REG-UK Comm Prop REIT Ltd: Half Year Results
20/09/2018 07:05
20 September 2018
UK Commercial Property REIT Limited
(“UKCP REIT” or the “Company”)
LEI: 213800JN4FQ1A9G8EU25
Half Year Results
UK Commercial Property REIT Limited (FTSE 250, LSE: UKCM), announces its
interim results for the half year ended 30 June 2018. It owns a diversified
portfolio of high quality income producing UK commercial property and is
advised by Aberdeen Standard Investments (“ASI”)^.
Financial Highlights
* NAV total return of 3.9% – robust return, driven by capital value growth
and achieved with limited gearing of 11.9% which is still one of the lowest in
the Company’s peer group and in the wider REIT sector.
* Share price total return of 1.4% which compares favourably to FTSE All-Share
REIT Index total return of 1.3%. Since inception the Company’s shares have
delivered a total return of 74.9% compared to the REIT Index total return of
minus 3.1%. Index total return of
* Attractive dividend yield of 4.2% compares favourably to the FTSE All-Share
REIT Index yield (3.9%) and the FTSE All-Share Index yield (3.6%) as at 30
June 2018.
* Uncommitted cash resources of £80m available for investment at period end
including £50million available from Company’s revolving credit facility.
* Overall the Company continues to have a strong balance sheet with
considerable financial resources still available for investment.
Property Highlights
* Portfolio value has grown to £1.4billion due to strong capital performance,
income accretive acquisitions and successful asset management initiatives.
* Continued outperformance from the portfolio which generated a total return
of 4.7% v IPD benchmark return of 4.0%. Outperformance driven by above
benchmark exposure to Industrial sector, asset management and good performance
from Office portfolio.
* Occupancy increased to 93% with half the remaining vacancy in strong
locations within the industrial sector, which has good prospects to enhance
future income and capital returns and further increase occupancy. Less than
20% of the vacancy is in the retail sector.
* A total of £4.1 million of annual income was secured through 5 new
lettings, after rent free periods and incentives, and eight lease
renewals/rent reviews.
* 99% of rent collected within 21 days underlining strength of tenant base.
* Portfolio yield of 4.1% with reversionary yield of 5.3% highlighting
potential for earnings growth.
Commenting on the results, Andrew Wilson, Chairman of UKCP REIT, said:
“Our strategy to grow and recycle capital into a diverse commercial
portfolio producing sustainable, high quality rental income has continued to
yield sound results in what has been another active period for the Company.
The successful conversion to a REIT at the start of July is an important
milestone for the business, making it one of the larger diversified REITs in
the sector. With a high quality portfolio of assets located throughout the
UK, a strong balance sheet and the lowest gearing amongst the Company’s peer
group, UKCP REIT is well positioned to add value to its property portfolio and
enhance returns for its shareholders.”
Will Fulton, UKCP REIT Fund Manager added:
“Successful property and financial management of the business to grow long
term income and create shareholder value has been key to the Company’s
continued positive performance during the period. Tenant occupancy across the
portfolio remains high and we are confident that through active asset
management we can grow income further, including through leasing progress on
the small amount of unlet accommodation that remains. In addition to
investment disposals, principally in the retail sector, the Company has also
been actively pursuing a pipeline of attractive investment opportunities. The
acquisition of an office in Reading, and, in August, of an estate near
Glasgow, where we further increased our majority weighting towards
Industrials, both demonstrate our ability to recycle capital into high quality
assets that are well positioned to deliver growing and sustainable income.”
For further information please contact:
Will Fulton / Graeme McDonald, Standard Life Investments
Tel: 0131 245 2799 / 0131 245 3151
Edward Gibson-Watt / Oliver Kenyon, J.P. Morgan Cazenove
Tel: 020 7742 4000
Richard Sunderland / Claire Turvey / Eve Kirmartzis, FTI Consulting
Tel: 020 3727 1000
^Aberdeen Standard Investments is a brand of the Investment businesses of
Aberdeen Asset Management and Standard Life Investments
PERFORMANCE SUMMARY
CAPITAL VALUES AND GEARING 30 June 2018 31 December 2017 % Change
Total assets less current liabilities (excl Bank loan & swap) (£’000) 1,477,304 1,457,262 1.4
Net asset value per share (p) 94.5 92.8 1.8
Ordinary Share Price (p) 88.0 88.6 (0.7)
Premium/(Discount) to net asset value (%) (6.9) (4.5) n/a
Gearing (%): Net* Gross** 11.9 16.9 12.8 17.2 n/a n/a
6 month % return 1 year % return 3 year % return 5 year % return
T O TAL RETURN
NAV† 3.9 10.6 25.4 74.0
Share Price† 1.4 (0.4) 10.1 46.1
MSCI (IPD) Balanced Monthly 4.0 9.8 26.4 69.4
and Quarterly Funds
FTSE All-Share REIT Index 1.3 9.8 9.9 62.7
FTSE All-Share Index 1.7 9.0 31.6 52.8
EARNINGS AND DIVIDENDS 30 June 2018 30 June 2017
EPRA Earnings per share (p) 1.43 1.73
Dividends declared per ordinary share (p) 1.84 1.84
Dividend Yield (%) ‡ 4.2 4.0
IPD Benchmark Yield (%) 4.7 5.0
FTSE All-Share Real Estate Investment Trusts Index Yield (%) 3.9 3.6
FTSE All-Share Index Yield (%) 3.6 3.6
* Calculated as net borrowings (gross borrowings less cash, excl
swap valuation) divided by total assets less current liabilities (excl cash,
borrowings and swaps)
** Calculated as gross borrowings (excl swap valuation) divided by
total assets less current liabilities (excl borrowings and swaps).
† Assumes re-investment of dividends excluding transaction
costs.
* Based on an annual dividend of 3.68p per share and the share price
at 30 June.
Sources: Aberdeen Standard Investments, MSCI Investment Property Databank
(“IPD”)
Chairman’s Statement
The Company continued to make solid progress in the first half of 2018 with
another above benchmark performance from the property portfolio. This has
helped drive growth in NAV and delivered enhanced shareholder returns.
