long term, full FRI leases to seven different specialist registered homeless charities. The rents received under these leases are subject to annual upward-only rent reviews, index-linked to the CPI, subject to an annual collar and cap of 1%. and 4%., respectively.
Impact Healthcare REIT Plc (LON:IHR, 111.2p, 109.6p, +1.5%)
Impact Healthcare REIT announced that it has signed a new revolving credit facility of £26m with NatWest, with an accordion agreement to increase this facility to £50m, subject to lender approval. At the same time, it has agreed to repay £10m of its £25m term loan with Metro Bank. The new facility is for an initial term of three years with an option to extend, subject to lender approval, for up to a further two years. The facility has a margin of 190 basis points per annum over SONIA, which is currently equivalent to a total drawn cost of debt of 1.95% pa.
LXI REIT Plc (LON:LXI, 133.2p, 125.7p, +6.0%)
LXi REIT, the specialist inflation-protected long income REIT, announced that it had exchanged contracts on the forward funding acquisition of a 94,000 sq ft garden centre in Reading for a total cost of £19 million, reflecting an accretive 5.3% net initial yield (net of acquisition costs). The Property is pre-let to Dobbies, the UK's largest garden centre operator and an existing tenant of the Company, on a new 35-year lease, with no break right, and benefits from CPI plus 1% pa rental uplifts, reviewed on an annual basis, with a collar of 1.5% pa and a cap of 4% pa.
This latest acquisition takes the Company's total funding deployed/committed to £170 million since its £125 million capital raise in March 2021, across 13 separate transactions in structurally supported sectors (foodstores, industrial, drive-thru coffee and garden centres), with a long weighted average unexpired lease term to first break of 22 years and with 100% of the rent roll being inflation-linked (86% to RPI, 11% to CPI+1 and 3% to CPI).
LXi REIT has sold a small, ancillary retail parade acquired last year as part of the Co-op foodstore portfolio purchase. The sale proceeds of £575,000 represent a 100% premium to the purchase price paid by the Company and will be deployed into the Company's accretive forward funding pipeline.
LXi REIT reported that it has completed the extension of the occupational lease terms on six Greene King pubs from 13 years to expiry to 20 years to expiry, without break, in return for a 10% reduction in the passing rent. The rent for the Re-geared Assets' represents 43% of the total rent of the Company's pub assets. Having discussed the matter with the Company's Valuer in advance, it is anticipated that the re-gear will have a material positive impact on the value of the Re-geared Assets, along with providing the additional security of longer term cash flows with annual contractual fixed rental uplifts of 2.5% pa.
LXi REIT was on the fund raising trial with (i) a retail offer of new ordinary shares (ii)a non pre-emptive placing (iii) a placing seeking to raise £75m for approximately 56.4 million new ordinary shares. The placing price for all tranches was 133p per share representing a 2.3 per cent premium to the Company's estimated IFRS net asset value and estimated EPRA net tangible assets of 130 pence per Ordinary Share as at 1 June 2021, and, a discount of 7.9 per cent to the Company's closing share price of 144.4 pence per Ordinary Share on 23 June 2021 (being the last business day prior to this announcement).
NewRiver REIT Plc (LON:NRR, 86.5p, 151.0p, -42.7%)
NewRiver REIT announced full year results to 31 March 2021. Key details are:
- Underlying FFO of £11.5m (FY 2020: £52.1m);
- Underlying FFO per share of 3.8p (FY 2020: 17.0p);
- IFRS loss after tax of £150.5m (FY 2020: loss of £121.1m);
- Like-for-like valuation decline of 13.6% - less marked in the second half (H1: down 8.2%, H2: down 5.6%);
- EPRA NTA per share down 24.9% to 151p (31 March 2020: 201p);
- £81m of sales completed since April 2020 at a modest discount to book value;
- Fully unsecured balance sheet with no bank refinancing requirement until August 2023;
- Unrestricted cash of £154m, up 88% since start of the year from £82m (total accessible liquidity at 31 March 2021 of £199m);
- LTV of 50.6% (31 March 2020: 47.1%);
- 93% of retail rent due in FY 2021 either collected or alternative payments agreed;
- Rent collection for Q1 FY 2022 stands at 85%;
- Increased retail occupancy of 95.8% (31 March 2020: 94.8%); pubs occupancy of 98.0% (31 March 2020: 97.0%);
- 1.2 m sf of new lettings and renewals completed across the retail portfolio at 0.6% premium to ERV.
