Balanced Commercial Property Trust Ltd - 31년 2023월 XNUMX일에 종료된 연도에 대한 결과(감사)
Balanced Commercial Property Trust Ltd - 31년 2023월 XNUMX일에 종료된 연도에 대한 결과(감사)
PR 뉴스 와이어
영국 런던, 26월 XNUMX일
에: RNS
시간 26 4월 2024
부터 Balanced Commercial Property Trust Limited (the “Company”)
L.E.I. 213800A2B1H4ULF3K397
연말 기준 결과 31 12월 2023 (감사)
The full Annual Report for the year ended 31 12월 2023 will be available to view on the Company’s website: balancedcommercialproperty.co.uk
헤드 라인
- Earnings per Ordinary Share were -3.7 pence 종료 연도의 주당 31 12월 2023 (2022 : -13.1 pence 주당).
- Net asset value per Ordinary Share was 109.8 펜스 에서와 같이 31 12월 2023 (2022 : 118.5 펜스).
- Rental income was £59.2 million for the year ended 31 12월 2023 (2022년: 58.7만 파운드).
- Net asset value total return of -3.3* per cent for the year ended 31 12월 2023 (2022: -9.2 per cent).
- Share price total return of -12.5* per cent for the year ended 31 12월 2023 (2022: -11.7 per cent).
- ~ 2023년 XNUMX월, the rate of monthly interim dividends was increased to 0.44 펜스 주당. This represented an increase of 10.0 per cent compared to the previous monthly dividends.
- Dividend cover on a cash basis was 104.7* per cent for the year ended 31 12월 2023 (2022: 104.8 per cent).
- The Company signed up to a new £320 million Debt Facility provided by incumbent lender Barclays and a new lender HSBC.
- Disposed of two office holdings at an aggregate sales price of £14.3 million for the year ended 31 12월 2023. A further two office disposals were completed post year-end with an aggregate sales price of £54.6 million. These disposals are part of the strategic repositioning of the portfolio.
- Major development scheme at Strategic Park, 사우 샘프 턴 completed, delivering a rent roll in excess of £1.4 million per annum and a 12 month total return of 13.4 per cent.
- 4 per cent increase in Scope 1 and 2 absolute emissions (-26 per cent in 2022). Emissions intensity reduced by 16 per cent (-13 per cent in 2022).
*대체 성능 측정 참조
회장 성명서
The macro-economic risk factors that were prevalent in 2022 began to ease during 2023. While the UK slipped into a shallow technical recession in the second half of the year, this is forecast to be short and inflation, which has weighed heavily on financial markets, fell towards the end of the year.
Uncertainties linger as interest rates remain at a 15-year high, the rate of inflation is still above target, and we are in an environment of significant geo-political risk. The last eighteen months have been challenging for real estate as investment performance suffered due to rising interest rates leading to yield increases and a repricing of the asset class. Investors faced the impact of higher borrowing costs and reduced capital flows as the attractiveness of real estate deteriorated. As a consequence, UK investment volumes were low by recent measures with some properties proving to be highly illiquid. On a positive note, the occupational markets have proven to be more resilient than many expected.
회사 실적
Against this challenging economic and property market backdrop, the Company has delivered a net asset value (‘NAV’) total return of -3.3 per cent for the year. The NAV per share as at 31 12월 2023 였다 109.8 펜스, 7.3% 하락 118.5 펜스 주당 31 12월 2022.
The share price total return for the year was -12.5 per cent with the discount to NAV standing at 34.0 per cent at the year end, as the negative sentiment towards the commercial real estate sector continued to affect the rating of the shares. The Board has continued its focus on rebalancing the portfolio with the disposal of two office holdings in 2023년 일월 and a further two office sales since the year end, and there has been positive movement in the share price in 2024. At the time of writing the share price is 78.7 펜스 per share, a discount of 28.3 per cent to the NAV.
The following table provides an analysis of the movement in the NAV per share during the year.
| 주당 펜스 * |
31년 2022월 XNUMX일 기준 주당 NAV | 118.5 |
자산 포트폴리오 평가액의 미실현 감소 | (8.1) |
Realised loss on sale of properties | (0.6) |
금리스왑 움직임 | (0.1) |
순수익 | 5.0 |
배당금 지급 | (4.9) |
31년 2023월 XNUMX일 기준 주당 NAV | 109.8 |
*Based on the average number of shares in issue during the year.
포트폴리오 성과
The Company’s portfolio delivered a total return of -0.7 per cent over the year, outperforming the MSCI UK Quarterly Property Index to 2023년 일월 (‘MSCI’) return of -1.5 per cent. Relative outperformance was driven by an income return of 5.4 per cent against the Index return of 4.7 per cent, with capital returns in line against the Index at -5.9 per cent.
We are at a stage of the cycle where income is driving returns and as such it was pleasing to see the portfolio’s net operating income grow by 5.3 per cent with all sub-sectors delivering rental growth and the completion of 76 leasing initiatives across the portfolio.
Despite the relative outperformance against the Index, the portfolio was negatively impacted by the Company’s exposure to the office sector. This is being addressed with momentum in our sales programme, which as mentioned above has seen the disposal of two office holdings in 2023년 일월 and a further two sales since the year end, raising total proceeds of £68.9 million. The portfolio’s exposure to the office sector has fallen to 22.2 per cent at the time of writing, which is less than the Index weighting (24.2 per cent). We anticipate further sales activity within the capital markets as we continue to recycle capital to improve performance.
배당
회사는 총 XNUMX개의 중간 배당금을 지급했습니다. 4.92 펜스 per share during the year, being nine monthly dividends of 0.4 펜스 per share, followed by a 10 per cent increase and three further monthly dividends at a rate of 0.44 펜스 per share. The level of dividend cover for the period was 104.7 per cent on a cash basis and the Board will continue to keep the level of dividend under review.
차입금
The Company has a £260 million term loan in place with L&G which matures on 31 12월 2024. As previously announced, the Company signed up to a new debt facility in 2023년 XNUMX월 provided by incumbent lender, Barclays Bank plc, and a new lender, HSBC UK Bank Plc. This facility is in two tranches and includes a committed £260 million Term Loan, which can only be drawn to refinance the existing £260 million L&G Loan. There is also a £60 million Revolving credit facility, £30 million of which was drawn down at the year-end and has subsequently ben repaid.
The new debt facility enables the Company to retain the competitively priced L&G Loan which is fixed at 3.32 per cent up to maturity, whilst also ensuring the future liquidity needs of the Company are fully funded at an acceptable commitment fee.
~에서 31 12월 2023, 회사의 현금 순가치 대비 대출('LTV')은 24.4%였으며 그룹의 총 유동 차입금에 대한 가중 평균 이자율은 3.8%였습니다.
계속투표
In accordance with the Articles of Incorporation, the Directors are required to put an ordinary resolution to shareholders in relation to the continuation of the Company in 2024 (the "계속투표"). If at that meeting such resolution is not passed, the Board shall, within twelve months of such meeting, convene an extraordinary general meeting of the Company at which a special resolution shall be proposed to the members of the Company for the winding up of the Company and/or a special resolution shall be proposed to the members of the Company for the reconstruction of the Company, provided that such resolution for the reconstruction of the Company shall, if passed, provide an option to Shareholders to elect to realise their investment in the Company in full. The Board’s assessment of going concern can be found below.
On 15 4월 2024, the Board announced that it has been carefully considering for some time, with its advisers, its strategic options to enhance value for its shareholders, and that it has formalised these deliberations into a strategic review process (the "전략 재검토") (further details of which are set out below).
Once the Strategic Review has been completed, the Board will convene a general meeting of the Company at which the Continuation Vote will be proposed.
전략 재검토
Despite the Company's successful and ongoing strategic disposal programme, which has reduced the portfolio's exposure to the underperforming office sector, and recent improvements in the Company's share rating, its share price remains at a material discount to the Company's net asset value. The Board, together with its advisers, has therefore been carefully considering the Company’s strategic options for some time.
As part of the Strategic Review, the Board will consider all options including, but not limited to, continuing the Company with further actions to narrow the share price discount to NAV; selling the Company's portfolio or subsidiaries (or portion thereof); returning capital to shareholders; changing the Company's investment strategy and/or management arrangements; commencing a managed wind down; selling the entire issued share capital of the Company or undertaking some other form of consolidation, combination, merger or comparable corporate action.
Shareholders are welcome to send their comments to [이메일 보호], in particular on their priorities for their investment in the Company and the options described above.
We have commenced this Strategic Review to determine the best way to enhance value for shareholders, after which the independent Board will determine the best way forward for the Company as a whole. The outcome of the Strategic Review is expected to be announced in Q3 2024, and thereafter the Continuation Vote will also be held. The Board looks forward to updating shareholders on the progress of the Strategic Review and will make further announcements in due course, noting that there is currently no certainty as to the outcome of the Strategic Review.
이사회 구성
Karima Fahmy was appointed as an independent non-executive Director of the Company with effect from 1월 19 2024. Karima is a corporate lawyer with extensive experience of the UK property sector.
Following a significant increase in other time commitments, 휴 스콧 배렛 retired from his role as non-executive Senior Independent Director in 2월 2024. I would like to thank Hugh for his considerable contribution to the Company and wise counsel over recent years. I am pleased to confirm that 이소벨 샤프, who is Audit and Risk Committee Chair, has also assumed the role of Senior Independent Director.
환경, 사회 및 거버넌스('ESG')
Every Board director is a member of the ESG Committee which is established to ensure that the Managers are driving year-on-year improvements in portfolio performance, process and governance. The Board was pleased to note the Company’s return to the top of its Global Real Estate Sustainability Benchmark peer group in 2023, achieving a score of 79/100, conferring a three green star rating.
