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Shaftesbury 2016 AR.Indb SPRING Shaftesbury Annual Report 2016 Report Annual Shaftesbury SUMMER AUTUMN WINTER A YEAR IN THE LIFE Annual Report 2016 STRATEGIC REPORT - OVERVIEW GOVERNANCE WHO WE ARE... 1 DIRECTORS AND OFFICERS 80 FINANCIAL HIGHLIGHTS 2 GOVERNANCE AT A GLANCE 82 CHAIRMAN’S STATEMENT 4 CORPORATE GOVERNANCE 84 CHIEF EXECUTIVE'S STATEMENT 5 NOMINATION COMMITTEE REPORT 87 OUR BUSINESS MODEL: HOW WE CREATE AUDIT COMMITTEE REPORT 90 AND DELIVER VALUE 8 REMUNERATION REPORT 94 EXCEPTIONAL PORTFOLIO IN THE SUMMARY OF REMUNERATION POLICY 96 HEART OF LONDON'S WEST END 12 ANNUAL REMUNERATION REPORT 98 FOCUS ON RETAIL AND LEISURE 21 DIRECTORS’ REPORT 110 RESTAURANTS, CAFÉS AND LEISURE 22 DIRECTORS’ RESPONSIBILITIES 112 RETAIL 24 INDEPENDENT AUDITORS’ REPORT 113 OFFICES 26 RESIDENTIAL 28 FINANCIAL STATEMENTS CREATE PROSPEROUS ENVIRONMENTS GROUP STATEMENT OF COMPREHENSIVE INCOME 120 FOR TENANTS 31 BALANCE SHEETS 121 EXPERIENCED MANAGEMENT TEAM 34 CASH FLOW STATEMENTS 122 PRUDENT FINANCIAL MANAGEMENT 35 STATEMENTS OF CHANGES IN EQUITY 123 HOW WE MEASURE SUCCESS 38 NOTES TO THE FINANCIAL STATEMENTS 124 STRATEGIC REPORT - ANNUAL REVIEW OTHER INFORMATION PORTFOLIO VALUATION 43 SHAREHOLDER INFORMATION 153 INVESTING IN OUR PORTFOLIO 50 PORTFOLIO ANALYSIS 154 LEASING AND OCCUPANCY 53 BASIS OF VALUATION 154 FINANCIAL RESULTS 56 SUMMARY REPORT BY THE VALUERS 156 FINANCE REVIEW 62 SUSTAINABILITY 158 RISK MANAGEMENT 63 GLOSSARY OF TERMS 166 PRINCIPAL RISKS AND UNCERTAINTIES 66 VIABILITY STATEMENT 71 SUSTAINABILITY 72 STRATEGIC REPORT OVERVIEW Who we are... WE ARE A REAL ESTATE INVESTMENT TRUST WHICH INVESTS EXCLUSIVELY IN THE HEART OF LONDON’S WEST END. OUR OBJECTIVE IS TO DELIVER LONG-TERM GROWTH IN RENTAL INCOME, CAPITAL VALUES AND SHAREHOLDER RETURNS. Our exceptional portfolio extends to over 14 acres, together with a 50% share of 1.9 acres in our Longmartin joint venture. Located close to the West End’s major visitor attractions, it is mainly clustered in Carnaby, Seven Dials and Chinatown, but also includes substantial ownerships in east and west Covent Garden, Soho and Charlotte Street. Our 584 restaurants, cafés, pubs and shops provide 70% of annualised current income. In the West End, there is a structural imbalance between demand and availability of this space, which is an important factor in our portfolio’s long-term rental prospects. Our upper floors comprise 406,000 sq. ft. of generally small offices and 559 apartments, which we let. We have a proven, comprehensive and long-term management strategy which creates and fosters distinctive, lively and prosperous environments. With our clusters of ownerships, improvements we make through our management activities compound to benefit our adjacent and nearby holdings. STRATEGIC REPORT OVERVIEW Shaftesbury Annual Report 2016 1 FINANCIAL HIGHLIGHTS PORTFOLIO HIGHLIGHTS PORTFOLIO VALUATION1 LIKE-FOR-LIKE PORTFOLIO REVERSIONARY POTENTIAL1 (£M) (£BN) 1 VALUATION GROWTH (%) Annualised current income ERV 138.7 138.7 3.35 3.35 21.0 3.13 127.8 127.8 18.0 118.6 118.6 109.6 2.61 105.9 105.9 102.6 99.9 99.9 93.5 85.9 2.05 80.9 1.83 9.5 5.5 4.0 4.0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 £3.35bn +4.0% £29.1m REPORTED RESULTS DILUTED NAV PER SHARE NET PROPERTY INCOME BASIC EPS (PENCE PER SHARE) DIVIDENDS (PENCE (£ PER SHARE) (£M) PER SHARE) 84.1 8.54 165.2 168.0 14.7 14.7 8.32 13.75 78.8 13.10 74.1 12.00 12.50 67.9 6.79 66.2 5.26 4.43 65.0 37.1 35.6 35.6 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 +2.6% +6.7% -78.8% +6.9% EPRA RESULTS2 NAV PER SHARE NET ASSET VALUE RETURN EPRA EARNINGS EPRA EPS (PENCE (£ PER SHARE) (%) (£M) PER SHARE) 28.0 39.0 39.0 14.0 14.0 8.88 8.88 8.69 36.1 13.0 23.8 12.2 12.2 12.0 32.6 7.13 30.6 30.2 5.67 16.3 4.98 10.1 3.8 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 +2.2% +3.8% +8.0% +7.7% JANUARY LUMIERE LONDON S M T W T F S Lumiere London was London’s largest-ever light festival, a free four-day 1 2 event enjoyed by an estimated one million people. Our installation, by 3 4 5 6 7 8 9 1 Including our 50% share of property held in Julian Opie, was entitled ‘Shaida Walking’. Situated on Broadwick Street, at 10 11 12 13 14 15 16 joint venture the eastern gateway to Carnaby, this was the only installation in the West 2 For EPRA defi nitions, see Glossary on 17 18 19 20 21 22 23 End which was retained after the festival. page 166 24 25 26 27 28 29 30 31 STRATEGIC REPORT OVERVIEW 3 CHAIRMAN’S STATEMENT IN THIS, MY FIRST STATEMENT AS CHAIRMAN, I WOULD LIKE TO THANK THE BOARD AND STAFF, NOT ONLY FOR WELCOMING ME AND HELPING ME THROUGH MY INDUCTION TO THE BUSINESS OVER THE PAST FEW MONTHS, BUT, MORE IMPORTANTLY, FOR DELIVERING SUCH A STRONG SET OF RESULTS. Our proven long-term strategy, with its We maintain a regular dialogue with all