Palace Capital Plc (LON:PCA, 271.0p, 350.0p, -22.6%)
Palace Capital, the Main Market listed UK REIT that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London, announced its annual results for the year ended 31 March 2021. Key details are:
- 95% of rents due were collected during the year, with significant support provided where required to tenants, totalling £1.1m of rent concessions and deferrals. Strong balance sheet with cash reserves and immediately available facilities of £14.4 million;
- £30m disposal programme is underway with £9.4m worth of assets either exchanged or completed since year end, all at a premium to book value. Proceeds to be recycled in accordance with our strict acquisition criteria;
- Flagship development at Hudson Quarter, York completed on budget on 20 April. Over 39% of 127 apartments are sold or under offer having an aggregate value of £14.9m and 4,781 sq ft of office space let at record rent with an aggregate value strong demand for the remaining space;
- Total Property Return of 1.0% compared to the MSCI UK Quarterly Benchmark of 1.2%, with 4% outperformance over a three-year period;
- Portfolio valuation increased to £282.8m (2020: 277.8m), albeit down 4% on a like-for-like basis, largely due to increased vacancy and the impact of Covid-19 on our independent property valuations in the year;
- EPRA earnings for the year were £7.2m resulting in EPRA earnings per share of 15.7p (2020: 23.4p);
- Adjusted profit before tax of £7.5m (2020: £8.0m), with provision made for £0.9m against potential rent and service charge arrears, some of which we expect to recover as restrictions continue to ease;
- IFRS loss before tax of £5.5m (2020: £5.4m loss), largely as a result of the unrealised decline in portfolio fair value of £14.0m;
- IFRS NAV was reduced by 5.1% to £157.8m (2020: £166.3m), reflecting the decline in portfolio fair value and equating to a decrease in net asset value per share to 343p (2020: 361p);
- EPRA NTA per share of 350p (2020: 364p) but an increase on September 2020 (347p), reflecting recovery in the second half of the year;
- LTV remains conservative at 42% (2020: 38%) and weighted average finance costs reduced from 3.1% to 3.0%;
- Completed disposal of five non-core assets during the financial year for £5.4m at a blended 23% premium to book value;
- 31 lease events completed in the year at an average 14% premium to ERV, including 14 new lettings, delivering £0.9m of additional annual income;
- Despite the impact of lockdowns on the leisure sector, the Group has delivered three new lettings across the two leisure assets at Halifax and Northampton, as well as one since 31 March 2021, increasing passing rents and EPRA occupancy levels above 90% at both schemes;
- 22,000 sq ft of office space let at Bank House, King Street, Leeds since December 2020;
- WAULT stable at 4.8 years to break and 6.4 years to expiry (31 March 2020: 4.8 years to break and 6.5 years to expiry) as a result of lease renewals and new lettings;
- Overall EPRA occupancy of 86.4% (2020: 87.3%), with majority of remaining vacancy having been recently refurbished or identified for strategic refurbishment or redevelopment.