As work has continued to future-proof the portfolio in line with our Net Zero Carbon target and the Minimum Energy Efficiency Standards, the Company is also focused on the ESG fields of social, biodiversity and transitional risk where we expect to make meaningful progress during the upcoming year. Given the composition and quality of the portfolio, the Board and Managers remain of the view that the Company’s asset base is well-positioned in relation to the evolving ESG landscape.
Outlook
Market participants across real estate and the wider financial sectors have been keenly monitoring the outlook for UK interest rates, with the potential for a cut in the base rate in the second half of 2024. There are also upcoming general elections, most notably in the UK and US, which add an extra layer of complexity to the outlook.
The year ahead will most likely see continued divergence in performance across property sectors, sub-sectors and markets. Asset fundamentals rather than market yield compression should provide a platform for value creation, and we believe that this is an opportune time for a diversified strategy.
폴 마커스
의장
26 4월 2024
This announcement may contain forward-looking statements with respect to the financial condition, results of operations and business of the Company. Such statements involve risk and uncertainty because they relate to future events and circumstances that could cause actual results to differ materially from those expressed or implied by forward-looking statements. The forward-looking statements are based on the Directors’ current view and on information known to them at the date of this document. Nothing should be construed as a profit forecast.
관리자 리뷰
올해의 부동산 헤드라인
- A portfolio total return -0.7* per cent over the 12 months to 31 12월 2023 MSCI 영국 분기별 부동산 지수('MSCI') 수익률은 -1.5%입니다.
- Relative outperformance delivered through income generation and proactive asset management, driving 5.3 per cent increase in portfolio net operating income.
- Accretive asset management activity delivered underlines strong asset fundamentals, attractive sector exposures and significant latent income growth potential within the portfolio.
- Portfolio offers potential day one income reversion of 16.0 per cent with a further 31.0 per cent of income subject to contractual uplifts guaranteeing additional rental growth.
- The disposal of four office assets completed (two post year-end) as part of the strategic repositioning of the portfolio, raising proceeds of £68.9 million delivered at an aggregate discount to NAV of 2.6 per cent and reducing portfolio exposure to the office sector to 22.2 per cent.
- Major development scheme at Strategic Park, 사우 샘프 턴 completed, delivering a rent roll in excess of £1.4 million per annum and a 12-month total return of 13.4 per cent.
*대체 성능 측정 참조
부동산 시장 검토
2023 was a challenging year for UK real estate due to the macro-economic environment and a 15 year high in interest rates. Volatility in financial markets, uncertainty as to the interest rate outlook and persistently high inflation dampened investor appetite and the relative attractiveness of real estate.
UK real estate investment volumes totalled circa £40 billion in 2023, a fall of 40 per cent year on year. Despite the negative headlines around offices, they were the second most traded sector in 2023, accounting for approximately 24 per cent of deal volume. The tentative emergence of counter-cyclical and opportunistic strategies has been supported by an occupational market that continues to display resilience and even growth, albeit this is increasingly nuanced by micro-location and asset fundamentals.
As income has driven returns, we have seen an increasing divergence in performance across the sub-sectors due to differing rental growth prospects. As a result, weaker office segments have lost market share to ‘beds, sheds, and meds’, being the sectors delivering rental growth founded on structural undersupply and positive thematic support. Industrials generated the highest rental growth over the year at 7.1 per cent and were unsurprisingly the most traded sector. Retail warehousing, underpinned by low vacancy and a negligible development pipeline, supported positive rental growth over the year of 1.8 per cent and is expected to gain further momentum in 2024.
All this is to say that delivering relative outperformance has become a more nuanced pursuit founded on disciplined management of both portfolio composition and the standing asset base. The notable absence of the distressed (or even motivated) selling of real estate assets has put the onus on returns being generated through proactive asset management and diversification of income streams. Crystallising rental growth through leasing initiatives, driving capital growth through refurbishments, enhancing occupational and investment prospects through asset repositioning relies heavily on expertise to leverage strong underlying asset and portfolio fundamentals.
포트폴리오 성과
The total return from the portfolio was -0.7 per cent over the twelve months, compared with the MSCI return of -1.5 per cent, a 74-basis point performance premium.
At a time when returns are driven by income, the Company’s portfolio is generating a yield advantage and the portfolio delivered an income return of 5.4 per cent over the year, a 75-basis point premium over the MSCI. The portfolio’s capital growth was in line with MSCI at -5.9 per cent over the year.
자본 성장
Over the period, portfolio yields have moved as follows:
| Net initial yield (%) | 등가 수율(%) | Reversionary yield (%) | |||
| 12월 23 | 12월 22 | 12월 23 | 12월 22 | 12월 23 | 12월 22 |
산업(공업) | 4.5 | 4.5 | 6.0 | 5.9 | 6.3 | 6.2 |
사무소 | 7.4 | 5.8 | 8.2 | 6.9 | 8.4 | 7.0 |
소매* | 4.7 | 4.4 | 5.1 | 4.9 | 4.8 | 4.7 |
소매 창고업 | 6.3 | 5.7 | 6.2 | 6.1 | 6.1 | 6.0 |
대체 | 4.8 | 4.5 | 4.7 | 4.5 | 4.6 | 4.5 |
포트폴리오 | 5.5 | 5.0 | 6.5 | 6.1 | 6.2 | 5.8 |
*including St Christopher’s Place
At the sector level, the Company’s industrial, retail (including retail warehousing) and alternatives holdings all generated material relative capital outperformance over the index.
Performance at the portfolio level was impacted by offices, which delivered relative capital underperformance against the index of 503 basis points. The largest driver behind this was the regional office assets, a sub-sector that faces investment illiquidity, constrained transaction volumes and a muted performance outlook.
| 균형 상업 부동산 신탁 | MSCI 영국 분기별 지수 | ||
부문 | 소득 수익률(%) | 자본수익률(%) | 총수익률(%) | 총수익률(%) |
모든 소매 | 4.9 | -4.1 | 0.7 | -0.3 |
사무소 | 7.1 | -18.2 | -12.2 | -10.4 |
산업(공업) | 4.7 | 3.0 | 7.9 | 3.9 |
대체 | 4.9 | -2.8 | 2.0 | -0.1 |
모든 재산 | 5.4 | -5.9 | -0.7 | -1.5 |
소득 반환
Over the year the portfolio saw net operating income growth of 5.3 per cent and generated ERV growth of 1.9 per cent. The key driver of the increase in passing rent was active asset management across the portfolio, as a total of 76 leasing initiatives completed over the 12 months.
The portfolio vacancy rate rose slightly from 5.9 per cent by Estimated Rental Value (ERV) to 6.7 per cent. 1.0 per cent of the vacant space is now contractually committed and 4.3 per cent relates to Stockley Park in Uxbridge, which is a repositioning opportunity. The uplift in the void rate is primarily linked to two restaurant units at St Christopher’s Place where leases have been forfeited due to the tenants breaching lease obligations, although there is a good level of new tenant interest in these units.
The portfolio has historically sustained a low long-term vacancy, with the average over the last 5 years standing at 5.1 per cent.
The portfolio offers a potential income reversion of 16.0 per cent. It also offers an attractive mix of income duration from its higher yielding assets and the opportunity to realise performance from its growth assets. The portfolio’s WAULT (weighted average unexpired lease term) stands at 4.7 years (to lease breaks). The industrial assets offer the highest income reversion of over 40 per cent, an equivalent yield of 6.0 per cent and a short WAULT of 2.5 years (including rent reviews as lease events), enabling the reversion to be delivered at lease events in the near term.
Approximately 31 per cent of the Company’s income profile is subject to contractual uplifts offering guaranteed income growth. Index-linked rent reviews support 8.8 per cent of the income, while 22.2 per cent is subject to fixed uplifts.
The table below sets out an analysis of the portfolio’s income reversion.
투자 활동
Despite a challenging investment market, we have successfully completed the sale of four office holdings. Two of these completed in 2023년 일월, with further sales post year end in January and 2024월 XNUMX. Three of the four sales have been in the structurally challenged out-of-town business park sub-sector, with the fourth being a low-yielding, multi-let office in London’s West End. Following the completion of these four disposals (two of these are post year-end), the portfolio’s exposure to the office sector has fallen to 22.2 per cent.
The assets sold are:
- 네비스 & Ness House, Edinburgh Park – a 42,000 sq ft headquarters office occupied by Diageo Scotland Limited.
- Building 4, Prime Four Business Park, 애버딘 – a 25,000 sq ft training centre occupied by Maersk Training UK Limited.
- 2-4 킹 스트리트, 런던 SW1 – a multi-let holding of 14,600 sq ft in London’s West End sold in 2024년 XNUMX월.
- The Leonardo Building, 크로 울리 – a 110,000 sq ft headquarters office occupied by Virgin Atlantic Limited sold in 2024월 XNUMX.
The sales have been completed at an aggregate price of £68.9 million, representing a 2.6 per cent discount to the valuation preceding the sales contracting.
The pricing achieved on these disposals underlines the value in the Company’s investment ethos of focussing on high quality real estate with strong fundamentals, which lends relative resilience and liquidity. We are actively reviewing a pipeline of further disposals from both the office sector and wider portfolio, targeting assets where value can be crystallised following the successful delivery of asset business plans.
자산 관리 시스템
Active asset management is the key determinant of relative outperformance, enabling rental growth to be converted into income while also generating capital growth through the enhancement of asset leasing profiles.
산업 및 물류
The Company’s industrial and logistics assets offer an attractive day one income reversion and have generated rental growth of 2.6 per cent over the twelve months. A number of highly accretive asset management initiatives have been executed over the year, underpinning a 2.8 per cent uplift in passing rent and supporting relative income and capital outperformance.
Notable successes included:
허리케인 52, 하구 비즈니스 파크, 리버풀
The development of a highly specified 52,500 sq ft logistics unit reached practical completion in 2022년 XNUMX월에. 경쟁적인 최고 입찰 과정을 거쳐 해당 유닛이 임대되었습니다. 2023년 XNUMX월 to clothing manufacturer Montirex on a 10-year lease (break at year 5) at a rent showing a 7.2 per cent premium to the ERV. The asset recorded a total return of 28.3 per cent over the year.
