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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| F&C UK Real Estate Investment | LSE:FCRE | London | Ordinary Share | GB00B012T521 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 93.40 | 93.60 | 94.60 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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TIDMFCRE
To: RNS
Date: 26 February 2018
From: F&C UK Real Estate Investments Limited
LEI: 231801XRCB89W6XTR23
(Classified Regulated Information, under DTR 6 Annex 1 Section 1.2)
Interim results in respect of the six month period ended 31 December 2017
* Net asset value total return* of 7.4 per cent for the 6 months
* Portfolio ungeared total return* of 6.2 per cent for the 6 months
* Annualised dividend yield* of 4.8 per cent based on the period end share
price
* Dividend cover* was 92.6 per cent for the period
* See Alternative Performance Measures
The Chairman, Vikram Lall, stated:
Despite continuing uncertainties about the outcome of the Brexit negotiations,
the UK commercial property market has witnessed strong demand and the Group has
experienced six months of steady performance with capital values increasing in
the period by 3.5 per cent. The net asset value ('NAV') total return* per share
for the period was 7.4 per cent and the NAV per share at the period end was
104.9 pence.
Despite the positive returns on the portfolio, there was still a degree of
caution in the market and the share price fell by 3.3 per cent over the six
months. The share price total return* was -0.9 per cent over the period and the
shares were trading at a slight discount* to the NAV of 1.5 per cent at the
period end, compared to a premium of 6.7 per cent as at 30 June 2017.
Property Market
The UK commercial property market delivered a total return of 5.4 per cent as
measured by the Investment Property Databank ('IPD') UK Quarterly Index for all
assets in the six months to 31 December 2017, and 10.3 per cent over the year
to December as momentum built over the period. Performance was driven by
strength in investment demand, with overseas buyers still active and
institutions returning to the market later in the period. Industrial property
and alternative asset sectors continued to out-perform with all the standard
segments of the IPD Index delivering positive benchmark total returns for the
period.
In the six months to 31 December 2017, the income return held steady as capital
growth improved and the all-property initial yield edged lower. Open market
rental value growth was positive but the bulk of the upward move in capital
value was due to yield compression.
Property Portfolio
The Group's property portfolio produced an ungeared return* of 6.2 per cent
over the six months to December, outperforming the IPD Quarterly Index.
Performance was led by a top quartile income return* of 2.6 per cent. The
portfolio's industrial and distribution assets were again the key contributors
to performance, producing a total return in excess of both the IPD UK Quarterly
Index and the sector level return for the period. The exposure to industrial
and logistics property at close to 35 per cent of portfolio value continues to
be the mainstay of the Fund strategy alongside the majority weighting to the
core south east markets.
In a further continuation of the trend witnessed last year, the portfolio's
retail assets also outperformed their peers; however the portfolio's office
assets, led lower by the regional holdings, delivered poorer performance in
both actual and relative terms. The Company's retail warehousing continues to
deliver an income return, a key contributor to dividend cover, and outperform
the peer group. Indeed, active asset management at the retail warehouse located
at Northfields Retail Park, Rotherham delivered the highest weighted
contribution to portfolio return of any property over the period.
Given the weight of money pursuing core assets, particularly Industrials,
alternatives and long Income assets the Company has preserved its measured,
opportunistic approach to the deployment of capital, with emphasis on the
disposal of non-core assets, reflected in recent sales from the retail
portfolio. Acquisitions that meet the returns criteria for the Company have
been more difficult to come by in a very competitive marketplace. However we
believe the acquisition of the single let industrial asset at Lister Road,
Basingstoke, yielding 5.2 per cent and let for 9 years meets our criteria in
the current market.
The portfolio continues to offer sustainable defensive fundamentals, including
an above market income yield, a low void rate of 3.8 per cent and contractual
income with an average weighted lease term of 6 years.
Dividends
The first interim dividend for the year ending 30 June 2018 of 1.25 pence per
share was paid in December 2017, with a second interim dividend of 1.25 pence
per share to be paid on 29 March 2018 to shareholders on the register on 9
March 2018.
The dividend cover* for the six months was 92.6 per cent, although this
excludes the receipt of a negotiated surrender premium of GBP4,375,000 from the
previous tenant at Northfields Retail Park, Rotherham. This property was
subsequently re-let.
