Safestore Holdings Plc Annual Report and Financial Statements 2015

Total Page:16

File Type:pdf, Size:1020Kb

Safestore Holdings Plc Annual Report and Financial Statements 2015 Overview Strategic report Governance Financial statements Copy to be supplied Safestore Holdings plc Annual report and financial 2015 statements Safestore Holdings plc Annual report and financial statements 2015 Annual report and financial statements 2015 | Safestore Holdings plc 4 OverviewFinancial statements – A successful year, well placed for future growth. I am pleased to report another successful year for Safestore which has culminated in our inclusion in the FTSE 250 Index. The operational initiatives implemented over the last two years continue to drive our financial performance and, as a result, we have reported cash tax adjusted earnings per share ahead of our original expectations for the full year and up 50% over two years. Frederic Vecchioli, Safestore’s Chief Executive Officer Key measures Year ended Year ended 31 October 31 October Change – 2015 2014 Change CER1 Underlying and operating metrics Revenue £104.8m £97.9m 7.0% 9.7% Underlying EBITDA2 £57.1m £53.0m 7.7% 9.2% Revenue – like-for-like3 £103.0m £94.6m 8.9% 11.5% Underlying EBITDA – like-for-like3 £56.2m £51.0m 10.2% 11.8% Cash tax adjusted earnings per share4 16.6p 13.5p 23.0% n/a Dividend per share 9.65p 7.45p 29.5% n/a Free cash flow5 £37.3m £26.5m 40.8% n/a Closing occupancy6 72.6% 68.8% +3.8ppts n/a Average storage rate £24.85 £24.24 2.5% 5.4% EPRA basic NAV per share £2.56 £2.18 17.7% n/a Statutory metrics Profit before tax £118.2m £52.4m 125.6% n/a Basic earnings per share 52.4p 23.2p 125.9% n/a Notes 1 CER is constant exchange rates (Euro-denominated results for the current period have been retranslated at the exchange rate effective for the comparative period, and the impact of foreign exchange swaps has been reversed, in order to present the reported results on a more comparable basis). 2 Underlying EBITDA is defined as operating profit before exceptional items, change in fair value of derivatives, gain/loss on investment properties, contingent rent and depreciation. Underlying profit before tax is defined as underlying EBITDA less leasehold rent, depreciation charged on property, plant and equipment and net finance charges relating to bank loans and cash. 3 Like-for-like adjustments have been made to remove the impact of the closure of St Denis Landy in Paris in 2014, and the 2015 closures of New Malden and Whitechapel in the UK. 4 Cash tax adjusted earnings per share is defined as profit or loss for the year before exceptional items, change in fair value of derivatives, gain/loss on investment properties and the associated tax impacts as well as exceptional tax items and deferred tax charges, divided by the weighted average number of shares in issue (excluding shares held by the Safestore Employee Benefit Trust). 5 Free cash flow is defined as cash flow before investing and financing activities but after leasehold rent payments. 6 Closing occupancy excludes offices but includes 64,022 sq ft of bulk tenancy as at 31 October 2015 (31 October 2014: 83,472 sq ft). 5 Annual report and financial statements 2015 | Safestore Holdings plc Overview Strategic report Governance Financial statements Highlights Overview 01 Highlights Strong financial performance 02 Chairman’s statement — Group like-for-like3 revenue up 11.5%1 with UK up 13.2% and Paris up 7.0% Strategic report 04 Chief Executive’s statement — Closing occupancy up 3.8ppts at 72.6% 12 Principal risks — Cash tax adjusted earnings per share up 23.0% at 16.6 pence 15 Financial review 23 Corporate social responsibility (“CSR”) — 25.5% increase in the final dividend to 6.65 pence (FY2014: 5.30 pence) Governance — Robust start to the year, Group like-for-like revenue for the first two 28 Corporate governance introduction 1 months up 7% at CER 29 Board of Directors 30 Corporate governance Operational focus 33 Nomination Committee report — New lets growth in the UK of 18.6%, resulting from strong enquiries and 34 Audit Committee report continued improvement in conversion rates 36 Directors’ remuneration report 47 Directors’ report — Resilient pricing growth with UK rate up 6.7% and Paris rate up 2.4% 49 Statement of Directors’ responsibilities — National Accounts UK business customers occupancy up 22% over the year Financial statements 50 Independent auditor’s report — Six lease extensions completed, increasing average remaining lease life to 54 Consolidated income statement 13.9 years and one freehold purchased 55 Consolidated statement of comprehensive income 56 Consolidated balance sheet Strong and flexible balance sheet 57 Consolidated