Additionally, having received approval from shareholders, the Company
converted to a Real Estate Investment Trust on 1 July 2018 and changed its
name to UK Commercial Property REIT Limited. The Company is now one of the
larger diversified UK REITs listed on the London Stock Exchange.
The Company’s portfolio is now valued at £1.416 billion, and delivered a
total return of 4.7% over the period, comparing favourably to the relevant IPD
benchmark return of 4.0%. This outperformance was driven principally by the
strategically overweight position in the industrial sector the Company has
built over the past few years. Now accounting for 37.2% of the portfolio, our
industrial assets delivered a total return of 10.2% in the six month period.
Notably, the Office portfolio, comprising some 21% of the total property
holdings, also provided an above benchmark total return. While our prime
retail warehouse assets performed well, as a whole and as expected, the
evolving retail climate put downwards pressure on the performance of the
retail portfolio although our retail portfolio as a whole has 95% occupancy.
In an environment of continued political turmoil and with expectations of
muted yield compression, our Investment Manager continues to scrutinise the
portfolio for opportunities to enhance income and capital values, in order to
drive shareholder returns. Of particular note is the performance of Ventura
Park, Radlett, a strong industrial location. Following a series of successful
asset management initiatives, including a refurbishment which led to the
property being almost fully occupied following a significant new 15 year lease
to a global company, this asset increased in value to over £100 million, well
ahead of its September 2015 acquisition value of £67 million.
Portfolio Activity
UK Commercial Property REIT has been successful in implementing its portfolio
strategy. This strategy includes the acquisition of assets in favoured sectors
and locations where it has identified income growth opportunities or tenancies
with inflation linked increases. At the same time the Company continued to
dispose of assets considered to have limited return prospects often where
significant capital expenditure is forecast.
At the end of June, the Company acquired The White Building, a multi-let
Office in Reading, for around £51 million. This recently refurbished property
is expected to produce annual rental income of around £3.0 million once fully
let. Importantly for UK Commercial Property REIT as an income focused
business, this property has strong reversionary potential and hence affords
the opportunity to grow rental income streams in the future. In line with our
strategy, The White Building acquisition was partly financed by the £26.6
million sale of the 1 Rivergate Office building in Bristol, where it was
considered that future returns would be adversely impacted by anticipated
capital expenditure requirements.
Post the period end the Company also acquired the M8 industrial estate near
Glasgow for £24.6 million at a net initial yield of 5.9%. This asset provides
good functional industrial accommodation with a range of unit sizes at an
attractive yield. It also has opportunities to increase rental levels and
hence is a good fit with the ongoing portfolio strategy.
In addition to the above, the Company continues to forward fund a well located
hotel development in the under-supplied Newcastle-upon-Tyne market, its first
investment into this sub-sector. Pre-let to Dalata Hotels, this investment
offers secure, long let income on an inflation linked basis.
Furthermore, once this development completes, 15% of the Company’s
contracted rental income will be either fixed or from inflation-linked leases.
These provide a secure income base that balances well with the relatively
shorter lease profiles across the rest of the Company’s portfolio which
afford greater opportunities to generate capital returns through leasing
events.
As highlighted in the annual report, the Company completed the sale of its
Shrewsbury shopping centres to Shropshire Council in January 2018 at a price
which was above their most recent valuation. This reduced the Company’s
exposure to shopping centres to 3.7% of the portfolio at 30 June 2018.
Corporate Performance
The Company achieved a NAV total return of 3.9% for the six months to 30 June
2018, which was accomplished with a low net gearing level of 11.9%. Since
inception the Company has delivered a NAV total return of 90.6%, outperforming
its Guernsey investment company peers’ weighted average return of 84.1%.
The Company’s share price moved to a 6.9% discount at the end of the period,
contributing to a lower total return to shareholders of 1.4% but still ahead
of the 1.3% total return of the FTSE All-Share REIT Index. Over the longer
term, UK Commercial Property REIT Limited has delivered a total return of
74.9% since inception, significantly outperforming the FTSE All-Share REIT
Index of minus 3.1% for the same period.
Financial Resources
UK Commercial Property REIT Limited continues to be in a financially strong
position with prudent gearing and significant financial
resources available for investment. The low net gearing of 11.9% is still one
of the lowest in the listed real estate sector and is a sensible defensive
strategy given the current political climate and the anticipated moderation of
capital returns. The fixed cost of the debt remains at 2.89% per annum and
therefore the gearing remains an attractive source of financing that is
accretive to dividend cover, given the portfolio’s 4.1% initial yield.
Taking into account all known financial commitments, including capital
expenditure, the Company had cash of £30 million available for investment at
the period end, along with access to an undrawn £50 million low cost
revolving credit facility.
These combined resources provide the Company with significant firepower that
can be utilised both quickly and flexibly to strengthen the portfolio and
boost returns as and when opportunities arise.
Dividends
The Company declared and paid its shareholders the following dividends in the
six month period to 30 June 2018.
Payment Date (2018) Dividend per share (p)
Fourth interim for prior period Feb 0.92
First interim May 0.92
Total 1.84
A second interim dividend of 0.92p per share was declared on 2 August and was
paid on 31 August 2018. This equates to a dividend yield of 4.1% as at 31
August 2018 and compares favourably with the yield on the 10 year gilt (1.5%),
the FTSE All-Share Index (3.9%) and, from a property perspective, in line with
the FTSE All-Share REIT Index (4.1%) as at the same date. This dividend yield
continues to be underpinned by cash flows derived from a strong tenant base
which pays 99% of its annual £63.1 million rental commitment within 21 days
of the due dates.
The Board recognises the importance to shareholders of maintaining an
attractive level of dividend. While dividend cover for the six months was 78%,
the portfolio has significant reversionary potential: over half the
Company’s voids (in total 7.1% of the portfolio) were anticipated by the
Investment Manager and are in the strongly performing industrial sector.
Considering also the firepower available for investment in accretive
acquisitions, the Board believes that, subject to any unforeseen
circumstances, dividend cover will move towards 100% in the medium term and
allow the Board to then consider a progressive dividend policy.