Safestore Holdings (LON:SAFE, 947.0p, 596.0p, +58.9%)
Safestore Holdings announced half year results to 30 April 2021: Key details are:
- Group revenue up 11.1% and in constant exchange rate (CER) up 10.5%;
- Group like-for-like storage revenue in CER up 9.1% and like-for-like total revenue up 8.3%;
- Adjusted diluted EPRA EPS, up 24.8% at 18.1p (H1 2020: 14.5p);
- PBT up to £167.3m (H1 2020: £99.7m) driven by strong trading performance and increased gain on investment properties of £127.7m (2020: gain of £64.0m);
- Cash Inflow from operating activities up 23.0% to £43.9m;
- Adjusted diluted EPRA EPS expected to be at least 38p for the full year;
- LTV at 27% (30 April 2020: 30%) and interest cover ratio at 10.0x (30 April 2020: 8.6x);
- Unutilised bank facilities of £128m at April 2020 and no maturities before June 2023;
- In May 2021 a further £150m of new competitively priced US Private Placement financing was secured and will be drawn in June and August 2021 with an additional available uncommitted Shelf debt facility of c. £80m equivalent available;
- Like-for-like average occupancy up 10.7%;
- Like-for-like occupancy up 10.8ppts at 82.3% (30 April 2020: 71.5%);
- UK up 11.8ppts at 82.4% (2020: 70.6%);
- Paris up 6.6ppts at 81.7% (2020: 75.1%);
- Like-for-like average storage rate down 1.0% in CER;
- Total Group development and extension pipeline now fourteen stores and c. 575,000sf of MLA.
Schroder Real Estate Investment Trust Limited (LON:SREI, 48.8p, 60.4p, -19.2%)
Schroder Real Estate Investment Trust announced full year results to 31 March 2021. Key details are:
- NAV of £296.8m or 60.4pps (31 March 2020: £309.8m or 59.7pps);
- NAV total return of 3.9% (2020: minus1.5%);
- EPRA earnings down 9% to £11.6m (FY 2020: £12.7m);
- IFRS profit of £4.5m (FY 2020: loss of £32.5m);
- Total return of 4.6%;
- LTV, net of all cash, of 32.3%;
- £12.2m of cash and £28m of undrawn debt facilities;
- Collection rate of 90% of rents due over the financial year;
- Two multi-let industrial acquisitions in December 2020 for £36.5m, reflecting an NIY of 6.8%;
- 80 new lettings, renewals and reviews completed from 1 April 2020 to 2 June 2021, which totalled £7.9m pa of rental income;
- Portfolio vacancy at 4.8% (31 March 2020: 7.3%).
Stenprop Limited (LON:STP, 151.0p, 147.0p, +2.7%)
Stenprop, the UK multi-let industrial property company, announced results for the full year to 31 March 2021. Key details are:
- 6.5% increase in EPRA Net Tangible Assets ('NTA') per share to 147 pence (31 March 2020: 138 pence);
- Portfolio valued at £582.3 million (2020: £532.6 million), reflecting a like-for-like valuation increase of 6.3%. This was primarily driven by a 10.1% increase in the like-for-like value of the MLI portfolio. 65% of this was as a result of rental growth and 35% as a result of a yield change;
- Like-for-like rental growth across the MLI portfolio of 5.6% for the year (2020: 5.6%), driven by average uplifts from previous passing rents upon new lettings and renewals of 16.3%;
- MLI portfolio vacancy has fallen to 6.3% on 31 March 2021 from 9.0% on 31 March 2020 because of high demand and limited supply of MLI units in the market;
- ERV across the portfolio grew 6.2% to £6.16/sq ft (2020: £5.80/sq ft), reflecting a 12.8% premium to the average passing rent of £5.46 sq ft (2020: £5.27/sq ft);
- Over 60% of leases contracted through Stenprop's short form digital 'Smart Leases';
- Robust rent collection of 90%;
- Multi-let industrial assets comprise 74.3% of total portfolio (2020: 58%) with Stenprop on target to reach 100% by 31 March 2022;
- 14 individual MLI estates, totalling over one million sq ft, acquired during the year for £91.5 million in line with £90 million target;
- Disposed of £79.5 million of non-MLI assets in Germany, achieved at an average premium of 15% to the 31 March 2020 valuation.