카우드레이 센터, 콜체스터
This multi-let estate continues to see buoyant levels of occupier activity, supported by a phased programme of refurbishments which has driven renewed occupier demand, rental growth and value appreciation.
The asset offers a day one income reversion of 44 per cent and the staggered nature of the leasing profile is crystalising this into performance. Rent reviews with Rexel UK and Jump Street have seen rents increase by 66 per cent and generated additional income totalling £69,500 per annum. Lease renewals completed with The Range (CDS Superstores), Jayar Components and Cowdray Carpet Centre have secured an income stream totalling £425,000 per annum. In 2월 2024, MKM Building Supplies entered into a new 20-year lease (break year 15) on a new refurbished unit, whilst lease renewal negotiations continue with Pickfords Move Management and Hermes Parcelnet, which will serve to further increase and strengthen the asset’s income profile.
The estate also comprises a development site where planning consent has been secured for a trade-centre scheme and the construction package is currently out to tender.
8 햄스 홀 유통 단지, 버밍엄
A bespoke logistics facility of 264,000 sq ft occupied by Nestle Purina until 2025월 XNUMX. In August, Nestle completed a 10-year (break at year 5) reversionary lease from 2025월 XNUMX 3.5개월의 임대료 면제 기간을 대신하여.
1, 2호기 전략공원, 사우 샘프 턴
The major refurbishment of this two-unit industrial scheme completed in 2023년 XNUMX월 and both units have now been let at rents ahead of pro-forma ERV’s. The initiative has delivered:
- Income performance, boosting the Company’s income by in excess of £1.4m per annum and generating an uplift to the previous combined passing rent of 27.5 per cent and bettering the ERV underwritten in the asset business plan by 2.4 per cent.
- Capital performance, as capital growth of 15.7 per cent underpins a total return of 13.4 per cent over a 12-month period, and
- ESG enhancements with A-rated EPCs, a BREEAM Very Good certification and a full solar photovoltaic system installed on the roof. Both tenants have committed to acquire the electricity generated on-site and the solar installation is forecast to produce an additional operational income return of circa 7.5 per cent per annum.
Over the course of 2024, industrial units with an ERV in excess of £5.2m are subject to an upcoming or outstanding lease event (including new leases completed post-period at 콜체스터 와 사우 샘프 턴 as referenced above), offering a meaningful opportunity to crystallise further income growth.
소매 창고업
A highly successful leasing strategy completed in 2022, securing full occupation of both retail warehouse parks and solidifying a robust grocery, discount and convenience-led tenant roster. This has afforded the holdings an attractive, stable, and growing income profile which has seen the passing rent from the 뉴베리 와 솔리 헐 retail parks increase by 9.4 per cent over the year.
We are working to enhance the operational income further through the addition of solar photovoltaic installations across various retail units.
사무소
The Company’s office holdings continue to see robust levels of occupational activity, with six new leases concluded, representing a rent roll of £868,000 per annum, delivered within 1.4 per cent of ERV. There have also been 3 rent reviews settled at a 0.8 per cent premium to the previous passing rents.
7 버친 레인, 런던 EC3
포트폴리오의 유일한 런던시 holding has been subject to a phased programme of refurbishment, delivering Category A ‘Plug & Play’ space along with upgraded ESG credentials including B-rated EPCs. During the year, four suites have been refurbished, three of which have been let at rents at a 10 per cent premium to the ERV and the most recent letting on the 1st floor concluding at a rent showing a 17.6 per cent uplift to the previous ERV.
킹 스트리트, Manchester
This multi-let office remains fully occupied, underlining the continued appeal of this prestigious office building. Over the course of the year, three existing tenants – Foresight Group, Lloyds Bank and Markel Insurance – all committed to new leases, securing a rent roll of £314,000 per annum, at a 0.7 per cent premium to ERV. Markel Insurance also settled the 2021년 XNUMX월 rent review on their second suite on the 11th floor at a 1.3 per cent uplift.
스토클리 파크, Uxbridge
This is the portfolio’s largest void with an ERV in excess of £3.0m per annum. This former HQ office building is subject to a repositioning strategy to convert the building to a post-operative healthcare use. The local planning authority has been engaged, offering in-principle support to the initiative and a planning application has recently been submitted. During 2024 we expect to achieve a number of milestones allowing for incremental crystallisation of value throughout the process, such as the receipt of planning consent, the contractual commitment of the occupier and the commencement of the development phase.
소매
St Christopher’s Place (mixed-use Food & Beverage (‘F&B’), retail, residential and offices)
This asset is a unique property; a prime 센트럴 런던 (Central London) estate comprising 172 lettable units and 40 buildings, diversified across the retail, leisure, residential and office sectors as follows:
부문 | 노출 시간 (% of asset capital value) |
소매 | 31.2 |
식음료 | 33.5 |
사무소 | 14.8 |
주거 | 20.5 |
The estate is valued at a 23.7 per cent discount to its pre-pandemic level and therefore represents a key growth asset as it moves through its recovery phase.
The West End retail market is enjoying a notable recovery, with 2023 footfall up 5 per cent year-on-year, while Oxford Street outperformed and recorded a 12 per cent uplift in footfall year-on-year. The 12 months saw growth in international travel (+31 per cent) and hotel occupancy rates (+6 per cent), all of which served to increase overall spend in the West End by 4 per cent. As a result of an improving market backdrop, Oxford Street saw a record year for new letting activity with some 250,000 sq ft of deals completing, with the candy and tourist shops that have blighted the street in recent years having retrenched and the vast majority of all vacant space to the west of Oxford Circus is either under offer or subject to redevelopment.
The St Christopher’s Place Estate is starting to see the benefits of this wider recovery and over the twelve months we delivered 54 leasing initiatives across the estate, including 43 new leases and tenancy agreements that account for an income stream in excess of £2.3m. As a result of this the annual net operating income increased by 5.1 per cent year-on-year and there are a further 9 occupational deals under offer with legals progressing.
Disappointingly, the tenants of the Estate’s Oxford Street units, Aldo and The Body Shop, have both entered administration and ceased trading from their premises in recent weeks. As a result, both Oxford Street units became empty post-period, albeit remain subject to leases. The units are being actively marketed and have received encouraging levels of occupational interest at this early stage.
In order to drive continued income and capital growth a number of key strategic initiatives are being progressed:
- Enhancing the F&B offering.
The conversion of traditional retail to F&B drives investment fundamentals through superior rents, longer leases and sharper capitalisation rates, while also enhancing the consumer experience and occupier dynamics of the estate. Over the course of the year, F&B has become the dominant use at the estate, increasing from 26.8 per cent to 33.5 per cent as 5 F&B occupational deals completed.
- 웨스트 엔드 사무실 허브로서의 SCP.
Occupier demand for smaller floorplates is predominantly centred on fully fitted ‘Plug & Play’ space. Fitted space increases the optionality for occupier demand and materially reduces void periods, rent free periods and achieves higher rents. We are proactively repositioning suites to meet this key source of demand and since the start of 2024, 11 new office tenancies have completed.
- Leveraging improving occupational market dynamics to enhance occupancy and income.
The rebasing of occupational costs on Oxford Street has spurred an increase in retailer demand. The Estate is benefitting from this recovery and over half of the vacant space at SCP is under offer at the time of writing. We are seeking to leverage this momentum to continue to build critical mass across the Estate’s retail, F&B and office elements, with demand tension a key determinant of rental growth.
대체
The portfolio’s alternatives holdings include the purpose-built student accommodation in Winchester (which is subject to a long-term, index-linked lease to the university), residential properties at St Christopher’s Place and the leisure units at Wimbledon Broadway (a gym and cinema).
The residential element of St Christopher’s Place is substantial, accounting for 4.7 per cent of the value of the Company’s portfolio and saw its net operating income increase by 6.6 per cent as occupancy and rental levels recovered.
전략적 포트폴리오 이니셔티브
We believe the future drivers of relative outperformance will become increasingly nuanced. Allocation towards structurally supported growth sectors remains critical, however, the supply-demand dynamics within sub-sectors (such as big-box vs mid-box industrial or discount vs fashion-led retail), micro-locations (availability of workforce and areas of meaningful undersupply such as along key arterial routes or in last mile locations) and at the asset level (the long-term functional relevance of the building) will all dictate the consistent delivery of long-term outperformance.
To that end, we will continue to leverage the portfolio’s strong underlying fundamentals, with its attractive reversionary potential and latent opportunities to deliver consistent income growth as the key driver of total returns. Key strategic initiatives include:
- Income compounding – the portfolio offers an attractive income reversion alongside attributes supporting the conversion of potential into growth. This includes a consistently low void rate, high quality tenant base, exposure to index-linked lease structures, a WAULT facilitating the execution of asset management strategies and a portfolio composition delivering continued rental growth.
- 적극적인 자산 관리 – a high quality portfolio offers investment and occupational fundamentals that support the delivery of value-add strategies, which are key drivers of income and capital growth as well as relative outperformance.
- Opportunistic recycling of capital – selective disposals will continue to reduce the portfolio’s exposure to the more challenging sub-markets, increasing the portfolio’s alignment to growth sectors and assets.
Outlook
The macro-economic outlook improved materially towards the end of 2023 driven by a significant fall in the rate of inflation which raised expectations that the Bank of 영국 would cut the interest rate sooner than was expected just a few months previously. However, while inflation has continued to moderate it is still higher than the Bank of England’s 2 per cent target. As a consequence, the Bank may not begin to cut rates until inflation is closer to target and wage growth has cooled further. Financial analysts are expecting to see a cut in the base rate later this year.
Barring not insubstantial geo-political risk, possible interest rate cuts during the year will bode well for property pricing and allow the real estate market to look beyond this period of relative stabilisation to a prospective recovery.