The dividend is currently at a sustainable level, and in the absence of
unforeseen circumstances, it is expected that the Company will continue to pay
quarterly dividends at this rate, the equivalent of 5.0 pence per share per
annum.
Borrowings
The Group currently has borrowings of GBP103 million made up of a GBP90 million
non-amortising term loan facility agreement with Canada Life Investments, which
expires in November 2026 and a GBP20 million 5-year revolving credit facility
agreement with Barclays Bank plc, which expires in November 2020, GBP13 million
of which is currently drawn down. Net gearing* represented 28.2 per cent of the
investment properties of the Group as at 31 December 2017. The weighted average
interest rate (including amortisation of refinancing costs) on the Group's
total current borrowings is 3.2 per cent. The Company continues to maintain a
prudent attitude to gearing.
The Group had GBP9.6 million of cash available at 31 December 2017 with a further
GBP7.0 million of the revolving credit facility also available if required.
Responsible Property Investment
The Company continues to make good progress with its Environmental, Social and
Governance ('ESG') related activities. The portfolio now has energy performance
ratings for all of its assets and has developed a detailed strategy for
addressing and maintaining a low exposure to the risks presented by energy
efficiency legislation. The Company has also completed individual property
sustainability appraisals to capture other investment critical information.
A major exercise is currently under way to establish baseline carbon usage for
directly managed properties against which year on year reduction targets can be
set, alongside longer-term portfolio objectives consistent with climate
science. At asset level, directly managed assets are shortly expected to
achieve the ISO14,001 environmental accreditation whilst the Manager continues
to implement green lease clauses as standard, whenever possible and
commercially viable. The Company will make its inaugural submission to the
influential annual GRESB survey this year whilst the Manager's recruitment of
additional resource to help manage and monitor continual improvement is further
indication of the Company's aspiration to further improve its ESG credentials.
Outlook
Although there were some signs of progress in the EU negotiations as the period
drew to a close, the outlook continues to be dominated by Brexit considerations
and wider political uncertainty. Interest rates were raised during this
reporting period and the timing and magnitude of further increases is also
likely to be a consideration for property investors moving forward. Within
property, performance has been buoyed by investment, especially from overseas,
but the impact of proposed new tax regulations on foreign buyers in 2019, if
implemented, is unclear. The economy is recording positive, if modest, growth,
which is expected to persist on consensus forecasts. Sentiment is adjusting to
the changed political and economic environment, however, our outlook on the
market remains cautious.
* See Alternative Performance Measures
Enquiries to:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL
Tel: 01481 745001
Fax: 01481 745051
P Lowe, S Macrae
F&C Investment Business Limited
Tel: 0207 628 8000
Fax: 0131 225 2375
F&C UK Real Estate Investments Limited
Condensed Consolidated Statement of Comprehensive Income
Six months to Six months to Year to
31 December 31 December 30 June
2017 2016 2017
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue
Rental income 9,403 10,322 19,191
Other 2 4,375 - -
Total revenue 13,778 10,322 19,191
Gains/(losses) on investment
properties
Gains/(losses) on sale of investment 6 20 (207) 781
properties realised
Unrealised gains/(losses) on 6 7,711 (4,827) 2,008
revaluation of investment properties
21,509 5,288 21,980
Expenditure
Investment management fee (1,052) (1,046) (2,013)
Other expenses 3 (866) (1,080) (1,966)
Total expenditure (1,918) (2,126) (3,979)
Net operating profit before finance 19,591 3,162 18,001
costs and taxation
Net finance costs
Interest receivable 1 2 4
Finance costs (1,766) (1,824) (3,598)
(1,765) (1,822) (3,594)
Net profit from ordinary activities 17,826 1,340 14,407
before taxation
Taxation on profit on ordinary (147) (155) (306)
activities
Profit for the period 17,679 1,185 14,101
Basic and diluted earnings per share 5 7.3p 0.5p 5.9p
F&C UK Real Estate Investments Limited
Condensed Consolidated Balance Sheet
Restated*
31 December 31 December 30 June
2017 2016 2017
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Investment properties 6 346,449 326,445 330,834