The Unite Group Plc (LON:UTG, 1,074.0p, 818.0p, +31.3%)
The Unite Group announced the disposal of two London properties to its London Student Accommodation joint venture (LSAV) with GIC for £342m (Unite share £171m), in line with book values and reflecting an average NIY of 4.0%. The properties are located in Wembley and Whitechapel and offer 1,358 bed spaces, of which the majority are direct let to students. The Wembley property, Arch View House, was completed for the 2020/21 academic year under a forward fund contract. The two properties had a gross asset value of £338m as at 31 December 2020 and are valued based on stabilised net operating income of £14.2m for the 2020/21 academic year. The disposal to LSAV follows the extension of LSAV to 2032 announced on 4 May 2021. LSAV will fund the acquisition through £208m of equity from Unite and GIC and a £140m eight-year loan facility provided by Barings. Upon completion, the Group's see-through LTV reduces to 30% on a pro forma basis after also adjusting for the £90m of disposals announced on 30 March 2021. The net disposal proceeds will initially be used to repay Group debt ahead of reinvestment into the development pipeline and further growth opportunities over time. The transaction will result in a small dilution to 2021 EPRA earnings of 0.4p per share. Accordingly, the Group retains its EPRA EPS guidance of 27-30p for 2021. Unite will continue to manage and operate the properties under its management agreement with LSAV. Following the transaction LSAV will hold gross property assets valued at £1,677m and net assets of £1,041m on a pro forma basis.
Urban Logistics REIT Plc (LON:SHED, 157.0p, 149.8p, +4.8%)
Urban Logistics REIT announced its results for the Year Ended 31 March 2021. Key details are:
- Total Property Return of 17.1% (2020: 10.1%);
- £92.3 million of equity capital raised in October 2020;
- 145.2% growth in portfolio to £507.6 million;
- EPRA NTA 152.33p per share (2020: 137.89p) reflects strong uplift in property values;
- LTV 27.9%;
- More than 99% of rent due has been collected during the period;
- 36 logistics assets acquired for £264.0 million (blended 6.2% NIY) with good asset management potential;
- £26.2 million forward funding across 5 development sites which reached practical completion;
- £39.5 million committed to 5 further sites where development work is ongoing;
- Portfolio disposal totalling £30.0 million (+35.4% uplift to book values) representing average Total Property Return of 78.8% and an exit yield of 4.8%;
- WAULT of 7.4 years (2020: 4.9 years);
- Like-for-like contracted income growth across portfolio of 6.5% (2020: 3.4%);
- £33.0 million of acquisitions at 6.3% NIY.
Urban Logistics REIT has announced its intention to conduct a Placing at 155p per share. In addition to the Placing, there will be a retail offer made on the PrimaryBid Platform of up to 4m shares. It is the intention to raise gross proceeds of c.£108m. The Placing Price of 155p represents:
- The placing was at a discount of 5.2% to the closing share price of 163.50p on the day prior to announcement and a 3.5% premium to the adjusted EPRA NTA of 149.8p per share as at 31 March 2021.
Workspace Group (LON:WKP, 834.0p, 938.0p, -11.1%)
Workspace Group announced full year results to 31 March 2021. Key details are:
- Trading profit after interest down 52% to £38.7m from a 33% (£40.5m) decrease in net rental income to £81.5m, which includes £19.9m of rent discounts given to customers;
- Property valuation of £2,324m, an underlying reduction of £258m (10.0%) from 31 March 2020;
- EPRA NTA per share down 13.8% to £9.38;
- £300m Green Bond issued in March 2021 with a seven-year term and interest rate of 2.25% pa;
- Exceptional finance costs of £16.4m on early repayment in April 2021, of £148.5m of private placement notes due June 2023 that carried an interest rate of 5.6% pa;
- LTV of 24% (31 March 2020: 21%) with £434m of undrawn facilities and cash, reducing to £269m on a proforma basis following the repayment of private placement notes;
- Loss before tax of £235.7m (FY 2020: profit of £72.5m);
- Like-for-like occupancy down 11.7% to 81.6%, stabilising in the fourth quarter;
- Like-for-like rent psf down 12.9% to £36.57 and like-for-like rent roll down 23.9% to £85.1m;
- 95% of rents due for the year (net of discounts and deferrals) received.
Data sourced through the London Stock Exchange and RNS announcements.