As for whether pricing has now bottomed out, the UK has seen the strongest rebasing of valuations of all major European real estate markets. While there may be some further softening at the market level, we do not expect a substantial valuation correction in 2024. Quality stock will most likely be less affected than secondary assets where any repricing is expected to be more aggressive. Downside risks remain, primarily the potential for refinancing pressures to precipitate distressed selling. However, we have not seen the levels of distress in real estate markets that many had anticipated, and a more stable economic outlook may result in a more manageable financial environment.
Against this background and in a context where outperformance is nuanced, the portfolio’s growth characteristics and high quality, liquid asset base will continue to offer opportunities as we aim to deliver attractive risk-adjusted returns.
부문 분석(총 자산 포트폴리오의 %) | ||
| 2023 (%) | 2022 (%) |
산업(공업) | 32.3 | 28.9 |
사무소 | 26.5 | 31.6 |
소매 | 18.4 | 17.4 |
소매 창고 | 12.3 | 11.6 |
대안투자 | 10.5 | 10.5 |
출처: Columbia Threadneedle REP AM plc
지리적 분석(전체 자산 포트폴리오의 %) | ||
| 2023 (%) | 2022 (%) |
런던 – 웨스트 엔드 | 28.7 | 27.5 |
동남 | 24.2 | 23.4 |
미들랜드 | 23.3 | 21.3 |
노스 웨스트 | 12.5 | 12.2 |
스코틀랜드 | 7.3 | 11.6 |
사우스 웨스트 | 2.2 | 2.3 |
나머지 런던 | 1.8 | 1.7 |
출처: Columbia Threadneedle REP AM plc
임대 만료 프로필 | ||
31년 2023월 4.7일 기준, 모든 중단 옵션이 행사된다고 가정할 때 포트폴리오의 가중 평균 임대 기간은 2022년(5.2년: XNUMX년)이었습니다. | ||
만료되는 임대 비율(임대 가치에 따라 가중치 적용) | 2023 (%) | 2022 (%) |
0 – 5 년 | 64.9 | 40.1 |
5 – 10 년 | 24.0 | 36.7 |
10 – 15 년 | 9.6 | 15.0 |
15 – 25 년 | 1.5 | 8.2 |
출처: Columbia Threadneedle REP AM plc
계약된 임대료의 백분율을 기준으로 한 최대 점유자는 다음과 같습니다. 31 12월 2023, 다음과 같이 요약됩니다.
소득 집중 | |
회사 이름 | 총 소득 대비 % |
아파치 북해 제한 | 4.6 |
CNOOC 석유 유럽 제한 | 4.5 |
JP 모건 체이스 은행, 전국 협회 | 4.5 |
킴벌리-클라크 리미티드 | 3.6 |
윈체스터 대학 | 3.6 |
막스 앤 스펜서 plc | 3.6 |
버진 애틀랜틱 리미티드 | 3.5 |
Nestle Purina UK Commercial Operators Limited | 3.2 |
Transocean Drilling UK Limited | 3.2 |
DHL 공급망 제한 | 3.2 |
금액 | 37.5 |
출처: Columbia Threadneedle REP AM plc
리차드 커비 그리고 다니엘 월스그로브
컬럼비아 스레드니들 REP AM plc
26 4월 2024
과거 성과가 반드시 미래에 대한 지침이 되는 것은 아니며, 투자 가치와 그에 따른 수익은 하락할 수도 상승할 수도 있다는 점을 유념하시기 바랍니다. 투자자는 원래 투자한 금액을 돌려받지 못할 수도 있습니다.
모든 문의 :
회사 비서
노던 트러스트 국제 기금 관리(건지) 유한회사
트라팔가 코트
레 방크
성 피터 포트
건지 GY1 3QL
전화 : 01481 745436
팩스 : 01481 745186
리차드 커비
컬럼비아 스레드니들 REP AM plc
전화 : + 0207 499 2244
이네스 우르콰트
Winterflood 증권 제한
전화 : + 0203 100 0265
디온 디 미첼리 / 톰 맥도널드 / 스튜어트 무레스 / 제임스 앳킨슨
바클레이스 은행 PLC
전화 : 0207 623 2323
균형 상업 자산 신탁 제한
연결포괄손익계산서(감사)
| 연말 31 12월 2023 | 연말 31 12월 2022 | |
|
| 000 파운드 | 000 파운드 |
수익 |
|
|
|
임대 수입 |
| 59,228 | 58,676 |
다른 수입 |
| 119 | 42 |
|
| --------- | --------- |
총 수익 |
| 59,347 | 58,718 |
|
|
|
|
Losses on investment properties |
|
|
|
Unrealised losses on revaluation of investment properties |
| (56,940) | (129,096) |
투자부동산 매각손실 실현 |
| (4,533) | (5) |
|
| ---------- | ---------- |
총 손실 |
| (2,126) | (70,383) |
|
| ---------- | ---------- |
지출 |
|
|
|
투자 관리 수수료 |
| (5,968) | (6,861) |
기타 경비 |
| (7,336) | (6,479) |
|
| ---------- | ---------- |
총 지출 |
| (13,304) | (13,340) |
|
| ----------- | ----------- |
금융비용 및 조세차감전 영업손실 |
|
(15,430) |
(83,723) |
|
| ----------- | ----------- |
순 금융 비용 |
|
|
|
이자 소득 |
| 2,051 | 807 |
금융 비용 |
| (12,617) | (11,116) |
|
| ----------- | ----------- |
|
| (10,566) | (10,309) |
|
| ----------- | ----------- |
과세 전 손실 |
| (25,996) | (94,032) |
|
|
|
|
과세 |
| (71) | (345) |
|
| ---------- | ---------- |
올해의 손실 |
| (26,067) | (94,377) |
|
| ---------- | ---------- |
기타 포괄 손익 |
|
|
|
차후에 당기손익으로 재분류되거나 재분류될 수 있는 항목 |
|
|
|
유효이자율스왑의 공정가치 변동 |
| (843) | 723 |
|
| ---------- | ---------- |
해당 연도의 총 포괄 손실 |
| (26,910) | (93,654) |
|
| ---------- | ---------- |
|
|
|
|
기본 및 희석 주당 순이익 |
| (3.7:XNUMX)p | (13.1:XNUMX)p |
EPRA 주당 순이익 | 5.1p | 4.8p |
당해년도 당기순이익과 총포괄손익은 모두 연결실체의 소유주에게 귀속되어 있습니다.
위 진술의 모든 항목은 계속 운영에서 파생됩니다.
균형 상업 자산 신탁 제한
연결대차대조표(감사)
| ~에서 31 12월 2023 000 파운드 | ~에서 31 12월 2022 000 파운드 |
비유동 자산 |
|
|
투자 자산 | 936,993 | 1,075,082 |
매출 채권 및 기타 채권 | 14,354 | 20,372 |
| ------------ | ------------ |
| 951,347 | 1,095,454 |
| ------------ | ------------ |
유동 자산 |
|
|
매각예정 투자부동산 | 71,277 | - |
매출 채권 및 기타 채권 | 12,005 | 12,811 |
금리 스왑 자산 | - | 1,030 |
현금 및 현금성 자산 | 41,717 | 54,837 |
| ------------ | ------------ |
| 124,999 | 68,678 |
| ------------ | ------------ |
총자산 | 1,076,346 | 1,164,132 |
| ------------ | ------------ |
|
|
|
유동 부채 |
|
|
매입 채무 및 기타 채무 | (17,067) | (21,140) |
이자부 대출 | (259,689) | (49,889) |
| ------------ | ------------ |
| (276,756) | (71,029) |
비유동 부채 |
|
|
매입 채무 및 기타 채무 | (2,774) | (2,250) |
이자부 대출 | (26,777) | (259,388) |
| ------------ | ------------ |
| (29,551) | (261,638) |
| ------------ | ------------ |
총 부채 | (306,307) | (332,667) |
| ------------ | ------------ |
순자산 | 770,039 | 831,465 |
| ------------ | ------------ |
|
|
|
대표 : |
|
|
주식 자본 | 7,994 | 7,994 |
특별 준비금 | 485,840 | 485,840 |
자본 준비금 – 투자 매각 | 62,109 | 75,005 |
자본 준비금 – 보유 투자 | 97,583 | 146,160 |
헤징 준비금 | - | 1,030 |
수익 준비금 | 116,513 | 115,436 |
| ------------ | ------------ |
주식 주주 자금 | 770,039 | 831,465 |
| ------------ | ------------ |
주당 순자산 가치 | 109.8p | 118.5p |
EPRA 주당 순 유형 자산 | 109.8p | 118.4p |
균형 상업 자산 신탁 제한
연결 자본 변동표
연말 31 12월 2023 (감사)
|
주식 자본 000 파운드 |
이달의 스페셜 리저브 000 파운드 | 자본 예약하다 - 투자 판매 000 파운드 | 자본 준비금 - 투자 개최 000 파운드 |
헤징 리저브 000 파운드 |
수익 리저브 000 파운드 |
금액 000 파운드 |
1년 2023월 XNUMX일 |
7,994 |
485,840 |
75,005 |
146,160 |
1,030 |
115,436 |
831,465 |
당해 년도 총 포괄 이익 |
|
|
|
|
|
|
|
올해의 손실 | - | - | - | - | - | (26,067) | (26,067) |
Transfer of prior years’ revaluation to realised reserve |
- |
- |
(8,363) |
8,363 |
- |
- |
- |
투자부동산의 미실현손실에 대한 양도 |
- |
- |
- |
(56,940) |
- |
56,940 |
- - |
투자부동산 매각손실 실현 |
- |
- |
(4,533) |
- |
- |
4,533 |
- - |
금리스왑 공정가치 변동 |
- |
- |
- |
- |
(843) |
- |
(843) |
Transfer of loss on maturity of interest rate swap |
- |
- |
- |
- |
(187) |
187 |
- |
당해 년도 총 포괄 이익 |
- |
- |
(12,896) |
(48,577) |
(1,030) |
35,593 |
(26,910) |
|
|
|
|
|
|
|
|
자본으로 직접 인식되는 회사 소유주와의 거래 |
|
|
|
|
|
|
|
배당금 지급 | - | - | - | - | - | (34,516) | (34,516) |
31년 2023월 XNUMX일 |
7,994 |
485,840 |
62,109 |
97,583 |
- |
116,513 |
770,039 |
연결 자본 변동표
연말 31 12월 2022 (감사)
|
주식 자본 000 파운드 |
이달의 스페셜 리저브 000 파운드 | 자본 예약하다 - 투자 판매 000 파운드 | 자본 준비금 - 투자 개최 000 파운드 |
헤징 리저브 000 파운드 |
수익 리저브 000 파운드 |
금액 000 파운드 |
1년 2022월 XNUMX일 | 7,531 | 544,813 | 75,010 | 275,256 | 307 | 114,603 | 1,017,520 |
당해 년도 총 포괄 이익 |
|
|
|
|
|
|
|
올해의 손실 | - | - | - | - | - | (94,377) | (94,377) |
금리스왑 공정가치 변동 |
- |
- |
- |
- |
723 |
- |
723 |
투자부동산의 미실현손실에 대한 양도 |
- |
- |
- |
(129,096) |
- |
129,096 |
- - |
투자부동산 매각손실 실현 |
- |
- |
(5) |
- |
- |
5 |
- |
당해 년도 총 포괄 이익 |
- |
- |
(5) |
(129,096) |
723 |
34,724 |
(93,654) |
|
|
|
|
|
|
|
|
자본으로 직접 인식되는 회사 소유주와의 거래 |
|
|
|
|
|
|
|
자본금에서 특별적립금으로의 전환 | 463 | (463) | - | - | - | - | - |
재무부로 환매 | - | (58,510) | - | - | - | - | (58,510) |
배당금 지급 | - | - | - | - | - | (33,891) | (33,891) |
31년 2022월 XNUMX일 |
7,994 |
485,840 |
75,005 |
146,160 |
1,030 |
115,436 |
831,465 |
|
|
|
|
|
|
|
|
균형 상업 자산 신탁 제한
연결현금흐름표(감사)
| 31년 2023월 XNUMX일 종료 | 31년 2022월 XNUMX일 종료 |
| 000 파운드 | 000 파운드 |
영업 활동으로 인한 현금 흐름 |
|
|
과세 전 손실 | (25,996) | (94,032) |
다음에 대한 조정 : |
|
|
금융 비용 | 12,617 | 11,116 |
이자 소득 | (2,051) | (807) |
Unrealised losses on revaluation of investment properties | 56,940
| 129,096
|
투자부동산 매각손실 실현 | 4,533 | 5 |
영업 매출채권 및 기타채권의 감소/(증가) |
6,840 |
(5,032) |
(감소)/영업거래 및 기타채무의 증가 | (4,013) | 3,412 |
| ----------- | ----------- |
운영에서 발생하는 현금 | 48,870 | 43,758 |
| ----------- | ----------- |
받은이자 | 2,035 | 807 |