statement of changes in shareholders’ equity — Group loan-to-value (“LTV”) lowered to 32% and full year underlying finance 58 Consolidated cash flow statement costs reduced by £2.3 million or 16.8% 59 Notes to the financial statements 87 Company balance sheet 88 Notes to the Company financial statements 92 Notice of Annual General Meeting 99 Proxy form 101 Directors and advisers Further information and investor updates can be found on our website at www.safestore.co.uk/corporate/ Financial highlights Revenue (£'m) Underlying EBITDA2 (£'m) Dividend (pence per share) £104.8m +7.0% £57.1m +7.7 % 9.65p +29.5% 15 104.8 15 57.1 15 9.65 14 97.9 14 53.0 14 7.45 13 96.1 13 50.8 13 5.75 12 98.8 12 50.3 12 5.65 11 95.1 11 50.5 11 5.30 Annual report and financial statements 2015 | Safestore Holdings plc 01 Overview – Chairman’s statement The business is well positioned for growth and to deliver further value creation to shareholders. Summary I am pleased to announce, on behalf of the The anniversary of our January 2014 re-financing, Board of Safestore, a strong set of results for combined with the 2015 amendment and — The operational improvements made over the year ended 31 October 2015. extension of our bank facilities, resulted in a reduction in the underlying finance charge of the last two years continue to yield This has been another year of good progress £2.3 million or 16.8% to £11.4 million (FY2014: positive results. across the business by the management team. £13.7 million). Over the last two years we have The operational improvements made over the reduced our finance charges by 38.0% or — The improvements made to our last two years continue to yield positive results, £7.0 million. customer website and to the even after passing the anniversary of their recruitment, training, coaching and implementation. I believe that the improvements As a result of the above factors, cash tax incentivisation of our store teams will made to our customer website and to the adjusted earnings per share grew by 23.0% recruitment, training, coaching and incentivisation to 16.6 pence (FY2014: 13.5 pence). EPS has serve the business well in the future. of our store teams will serve the business well grown by 5.5 pence or 50% over the last — EPS has grown by 5.5 pence or 50% in the future. two years. over the last two years. Following the amendment and extension of our banking facilities during the year, we have Capital structure the balance sheet flexibility and capacity to take During the summer we completed an amendment advantage of carefully selected development and and extension of the Group’s existing bank facilities. acquisition opportunities. I am confident that the The UK and Euro facilities were extended by a business is well positioned for growth and to further two years to June 2020 and the margin deliver further value creation to shareholders. was reduced by 75 bps to 1.5% over LIBOR in the UK and EURIBOR in Paris. In addition, Financial results £30 million of mandatory repayments, previously required under the facilities, were removed and Revenue for the year was £104.8 million, 7.0% an option to increase the quantum of the Sterling ahead of last year (FY2014: £97.9 million) and up facility by £60 million was agreed. 11.5% on a like-for-like and constant currency basis. This result was driven by a strong The Group’s balance sheet remains in good performance in the UK, which grew like-for-like shape with a Group loan-to-value ratio (“LTV”) revenue by 13.2%, combined with another good of 32% and an interest cover ratio of 4.2x. This performance by Une Pièce en Plus, our Parisian represents a level of gearing we consider is business, which grew like-for-like revenue by 7.0%. appropriate for the business to enable the Group to increase returns on equity, maintain financial Underlying EBITDA increased by 7.7% to flexibility and to achieve our medium-term £57.1 million (FY2014: £53.0 million) and 9.2% strategic objectives. on a constant currency basis. After rent costs, underlying EBITDA increased by 12.6% to £48.1 million (FY2014: £42.7 million). 02 Annual report and financial statements 2015 | Safestore Holdings plc Overview Strategic report Governance Financial statements Dividend Reflecting the strong trading performance, the Board is pleased to recommend a 25.5% increase The Board is pleased to recommend in the final dividend to 6.65 pence per share (FY2014: 5.30 pence per share) resulting in a 25.5% increase in the final dividend an increase of 29.5% in the total dividend to to 6.65 pence per share. 9.65 pence per share for the year (FY2014: 7.45 pence per share). This total dividend for the year is covered 1.72 times by cash tax earnings (1.81 times in 2014).