REIT Conversion
As a result of the decision to bring non-resident landlords into the UK
corporation tax regime from April 2020 and proposals to charge capital gains
tax on non-UK resident owners of UK commercial property with effect from April
2019, the Company would have paid significant additional tax if it had
remained a Guernsey domiciled Company for tax purposes. This risk has been
removed by the Company converting to a UK REIT on 1 July 2018. Following this,
the Company changed its name to UK Commercial Property REIT Limited. Not only
does the conversion modernise the Company’s structure, it is also
anticipated that, as a result of the REIT classification and the size of the
Company (constituent of the FTSE 250 Index), it will stimulate interest and
investment in UK Commercial Property REIT from a wider pool of investors.
In June of this year, Standard Life Aberdeen plc approved the sale of its
insurance business to the Phoenix Group for a combination of cash and shares.
This transaction completed in September and resulted in the Phoenix Group and
Standard Life Aberdeen plc (the owner of the Company’s Investment Manager)
being classified by the Takeover rules as a concert party. As a consequence,
the Company’s ability to buy back its own shares if needed may be restricted
by the requirements of the Takeover Code unless shareholders approve an
appropriate waiver.
The Company is consulting with its advisers on timing of such a waiver and
full details will be available in due course.
Reduction in Management Fee
The Board, through its Management Engagement Committee, conducts an annual
exercise to benchmark its management fees against various comparators. As a
result of this exercise the Board has agreed a reduction in its management fee
with Aberdeen Standard Investments. From 1 January 2019 the annual management
fee will be calculated on a tiered basis as follows:
* 0.60% per annum on gross assets up to £1.75 billion and 0.475% per annum on
gross assets over £1.75 billion.
This compares to the current management fee of 0.65% on gross assets plus
£100,000 administration fee. Based on the 30 June 2018 gross assets, this
equates to a fee saving of £839,000 per annum for the Company.
Board
Margaret Littlejohns and Robert Fowlds joined the Board earlier this year.
Your Board comprises a diverse and highly knowledgeable group of non-executive
Directors who together work tirelessly with the Investment Manager to provide
attractive continuing returns to shareholders.
Outlook
The political and economic uncertainty arising from the ongoing Brexit
negotiations is impacting the real economy with subdued consumer spending
growth and muted business investment. This is illustrated by our Investment
Manager’s forecast UK GDP growth of 1.4% for 2018 and 1.5% for 2019,
significantly below the forecast for the G7 average.
Against this background, real estate has continued to prove remarkably
resilient with the strong industrial sector, and healthy performance from the
Office sector, more than offsetting the challenges in the retail sector. The
sources of investment have become more balanced between UK and overseas with
UK institutions the major net investor in Q2 2018. Property fundamentals
remain strong with prudent gearing and low vacancy levels, limited development
and a property market which remains liquid. In addition to this, the yield
differential generated by real estate over other mainstream asset classes and
the desire for yield among investors show no sign of abating given the long
term forecast for interest rates.
Set against this, UK Commercial Property REIT is well positioned for the
future. The portfolio is prime in nature and has a purposely attractive
industrial weighting, a sector underpinned by strong structural drivers.
In addition, with many of the Company’s voids also in this sector, there are
significant opportunities to implement successful asset management initiatives
and improve values and rental levels, something which our Investment Manager
has a proven track record in undertaking. The Company remains in a strong
financial position with low gearing and cash resources available allowing it
to make investments which fit the Company’s portfolio strategy.
The Company continues to provide a secure, attractive dividend yield in an
environment where such income returns are keenly sought by investors. This
return is underpinned by a substantial portfolio that is reversionary in
nature, offering therefore the prospect of growing future income returns. In
conclusion, UK Commercial Property REIT, one of the UK’s leading diversified
REITs, is well placed to add value to its property portfolio and enhance
returns for its shareholders.
Andrew Wilson
Chairman
19 September 2018
Investment Manager Review
For the half year ended 30 June 2018
Market Review
In contrast to the recent unusually warm and dry summer, the first quarter’s
cold snap appears to have been largely behind the weakness in the UK economy
in Q1 rather than a more fundamental slowing. Real income growth should start
to provide a modest tailwind to GDP growth during the course of this year.
However business investment continues to be held back by elevated uncertainty
over the UK’s future Brexit “end state” and trading relationship with
the EU. Our base case is for a free-trade agreement with an all-UK customs
union and some regulatory devolution to Northern Ireland. At the start of the
year we forecast UK GDP growth of 1.4% for 2018 and 1.5% for 2019 and our
current forecast remains the same.
Although the rise in oil prices is expected to push the energy component of
CPI inflation higher, the overall rate of inflation is expected to fall over
the course of the year. As anticipated, the Bank of England increased the base
rate by 25bps in August, as the most recent data gave the Monetary Policy
Committee reassurance that the Q1 slowdown was largely temporary. From here we
expect further gradual increases in 2019 and 2020 continuing a period of
relatively low interest rates into the medium term.
Commercial Property
Industrial demand has remained buoyant in the six month period and, in the
supply-starved South East, this has pushed rents 7% higher over the year to
June, according to MSCI. Demand is broad-based, with the continued expansion
of trade counters and urban logistics uses a feature, and supply is generally
constrained. Regional industrial rents rose by a more modest 2.3% over the
period, with some pockets of more balanced supply and demand.
London office rents remain broadly static with take-up supported by flexible
office providers who do not drive net absorption. Take-up in the regional
office markets has slowed somewhat over the first half of 2018, although grade
‘A’ stock levels are low in many markets, maintaining some rental tension.
Difficulties in the retail sector have dominated the headlines over the last
few months which, according to MSCI IPD, are now being reflected in falling
retail rents. News that half-year profits at John Lewis would be “close to
zero” was further evidence of the mounting challenges in the industry.
All of this translates to the average yield for all-industrial assets having
swapped places with the average yield for all-retail assets since summer 2016.
Retail is now valued at a wider margin to bonds than industrial reflecting the
greater retail risk, and industrial reflecting stronger prospects for rental
growth.
Total investment volumes in Q2 suggest a higher total than Q1 although there
was a noticeable fall in the number of industrial transactions, reflecting the
dearth of stock as investors hold what they have and continue to compete very
strongly for assets that do come to market. UK institutions were the major net
investor in the second quarter, selling less real estate than any quarter
since 2006. Overseas investors were only marginal net investors; whilst
activity remained strong, the large deals that completed late in the quarter
featured overseas sellers as well as buyers. Activity in Q3 has been more
subdued but has followed a similar pattern to Q2.
