TIDMUKCM
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 GBP80m available for investment at period end
including GBP50million 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 GBP1.4billion 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 GBP4.1 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 31 December % Change
2018 2017
Total assets less current liabilities (excl 1,477,304 1,457,262 1.4
Bank loan & swap) (GBP'000)
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* 11.9 12.8 n/a
Gross** 16.9 17.2 n/a
6 month 1 year 3 year 5 year
% return % return % return % return
TOTAL 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 DIVIDS 30 June 30 June
2018 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 3.9 3.6
Yield (%)
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 GBP1.416 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 GBP100 million, well ahead
of its September 2015 acquisition value of GBP67 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 GBP51 million. This recently refurbished property is
expected to produce annual rental income of around GBP3.0 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 GBP26.6 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 GBP24.6 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 GBP30 million available for investment at the period end, along with
access to an undrawn GBP50 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 GBP63.1 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 GBP1.75 billion and 0.475% per annum on
gross assets over GBP1.75 billion.
This compares to the current management fee of 0.65% on gross assets plus GBP
100,000 administration fee. Based on the 30 June 2018 gross assets, this
equates to a fee saving of GBP839,000 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/ 3.5 4.1 2.3 2.2 1.2 1.9
Other
Commercial
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 GBP51 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
GBP26.6 million.
Part of these sale proceeds were then reinvested in the acquisition of The
White Building, Reading, for around GBP51 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 GBP17 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 GBP3.0 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 GBP24.6 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
GBP4.1 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 GBP3.0 million, 12% ahead of ERV at
the review date, and an uplift of GBP322,000 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 GBP439,600 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 GBP1.34 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 GBP95,400 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 GBP385,000 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 GBP200,000 per annum.
A new ten year lease renewal took place with Nomenca at Emerald Park, Bristol.
A revised rent of GBP76,000 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 GBP30 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 GBP50 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 Half year Year ended
ended 30 ended 30 31
June 2018 June 2017 December
(unaudited) (unaudited) 2017
(audited)
Notes GBP'000 GBP'000 GBP'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 54,263 63,999 143,313
costs
Finance Costs
Finance costs (4,145) (4,018) (8,143)
(4,145) (4,018) (8,143)
Net profit from ordinary activities 50,118 59,981 135,170
before taxation
Taxation on profit on ordinary 9 (5,830) (2,623) (3,608)
activities
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 972 913 1,664
portion of interest rate swap
Other comprehensive income 972 913 1,664
Total comprehensive income for the 45,260 58,271 133,226
period
Basic and diluted earnings per share 3 3.41p 4.41p 10.12p
(p)
EPRA earnings per share (excluding 1.43p 1.73p 3.42p
non-recurring tax items)
Half Yearly Condensed Consolidated
Balance Sheet
As at 30 June 2018
30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'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 - - 47,600
sale
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 Special Capital Revenue Interest Equity
capital distributable reserve reserve rate shareholders'
reserve swap funds
reserve
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 - - - 44,288 - 44,288
period
Other comprehensive income - - - - 972 972
Dividends paid 7 - - - (23,910) - (23,910)
Transfer in respect of gains on investment - - 31,090 (31,090) - -
properties
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 - - - 57,358 - 57,358
period
Other comprehensive income - - - - 913 913
Dividends paid - - - (23,910) - (23,910)
Transfer in respect of gains on investment - - 37,495 (37,495) - -
properties
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 - - - 131,562 - 131,562
year
Other comprehensive income - - - - 1,664 1,664
Dividends paid - - - (47,820) - (47,820)
Transfer in respect of gains on investment - - 90,416 (90,416) - -
properties
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 31 December
(unaudited) 2017
(audited)
GBP' 000 GBP' 000 GBP' 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 (981) 460 (672)
receivables
Increase/(decrease) in operating trade and other 4,543 (646) (3,094)
payables
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 24,454 23,115 42,392
activities
Cash flows from investing activities
Purchase of investment 2 (46,572) (27,500) (52,016)
properties
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 14,711 (1,725) (19,484)
activities
Cash flows from financing activities
Dividends paid 7 (23,910) (23,910) (47,820)
Bank loan interest (2,983) (3,070) (6,114)
paid
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 11,637 (6,282) (32,450)
equivalents
Opening balance 72,443 104,893 104,893
Closing cash and cash 84,080 98,611 72,443
equivalents
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 GBP'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 GBP
44,288,000 (30 June 2017 net profit of GBP57,358,000) 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 GBP1,227,396,000
(30 June 2017: GBP1,155,001,000) and 1,299,412,465 (30 June 2017: 1,299,412,465)
ordinary shares.
7. DIVIDS
PERIOD TO 30 JUNE 2018 Rate
(pence) GBP'000
Dividend for the period 1 October 2017 to 0.92 11,955
31 December 2017, paid 28 February 2018
Dividend for the period 1 January 2018 to 0.92 11,955
31 March 2018, paid 31 May 2018
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 GBP139,000 (30 June 2017: GBP111,000)
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 GBP4,780,000 (30 June 2017:
GBP4,526,000) of which GBP50,000 was administration fees (30 June 2017: GBP50,000). GBP
2,405,000 (30 June 2017: GBP2,312,000) of this total charge remained payable at
the period end.
9. TAXATION
TAXATION ON PROFIT ON ORDINARY ACTIVITIES GBP'000
COMPRISES
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 GBP6,515,000. 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, GBP3,244,000 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 GBP
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 GBP2,000,000 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 Level 2 Level 3 Total fair value
GBP'000 GBP'000 GBP'000 GBP'000
Investment - - 1,403,690 1,403,690
properties
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 Level 2 Level 3 Total fair value
GBP'000 GBP'000 GBP'000 GBP'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 Level 2 Level 3 Total fair value
GBP'000 GBP'000 GBP'000 GBP'000
Interest rate swap - (1,118) - (1,118)
Trade and other - 19,499 - 19,499
receivables
Trade and other - (29,252) - (29,252)
payables
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 GBP150 million facility in place with
Barclays Bank Plc.
The Company has in place an interest rate swap with Barclays Bank Plc totalling
GBP150 million. The fair value in respect of this interest rate swap as at 30
June 2018 is a liability of GBP1,118,000 (June 2017: Liability of GBP2,841,000).
The Company has fully utilised all of the GBP100 million facility in place with
Cornerstone Real Estate Advisors Europe LLP.
The Company has in place a GBP50 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 GBP24.6 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
END
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