Trade and other receivables 3,894 4,759 3,894
350,343 331,204 334,728
Current assets
Trade and other receivables 1,277 1,616 1,291
Cash and cash equivalents 9,578 12,000 16,565
10,855 13,616 17,856
Total assets 361,198 344,820 352,584
Non-current liabilities
Interest-bearing bank loans 7 (102,170) (104,956) (105,061)
Trade and other payables (248) (712) (352)
(102,418) (105,668) (105,413)
Current liabilities
Trade and other payables (6,130) (6,754) (6,023)
Tax payable (147) (439) (306)
(6,277) (7,193) (6,329)
Total liabilities (108,695) (112,861) (111,742)
Net assets 252,503 231,959 240,842
Represented by:
Share capital 9 2,407 2,387 2,407
Special distributable reserve 177,161 175,367 177,161
Capital reserve 69,005 53,451 61,274
Revenue reserve 3,930 754 -
Equity shareholders' funds 252,503 231,959 240,842
Net asset value per share 10 104.9p 97.2p 100.1p
* See Note 1
F&C UK Real Estate Investments Limited
Condensed Consolidated Statement of Changes in Equity
For the period ended 31 December 2017
Special
Distributable Capital Revenue
Share Capital Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2017 2,407 177,161 61,274 - 240,842
Profit for the period - - - 17,679 17,679
Dividends paid - - - (6,018) (6,018)
Transfer in respect of
gains on investment - - 7,731 (7,731) -
properties
At 31 December 2017 2,407 177,161 69,005 3,930 252,503
For the period ended 31 December 2016
Special
Distributable Capital Revenue
Share Capital Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2016 2,387 175,367 58,485 503 236,742
Profit for the period - - - 1,185 1,185
Dividends paid - - - (5,968) (5,968)
Transfer in respect of
losses on investment - - (5,034) 5,034 -
properties
At 31 December 2016 2,387 175,367 53,451 754 231,959
For the year ended 30 June 2017
Special
Distributable Capital Revenue
Share Capital Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2016 2,387 175,367 58,485 503 236,742
Profit for the year - - - 14,101 14,101
Issue of ordinary shares 20 1,965 - - 1,985
Dividends paid - - - (11,986) (11,986)
Transfer in respect of
gains on investment - - 2,789 (2,789) -
properties
Transfer to revenue - (171) - 171 -
reserve
At 30 June 2017 2,407 177,161 61,274 - 240,842
F&C UK Real Estate Investments Limited
Condensed Consolidated Statement of Cash Flows
Six months to Six months to Year to
31 December 31 December 30 June
2017 2016 2017
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Net profit for the period before taxation 17,826 1,340 14,407
Adjustments for:
(Gains)/losses on sale of investment 6 (20) 207 (781)
properties
realised
Unrealised (gains)/losses on 6 (7,711) 4,827 (2,008)
revaluation of
investment properties
Decrease in operating trade and other 14 639 1,829
receivables
Increase/(decrease) in operating 3 594 (497)
trade and other
payables
Interest received (1) (2) (4)
Finance costs 1,766 1,824 3,598
11,877 9,429 16,544
Taxation paid (306) - (284)
Net cash inflow from operating activities 11,571 9,429 16,260
Cash flows from investing activities
Purchase of investment properties (10,191) - (450)
Capital expenditure 6 (986) (228) (1,257)
Sale of investment properties 6 3,293 2,547 7,460
Interest received 1 2 4
Net cash (outflow)/inflow from investing (7,883) 2,321 5,757
activities
Cash flows from financing activities
Shares issued (net of costs) - - 1,985
Dividends paid 4 (6,018) (5,968) (11,986)
Bank loan interest paid (1,657) (1,713) (3,382)
Bank loan repaid, net of costs - Barclays (3,000) (4,000) (4,000)
Net cash outflow from financing activities (10,675) (11,681) (17,383)
Net (decrease)/increase in cash and cash (6,987) 69 4,634
equivalents
Opening cash and cash equivalents 16,565 11,931 11,931
Closing cash and cash equivalents 9,578 12,000 16,565
F&C UK Real Estate Investments Limited
Notes to the Condensed Financial Statements
for the six months to 31 December 2017
1. General information
The condensed consolidated financial statements have been prepared in
accordance with the Disclosure and Transparency Rules of the United Kingdom
Financial Conduct Authority, IAS 34 'Interim Financial Reporting' and the
accounting policies set out in the statutory accounts of the Group for the year
ended 30 June 2017. The condensed consolidated financial statements do not
include all of the information required for a complete set of IFRS financial
statements and should be read in conjunction with the consolidated financial
statements for the Group for the year ended 30 June 2017 which were prepared
under full IFRS requirements. The accounting policies used in preparation of
the condensed consolidated financial statements are consistent with those of
the consolidated financial statements of the Group for the year ended 30 June
2017.