The result of that competitive demand has been continued strong capital growth
in the industrial sector (20.3% for the 12 months to June according to MSCI),
and this growth is expected to continue through the rest of 2018, though at a
slower pace. Demand for retail assets across the spectrum remained weak.
Returns in the listed sector broadly mirrors the trends being seen in the
direct market. Industrial stocks are trading at a premium to NAV which is
indicative of optimism for sustained capital growth. London Office names are
still trading at a discount to NAV, but a narrower one, as the expectation has
shifted from a market correction to one of stagnation. Negative sentiment
around growth prospects means retail-dominated REITs continue to trade at
discounts to NAV.
Portfolio Performance
It is pleasing to report strong performance from the Company during the
reporting period with a total return from its property portfolio of 4.7%
versus 4.0% for its MSCI/ IPD benchmark. The table below sets out the
components of these returns for the six
month period to 30 June 2018. All valuations are undertaken by the Company’s
valuer, CBRE Ltd.
Total Return Income Return Capital Growth
Fund % Benchmark % Fund % Benchmark % Fund % Benchmark %
Industrial 10.2 8.9 1.6 2.2 8.4 6.6
Office 5.3 3.4 2.1 2.0 3.2 1.3
Retail -1.1 1.1 2.6 2.6 -3.6 -1.5
Leisure/Other Commercial 3.5 4.1 2.3 2.2 1.2 1.9
Total 4.7 4.0 2.1 2.3 2.6 1.7
The main drivers of outperformance arose from a strategic overweight position
in the industrial (including logistics distribution) sector, which over the
past few years has become the Company’s largest sector exposure, combined
with relative outperformance by the sector assets within the portfolio; it was
also pleasing to see the Company’s Central London office stock outperform
the benchmark. Activity of particular note arose in the Company’s largest
investment, Ventura Park, Radlett, where a 15 year agreement to lease was
signed on what was the largest vacancy on the estate and the second largest
vacancy in the portfolio.
The Company’s income profile continues to provide a stable and reliable
element of the portfolio return, delivering 2.1% for the six month period.
With over half of the Company’s 7.1% vacancy rate in well-located
industrial/logistics stock, prospects for leasing this and further improving
income remain strong.
Industrial
The strongest performance during the first half came from the Company’s
industrial portfolio, where active management accelerated total return to
10.2% against 8.9% for the benchmark. A significant vacancy at the very well
located and specified Lutterworth (Magna Park) logistics warehouse, which is
under refurbishment, and a short term lease expiry at Neasden, Wembley,
tempered returns despite the relative outperformance. Letting these units in
due course will deliver further income. Investment demand is strong and
quality stock is scarce, particularly in London and the South East, where
pricing reflects the prospects of good rental growth from well-located assets.
Within this period the Company benefited from leasing activity on its multi
let industrial estates at Ventura Park, Radlett and Emerald Park, Bristol,
together with yield improvement. The Company’s industrial portfolio is well
located and split approximately 40:60 between ‘big box’ logistics assets
and London-focused multi-let industrial estates; the prime characteristics of
the portfolio should stand it in good stead with these sectors well-placed to
continue providing sustainable income while also offering some growth
opportunities, particularly through asset management.
Office
The Company’s Office portfolio also out- performed its benchmark, recording
a total return of 5.3% v 3.4%, with investor demand and healthy leasing
activity in central London. Central London surprised on the upside, boosting
both the Company’s sole City of London investment and its main West End
exposure. The latest data from MSCI/ IPD suggests that Central London rents
are declining modestly. The City of London and East London markets are under a
Brexit spotlight, with uncertainty cast on the future of the UK financial
services cross-border trading; the Company is strategically underweight
central London Offices with only one small investment in the City, accounting
for 2% of its total portfolio and well located within a stone’s throw of the
new Liverpool Street Elizabeth Line station due to open in 2019.
Regionally, the office portfolio produced an above-benchmark income return.
Retail
Despite delivering the highest income return for the Company amongst the four
principal commercial property investment sectors, total return was the weakest
as was the case for the benchmark, -1.1% v 1.1%. The income component of total
return matched the benchmark, however the Company’s portfolio underperformed
on capital value, held back by two assets – one, the remaining shopping
centre investment in Swindon, which is currently on the wrong side of investor
sentiment but where we are on track to complete a 5-point asset management
plan to improve income; and another, St George’s Retail Park, at the edge of
Leicester city centre, with a concentration of tenants undertaking CVAs
although a number of positive asset management initiatives have been
instigated at this asset.
Overall the impact from CVA’s on the Company’s rental income over the
period was 2.1%, although, encouragingly, we have experienced strong retailer
interest in some of the impacted units; in one case we have served a notice to
terminate the lease of Mothercare at Kew, our largest CVA tenant, currently
paying 50% of the previously contracted rent, on the basis of good demand from
alternative retailers.
The Company is strategically underweight the retail sector, having
successfully sold its three shopping centres in Shrewsbury in
January to Shropshire Council which halved its shopping centre exposure from
7.5% to just 3.7%. The High Street retail weighting is approximately half the
benchmark’s, at 7.5%, whilst the bulk of the Company’s exposure is in
retail parks concentrated in prime assets at Kew, London, Tunbridge Wells and
Leeds, where the asset benefits from a location adjacent to Ikea.
The Company has been successful in reducing retail exposure and it is likely
to continue doing so, unless compelling opportunities present themselves.
Leisure / Other Commercial
The Company’s leisure assets in Kingston upon Thames, Swindon, and Glasgow,
produced the second highest relative income return across the sectors for the
period, albeit slightly short of the benchmark’s capital growth. One of the
larger assets is not expected to see any rental growth and is therefore
reliant on its current yield, whilst the “Other” component of the
benchmark includes most alternative sectors. This includes hotels, where many
have been experiencing capital growth, as has been the case for the
Company’s pre-let hotel funding in Newcastle-upon-Tyne. Overall performance
was 3.5% against 4.1% for the benchmark.
