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Annual Report 2009

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Annual Report 2009 PROPERTY EXPERTISE Annual Report 2009 ABERDEEN DUNDEEE PERTH EDINBURGH GLASGOW NEWCASTLE WORKINGTONDURHAM MIDDLESBROUGH BURNLEY BRADFORD YORK CHESTER LEEDS LIVERPOOLSHEFIELD CHESTERDERBY LINCOLN LOCAL ABERYSTWYTH NOTTINGHAM CARMARTHEN LEICESTER KING’S LYNNNORWICH SWANSEABIRMINGHAM PROPERTY COVENTRYPETERBOROUGHCAMBRIDGE CARDIFFNORTHAMPTON BEDFORDIPSW EXETER OXFORD LONDON EXPERTISE WOKING MAIDSTONE Annual Report 2009 PLYMOUTH BRIGHTON DOVER HASTINGS We are in a FINANCIALLY STRONGposition with REAL PROPERTY EXPERTISE & NEW OPPORTUNITIES OVERVIEW MANAGEMENT AND GOVERNANCE 01 Who We Are 14 Key Risks and Uncertainties 02 LSR at a Glance 15 Corporate and Social Responsibility 04 Chairman’s Statement 17 Board of Directors 18 Directors’ Report 20 Corporate Governance 23 Directors’ Remuneration Report 27 Statement of Directors’ Responsibilities HOW WE PERFORMED FINANCIAL STATEMENTS AND NOTES 07 Business Review 29 Independent Auditors’ Report to the Members of the 11 Financial Review Local Shopping REIT plc 30 Consolidated Income Statement 30 Consolidated Statement of Recognised Income and Expense 31 Consolidated Balance Sheet 32 Consolidated Statement of Cash Flows 33 Notes to the Financial Statements 54 Company Balance Sheet 55 Notes to the Company Financial Statements 60 Glossary of Terms 61 Shareholder Information 01 OVERVIEW Who We Are The Local Shopping REIT plc (“LSR”) is a major owner of local retail property in the UK, listed on the London Stock Exchange. Our investment objective is to provide our shareholders with an attractive and growing level of income, with additional capital growth through active asset management. We were the first specialist start-up Real Estate Investment Trust (“REIT”) to launch in the UK and intend to become the leading owner of local retail property in the UK. Our investment policy is to acquire local shops in urban and suburban areas, investing in neighbourhood and convenience properties throughout the UK. Our portfolio typically comprises shops that are well established in their local communities, although we will invest in new developments of local shops where these are supported by existing or newly built residential property. The shops trade across all retail planning consents and there is no concentration of risk in a particular retail sector. Our intention is to maintain a high level of diversification. The Company currently has the power under its Articles to borrow up to an amount equal to 75% of gross assets at the time of drawdown. We believe in sustaining the local trading community nationwide and dealing with all our stakeholders in a fair and open manner. OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS • Letting market remains active: • Market value of portfolio £174.4m (30 September 2008: – 106 new lettings secured generating an annual rental income £202.3m), an increase of 4.8% since 31 March 2009 of £1,127,904 per annum (89 units were let at £1,049,416 • Recurring profit* of £2.9m, or 3.5p per share (30 September per annum during the year ended 30 September 2008) 2008: £5.1m, 6.1p per share) – Of the total, 60 were let in the second half, producing rental income of £600,180 per annum • IFRS loss for the year £31.0m (30 September 2008: loss – Stable void rate since 31 March 2009 decreasing from of £40.5m; six months to 31 March 2009: loss of £40.6m) 11.8% to 11.4% at 30 September 2009 • Net Asset Value (NAV) of £58.6m or 71p per share • 164 rent reviews and lease renewals generated a rental (30 September 2008: £93.3m or 112p per share; 31 March increase of £87,599 per annum, an average uplift of 4.6% 2009: £50.3m or 62p per share) (5.0% above Market Rent) • Adjusted NAV of £63.9m or 77p per share excluding • Rental deposits increased to approximately £900,000, liabilities arising from derivative financial instruments or 23% of our quarterly rent roll (30 September 2008: (30 September 2008: £93.1m or 112p per share) £800,000) • Annual rent roll of £15.5m (30 September 2008: £16.1m) • Eight change of use applications approved and planning • Prudent debt and financial management: consent secured for 39 flats, with the conversion of five units – Total net debt of £116.1m, reflecting an LTV of 66.4% completed after the year end and gearing of 188.1%, with no ongoing loan to value • 36 properties sold for £7.1m at a blended yield of 7.46%, default provisions and low interest cover tests 15 of which were sold during the second half for £2.8m – The Company has £60m of undrawn facilities, (March 2009 value: £2.7m) comprising a £25m term loan and a £35m revolving credit facility. Following the year end, the drawdown • 14 properties acquired for £4.3m at a blended yield period on the term loan has been extended until of 8.17%. These acquisitions were all completed in the 31 January 2013 providing greater flexibility second half of the year – Debt free properties valued at £42.9m • Specialist experience has led, after the year end, to – No refinancing due until 2016 an agreement with a large UK bank to manage a small, • Dividend of 1.8p per share to be paid on 31 December 2009 mixed retail portfolio in the North-West, and the provision as a non-PID (normal dividend) to shareholders on the of advice to another UK bank on a number of distressed register on 11 December 2009. property situations. * For calculation see page 11. 