Recommended publications
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • A Transformational Year of Growth for the Company Following the Completion of the All-Share Merger with Medicx Fund Limited (“Medicx”) on 14 March 2019
    Primary Health Properties PLC Primary Health Properties PLC Annual Report 2019 Annual Report 2019 A transformational year of growth “ 2019 has been a transformational year in PHP’s history following the completion of the all-share merger with MedicX in March 2019, bringing together two high quality and complementary portfolios in the UK and Ireland. The business provides a much stronger platform for the future and has already created significant value delivering a total shareholder return of 49.2% in the year. We have also delivered the operating synergies of £4.0 million per annum outlined at the time of the merger, as well as a 50bp reduction in the average cost of debt. We have continued to selectively grow the enlarged portfolio, particularly in Ireland where we believe there is a significant opportunity, and further strengthened the balance sheet with a successful, oversubscribed £100 million equity issue, £150 million unsecured convertible bond issue and €70 million Euro-denominated private placement loan note. PHP’s high quality portfolio and capital base have helped to deliver another year of strong earnings performance and our 23rd consecutive year of dividend growth. Continuing improvements to the rental growth outlook and further reductions in the cost of finance will help to maintain our strategy of paying a progressive dividend to shareholders which is fully covered by earnings, as we look forward to the future with confidence.” Harry Hyman Managing Director Strategic report Corporate governance Financial statements Further
    [Show full text]
  • Safestore Holdings Plc, Annual Report and Financial Statements 2012
    Safestore Holdings plc Annual report and financial statements 2012 Safestore the things you love Market leaders in self-storage With 123 stores, Safestore and Une Pièce en Plus are the self-storage market leaders in the UK and Paris. Safestore Holdings plc Annual report and financial statements 2012 Overview Overview Business review Financial statements Headlines 02 Chief Executive’s review 20 Independent auditors’ report 62 Overview of the year 04 Financial review 26 Consolidated Personal customers 06 income statement 63 Governance Business customers 08 Consolidated statement Corporate social of comprehensive income 64 Scale where it matters 10 32 responsibility Consolidated balance sheet 65 Business review Business model Prinicipal risks 38 and demand drivers 12 Consolidated Board of Directors 40 statement of changes Strategy 14 in shareholders’ equity 66 Executive team 44 Chairman’s statement 16 Consolidated cash Directors’ flow statement 67 remuneration report 46 Notes to the Audit Committee report 54 financial statements 68 Nomination Independent auditors’ report 96 Committee report 55 Company balance sheet 97 Corporate governance 56 Notes to the Company 59 Directors’ report financial statements 98 Statement of Directors’ Notice of Annual Governance 61 responsibilities General Meeting 102 Proxy form 107 Directors and advisers 109 Financial statements Safestore Holdings plc Annual report and financial statements 2012 01 Overview Headlines Strategic progress and financial resilience Overall, we have delivered good progress on our strategy
    [Show full text]
  • FTSE Russell Publications
    2 FTSE Russell Publications 19 August 2021 FTSE 250 Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 3i Infrastructure 0.43 UNITED Bytes Technology Group 0.23 UNITED Edinburgh Investment Trust 0.25 UNITED KINGDOM KINGDOM KINGDOM 4imprint Group 0.18 UNITED C&C Group 0.23 UNITED Edinburgh Worldwide Inv Tst 0.35 UNITED KINGDOM KINGDOM KINGDOM 888 Holdings 0.25 UNITED Cairn Energy 0.17 UNITED Electrocomponents 1.18 UNITED KINGDOM KINGDOM KINGDOM Aberforth Smaller Companies Tst 0.33 UNITED Caledonia Investments 0.25 UNITED Elementis 0.21 UNITED KINGDOM KINGDOM KINGDOM Aggreko 0.51 UNITED Capita 0.15 UNITED Energean 0.21 UNITED KINGDOM KINGDOM KINGDOM Airtel Africa 0.19 UNITED Capital & Counties Properties 0.29 UNITED Essentra 0.23 UNITED KINGDOM KINGDOM KINGDOM AJ Bell 0.31 UNITED Carnival 0.54 UNITED Euromoney Institutional Investor 0.26 UNITED KINGDOM KINGDOM KINGDOM Alliance Trust 0.77 UNITED Centamin 0.27 UNITED European Opportunities Trust 0.19 UNITED KINGDOM KINGDOM KINGDOM Allianz Technology Trust 0.31 UNITED Centrica 0.74 UNITED F&C Investment Trust 1.1 UNITED KINGDOM KINGDOM KINGDOM AO World 0.18 UNITED Chemring Group 0.2 UNITED FDM Group Holdings 0.21 UNITED KINGDOM KINGDOM KINGDOM Apax Global Alpha 0.17 UNITED Chrysalis Investments 0.33 UNITED Ferrexpo 0.3 UNITED KINGDOM KINGDOM KINGDOM Ascential 0.4 UNITED Cineworld Group 0.19 UNITED Fidelity China Special Situations 0.35 UNITED KINGDOM KINGDOM KINGDOM Ashmore