Investment Activity
At the start of the year the Company took advantage of the strong appetite
shown by local authorities for commercial property in the UK and sold the
Charles Darwin, Pride Hill and Riverside shopping centres in Shrewsbury to
Shropshire Council for approximately £51 million. This represented a small
premium to year-end valuation and reduced exposure to the retail sector.
Shopping Centres now amount to less than 4% of the portfolio by value.
In June, having last year secured OVO Energy as the sole tenant of its office
investment at 1 Rivergate, Temple Quay, a property built in 2002, the
Company took advantage of the strength of investor demand for the Bristol
office market and sold its investment ahead of valuation to a pension fund for
a net price of £26.6 million.
Part of these sale proceeds were then reinvested in the acquisition of The
White Building, Reading, for around £51 million based upon a topped-up net
initial yield of 5.75%. This office has the potential to grow rent, having
recently been fully renovated at a cost of circa £17 million by the vendor.
It has proven to be one of the most successful offices to let in the dynamic
Reading office market, a town benefiting from a new Elizabeth line station
opening soon and considerable public realm improvements. It is currently 82%
let to nine tenants with a weighted average secure unexpired lease term of
five years and is expected to deliver an annual rental income of around £3.0
million once fully let.
Post half year we completed the acquisition of the M8 Industrial Estate,
Coatbridge, near Glasgow which is strategically located within Scotland’s
Central belt to reach 75% of Scotland’s population within a 2 hour drive
time.
The agreed headline price is £24.6 million reflecting a topped-up initial
yield of 5.9%. The investment offers a multi-let, reversionary industrial
estate adjacent to the recently improved M8 Motorway.
Incorporating two development sites, the 17 unit multi let estate provides an
average weighted unexpired lease length of 6 years to break and 7 years to
expiry.
Occupiers include Boots, Rentokill, Euroscot Rentals and the PTS Group.
Collectively these transactions are designed to enhance sustainable income
with potential for growth.
Asset Management Activity
During the first half of the year the Company continued its drive to
strengthen income streams, extend lease lengths and add value to the
portfolio. A total of £4.1 million of annual income was generated from five
new lettings, after rent free periods and incentives, and eight lease
renewals/rent reviews.
It was pleasing to see that all open market rent reviews agreed during the
period saw increases and settlements ahead of rental value. At the Company’s
logistics warehouse in Hatfield let to Ocado, a 2016 rent
review was settled. This secured a new annual rent of £3.0 million, 12% ahead
of ERV at the review date, and an uplift of £322,000 per annum.
Overall, occupancy of the portfolio increased to 93% at 30 June 2018, with
half the remaining vacancy in strong locations within the industrial sector,
which has good prospects to increase occupancy and enhance future income and
capital returns. Less than 20% of the vacancy is in the retail sector.
Highlights for the period include
Helping improve rental income, a lease renewal took place 8.5% ahead of ERV
with GAP at Kew Retail Park, London, securing a rent of £439,600 per annum
for a ten year term.
In the industrial sector at the Company’s largest investment by value,
Ventura Park, Radlett, a new agreement to lease was signed for a 15 year
secure term to an existing global tenant on the estate. At a rent of £1.34
million per annum this was the Company’s second largest vacancy. The lease
contains five yearly inflation-linked and upwards only rent reviews and is
subject to completion of landlord’s roof works, expected in November. This
letting represents an increase of 39% on the previous passing rent for the
unit and is in-line with ERV. After completion of the lease 15.3% of the
Company’s income will be in leases that are inflation-linked or have fixed
uplifts.
In the North East a new 5 year lease renewal was completed with Cushman &
Wakefield at Central Square, Newcastle Upon Tyne, an Office investment located
close to the railway station and town centre; the new rent of £95,400 per
annum represents an uplift 18% ahead of ERV and improved the average weighted
unexpired lease length at the building.
Within the Company’s only shopping centre investment at The Parade in
Swindon, Wilko Retail Ltd completed the pre-agreed new 15 year lease, securing
a headline rent of £385,000 per annum in line with ERV, following completion
of reconfiguration works to the unit. This was one of the first successful
re-lettings of former BHS space.
In addition a lease renewal completed with Tesco at The Parade, Swindon,
securing occupation for a 10 year term with a tenant- only break in year five
at ERV, and a rent of £200,000 per annum.
A new ten year lease renewal took place with Nomenca at Emerald Park, Bristol.
A revised rent of £76,000 per annum was achieved, 15% ahead of the previous
passing rent and 3% ahead of ERV.
Rent Collection, Voids and Leasing Tone
Tenant covenants are monitored on a quarterly basis. The Company’s average
rent collection efficiency over the past 12 months shows that 99% of rent was
collected within 21 days of the due date, indicative of the quality of the
Company’s tenant profile.
New appointment
We have recently appointed Ed Clerk as deputy fund manager to UKCP REIT,
providing additional manpower and expertise to support the delivery of our
strategy outlined above. Ed, who will report directly into me as Lead Fund
Manager, is highly qualified and has a proven track record in real estate
investment sourcing and strategic asset management. Following the significant
portfolio repositioning we have undertaken in recent years, I am looking
forward to working with him as we continue to deliver on our strategy of
growing a high-quality portfolio, diversified by asset class and geography, to
generate sustainable returns for our shareholders.
Investment Outlook
Investor sentiment and activity continues to illustrate that the hierarchy of
sector preference remains largely unchanged. The industrial sector remains
favoured as investors seek to take advantage of the structural shift towards
online retailing. The alternative sectors also remain favoured by many
investors due to the long, stable influenced leases they often afford, as we
move into an environment of predominantly income-led returns. However, the
sub-sectors are diverse and the risks associated with these sectors equally
so. Nevertheless investors are broadening their investment requirements in the
alternative space and rather than purely seeking defensive long income,
investors are more comfortable with operational risk in alternatives and the
associated diversification and sustainable income benefits. Residential and
student accommodation are already firmly established in this regard.
Our five-year forecast for the property market shows that returns will be
driven by income and, as such, a key focus will be active management of income
risk at the asset and portfolio level. We do not predict downward yield shift
contributing positively to total returns, as has been the case in recent
years.
The focus on income is reflected in projected sub-sector returns which have
become more divergent in the short term, with industrials and income-focused
sectors, including the Private Rented Sector, expected to be the strongest
performing areas of the market.