In the previously issued interim financial statements of the Company for the
period ended 31 December 2016, lease incentives of GBP5,005,000 and cash deposits
held for tenants of GBP756,000 were classified as current assets. In the
comparative figures of the current year financial statements, GBP4,047,000 for
lease incentives and GBP712,000 for tenant deposits have been reclassified to
non-current assets. The Directors have considered the impact on the previously
issued financial statements of the Company and have noted that no adjustment is
required to the previously reported total assets, liabilities or equity of the
Company. On this basis, the Directors do not consider the above
reclassification between current and non-current assets to be material to the
users of the financial statements.
2. Other income
The Company received GBP4,375,000 for the surrender at a leasehold interest at
Northfields Retail Park, Rotherham. The Company entered into a lease
arrangement at this property with a new tenant and it is now fully let.
3. Other expenses
Six months to Six months to
31 December 31 December Year to 30
2017 2016 June 2017
GBP'000 GBP'000 GBP'000
Direct operating expenses of let rental 457 429 825
property
Direct operating expenses of vacant (7) 153 107
property
Provision for bad debts 3 60 194
Administrative fee 52 52 102
Valuation and other professional fees 114 92 265
Directors' fees 77 72 144
Other expenses 170 222 329
866 1,080 1,966
4. Dividends
Six months to Six months to Year ended
31 December 2017 31 December 2016 30 June 2017
Rate Rate Rate
GBP'000 (pence) GBP'000 (pence) GBP'000 (pence)
Property Income
Distributions:
Fourth interim for the 3,009 1.25 2,984 1.25 2,984 1.25
prior year
First interim 3,009 1.25 2,984 1.25 2,984 1.25
Second interim 3,009 1.25
Third interim 3,009 1.25
6,018 2.50 5,968 2.50 11,986 5.00
A second interim dividend for the year to 30 June 2018, of 1.25 pence per
share, will be paid on 29 March 2018 to shareholders on the register at close
of business on 9 March 2018.
5. Earnings per share
Earnings per Ordinary Share are based on 240,705,539 Ordinary Shares, being the
weighted average number of shares in issue during the period (31 December 2016:
238,705,539 and 30 June 2017: 239,568,005). Earnings for the six months to 31
December 2017 should not be taken as a guide to the results for the year to 30
June 2018.
6. Investment properties
Six months to Six months to
31 December 31 December Year to 30
2017 2016 June 2017
GBP'000 GBP'000 GBP'000
Freehold and leasehold
properties 335,350 339,150 339,150
Opening market value
Purchase of investment 10,191 - 450
properties
Capital expenditure 986 228 1,257
Sales - net proceeds (3,293) (2,547) (7,460)
- gains/(losses) on 900 (3,387) (2,404)
sales
Unrealised (gains)/losses (880) 3,180 3,185
realised during the period
Unrealised gains on investment 12,013 5,263 13,344
properties
Unrealised losses on investment (4,302) (10,090) (11,336)
properties
Movement in lease incentive (235) (347) (836)
receivable
Closing market value 350,730 331,450 335,350
Adjustment for lease incentives (4,281) (5,005) (4,516)
Balance sheet carrying value 346,449 326,445 330,834
All the Group's investment properties were valued as at 31 December 2017 by
qualified professional valuers working in the company of Cushman & Wakefield,
Chartered Surveyors. All such valuers are chartered surveyors, being members
of the Royal Institution of Chartered Surveyors ('RICS'). There were no
significant changes to the valuation techniques used during the period and
these valuation techniques are detailed in the consolidated financial
statements as at and for the year ended 30 June 2017. The market value of
these investment properties amounted to GBP350,730,000 (31 December 2016: GBP
331,450,000; 30 June 2017: GBP335,350,000), however an adjustment has been made
for lease incentives of GBP4,281,000 that are already accounted for as an asset
(31 December 2016: GBP5,005,000; 30 June 2017: GBP4,516,000).