지급된 이자 및 은행 수수료 | (10,902) | (10,987) |
납부한 세금 | (71) | (345) |
| ----------- | ----------- |
| (8,938) | (10,525) |
| ----------- | ----------- |
영업활동으로 인한 순현금유입 | 39,932 | 33,233 |
| ----------- | ----------- |
투자 활동으로 인한 현금 흐름 |
|
|
투자 부동산 구매 | (884) | (812) |
투자부동산 매각 | 14,300 | - |
투자 부동산에 대한 자본 지출 | (8,021) | (23,258) |
| ----------- | ----------- |
투자활동으로 인한 순현금유입/(유출) | 5,395 | (24,070) |
| ----------- | ----------- |
금융 활동으로 인한 현금 흐름 |
|
|
배당금 지급 | (34,516) | (33,891) |
Issue costs for loan facility extension and Barclays/HSBC agreement | (3,931) | (6) |
Repayment of Barclays loan | (50,000) | - |
Drawdown of Barclays/HSBC loan | 30,000 | - |
재무부에 대한 환매 | - | (58,510) |
| ----------- | ----------- |
재무활동으로 인한 순현금유출 | (58,447) | (92,407) |
| ----------- | ----------- |
현금 및 현금 등가물의 순 감소 | (13,120) | (83,244) |
연초의 현금 및 현금성자산 | 54,837 | 138,081 |
| ----------- | ----------- |
현금 및 현금성자산 연말정산 | 41,717 | 54,837 |
| ----------- | ----------- |
균형 상업 자산 신탁 제한
주요 위험과 미래 전망
이사회는 재무보고위원회가 발표한 내부 통제 지침에 자세히 설명된 원칙을 적용하고 회사가 노출된 위험과 불확실성을 관리하는 데 있어 회사의 특별한 요구를 충족하도록 고안된 지속적인 프로세스를 확립했습니다.
It has been another challenging year, which continues to be marked by an elevated cost-of-living and geopolitical events such as the war in 우크라이나 and the escalation of tensions in the 중동. Against this background, we have continued to see higher levels of inflation in the UK, albeit the rate has slowed sharply as monetary policy continues to work through the economy, and it is far from 11.1 per cent peak in 2022년 XNUMX월. In response, the Bank of 영국 continued to raise interest rates which at the time of writing have stabilised at 5.25 per cent. This volatile economic environment has had an ongoing effect on many of our principal risks during the year and the Board met regularly with the Managers to assess these risks and how they could be managed.
The principal risks and uncertainties faced by the Company are set out in the table below.
The Audit and Risk Committee seeks to mitigate and manage these risks and uncertainties through continual review, policy-setting and enforcement of contractual obligations, as well as a review of the Internal Control reports prepared in accordance with ISAE 3402 and AAF(01/20).
To mitigate investment and strategic risks the Board regularly monitors the investment environment and the management of the Company’s property portfolio. The Managers seek to alleviate the portfolio risks through active asset management, monitoring key risk metrics and carrying out due diligence on prospective tenants and asset acquisitions. All of the properties in the portfolio are insured.
As well as considering current risks, the Audit and Risk Committee, Board and the Investment Managers carry out a separate assessment of emerging risks when reviewing strategy and evaluate how these could be managed or mitigated. The line between current and emerging risks is often blurred and many of the emerging risks identified are already being managed to some degree where their effects are beginning to impact.
식별된 주요 신흥 위험은 다음과 같습니다.
Economic and geopolitical events have been a catalyst for higher levels of inflation and consecutive interest rate rises, which have slowed economic growth. Interest rates have increased from 0.25 per cent to 5.25 per cent in the last two and a half years. The Bank of 영국 held the rate at 5.25 per cent at its 2023년 XNUMX월 meeting, breaking the run of 14 consecutive hikes and consensus estimates are currently forecasting a gradual cut in the base rate from the second half of 2024. Against this background, sentiment for real estate as an asset class has been poor, given the high income returns available from cash and fixed income. Property valuations have been marked down to reflect the risk of premium for investing in property (as an illiquid asset) in a higher interest rate environment. In addition, the increased cost of debt has led to weak liquidity in the real estate capital markets.
The ESG agenda is a very prominent one and continues to grow in its importance to shareholders, future investors, our customers and the wider community. We have made significant progress in this area and we intend to continue to do so. The increasing market attention being paid to climate risk, to net zero carbon ambition and to social impact have been notable features of the evolving agenda over recent years and those need to be considered more explicitly in property investment and management activity. Failure to respond to the evolving regulatory requirements and public expectations would be reputationally damaging and could have a negative effect on property valuations leaving some properties difficult to let.
The structural change in the office market continues to evolve following Covid-19. There is a clear focus on higher quality space in central locations, as companies look to offer a more structured hybrid model of operation where strong ESG and wellbeing credentials are essential. This has been at the expense of lower quality stock and a two-tier market has emerged with the rebasing of both capital values and rents. This is still developing and continues to be monitored but investor sentiment to offices is poor with few active buyers in the market, and this is impacting on pricing.
There continues to be an increasing emerging risk from cyber threats. As an externally managed investment company we are dependent on the controls and systems of the Managers and other third-party providers. The Board reviews on an annual basis, the systems and procedures that they have in place to control these threats.
The principal risks and uncertainties faced by the Company, and the Board’s mitigation approach, are described in the table below.
가장 높은 위험 | 완화 |
투자성과리스크 Unfavourable markets, poor stock selection, including inappropriate asset allocation and underperformance against the benchmark. This risk may be exacerbated by gearing levels. The outlook for the office sector capital markets is challenging. Economic backdrop of inflationary pressures, higher interest rates and the risk of an economic recession. A relatively illiquid investment market. 규정 준수를 유지하는 데 필요한 규제 배경 및 자본 지출의 발전과 관련된 ESG 위험. | The investment performance, gearing and income forecasts are reviewed with the Investment Managers at each Board Meeting. The Managers provide regular information on the expected level of rental income that will be generated from underlying properties. 포트폴리오는 지역 및 부문별로 다양하게 구성되어 있으며 개별 임차인에 대한 노출은 과잉 노출이 없도록 모니터링 및 관리됩니다. The Company sold £14.3 million of offices during the year and exposure at the year-end was 26.5 per cent. Post year-end, the Company sold a further £54.6 million of offices with the current exposure at 22.2 per cent. The Managers in-house ESG team continually monitor regulatory background and best practice standards, while the overall quality of the portfolio provides some protection against this. All portfolio assets have been subject to Net Zero Carbon assessments alongside modelling of the interventions required to meet hardening Minimum Energy Efficiency Standards thresholds. All actions scheduled for implementation in the 2023 financial year have been delivered or progressed as detailed in the ESG Report. There has been significant leasing activity and a number of lease renewals completed during the year particularly in the industrial portfolio and St Christopher’s Place, which has helped performance during a period of falling valuations. The portfolio offers significant in-built income growth, as evidenced by the reversionary yield of 6.2 per cent.