Finally, as the Chairman has noted, the Company’s forward planning and
conversion to a REIT has placed it on a stronger footing to deliver on its
long term potential.
Portfolio Strategy
Your Company aims to deliver an attractive level of income, together with the
potential for capital and income growth, through investment in a diversified
UK commercial property portfolio. Our strategy to achieve this combines
investment, sales, and proactive asset management, including disciplined
investment in existing stock where accretive.
Having undertaken a number of portfolio transactions in 2018, UKCP REIT
retains cash of £30 million for new investment after allowing for dividend
and existing capital expenditure commitments. In addition, the Company has the
ability to draw upon a further £50 million of cash from its revolving credit
facility.
Repositioning undertaken mostly in 2015 has led to a strategic overweight in
the industrial/ logistics sector, the Company’s largest exposure, which has
outperformed through a mix of choosing quality assets and successful asset
management initiatives. We have been reducing retail exposure since 2015 and
further reduced this element in 2018 with the sale to the Council of the
Shrewsbury shopping centres; over the short to medium term our direction of
travel is likely to reduce further as and when the opportunity is right.
When looking to deploy cash resources, we continue our focus on long-term
secure income that would be accretive to recurring dividend cover. We continue
to consider funding the construction of ‘pre-let’ development property
where planning and leasing risk has been removed and we may benefit from an
edge on pricing through our experience operating in this field. We are also
open to shorter income opportunities in assets with strong fundamentals where
we can see real opportunity for rental increases.
As ever we remain open to exploiting pricing opportunity in the market, with a
large team and the resources to react quickly. With uncertainty continuing in
both economics and politics, we believe the potential for opportunistic
acquisitions and deployment of the Company’s cash should accelerate.
We believe the Company is well positioned to grow earnings in this phase of
the property cycle, focused as it is on income return rather than just capital
growth. Income return will continue to be in sharp focus as Brexit uncertainty
evolves in the run up to next year.
Will Fulton
Fund Manager
19 September 2018
Half Yearly Condensed Consolidated
Statement of Comprehensive Income
For the half year ended 30 June 2018
Half year ended 30 June 2018 (unaudited) Half year ended 30 June 2017 (unaudited) Year ended 31 December 2017 (audited)
Notes £'000 £'000 £'000
Revenue
Rental income 32,851 35,027 69,826
Gains on investment properties 2 31,090 37,495 90,416
Interest income 263 163 295
Total income 64,204 72,685 160,537
Expenditure
Investment management fee (4,780) (4,526) (9,215)
Direct property expenses (1,515) (2,666) (4,444)
Other expenses (3,646) (1,494) (3,565)
Total expenditure (9,941) (8,686) (17,224)
Net operating profit before finance costs 54,263 63,999 143,313
Finance Costs
Finance costs (4,145) (4,018) (8,143)
(4,145) (4,018) (8,143)
Net profit from ordinary activities before taxation 50,118 59,981 135,170
Taxation on profit on ordinary activities 9 (5,830) (2,623) (3,608)
Net profit for the period 4 44,288 57,358 131,562
Other comprehensive income to be reclassified to profit or loss
Gain/(Loss) arising on effective portion of interest rate swap 972 913 1,664
Other comprehensive income 972 913 1,664
Total comprehensive income for the period 45,260 58,271 133,226
Basic and diluted earnings per share (p) 3 3.41p 4.41p 10.12p
EPRA earnings per share (excluding non-recurring tax items) 1.43p 1.73p 3.42p
Half Yearly Condensed Consolidated
Balance Sheet
As at 30 June 2018
30 June 2018 (unaudited) 30 June 2017 (unaudited) 31 December 2017 (audited)
Notes £'000 £'000 £'000
Non-current assets
Investment properties 2 1,403,690 1,309,844 1,332,923
Deferred tax asset 9 - 3,909 3,271
1,403,690 1,313,753 1,336,194
Current assets
Investment properties held for sale - - 47,600
Trade and other receivables 19,499 18,777 23,433
Cash and cash equivalents 84,080 98,611 72,443
103,579 117,388 143,476
Total assets 1,507,269 1,431,141 1,479,670
Current liabilities
Trade and other payables (29,252) (24,509) (22,408)
Interest rate swap (867) (1,326) (1,130)
(30,119) (25,835) (23,538)
Non-Current liabilities
Bank loan (249,503) (248,790) (249,126)
Interest rate swap (251) (1,515) (960)
(249,754) (250,305) (250,086)
Total liabilities (279,873) (276,140) (273,624)
Net assets 6 1,227,396 1,155,001 1,206,046
Represented by:
Share capital 539,872 539,872 539,872
Special distributable reserve 573,208 586,547 583,920
Capital reserve 115,434 31,423 84,344
Interest rate swap reserve (1,118) (2,841) (2,090)
Equity Shareholders' funds 1,227,396 1,155,001 1,206,046
Net asset value per share 94.5p 88.9p 92.8p
EPRA Net asset value per share 94.6p 89.1p 93.0p
Half Yearly Condensed Consolidated
Statement of Changes in Equity
For the half year ended 30 June 2018
Share capital Special Capital reserve Revenue reserve Interest Equity shareholders’ funds
distributable reserve rate swap reserve
Notes £'000 £'000 £'000 £'000 £'000 £'000
Half year ended 30 June 2018 (unaudited)
At 1 January 2018 539,872 583,920 84,344 - (2,090) 1,206,046
Net profit for the period - - - 44,288 - 44,288
Other comprehensive income - - - - 972 972
Dividends paid 7 - - - (23,910) - (23,910)
Transfer in respect of gains on investment properties - - 31,090 (31,090) - -
Transfer from special distributable reserve - (10,712) - 10,712 - -
At 30 June 2018 539,872 573,208 115,434 - (1,118) 1,227,396
Half year ended 30 June 2017 (unaudited)
At 1 January 2017 539,872 590,594 (6,072) - (3,754) 1,120,640
Net profit for the period - - - 57,358 - 57,358
Other comprehensive income - - - - 913 913
Dividends paid - - - (23,910) - (23,910)