7. Interest-bearing bank loans
On 9 November 2015, the Group entered into an eleven year GBP90 million
non-amortising term loan agreement with Canada Life and a five year GBP20 million
revolving credit facility agreement with Barclays. The interest rate payable
on the Canada Life loan is at a fixed rate of 3.36% per annum and the interest
payable on the Barclays loan is at a variable rate based on 3 month LIBOR plus
a margin of 1.45% per annum. During the period, the Company repaid GBP3 million
of the revolving credit facility to Barclays.
At 31 December 2017 borrowings of GBP103 million were drawn down. The balance
sheet value is stated at an amortised cost of GBP102,170,000 (31 December 2016: GBP
104,956,000 and 30 June 2017: GBP105,061,000). Amortised cost is calculated by
deducting loan arrangement costs, which are amortised back over the life of the
loan. The fair value of the Canada Life loan is shown in note 8.
8. Fair value measurements
The fair value measurements for financial assets and financial liabilities are
categorised into different levels in the fair value hierarchy based on the
inputs to valuation techniques used.
The different levels are defined as follows:
* Level 1 - Unadjusted, fully accessible and current quoted prices in active
markets for identical assets or liabilities. Examples of such instruments
would be investments listed or quoted on any recognised stock exchange.
* Level 2 - Quoted prices for similar assets or liabilities, or other
directly or indirectly observable inputs which exist for the duration of
the period of investment. Examples of such instruments would be those for
which the quoted price has been suspended, forward exchange rate contracts
and certain other derivative instruments.
* Level 3 - External inputs are unobservable. Fair value is the Directors'
best estimate, based on advice from relevant knowledgeable experts, use of
recognised valuation techniques and on assumptions as to what inputs other
market participants would apply in pricing the same or similar instrument.
All of the Group's investments in direct property are included in Level 3 as it
involves the use of significant inputs. There were no transfers between levels
of the fair value hierarchy during the six month period ended 31 December 2017.
Other than the fair values stated in the table below, the fair value of all
other financial assets and liabilities is not materially different from their
carrying value in the financial statements.
31 December 31 December 30 June
2017 2016 2017
GBP'000 GBP'000 GBP'000
GBP90 million Canada Life Loan 2026* (97,334) (97,872) (97,695)
*The fair value of the interest-bearing Canada Life Loan is based on the yield
on the Treasury 2% 2025 which would be used as the basis for calculating the
early repayment of such loan plus the appropriate margin.
The Group's financial risk management objectives and policies are consistent
with those disclosed in the consolidated financial statements as at and for the
year ended 30 June 2017.
9. Share capital
GBP'000
Allotted, called-up and fully
240,705,539 Ordinary Shares of 1p each in issue
at 31 December 2017 2,407
The Company issued nil Ordinary Shares during the period.
10. Net asset value per share
The net asset value per Ordinary Share is based on net assets of GBP252,503,000
(31 December 2016: GBP231,959,000 and 30 June 2017: GBP240,842,000) and 240,705,539
Ordinary Shares (31 December 2016: 238,705,539 and 30 June 2017: 240,705,539)
being the number of shares in issue at the period end.
11. Going concern
In assessing the going concern basis of accounting the Directors have had
regard to the guidance issued by the Financial Reporting Council. They have
considered the current cash position of the Group, the availability of the
loans and compliance with their covenants, forecast rental income and other
forecast cash flows. The Group has agreements relating to its borrowing
facilities with which it has complied during the period. Based on this
information the Directors believe that the Group has the ability to meet its
financial obligations as they fall due for a period of at least twelve months
from the date of the approval of the accounts. For this reason, they continue
to adopt the going concern basis in preparing the accounts.
12. Related party transactions
The Directors of the Company received fees for their services and dividends
from their shareholdings in the Company. No fees remained payable at the
period end.
13. Operating segments
The Board has considered the requirements of IFRS 8 'Operating Segments'. The
Board is of the view that the Group is engaged in a single segment of business,
being property investment, and in one geographical area, the United Kingdom,
and that therefore the Group has only a single operating segment. The Board of
Directors, as a whole, has been identified as constituting the chief operating
decision maker of the Group. The key measure of performance used by the Board
to assess the Group's performance is the total return on the Group's net asset
value, as calculated under IFRS, and therefore no reconciliation is required
between the measure of profit or loss used by the Board and that contained in
the condensed consolidated financial statements.