    [Show full text]
  • Morningstar Report
    Report as of 30 Sep 2021 VT Gravis Real Assets ICVC - VT Gravis UK Listed Property PAIF Fund A GBP Income Morningstar® Category Morningstar® Benchmark Fund Benchmark Morningstar Rating™ Property - Indirect Other Not Categorized Not Benchmarked Not Rated Used throughout report Investment Objective Performance It is intended that the Fund will be a PAIF at all times, and, 139 as such, its investment objective is to carry on Property 126 Investment Business and to manage cash raised from 113 investors for investment in the Property Investment 100 Business. In so doing the objective of the Fund is to provide 87 some capital growth through market cycles (7 years) whilst 74 delivering a periodic income. 2016 2017 2018 2019 2020 2021-08 - - - - -5.43 26.94 Fund Risk Measures Trailing Returns % Fund Quarterly Returns % Q1 Q2 Q3 Q4 3Y Alpha - 3Y Sharpe Ratio - 3 Months 8.18 2021 2.59 9.19 - - 3Y Beta - 3Y Std Dev - 6 Months 18.45 2020 -19.59 9.13 -0.81 8.66 3Y R-Squared - 3Y Risk - 1 Year 30.84 2019 - - - - 3Y Info Ratio - 5Y Risk - 3 Years Annualised - 2018 - - - - 3Y Tracking Error - 10Y Risk - 5 Years Annualised - 2017 - - - - 10 Years Annualised - Data as of 29/09/2021 Portfolio 30 Jun 2021 Asset Allocation % Net Equity Style Box™ Mkt Cap % Fund America Europe Asia Large Size Stocks 64.16 Giant 0.00 Bonds 0.00 Mid Large 13.65 Cash 3.56 Medium 63.76 Other 32.29 Small Small 22.59 Value Blend Growth Micro 0.00 Style Average Mkt Cap (Mil) Fund Ave Mkt Cap GBP 2,293.23 <25 25-50 50-75 >75 Top Holdings Stock Sector Weightings % Fund World Regions % Fund Holding Name Sector % hCyclical 100.00 Americas 0.00 Segro PLC u 8.76 rBasic Materials - United States 0.00 Tritax Big Box Ord - 7.46 tConsumer Cyclical 4.04 Canada 0.00 UNITE Group PLC u 6.70 yFinancial Services - Latin America 0.00 Grainger PLC 6.54 Real Estate 95.96 u u Greater Europe 100.00 Assura PLC u 5.66 jSensitive 0.00 United Kingdom 100.00 Safestore Holdings PLC..
    [Show full text]
  • State Street AUT UK Screened (Ex Controversies and CW) Index
    Report and Financial Statements For the year ended 31st December 2020 State Street AUT UK Screened (ex Controversies and CW) Index Equity Fund (formerly State Street UK Equity Tracker Fund) State Street AUT UK Screened (ex Controversies and CW) Index Equity Fund Contents Page Manager's Report* 1 Portfolio Statement* 9 Director's Report to Unitholders* 27 Manager's Statement of Responsibilities 28 Statement of the Depositary’s Responsibilities 29 Report of the Depositary to the Unitholders 29 Independent Auditors’ Report 30 Comparative Table* 33 Financial statements: 34 Statement of Total Return 34 Statement of Change in Net Assets Attributable to Unitholders 34 Balance Sheet 35 Notes to the Financial Statements 36 Distribution Tables 48 Directory* 49 Appendix I – Remuneration Policy (Unaudited) 50 Appendix II – Assessment of Value (Unaudited) 52 * These collectively comprise the Manager’s Report. State Street AUT UK Screened (ex Controversies and CW) Index Equity Fund Manager’s Report For the year ended 31st December 2020 Authorised Status The State Street AUT UK Screened (ex Controversies and CW) Index Equity Fund (the “Fund”) is an Authorised Unit Trust Scheme as defined in section 243 of the Financial Services and Markets Act 2000 and it is a UCITS Retail Scheme within the meaning of the FCA Collective Investment Schemes sourcebook. The unitholders are not liable for the debts of the Fund. The Fund's name was changed to State Street AUT UK Screened (ex Controversies and CW) Index Equity Fund on 18th December 2020 (formerly State Street UK Equity Tracker Fund). Investment Objective and Policy The objective of the Fund is to replicate, as closely as possible and on a “gross of fees” basis, the return of the United Kingdom equity market as represented by the FTSE All-Share ex Controversies ex CW Index (the “Index”), net of withholding taxes.