our OUTLOOK relentless focus on the delivery of sustainable institutional shareholders through meetings Despite current political and economic rental growth, continues to produce and tours of our portfolio, and always welcome uncertainties around the world, London market-leading total shareholder returns the views, both positive and negative, from and the West End are flourishing, and their and we are confident it will continue to do so. all stakeholders, on our performance and long-term prospects remain as bright as standards of corporate behaviour. OUR PORTFOLIO ever. National and international businesses I have been particularly impressed with the are continuing to invest and locate here and Our portfolio is exceptional not only in its Group’s commitment to sustainability in the domestic and overseas visitors are coming, in geographical concentration in the lively management of its portfolio and its socially- ever-growing numbers, to experience its heart of London’s West End, but its focus responsible approach to its operations. We world-class attractions, shopping, restaurant, on restaurants, cafés, leisure and retail have a widely-recognised reputation for the leisure and entertainment choices. A across over 1 million sq. ft. in some 600 stewardship of our extensive ownership of combination of vast public and private buildings. Our innovative and enterprising mainly older buildings. Our skill in bringing both investment in London’s transport network, management strategy has a long record of environmental and economic sustainability, public realm, infrastructure and building creating and fostering distinctive locations preserving and enhancing the iconic West stock is supporting both the city’s reputation in which our tenants’ businesses can prosper End locations we own, is a key aspect of our as a global destination and the long-term through growing footfall and visitor spending. long-term success. We are very active in, and prospects for the West End and our portfolio. This, in turn, supports our goal of generating committed to, the communities in which With the company’s patient, long-term sustainable demand, which drives rental we operate. We work with local resident and capital value growth but with relatively strategy, and a committed, experienced and stakeholder groups, addressing a range and enthusiastic management team, the low capital expenditure, all of which enhances of social and other issues and support our shareholder returns. Our portfolio, which is Board and I are confident we shall continue local councils and other statutory authorities our successful record of delivering growing now valued at £3.35 billion, is unique in wherever we can assist. London and would be impossible to replicate. dividends and out-performance in total JONATHAN LANE returns for our shareholders. GOVERNANCE AND RESPONSIBILITY On behalf of the Board and our shareholders, I join a company which has shown an I would like to thank Jonathan Lane for his exceptional commitment to high standards outstanding contribution to Shaftesbury’s Jonathan Nicholls of corporate governance, transparency and development over its first 30 years. The Chairman social responsibility. We strive to adopt qualities and strength of the business today, 29 November 2016 best practice across every aspect of the and its long-term prospects, are a testament business, overseen by an effective and to his commitment, determination, wide knowledgeable Board. experience and vision. He has handed over a company in great shape. 4 Shaftesbury Annual Report 2016 STRATEGIC REPORT OVERVIEW CHIEF EXECUTIVE'S STATEMENT +2.2% +8.0% +6.9% £8.88 £39.0m 14.7p EPRA NAV per share EPRA earnings Dividends per share WE ARE PLEASED TO REPORT ANOTHER YEAR OF EXCELLENT PERFORMANCE. AGAINST A BACKGROUND OF GROWING CAUTION IN PROPERTY MARKETS, WHICH IS BEGINNING TO AFFECT SOME PROPERTY VALUES, OUR EXCEPTIONAL PORTFOLIO HAS DELIVERED UNDERLYING CAPITAL VALUE GROWTH1 OF 4.9%. Progression in current and potential future OUR FOCUS ON LONDON’S WEST END The unique features of the West End rental income has been resilient and Over our 30-year history, we have patiently attract a wide variety of national and investment yields attributed by our valuers assembled an exceptional portfolio of over international businesses, and provide a have remained firm. After adjusting for the 14 acres in the heart of London’s West End, large local working population, particularly increase in SDLT announced in the March a location which is underpinned by an from the creative, media and tech sectors, 2016 Budget, which has affected the unrivalled variety of attractions for local, whose activity and spending throughout the valuation of all UK property assets, capital domestic and international visitors.
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