Transfer in respect of gains on investment properties - - 37,495 (37,495) - -
Transfer from special distributable reserve - (4,047) - 4,047 - -
At 30 June 2017 539,872 586,547 31,423 - (2,841) 1,155,001
For the year ended 31 December 2017 (audited)
At 1 January 2017 539,872 590,594 (6,072) - (3,754) 1,120,640
Net profit for the year - - - 131,562 - 131,562
Other comprehensive income - - - - 1,664 1,664
Dividends paid - - - (47,820) - (47,820)
Transfer in respect of gains on investment properties - - 90,416 (90,416) - -
Transfer from special distributable reserve - (6,674) - 6,674 - -
At 31 December 2017 539,872 583,920 84,344 - (2,090) 1,206,046
Half Yearly Condensed Consolidated
Cash Flow Statement
For the half year ended 30 June 2018
Year ended
30 June 2018 (unaudited) 30 June 2017 (unaudited) 31 December 2017 (audited)
£' 000 £' 000 £' 000
Cash flows from operating activities
Net profit for the period before taxation 50,118 59,981 135,170
Adjustments for:
Gains on investment properties 2 (31,090) (37,495) (90,416)
Movement in lease incentive (1,328) (3,165) (6,597)
Movement in provision for bad debts (545) (38) (130)
(Increase)/decrease in operating trade and other receivables (981) 460 (672)
Increase/(decrease) in operating trade and other payables 4,543 (646) (3,094)
Finance costs 3,737 4,018 8,131
Cash generated by operations 24,454 23,115 42,392
Tax paid - - -
Net cash inflow from operating activities 24,454 23,115 42,392
Cash flows from investing activities
Purchase of investment properties 2 (46,572) (27,500) (52,016)
Sale of investment properties 2 75,481 30,500 41,513
Capital expenditure 2 (14,198) (4,725) (8,981)
Net cash inflow/(outflow) from investing activities 14,711 (1,725) (19,484)
Cash flows from financing activities
Dividends paid 7 (23,910) (23,910) (47,820)
Bank loan interest paid (2,983) (3,070) (6,114)
Payments under interest rate swap arrangement (635) (692) (1,424)
Net cash (outflow) from financing activities (27,528) (27,672) (55,358)
Net increase/(decrease) in cash and cash equivalents 11,637 (6,282) (32,450)
Opening balance 72,443 104,893 104,893
Closing cash and cash equivalents 84,080 98,611 72,443
Represented by
Cash at bank 20,536 54,150 27,735
Money market funds 63,544 44,461 44,708
84,080 98,611 72,443
The accompanying notes are an integral part of this statement
Notes to the Accounts
For the half year ended 30 June 2018
1. ACCOUNTING POLICIES
The condensed consolidated financial statements have been prepared in
accordance with International Financial Reporting Standard (‘IFRS’) IAS 34
‘Interim Financial Reporting’ and, except as described below, the
accounting policies set out in the statutory accounts of the Group for the
year ended 31 December 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 of
the Group for the year ended 31 December 2017, which were prepared under full
IFRS requirements.
2. INVESTMENT PROPERTIES
Freehold and Leasehold Properties £’000
Opening valuation 1,380,523
Purchases at cost 46,572
Capital expenditure 14,198
Gain on revaluation to fair value 31,175
Disposal at prior year valuation (72,750)
Adjustment for lease incentives 3,972
Total fair value at 30 June 2018 1,403,690
Gain on Investment Properties at Fair Value Comprise
Valuation Gains 31,175
Movement in provision for lease incentives 3,972
Loss on disposal (4,057)
31,090
3. BASIC AND DILUTED EARNINGS PER SHARE
The earnings per ordinary share are based on the net profit for the period of
£44,288,000 (30 June 2017 net profit of £57,358,000) and 1,299,412,465 (30
June 2017: 1,299,412,465) Ordinary Shares, being the weighted average number
of shares in issue during the period.
4. EARNINGS
Earnings for the period to 30 June 2018 should not be taken as a guide to the
results for the year to 31 December 2018.
5. SHARES
As at 30 June 2018 the total number of shares in issues is 1,299,412,465 (30
June 2017: 1,299,412,465).
6. NET ASSET VALUE
The net asset value per ordinary share is based on net assets of
£1,227,396,000 (30 June 2017: £1,155,001,000) and 1,299,412,465 (30 June
2017: 1,299,412,465) ordinary shares.
7. DIVIDENDS
PERIOD TO 30 JUNE 2018 Rate (pence) £’000
Dividend for the period 1 October 2017 to 31 December 2017, paid 28 February 2018 0.92 11,955
Dividend for the period 1 January 2018 to 31 March 2018, paid 31 May 2018 0.92 11,955
23,910
A dividend of 0.92p per share for the period 1 April 208 to 30 June 2018 was
paid on 31 August 2018. Under International Financial Reporting Standards,
these unaudited financial statements do not reflect this dividend.
8. RELATED PARTY TRANSACTIONS
No Director has an interest in any transactions which are, or were, unusual in
their nature or significance to the Group. The Directors of the Company
received fees for their services totalling £139,000 (30 June 2017: £111,000)
for the six months ended 30 June 2018, none of which was payable at the period
end (30 June 2017: Nil). Standard Life Investments (Corporate Funds) Limited
received fees for its services as Investment Manager. The total charge to the
Income Statement during the period for these fees was £4,780,000 (30 June
2017: £4,526,000) of which £50,000 was administration fees (30 June 2017:
£50,000). £2,405,000 (30 June 2017: £2,312,000) of this total charge
remained payable at the period end.
9. TAXATION
TAXATION ON PROFIT ON ORDINARY ACTIVITIES COMPRISES £’000
Release of deferred tax asset 3,271
Corporation tax charge 2,000
Income tax 559
5,830
During the year to 31 December 2016 the Group recognised a net deferred tax
asset of £6,515,000. This was a result of the Group forecasting it would
begin to utilise tax losses built up since inception to offset future taxable
profits. During the full year to 31 December 2017, £3,244,000 of this asset
was written-off as these tax losses begin to be
utilised. As a result of the Company converting
to a UK REIT on 1 July 2018, the remaining £3,271,000 was written-off during
the half year to 30 June 2018.