    [Show full text]
  • DATABANK INSIDE the CITY LIAM KELLY the WEEK in the MARKETS the ECONOMY Consumer Prices Index Current Rate Prev
    10 The Sunday Times March 22, 2020 BUSINESS Liam Kelly LETTERS that, shortly before the crisis Prada dress or Manolo Send your letters, including in upstream and 2,000 in number and severity of FTSE oldies in splendid isolation struck, My Wardrobe HQ, a Blahnik shoes, Shepherdson, SIGNALS full name and address, downstream operations. extreme weather events. designer clothes rental start- 58, says that the firm is AND NOISE . to: The Sunday Times, Typically, they are well-paid Even the Intergovernmental With the over-70s deemed “come to the conclusion I up chaired by fashion guru “selling a few pieces” and 1 London Bridge Street, jobs in locations where Panel on Climate Change has to be at high risk in the work more at home than I do Jane Shepherdson, raised will “use the time usefully to London SE1 9GF. Or email opportunities are scarce. admitted that there is little coronavirus crisis, let’s check in the office”. The Sydney- £750,000 from wealthy develop the tech”. [email protected] We relish competition, but evidence of an increase in in on boardrooms. After all, born Chelsea FC season backers — including Nadja Letters may be edited it is time to put down the the number of extreme some 74 companies in the ticket holder has also been Swarovski, scion of the cudgels and work together to weather events. FTSE 350 have chairmen forced to watch Australian crystals dynasty. Where sheep Gupta: let’s work together ensure that Britain retains a William Toland, Glasgow aged 70 or over, according to rules football matches — the Shepherdson, who is to save the steel industry viable steel industry.
    [Show full text]
  • LONDONMETRIC PROPERTY PLC (“Londonmetric” Or the “Group” Or the “Company”) Income Statement 31 March 2020 31 March 2
    LONDONMETRIC PROPERTY PLC (“LondonMetric” or the “Group” or the “Company”) ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2020 SECTOR AND ASSET CALLS CONTINUE TO DELIVER INCOME GROWTH AND PORTFOLIO OUTPERFORMANCE LondonMetric today announces its annual results for the year ended 31 March 2020. Income Statement 31 March 2020 31 March 2019 Net rental income (£m)1,2 115.9 93.8 IFRS net rental income (£m) 111.1 83.9 EPRA Earnings (£m) 2 74.5 61.0 EPRA EPS (p) 2 9.3 8.8 Dividend per share (p) 8.3 8.2 IFRS Reported (Loss)/Profit (£m) (5.7) 119.7 Reported Profit excluding exceptional acquisition costs3 (£m) 51.5 119.7 Balance Sheet 31 March 2020 31 March 2019 IFRS net assets (£m) 1,431.8 1,216.8 EPRA NAV per share (p) 2 171.7 174.9 IFRS NAV per share (p) 171.0 174.7 LTV (%)1,2 35.9 32.2 1. Including share of Joint Ventures, excluding non-controlling interest 2. Further details on Alternative Performance Measures can be found in the Financial Review and definitions can be found in the Glossary 3. Comprising £48.3m of goodwill impairment and £8.9m of acquisition costs relating to the Mucklow acquisition Continued focus on income growth increases earnings and dividend • Contracted income up 37% to £123.3m • Net rental income up 24% to £115.9m1, on an IFRS basis net rental income increased 32% • EPRA earnings up 22% to £74.5m, +6% on a per share basis • Dividend progression of 1% to 8.3p, 112% covered, including Q4 dividend declared of 2.3p • Rent collection strong at 93% with c.