14. Investment in subsidiary undertakings
The Group results consolidate those of IRP Holdings Limited ('IRPH') and IPT
Property Holdings Limited ('IPTH'). IRPH and IPTH are companies incorporated in
Guernsey whose principal business is that of a property investment company.
These companies are 100 per cent owned by the Group's ultimate parent company,
which is F&C UK Real Estate Investments Limited.
15. Subsequent events
There are no material subsequent events that need to be disclosed.
16. The report and accounts for the half-year ended 31 December 2017 are
available on the websites www.fcre.co.uk and www.fcre.gg.
Statement of Principal Risks and Uncertainties
The Group's assets consist of direct investments in UK commercial property. Its
principal risks are therefore related to the UK commercial property market in
general but also the particular circumstances of the properties in which it is
invested and their tenants. Other risks faced by the Group include market,
investment and strategic, regulatory, tax efficiency, financial, reporting,
credit, operational and environmental risks. The Group is also exposed to
risks in relation to its financial instruments. These risks, and the way in
which they are mitigated and managed, are described in more detail under the
heading 'Principal Risks and Risk Management' within the Business Model and
Strategy in the Group's Annual Report for the year ended 30 June 2017. The
Group's principal risks and uncertainties have not changed materially since the
date of that report and are not expected to change materially for the remaining
six months of the Group's financial year.
Directors' Responsibility Statement in Respect of the Interim Report
We confirm that to the best of our knowledge:
· the condensed set of consolidated financial statements has been
prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by
the European Union;
· the Chairman's Statement constituting the Interim Management Report
together with the Statement of Principal Risks and Uncertainties include a fair
review of the information required by the Disclosure and Transparency Rules
('DTR') 4.2.7R, being an indication of important events that have occurred
during the first six months of the financial year and their impact on the
condensed set of consolidated financial statements; and
· the Chairman's Statement together with the consolidated financial
statements include a fair review of the information required by DTR 4.2.8R,
being related party transactions that have taken place in the first six months
of the current financial year and that have materially affected the financial
position or performance of the Group during that period, and any changes in the
related party transactions described in the last Annual Report that could do
so.
On behalf of the Board
Vikram Lall
Chairman
23 February 2018
Alternative Performance Measures
The Company uses the following Alternative Performance Measures ('APMs'). APMs
do not have a standard meaning prescribed by GAAP and therefore may not be
comparable to similar measures presented by other entities.
Discount or Premium - The share price of an Investment Company is derived from
buyers and sellers trading their shares on the stock market. If the share price
is lower than the NAV per share, the shares are trading at a discount. This
usually indicates that there are more sellers than buyers. Shares trading at a
price above the NAV per share, are said to be at a premium.
Dividend Cover - The percentage by which profits for the year (less gains/
losses on investment properties) cover the dividend paid.
A reconciliation of dividend cover is shown below:
Six months to Six months to Year to 30
31 December 31 December June
2017 2016 2017
GBP'000 GBP'000 GBP'000
Profit for the year 17,679 1,185 14,101
Add back: Realised (gains)/losses (20) 207 (781)
Unrealised (gains)/ (7,711) 4,827 (2,008)
losses
Other income (4,375) - -
Profit before investment gains and 5,573 6,219 11,312
losses
Dividends 6,018 5,968 11,986
Dividend Cover percentage 92.6 104.2 94.4
Dividend Yield - The annualised dividend divided by the share price at the
period end.
Net Gearing - Borrowings less net current assets divided by value of investment
properties.
Portfolio (Property) Capital Return - The change in property value during the
period after taking account of property purchases and sales and capital
expenditure, calculated on a quarterly time-weighted basis.
Portfolio (Property) Income Return - The income derived from a property during
the period as a percentage of the property value, taking account of direct
property expenditure, calculated on a quarterly time-weighted basis.
Portfolio (Property) Total Return - Combining the Portfolio Capital Return and
Portfolio Income Return over the period, calculated on a quarterly
time-weighted basis.
Total Return - The return to shareholders calculated on a per share basis by
adding dividends paid in the period to the increase or decrease in the Share
Price or NAV. The dividends are assumed to have been reinvested in the form of
Ordinary Shares or Net Assets, respectively, on the date on which they were
quoted ex-dividend.
END
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