The White Building, Reading was acquired in the period via the purchase of the
share capital of UK Commercial Property Estates (Reading) Limited. The
purchase, and subsequent allocation of the property as an investment property,
triggered a corporation tax charge of £2,000,000 which was deducted from the
purchase price.
10. FINANCIAL INSTRUMENTS AND INVESTMENT PROPERTIES
The lowest level of input is the three month LIBOR yield curve which is a
directly observable input.
There were no transfers between levels of the fair value hierarchy during the
six months ended 30 June 2018. Explanation of the fair value hierarchy:
Level 1 Quoted prices (unadjusted) in active
markets for identical assets or liabilities that the entity can access at the
measurement date.
Level 2 Use of a model with inputs (other than
quoted prices included in level 1) that are directly or indirectly observable
market data.
Level 3 Use of a model with inputs that are not
based on observable market data.
Sensitivity of measurement to variance of significant unobservable inputs:
The fair value of investment properties is calculated using unobservable
inputs as described in the annual report and accounts for the year ended 31
December 2017. The fair value of the derivative interest rate swap contract is
estimated by discounting expected future cash flows using current market
interest rates and yield curves over the remaining term of the instrument. The
fair value of the bank loans is estimated by discounting expected future cash
flows using the current interest rates applicable to each loan. There have
been no transfers between levels in the half year for items held at fair
value.
Fair value hierarchy
The following table shows an analysis of the fair values of investment
properties recognised in the balance sheet by level of the fair value
hierarchy:
30 June 2018 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total fair value £’000
Investment properties - - 1,403,690 1,403,690
The lowest level of input is the underlying yields on each property which is
an input not based on observable market data.
The following table shows an analysis of the fair value of bank loans
recognised in the balance sheet by level of the fair value hierarchy:
30 June 2018 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total fair value £’000
Loan Facilities - 267,344 - 267,344
The lowest level of input is the interest rate applicable to each borrowing as
at the balance sheet date which is a directly observable input.
The following table shows an analysis of the fair values of financial
instruments and trade receivables and payables recognised in the balance sheet
by level of fair value hierarchy:
30 June 2018 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total fair value £’000
Interest rate swap - (1,118) - (1,118)
Trade and other receivables - 19,499 - 19,499
Trade and other payables - (29,252) - (29,252)
The lowest level of input is the three month LIBOR yield curve which is a
directly observable input. The carrying amount of trade and other receivables
and payables is equal to their fair value, due to their short term nature.
11. FINANCING
The Company has fully utilised all of the £150 million facility in place with
Barclays Bank Plc.
The Company has in place an interest rate swap with Barclays Bank Plc
totalling £150 million. The fair value in respect of this interest rate swap
as at 30 June 2018 is a liability of £1,118,000 (June 2017: Liability of
£2,841,000).
The Company has fully utilised all of the £100 million facility in place with
Cornerstone Real Estate Advisors Europe LLP.
The Company has in place a £50 million revolving credit facility with
Barclays Bank Plc none of which was utilised at the period end.
12. SUBSIDIARY UNDERTAKINGS
The Company owns 100 per cent of the issued ordinary share capital of UK
Commercial Property Finance Holdings Limited (UKCFH), a company incorporated
in Guernsey whose principal business was that of a holding company.
The Company owns 100 per cent of the issued share capital of UK Commercial
Property Estates Holdings Limited (UKCPEH), a
company incorporated in Guernsey whose principal business was that of a
holding company. UKCPEH Limited owns 100 per cent of the issued share capital
of UK Commercial Property Estates Limited, a company incorporated in Guernsey
whose principal business was that of an investment and property company.
UKCPEH also owns 100% of Brixton Radlett Property Limited, a UK company, whose
principal business is that of an investment and property company.
UKCPEH also acquired 100% of UK Commercial Property Estates (Reading) Limited
(UKCPER) during the period, whose principal business is that of an investment
and property company.
UKCFH owns 100 per cent of the issued ordinary share capital of UK Commercial
Property Holdings Limited (UKCPH), a company incorporated in Guernsey whose
principal business is that of an investment and property company.
UKCFH owns 100 per cent of the issued share capital of UK Commercial Property
GP Limited, (GP), a company incorporated in Guernsey whose principal business
was that of an investment and property company.
UKCPT Limited Partnership, (GLP), is a Guernsey limited partnership, and it
holds a portfolio of properties. UKCPH and GP, have a partnership interest of
99 and 1 per cent respectively in the GLP. The GP is the general partner and
UKCPH is a limited partner of the GLP.
UKCFH owns 100 per cent of the issued share capital of UK Commercial Property
Nominee Limited, a company incorporated in Guernsey whose principal business
is that of a nominee company.
In addition the Group wholly owns four Jersey Property Unit Trusts (JPUTs)
namely Junction 27 Retail Unit Trust, St Georges Leicester Unit Trust, Kew
Retail Park Unit Trust, and Rotunda Kingston Property Unit Trust. The
principal business of the Unit Trusts is that of investment in property.
Following REIT conversion all direct properties held by UKCPH, UKCPEL and the
Limited Partnership were transferred to UKCPFH and UKCPEH. BRPL and UKCPER
continue to hold one property each.
13. POST BALANCE SHEET EVENTS
On 1 July 2018 the Company converted to a UK REIT.
In August 2018 the Group purchased the M8 Industrial estate at Coatbridge,
near Glasgow for £24.6 million.
Principal Risks and Uncertainties
The Group’s assets consist of direct investments in UK
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
economic, strategic, regulatory, management and control, financial and
operational. These risks, and the way in which they are mitigated and managed,
are described in more detail under the heading Principal Risks and
Uncertainties within the Report of the Directors in the Company’s Annual
Report for the year ended 31 December 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.
Statement of Directors’ Responsibilities in
Respect of the Half Yearly Financial Report to 30 June 2018
We confirm that to the best of our knowledge:
The condensed set of half yearly financial statements have been prepared in
accordance with IAS 34 “Interim Financial Reporting”, and give a true and
fair view of the assets, liabilities, financial position and return of the
Company.
The half yearly Management Report includes a fair value review of the
information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, 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 financial
statements and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, 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 company 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
Andrew Wilson
Chairman
19 September 2018
End of announcement
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