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검토 대상 연도에 위험이 증가했습니다. |
할인/프리미엄 위험 투자회사의 주가가 NAV보다 낮거나 높다. 그러한 불균형의 결과로, 투자자들에 대한 회사의 매력은 감소됩니다. The discount continues to be wide (34 per cent at the year-end but narrowing to 28.3 per cent on 25 April 2024) in an environment of higher interest rates where high income returns can be achieved through cash and income products. Investor sentiment towards real estate as an asset class is relatively weak, and the office sector in particular. . | The discount is reported to and reviewed by the Board on an ongoing basis. Share buybacks as a means of narrowing the discount or as an attractive investment for the Company are considered and weighed up against the risks as alternatives. The position is monitored by the Managers and Brokers on a daily basis and any material changes are investigated and communicated to the Board. The Company has paused share buybacks since September 2022, with the preservation of cash and maintaining lower gearing levels taking precedence in current markets. Investors have access to the Managers and the underlying team who will respond to any queries they have on the discount. The Managers engage with the shareholder base on a quarterly basis to update on Net Asset Value performance. The Managers also attend ad hoc meetings with shareholders as required, as well as various industry events to promote the Company to current and prospective investors. XNUMXD덴탈의 Brokers and the Managers’ sales team liaise with current and prospective investors to try to generate demand for the Company’s shares.
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검토 대상 연도에는 위험이 변경되지 않았습니다. | |
재무 위험 관리 Risk of financial or reputational damage due to a failure to manage appropriately financial risk. This includes management of cash resources and debt. The company’s principal £260 million debt facility expires on 31 December 2024 and a £100 million facility with Barclays was due to expire in July 2024. Early action on this was required.
| The level of cash is continually monitored by the Managers. A financial model is maintained, which includes a five-year cash flow forecast and is reviewed at quarterly Board meetings. 현금 포지션은 배당 승인 절차의 일환으로 매월 이사회에서 검토됩니다. 대출 약정은 관리자가 주의 깊게 모니터링하고 최소한 분기별로 이사회 회의에서 검토합니다. The Company entered into a two-year £320 million loan agreement in September 2023, with the option of two one-year extensions. This is a two-tiered facility with Barclays and HBSC which includes a £60 million revolving credit facility and a term loan which takes the form of a commitment to provide up to £260 million to repay the existing loan with L&G, which is due to mature in 2024. As part of this process, the £100 million facility with Barclays was paid down and cancelled. In the current interest rate environment, drawing down the new term loan in full will be more expensive than the current debt and the interest would have to be fixed using an interest rate swap. The Company is therefore looking to reduce its gearing exposure through property sales, and the new loan provides optionality on the gearing levels post 2024. |
Risk decreased in the year under review |
제품 전략 리스크 Risk that the Product Strategy (including investment guidelines and policies) lacks sustainability or is no longer appealing to the market. Risk that the strategy is not clearly defined/ articulated or directed to the correct target audience. The Company has a Continuation vote in 2024. ESG 관련 이니셔티브는 장기 전략의 핵심 부분입니다. This was recognised as a significant area of risk for the Company in 2022 and the rating therefore remains unchanged during the year.
| The underlying investment strategy is kept under constant appraisal and the Board has a strategy session annually, in conjunction with the Manager. The strategy is communicated to interested parties on a regular basis via stock exchange announcements, the interim and annual report and investor/consultant calls and visits. The portfolio has a material exposure to the office sector which has underperformed. The Manager has therefore commenced a rebalancing exercise and has sold £68.9 million of office property to date (£54.6 million of which was post year-end), with further sales in this sector anticipated. The Continuation Vote and the Strategic Review, announced following the year end, are covered in the Chairman’s Statement. The Board looks forward to updating shareholders on the progress of the Strategic Review and the arrangements for the Continuation Vote in due course, noting that there is currently no certainty as to the outcome of the Strategic Review
There is significant ongoing work on the Company’s ESG strategy. A peer-group leading GRESB (Global Real Estate Sustainability Benchmark) score in 2023 underlines the efforts made in ensuring ESG is fully integrated into the investment and management process. ESG enhancements form a key element of asset-level strategies including the degasification of buildings, the installation of solar photovoltaic systems and incremental improvements to energy efficiency through cyclical refurbishment of holdings.
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검토 대상 연도에는 위험이 변경되지 않았습니다. |
실행 가능성 평가 및 진술
The Board conducted this review over a five-year time horizon, a period thought to be appropriate for a Company investing in commercial property with a long-term investment outlook and with an average unexpired lease length of 4.7 years. The Company has its principal borrowings with L&G secured until 31 12월 2024 and entered into a new agreement with Barclays and HSBC in 2023년 XNUMX월 for a term loan of up to £260 million which can only be used to repay the L&G loan. This new loan is currently available until 2025년 XNUMX월 with the option of two one-year extensions.
The Company is also subject to a Continuation Vote in 2024, which will be held after the completion of the Board's Strategic Review (expected to be in Q3 2024). The date of the vote is therefore yet to be determined. If the Continuation Vote is not passed, the Directors are required to put forward proposals for the reconstruction, reorganisation or winding-up of the Company to the shareholders for their approval within twelve months following the date of the Continuation Vote. These proposals may or may not involve winding-up the Company or liquidating all or part of the Company’s then existing portfolio of investments and, accordingly, failure to pass a Continuation Vote in 2024 will not necessarily result in the winding-up of the Company or liquidation of all or some of its investments. There is currently no certainty as to the outcome of the Strategic Review.
The Viability Statement has been prepared on the assumption that the Board recommends continuation of the Company in its current form and that shareholders approve the Board’s recommendation. The assessment also takes into account the principal risks and uncertainties faced by the Company which could threaten its objective, strategy, future performance, liquidity and solvency.
The major risks identified as relevant to the viability assessment were those relating to a further downturn in the UK commercial property market and its resultant effect on the valuation of the investment property portfolio, the level of rental income being received and the effect that this would have on cash resources and financial covenants. The UK commercial real estate market has experienced a downturn since the second half of 2022, driven by geopolitical challenges, high levels of inflation, rising interest rates and a slowdown of economic growth. There has been significant repricing of property valuations with the sector experiencing capital falls of 21.7 per cent over the eighteen months to 31 12월 2023, MSCI 영국 분기별 부동산 지수('MSCI')로 측정됩니다.
XNUMX년 동안 스트레스 테스트를 실시했습니다. 2029월 XNUMX월, on very prudent assumptions. Taken into account that the portfolio has already experienced a significant valuation adjustment in the last 18 months, the modelling uses a severe but plausible downside scenario which takes into account the illiquid nature of the Company’s property portfolio, further significant future falls in the investment property values, the availability of borrowings and substantial falls in property income receipts.
생존 가능성 평가 모델링에서는 다음 가정을 사용했습니다.
- The most negative of all property capital returns as measured by MSCI over one to seven years using historic data that goes back to 1985, with capital values falling by as much as 36.6 per cent. This takes into account that the property market has already experienced capital falls of 21.7 per cent in the last 18 months and therefore the most significant fall from the year end is a further 14.9 per cent. Under this approach, there will also be years where a modest recovery is forecast.
- The full £260 million term loan with Barclays and HSBC is drawn down to repay the L&G loan at the end of 2024.
- Debt refinanced at 1 per cent above the current long-term debt forecasts and assumed to be available for the full assessment period.
- Loan covenant tests remain the same as those currently in place following a refinancing of debt.
- Tenant defaults of 10 per cent for the first year, followed by 5 per cent for the following year before returning to normal levels thereafter.
- Tenant lease breaks are exercised at the earliest opportunity, followed by a substantial void period. From between 9 and 37 months (depending on the property).
- Dividends are maintained at current levels.
- Capital expenditure of c.£50 million over the five-year period, £4.5 million per annum relating to ESG related expenditure.
이 모델링의 결과는 다음과 같았다.
| NAV | 배당금 커버 | LTV(순) |
2024 | 90.4p | 67.8% | 26.3% |
2025 | 89.8p | 47.6% | 29.1% |
2026 | 93.9p | 56.9% | 30.5% |
2027 | 92.2p | 82.8% | 31.7% |
2028 | 93.2p | 93.4% | 32.0% |
Even under this negative scenario the Company remains viable with loan covenant tests forecast to be passed and the current dividend rate maintained. The level of the NAV remains positive under this negative scenario. The Company continues to have sufficient assets to ensure that it could pay down its debt in an orderly fashion through sales should it choose to do so and would also have the option of reducing the level of dividends to preserve cash.
일반적인 비즈니스 과정에서 이사회는 XNUMX년 동안 예상되는 포트폴리오의 예측 수익을 통합하여 분기별로 상세한 재무 모델을 검토합니다. 이 모델은 잠재적인 자본 약속에 현실적인 가정과 요소를 사용합니다.
The Company's £260 million loan with L&G is available until 2024년 일월. The market value of the properties secured under this loan would have to drop by a further 20 per cent from 31 12월 2023 시설에 대한 가치 대 대출('LTV') 테스트를 위반하기 전의 가치 평가. 대출 이자 보장 테스트는 순 임대 소득이 67% 감소하는 경우에만 위반됩니다. 우리는 이러한 성약이 계속해서 지켜질 것이라고 확신합니다.
The Company’s £60 million revolving credit facility with Barclays and HSBC (£30 million of which was drawn down at the year end and has subsequently been repaid) is forecast to meet covenant tests during 2024. The market value of the properties secured under this loan would have to drop by 36 per cent from 31 12월 2023 valuations before breaching the LTV test on the facility. The loan interest cover test would only be breached by a fall in net rental income of 30 per cent. The Board is comfortable that these covenants can continue to be met.