    [Show full text]
  • Significantly Increased Weighting to Urban Logistics from A&J Mucklow Acquisition Enhancing Portfolio's Income, Earnings &
    LONDONMETRIC PROPERTY PLC (“LondonMetric” or the “Group” or the “Company”) HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019 SIGNIFICANTLY INCREASED WEIGHTING TO URBAN LOGISTICS FROM A&J MUCKLOW ACQUISITION ENHANCING PORTFOLIO’S INCOME, EARNINGS & DIVIDEND GROWTH PROSPECTS LondonMetric today announces its half year results for the six months ended 30 September 2019. Six months to Six months to Income Statement 30 Sept 2019 30 Sept 2018 Net rental income (£m)1,2 54.9 47.1 EPRA Earnings (£m) 2 35.2 30.9 EPRA EPS (p) 2 4.6 4.4 Dividend per share (p) 4.0 3.8 Reported Profit excluding goodwill impairment and costs relating to Mucklow acquisition3 (£m) 47.0 79.3 IFRS Reported (Loss)/Profit (£m) (10.2) 79.3 IFRS EPS (p) (1.3) 11.4 Balance Sheet 30 Sept 2019 31 March 2019 EPRA NAV per share (p) 2 174.9 174.9 IFRS NAV per share (p) 174.3 174.7 EPRA net assets (£m) 1,465.0 1,218.7 IFRS net assets (£m) 1,460.3 1,216.8 LTV (%)1,2 37.9 32.2 1. Including share of Joint Ventures, excluding non-controlling interest 2. Further details on Alternative Performance Measures can be found in the Financial Review and definitions can be found in the Glossary 3. £48.3m of goodwill impairment and £8.9m of acquisition costs Continued focus on income growth increases earnings and dividend • Net rental income up 16.6% to £54.9m1, including three months of income from the Mucklow acquisition • Contracted income up 39% to £124.7m in the period • EPRA earnings up 13.9% to £35.2m, 2.9% on a per share basis • Dividend up 5.3% to 4.0p, 114% covered, including
    [Show full text]
  • Leading the Way in Modern Primary Health Properties
    Primary Health Properties PLC Leading the way in modern Annual Report 2018 primary health properties. Primary Health Properties PLC Annual Report 2018 At the heart of our business is the aim to modernise and improve the ability to provide efficient and effective healthcare in the UK and Ireland. Strategic report Corporate governance Financial statements 1 Highlights 38 Board of Directors 71 Independent auditor’s report 2 At a glance 42 Corporate governance report 78 Group statement 3 Investment case 52 Audit Committee report of comprehensive income 4 Our portfolio 55 Nomination Committee report 79 Group balance sheet 5 Opportunities in Ireland 57 Adviser Engagement 80 Group cash flow statement 6 Chairman’s statement Committee report 81 Group statement 10 Business model 59 Remuneration Committee report of changes in equity 12 Strategy 61 Directors’ remuneration report 82 Notes to the financial statements 14 Business review 65 Directors’ report 111 Company balance sheet 22 EPRA performance measures 70 Directors’ responsibility statement 112 Company statement of changes in equity 24 Risk management and principal risks 113 Notes to the Company 32 Responsible business financial statements Further information 120 Shareholder information 121 Advisers and bankers 122 Glossary of terms Strategic report Highlights Governance Net rental income Dividend per share Total property portfolio £76.4m 5.4p £1.5bn +7.2% +2.9% + 10.4% Financial statements Financial 2018 £76.4m 2018 5.4p 2018 £1.5bn 2017 £71.3m 2017 5.25p 2017 £1.4bn 2016 £66.6m 2016 5.125p
