Highlights of the Year

 

Corporate Highlights

£174.5m
Portfolio Valuation UP 69%

  • Portfolio valuation at 31 March 2016: increased by 69% to £174.5 million (31 March 2015: £103.0 million)
  • EPRA NAV per share: increased by 5% to 414p at 31 March 2016 (31 March 2015: 396p) includes the absorption of equity raised at 360p
  • Profit before tax of £11.8 million (31 March 2015: £14.0 million)
  • EPRA earnings: increased by 64% to £7.7 million (31 March 2015: £4.7 million)
  • EPRA EPS: increased by 13% to 31.3p (31 March 2015: 27.7p)
  • Final dividend of 9p proposed, making a total for the year of 16p which is a 23% increase (31 March 2015: 13p)
 
Asset Management Highlights

139
Apartments Approved by City of York Council

  • Secured the surrender of a lease held by Gala Casinos at Sol Central, Northampton for £3.8 million plus £0.2 million rates refund.
  • Strip out of the Gala space in anticipation of agreeing new leases with prospective tenants completed
  • Work nearing completion on office-to-residential conversion of 14 apartments at The Copperfields, Dartford, Kent
  • Rent roll up 52% to £13.5 million per annum (31 March 2015: £8.9 million)
  • Weighted average unexpired lease term 6.3 years (31 March 2015: 4.5 years)
 
Operational Highlights

£66.0m
Total of Five Aquisitions 

  • Broad Street Plaza, Halifax for £24.18 million
  • Sol Central, Northampton for £20.7 million
  • 249 Midsummer Boulevard, Milton Keynes for £7.225 million
  • Bank House King Street, Leeds for £10.0 million
  • 46-54 High Street, Sutton for £3.95 million
Three sales, totalling £2.0 million, all well above book value:
  • Unit 1, Clayton Manor, Burgess Hill for £1.25 million
  • 54 Albert Road North, Reigate for £0.45 million
  • Unit F, 61 Albert Road North, Reigate for £0.31 million
Financial Highlights

£20.0m
Equity Raised at 360p in June 2015

  • £80.0 million new debt facilities secured across the portfolio including a £30.0 million revolving credit facility on a 5 year term
  • Loan to value net of cash: 37% (31 March 2015: 23%)
  • Weighted average cost of debt: 3.1% (31 March 2015: 3.9%)
  • Weighted average debt maturity: 3.9 years (31 March 2015: 2.8 years)