The Company has a further £68 million of properties which are not secured against any lender and could be transferred to the lenders to support covenant tests if required.
Based on this assessment, and in the context of the Company’s business model, strategy and operational arrangements set out above, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 2029월 XNUMX월.
균형 상업 자산 신탁 제한
관심가는
In assessing the going concern basis of accounting the Directors have had regard to the guidance issued by the Financial Reporting Council. They have reviewed detailed cash flow, income and expense projections in order to assess the Company’s ability to pay its operational expenses, loan interest and dividends. The Directors have examined significant areas of possible financial risk including cash and cash requirements, refinancing of loans and review of debt covenants, in particular those relating to loan to value and interest cover. At 31 12월 2023, the Company was in a net current liability position because the current L&G term loan is due for repayment in 2024년 일월. In 2023년 XNUMX월, the Company signed up to a new £260 million term loan with Barclays/HSBC which can only be drawn to repay the current L&G loan. This term loan agreement expires in 2025년 XNUMX월 and has the option of two one-year extensions. Furthermore, the Directors note that section 9 of the Association of Investment Companies’ Statement of Recommended Practice states it is usually more appropriate to prepare the financial statements on a going concern basis unless a Continuation Vote has been held and shareholders have voted against continuation. On this basis, the Board believes it is appropriate to adopt the going concern basis in preparing the financial statements.
Although the Board is confident that the Company will have sufficient financial resources to meet its obligations due within twelve months from the date of approval of the financial statements, the Continuation Vote is due to take place in 2024. If the Continuation Vote is not passed by shareholders, then the Board will be required to bring proposals to shareholders that may include a restructuring or wind down of the Company in its current form. The Directors’ note that the ultimate decision on the future state of the Company is outside the control of the Directors’ and will be known only after the Continuation Vote. The uncertain future outcome of the Continuation Vote and the impact this has on the Company’s future state indicates the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. The Company’s longer-term viability is considered in the Viability Assessment and Statement above.
The auditors PwC have drawn attention to the note in the consolidated financial statements discussing the material uncertainty regarding going concern, but their opinion is not modified in respect of this matter.
연차 보고서 및 회계에 관한 이사의 책임에 대한 설명
공개 지침 및 투명성 규칙 4의 4.1.12장에 따라 각 이사는 자신이 아는 한 다음 사항을 확인합니다.
- The financial statements contained within the 연간 회원 Report and Financial Statements for the year ended 31 12월 2023, of which this statement of results is an extract, prepared in accordance with International Financial Reporting Standards as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the undertakings included in the consolidation taken as a whole and comply with The Companies (Guernsey) Law, 2008; and
- Within the Annual Report and Financial Statements for the year ended 31 12월 2023, the Strategic Report (comprising the Chairman’s Statement; Business Model and Strategy; Promoting the Success of the Company; Key Performance Indicators, Principal Risks and Future Prospects; Managers’ Review; Property Portfolio and Environmental, Social and Governance) and the Directors’ Report includes a fair review of the development and performance of the business and the position of the Group and the undertakings included in the consolidation taken as a whole together with a description of the principal risks and uncertainties that they face; and
- The consolidated financial statements and Directors’ Report within the Annual Report and Accounts for the year ended 31 12월 2023 관련 당사자 거래의 세부정보를 포함합니다. 그리고
- The Annual Report and consolidated financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group’s position and performance, business model and strategy.
이사회를 대신하여
폴 마커스
책임자
26 4월 2024
균형 상업 자산 신탁 제한
감사받은 연결재무제표에 대한 주석
연말 31 12월 2023
- 재무 위험 관리
그룹의 투자 목적은 일반 주주들에게 다양한 영국 상업용 부동산 포트폴리오에 투자함으로써 자본 및 소득 성장 가능성과 함께 매력적인 수준의 소득을 제공하는 것입니다.
Consistent with that objective, the Group holds UK commercial property investments. In addition, the Group’s financial instruments during the year comprised interest-bearing loans, cash, trade receivables and payables that arise directly from its operations. The Group does not have exposure to any derivative instruments at 31 12월 2023. The interest rate swap entered into to hedge the interest paid on the £50 million Barclays term loan expired in 2023년 XNUMX월.
연결실체는 금융상품과 관련된 다양한 유형의 위험에 노출되어 있습니다. 가장 중요한 유형은 신용 위험, 유동성 위험, 이자율 위험 및 시장 가격 위험입니다. 연결실체의 모든 자산과 부채는 파운드화로 유지되므로 외화위험은 없습니다.
The Board reviews and agrees policies for managing the Group’s risk exposure. These policies are summarised below and have remained unchanged for the year under review. These disclosures include, where appropriate, consideration of the Group’s investment properties which, whilst not constituting financial instruments as defined by IFRS, are considered by the Board to be integral to the Group’s overall risk exposure.
신용 위험
Credit risk is the risk that a counterparty will default on its contractual obligation and will cause a financial loss for the other party by failing to discharge an obligation, and principally arises from the Group’s receivables from customers. The Group has no significant concentrations of credit risk as the Group has a diverse tenant portfolio. The largest single tenant at the year-end accounted for 4.6 per cent (2022: 4.7 per cent) of the current annual rental income.
The Managers have a credit team which has set out policies and procedures for managing exposure to credit. Some of the processes and policies include:
- an assessment of the credit worthiness of the lessee and its ability to pay is performed before lease is granted;
- where appropriate, guarantees and collateral is held against such receivables;
- after granting the credit, the credit department assesses the age analysis on a monthly basis and follows up on all outstanding payments; and
- management of the credit department determine the appropriate provision and which amounts should be written off.
직업적 임차인이 채무를 불이행하는 경우 그룹은 임대료 부족을 겪게 되며 부동산 유지, 보험 및 재임대에 법적 비용을 포함한 추가 비용이 발생하게 됩니다.
Deposits refundable to tenants may be withheld by the Group in part or in whole if receivables due from the tenant are not settled or in case of other breaches of contract. The fair value of cash and cash equivalents as at 31 12월 2023 와 31 12월 2022 대략적인 장부금액을 추정합니다.
Cash balances are held and derivatives are agreed only with financial institutions with a credit rating of A or better. Bankruptcy or insolvency of such financial institutions may cause the Group’s ability to access cash placed on deposit to be delayed or limited. Should the credit quality or the financial position of the banks currently employed significantly deteriorate, cash holdings would be moved to another bank. The utilisation of credit limits is regularly monitored. ~에서 31 12월 2023, 그룹의 현금잔고는 Barclays Bank PLC에 보관되어 있습니다.
유동성 위험
유동성 위험은 그룹이 자산을 실현하거나 재무적 약속을 이행하기 위해 자금을 조달하는 과정에서 직면하게 되는 위험입니다. 그룹의 투자는 영국 상업용 부동산으로 구성됩니다. 그룹이 투자하는 부동산 및 부동산 관련 자산은 조직화된 공개 시장에서 거래되지 않으며 비유동적일 수 있습니다. 결과적으로 그룹은 유동성 요구 사항을 충족하기 위해 이러한 부동산에 대한 투자를 공정 가치에 가까운 금액으로 신속하게 청산하지 못할 수도 있습니다.
그룹의 유동성 위험은 관리자에 의해 지속적으로 관리되고 이사회는 분기별로 모니터링됩니다. 유동성 위험을 완화하기 위해 그룹은 최소 XNUMX개월 동안 의무를 이행할 수 있을 만큼 충분한 현금 잔고(부동산 매각의 예상 수익 포함)를 확보하는 것을 목표로 합니다.
금리 위험
그룹의 금융상품 중 일부는 이자부 상품입니다. 이 상품은 만기가 서로 다른 고정 금리 상품과 변동 금리 상품이 혼합되어 있습니다. 결과적으로, 연결실체는 시장이자율의 변동으로 인해 이자율위험에 노출되어 있습니다.
The Group’s exposure to interest rate risk relates primarily to its debt obligations. Debt obligations and the interest rate risk they confer to the Group is considered by the Board on a quarterly basis. Debt obligations consist of a £260 million L&G loan on which the rate has been fixed at 3.32 per cent until the maturity date of 31 12월 2024. 까지 14 9월 2023, the Group also had a £50 million Barclays term loan on which the rate was fixed through an interest rate swap at 2.367 per cent per annum (the swap expired on 31 7월 2023). This loan was repaid and cancelled on 14 9월 2023. The Group entered into a new £60 million revolving credit facility (RCF) with Barclays/HSBC in 2023년 XNUMX월 and £30 million of this facility was drawn at 31 12월 2023. Interest payable on this new RCF is variable and based on SONIA plus 1.80 per cent per annum. The RCF pays an undrawn commitment fee of 0.63 per cent per annum. The Group also entered into a £260 million term loan commitment with Barclays/HSBC which is currently undrawn. This term loan paid an undrawn commitment fee of 0.45 per cent per annum for the period to 31 12월 2023.
When the Group retains cash balances, they are ordinarily held on interest-bearing deposit accounts. The benchmark which determines the interest income received on interest-bearing cash balances is the bank base rate of the Bank of 영국 이는 5.25%였습니다. 31 12월 2023 (2022년: 3.5%). 회사의 정책은 변동금리 또는 단기 고정금리 은행계좌에 현금을 보유하는 것이며 일반적으로 만기가 XNUMX개월 이상인 고정금리 증권에는 보유하지 않습니다.