02 OVERVIEW LSR at a Glance AVERAGE SHOP RENT £12,127PA AVERAGE SHOP RENT £11.45 PER SQ FT 03 OVERVIEW GEOGRAPHIC SPread – % OF MARKET RENT London and South East 26.5% Scotland 13.6% North West 12.9% South West 12.3% Yorkshire and Humberside 9.7% West Midlands 7.0% Wales 5.6% East Anglia 5.2% East 3.8% Midlands North 3.4% % OF MARKET RENT Planning Use Lease Expiry Profile n 56.6% – A1 Shops n 28.8 % – 0-3 years n 11.6% – A2 Financial n 22.9% – 3-6 years n 9.0% – A3 Cafes/restaurants n 14.4% – 6-9 years n 0.6% – A4 Pubs n 22.5% – 9 years + n 5.8% – A5 Takeaways n 0.7% – Vacant (residential) n 5.1% – B1 Offices n 2.6% – Vacant (deliberate) n 0.3% – B2 Industrial n 8.1% – Vacant (commercial) n 0.2% – B8 Storage n 8.0% – C3 Residential n 0.7% – D1 Institutional n 1.1% – D2 Leisure n 1.0% – Miscellaneous Tenant Grade Tenure n 17.1% – Local company n 80.4% – Freehold/virtual freehold n 53.4% – Individual n 19.2% – Leasehold n 1.6% – Government n 0.4% – Short leasehold < 50 years n 23.0% – National multiple n 4.9% – Regional multiple 04 OVERVIEW Chairman’s Statement These results demonstrate the resilience of the Company’s business model and the benefits of its diversified tenant base and geographic spread. In addition, the current market conditions – while stabilising – have underlined both to property owners and the banks, the benefit of expert management skills to protect and enhance the value of highly specialist assets such as ours. Grahame Whateley Chairman I am pleased to introduce the Company’s results covering the The investment market is showing signs of life, although it is clear 12 months to 30 September 2009. that the occupier market throughout much of the UK is struggling to cope with the severe downturn in the economy. Rising Introduction unemployment and fragile consumer confidence will hinder a major The period under review has again been challenging. The property recovery or restoration of a healthy letting market across the market suffered a further sharp correction between the end of commercial property market in general. However, despite these September 2008 and January 2009, with confidence eroded further challenging conditions, I am pleased to report that our diverse by the collapse or near-collapse of a number of “blue-chip” financial tenant base of smaller, independent traders continues to perform institutions. However, as we reported in our half year results to relatively well, particularly where their trade relies on non- 31 March 2009, low short-term interest rates left cash-rich private discretionary spend and everyday items. While we have seen an investors searching for ways to achieve acceptable returns on their increase in tenant default within the portfolio, our asset managers money with the result that, in February, they began to return to the are working hard to re-let vacancies or identify alternative uses for property investment market. Over the following months, the auction vacant space. Their success has resulted in the void rate stabilising rooms remained busy with corresponding success rates and over the year and, encouragingly, there has been a small decline firm prices paid, particularly for smaller (sub-£500,000) assets. over the last few months of the year from 11.8% at 31 March 2009 The commercial auctions in September and early October 2009 to 11.4% at 30 September 2009. provided evidence that the turnaround in confidence had survived the summer and that, within our sub-sector of the market, yields Asset Management were stabilising and, in some cases, hardening. Predictably, given the current market conditions, it is proving more difficult to grow rents at rent review and lease renewal. In spite of While this is encouraging, we are mindful that debt finance remains this, our rents remain affordable, at an average shop rent of £12,127 scarce and expensive and equity investors only have a finite per annum (£11.45 per sq ft) and we are not required to provide the amount of money available to deploy. We therefore remain cautious long rent-free periods and capital contributions to tenants that are in our approach. In addition, many lenders have still to evaluate now commonplace in shopping centres and on the traditional high fully the extent of bad loans within their loan books and adopt street.
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