    [Show full text]
  • Fund Holdings
    Wilmington Real Asset Fund as of 7/31/2021 (Portfolio composition is subject to change) ISSUER NAME % OF ASSETS DFA COMMODITY STRATEGY PORTFOLIO 15.73% SCHWAB US TIPS ETF 10.68% INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NO K-1 ETF 8.79% CREDIT SUISSE COMMODITY RETURN STRATEGY FUND 7.92% VANGUARD COMMODITY STRATEGY FUND 6.56% SCHWAB U.S. REIT ETF 5.13% VANGUARD GLOBAL EX-U.S. REAL ESTATE ETF 4.60% SPDR S&P GLOBAL NATURAL RESOURCES ETF 4.09% PARAMETRIC COMMODITY STRATEGY FUND 3.85% DREYFUS GOVT CASH MGMT-I 3.45% ABERDEEN STANDARD BLOOMBERG ALL COMMODITY STRATEGY K-1 FREE ETF 2.22% TORTOISE MLP & PIPELINE FUND 2.12% ISHARES GOLD TRUST 2.03% PROLOGIS INC 0.97% EQUINIX INC 0.76% ISHARES SILVER TRUST 0.68% PUBLIC STORAGE 0.50% DIGITAL REALTY TRUST INC 0.45% SIMON PROPERTY GROUP INC 0.43% VONOVIA SE 0.39% WELLTOWER INC 0.37% AVALONBAY COMMUNITIES INC 0.33% EQUITY RESIDENTIAL 0.29% GOODMAN GROUP 0.29% ALEXANDRIA REAL ESTATE EQUITIES INC 0.28% REALTY INCOME CORP 0.27% EXTRA SPACE STORAGE INC 0.24% INVITATION HOMES INC 0.24% DEUTSCHE WOHNEN SE 0.23% VENTAS INC 0.23% MID-AMERICA APARTMENT COMMUNITIES INC 0.23% MITSUI FUDOSAN CO LTD 0.23% SUN COMMUNITIES INC 0.22% SUN HUNG KAI PROPERTIES LTD 0.22% MITSUBISHI ESTATE CO LTD 0.22% ESSEX PROPERTY TRUST INC 0.22% LINK REIT 0.21% DAIWA HOUSE INDUSTRY CO LTD 0.21% SEGRO PLC 0.21% HEALTHPEAK PROPERTIES INC 0.20% DUKE REALTY CORP 0.19% CK ASSET HOLDINGS LTD 0.17% VICI PROPERTIES INC 0.17% BOSTON PROPERTIES INC 0.17% UDR INC 0.16% SUMITOMO REALTY & DEVELOPMENT CO LTD 0.16% CAMDEN PROPERTY TRUST 0.15%
    [Show full text]
  • Holdings As of June 30, 2021
    Units Cost Market Value INTERNATIONAL EQUITY FUND-I International Equities 97.27% International Common Stocks AUSTRALIA ABACUS PROPERTY GROUP 4,781 10,939 11,257 ACCENT GROUP LTD 3,078 2,769 6,447 ADBRI LTD 224,863 495,699 588,197 AFTERPAY LTD 18,765 1,319,481 1,662,401 AGL ENERGY LTD 3,897 48,319 23,926 ALTIUM LTD 11,593 214,343 319,469 ALUMINA LTD 10,311 14,655 12,712 AMP LTD 18,515 29,735 15,687 APA GROUP 2,659 20,218 17,735 APPEN LTD 20,175 310,167 206,065 ARENA REIT 2,151 5,757 5,826 ASX LTD 678 39,359 39,565 ATLAS ARTERIA LTD 5,600 25,917 26,787 AURIZON HOLDINGS LTD 10,404 32,263 29,075 AUSNET SERVICES LTD 9,482 10,386 12,433 AUSTRALIA & NEW ZEALAND BANKIN 22,684 405,150 478,341 AVENTUS GROUP 2,360 4,894 5,580 BANK OF QUEENSLAND LTD 2,738 17,825 18,706 BEACH ENERGY LTD 5,466 6,192 5,108 BEGA CHEESE LTD 1,762 6,992 7,791 BENDIGO & ADELAIDE BANK LTD 2,573 19,560 20,211 BHP GROUP LTD 9,407 243,370 341,584 BHP GROUP PLC 75,164 1,584,327 2,212,544 BLUESCOPE STEEL LTD 2,905 24,121 47,797 BORAL LTD 4,848 16,859 26,679 BRAINCHIP HOLDINGS LTD 5,756 2,588 2,112 BRAMBLES LTD 153,566 1,133,082 1,318,725 BRICKWORKS LTD 375 4,689 7,060 BWP TRUST 2,988 8,177 9,530 CARSALES.COM LTD 466 6,896 6,916 CENTURIA INDUSTRIAL REIT 2,943 6,264 8,191 CENTURIA OFFICE REIT 190,589 261,156 334,222 CHALICE MINING LTD 464 3,129 2,586 CHALLENGER LTD 3,038 15,904 12,335 CHARTER HALL LONG WALE REIT 3,600 12,905 12,793 CHARTER HALL RETAIL REIT 148,478 395,662 422,150 CHARTER HALL SOCIAL INFRASTRUC 2,461 5,340 6,404 CIMIC GROUP LTD 409 6,668 6,072 COCHLEAR LTD 2,492
    [Show full text]