시장 가격 위험
연결실체의 시장가격위험 관리전략은 투자정책에 따라 결정됩니다. 시장 가격 위험 관리는 투자 관리 프로세스의 일부이며 상업용 부동산 투자의 전형적인 예입니다. 포트폴리오는 주주에 대한 전반적인 수익 극대화를 목표로 상세하고 지속적인 분석을 통해 불리한 가치 평가 움직임의 영향을 인식하고 관리됩니다. 부동산 및 부동산 관련 자산에 대한 투자는 각 부동산의 개별적인 특성으로 인해 본질적으로 가치를 평가하기 어렵습니다. 결과적으로 가치평가는 상당한 불확실성을 안고 있습니다. 평가일 직후에 매각이 발생하더라도 평가 과정에서 발생하는 추정치가 실제 판매 가격을 반영할 것이라는 보장은 없습니다. 이러한 위험은 외부 자산 평가자를 임명함으로써 최소화됩니다.
- 주식 자본
보통주 701,550,187주가 발행되었습니다. 31 12월 2023 (2022 : 701,550,187).
At 31 12월 2023, 회사는 자사주 보통주 97,815,921주(2022년: 97,815,921주)를 보유하고 있습니다.
- 기본 및 희석 주당 순이익
The basic and diluted earnings per Ordinary Share are based on the loss for the year of £26,067,000 (2022: loss £94,377,000) and on 701,550,187 (2022: 720,956,458) Ordinary Shares, being the weighted average number of shares in issue during the year.
- 자회사 목록
회사는 건지에 등록된 회사인 FCPT Holdings Limited의 발행 보통주 자본금 100%를 소유하고 있습니다. FCPT Holdings Limited의 주요 활동은 지주 회사로 활동하는 것이며, 건지에 등록되어 있으며 주요 사업이 투자 및 부동산 회사인 F&C Commercial Property Holdings Limited의 보통주 100%를 소유하고 있습니다. 투자 및 부동산 회사를 주요 사업으로 하는 건지에 등록된 회사인 Winchester Burma Limited의 보통주 자본금 100%입니다.
회사는 건지에 등록된 회사인 SCP Estate Holdings Limited의 발행 보통주 자본금 100%를 소유합니다. SCP Estate Holdings Limited의 주요 활동은 지주 회사 역할을 하는 것이며 건지에 등록되어 주요 사업이 투자 및 부동산 회사인 SCP Estate Limited의 보통주 자본금 100%를 소유하고 있습니다. 투자 및 부동산 회사를 주요 사업으로 하는 건지에 등록된 회사인 Prime Four Limited의 보통주 자본금의 퍼센트.
회사는 투자 및 부동산 회사를 주요 사업으로 하는 건지에 등록된 회사인 Leonardo Crawley Limited의 발행 보통주 자본금 100%를 소유하고 있습니다.
상기 기업의 결과는 연결실체 재무제표에 연결되어 있습니다.
- These are not full statutory accounts. The full audited accounts for the year to 31 12월 2023 이 문서는 주주들에게 발송되며 Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QL, 회사 등록 사무소 및 회사 웹사이트(balancedcommercialproperty.co.uk)에서 검사할 수 있습니다.
- The Annual General Meeting will be held in the building of the Company's UK legal advisers, Dickson Minto WS, at Dashwood House, 69 Old Broad Street, 런던 EC2M 1QS on Thursday 20 6월 2024 at 12 : 30pm.
대체 성능 측정
회사는 다음과 같은 대체 성과 측정('APM')을 사용합니다. APM은 GAAP에서 규정한 표준 의미가 없으므로 다른 기업이 제시하는 유사한 측정값과 비교할 수 없습니다.
할인 또는 프리미엄 – the share price of an Investment Company is derived from buyers and sellers trading their shares on the stock market. This price is not identical to the NAV. If the share price is lower than the NAV per share, the shares are trading at a discount. This could indicate that there are more sellers than buyers. Shares trading at a price above the NAV per share, are said to be at a premium.
|
| 2023 펜스 | 2022 펜스 |
주당 순자산 가치 | (A) | 109.8 | 118.5 |
주당 주가 (비) | 72.5 | 88.5 | |
할인(c = (ba)/a) (C) | (34.0) % | (25.3) % |
현금 기준 배당금 보장 – The percentage by which Profits for the year (less gains/losses on investment properties) adjusted by capital and rental lease incentives amortisation and interest bearing loans amortisation of set-up costs cover the dividends paid.
|
|
| 2023 | 2022 |
|
|
| 000 파운드 | 000 파운드 |
|
|
|
|
|
올해의 손실 |
|
| (26,067) | (94,377) |
다시 추가 : | Unrealised losses on revaluation of investment properties |
|
56,940 |
129,096 |
| 투자부동산 매각손실 실현 |
|
4,533 |
5 |
| Loss on maturity of interest rate swap |
|
187 |
- |
| 자본 및 임대 임대 인센티브 상각 |
|
3,346 |
155 |
| 이자부 대출 설정 비용 상각 |
|
953 |
642 |
| Set up costs written-off on £100m Barclays loan |
|
167 |
- |
| Set-up costs of loan extension and £320m Barclays/HSBC loan |
|
(3,931) |
- |
Profit before investment losses and amortisation | (A) | 36,128 | 35,521 | |
배당 |
| (비) | 34,516 | 33,891 |
Dividend Cover on a cash basis (c= a/b) | (C) | 104.7% | 104.8% |
회계 배당금 표지 – 해당 연도의 이익(투자 부동산의 손익 및 비경상적 기타 소득 제외)이 지급된 배당금을 충당하는 비율입니다.
|
|
| 2023 | 2022 |
|
|
| 000 파운드 | 000 파운드 |
|
|
|
|
|
올해의 손실 |
|
| (26,067) | (94,377) |
다시 추가 : | Unrealised losses on revaluation of investment properties |
|
56,940 |
129,096 |
| 투자부동산 매각손실 실현 |
|
4,533 |
5 |
| Loss on maturity of interest rate swap 다른 수입 |
|
187 (119) |
- (42) |
Profit before investment losses and other income | (A) | 35,474 | 34,682 | |
배당 |
| (비) | 34,516 | 33,891 |
Accounting Dividend Cover (c= a/b) | (C) | 102.8% | 102.3% |
배당 수익률 – The dividends paid during the year divided by the share price at the year end.
순 기어링 – 차입금에서 현금을 뺀 금액을 총자산(유동부채와 현금을 뺀 금액)으로 나눕니다.
|
|
2023 |
2022 |
|
| 000 파운드 | 000 파운드 |
이자부대출 |
| 290,000 | 310,000 |
현금 및 현금 등가물 감소 |
| (41,717) | (54,837) |
금액 | (A) | 248,283 | 255,163 |
Total assets less current liabilities and cash (excluding current interest-bearing loan) | (비) | 1,017,562 | 1,088,155
|
순 기어링(c=a/b) | (C) | 24.4% | 23.4% |
진행중인 요금 – All operating costs incurred by the Group, expressed as a proportion of its average Net Assets over the reporting year. The costs of buying and selling investments and derivatives are excluded, as are interest costs, taxation, non-recurring costs and the costs of buying back or issuing Ordinary Shares. An additional Ongoing Charge figure is calculated which excludes direct operating property costs as these are variable in nature and tend to be specific to lease events occurring during the year.
|
| 2023 | 2022 | |||
|
| 000 파운드 | 000 파운드 | |||
|
|
|
| |||
투자 관리 수수료 |
| 5,968 | 6,861 | |||
기타 경비 |
| 7,336 | 6,479 | |||
비반복적 비용 감소 – 손상충당금 |
| (538) | 478 | |||
기타 비반복적 비용 감소 | (239) | (30) | ||||
금액 (A) | 12,527 | 13,788 | ||||
평균 순 자산 (비) | 811,005 | 991,293 | ||||
진행 중인 요금(c=a/b) (C) | 1.54% | 1.39% | ||||
|
|
|
| |||
|
| 2023 | 2022 | |||
|
| 000 파운드 | 000 파운드 | |||
|
|
|
| |||
투자 관리 수수료 |
| 5,968 | 6,861 | |||
기타 경비 |
| 7,336 | 6,479 | |||
직접 운영 자산 비용 감소 | (4,728) | (5,255) |
| |||
비반복적 비용 감소 – 손상충당금 |
| (538) | 478 | |||
기타 비반복적 비용 감소 | (239) | (30) |
| |||
금액 (A) | 7,799 | 8,533 |
| |||
평균 순 자산 (비) | 811,005 | 991,293 |
| |||
직접 운영을 제외한 지속적인 비용 (C) 부동산 비용(c=a/b) | 0.96% | 0.86% |
| |||
|
|
|
| |||
포트폴리오(부동산) 자본수익률 – The change in property value during the year after taking account of property purchases and sales and capital expenditure, calculated on a quarterly time-weighted basis. The calculation is carried out by MSCI Inc.
포트폴리오(부동산) 소득 수익률 – The income derived from a property during the year as a percentage of the property value, taking account of direct property expenditure, calculated on a quarterly time-weighted basis. The calculation is carried out by MSCI Inc.
포트폴리오(부동산) 총수익률 – Combining the Portfolio Capital Return and Portfolio Income Return over the year, calculated on a quarterly time-weighted basis. The calculation is carried out by MSCI Inc.
총 수익 – The theoretical return to shareholders calculated on a per share basis by adding dividends paid in the year 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.
|
| 2023 | 2022 |
연초 주당 NAV - 펜스 |
| 118.5 | 135.1 |
연말 주당 NAV - 펜스 |
| 109.8 | 118.5 |
올해의 변화 |
| -7.3 % | -12.3 % |
배당금 재투자의 영향 |
| 4.0% | 3.1% |
해당 연도 NAV 총 수익률 |
| -3.3 % | -9.2 % |
|
|
|
|
|
|
|
|
| 2023 | 2022 |
연초 주당 주가 - 펜스 |
| 88.5 | 105.0 |
연말 주당 주가 - 펜스 |
| 72.5 | 88.5 |
올해의 변화 |
| -18.1 % | -15.7 % |
배당금 재투자의 영향 |
| 5.6% | 4.0% |
올해 주가총수익률 |
| -12.5 % | -11.7 % |