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Value Creation from the Ground Up

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Value Creation from the Ground Up Annual Report & Accounts 2012 VALUE CREATION FROM THE Metric Property Investments plc Metric Property GROUND UP Annual Report & Accounts 2012 Metric was established in early 2010 to invest in retail assets Metric Property located across the UK Investments plc is We focus on our bottom-up approach to stock selection a uk retail focused ensuring we invest in opportunities where we can grow income real estate investment independent of broader market conditions. The occupier sits at trust (REIT) the heart of Metric’s investment strategy, where retailer demand and occupier contentment are key We aim to deliver to driving rents through our asset management programme of leasing, attractive returns for rent reviews, lease renewals, shareholders through extensions and redevelopments. a strategy of increasing income and improving capital values Contents Performance Highlights of the year 2 Metric at a glance 4 Chairman’s statement 6 Chief Executive’s review 7 Our strategy and value creation model 10 Investment 12 Asset management 14 Value creation – Bedford 16 See more on page 7 Development 18 Value creation – Bishop Auckland 20 Property portfolio 22 Sustainability 24 pital Ca B le u Financial review 26 c y cy W e e Key risks and uncertainties 28 R ll e t Value a R A p creation d a I n d C c o t e model o m Governance v E o e r x p i s m t I i n g Board of directors 30 Add New Senior management 32 Income Directors’ Report 34 Corporate governance 36 See more on page 10 Corporate responsibility 39 Directors’ Remuneration Report 40 Directors’ responsibility statement 45 Financial statements & additional information Financial statements and notes 46 Notice of meeting 68 Group information IBC See more on page 20 Metric Property Investments plc Annual Report 2012 1 Highlights of the year STRONG PERFORMANCE ACROSS THE BUSINESS† Material improvement across all operating key performance indicators1 (KPIs) Adjusted NAV per Adjusted earnings Dividend per share Like-for-like rental share2 per share2,3 (p) income growth4 (p) (p) (%) 107 3.5 3.3 3.1 101 0.5 0.6 2011 2012 2011 2012 2011 2012 2011 2012 Total property Outperformance of Total underlying Total shareholder return v IPD5 IPD total property return6 return (%) return5 (%) (%) (%) 10.7 5.7 7.5 4.9 5.0 9.25 1.0 2012 2011 2012 2011 2012 IPD Metric -13.6 2011 2012 † Unless otherwise stated all figures include Metric’s one-third share of MIPP. 1. Operating KPIs exclude total shareholder return KPI and represent those performance measures that result from management’s operational performance. 2. Adjusted net asset value and earnings per share calculated in accordance with European Public Real Estate Association (EPRA) guidelines. 3. Includes one-off surrender premium of 0.7p per share (2011: 0.1p). 4. No comparative available for 2011 as it was the Group’s first year of trading. Like-for-like rental income is the increase in contracted rental income on properties held at March 2011. 5. Total property return measured against IPD All Retail Quarterly Universe Total Return. Total property return is the total net rental income, revaluation surplus and profit on disposal expressed as a percentage of the capital invested in the year. 6. Total underlying return calculated on the increase in NAV plus dividends paid in the year. 2 Metric Property Investments plc Annual Report 2012 A YEAR OF PROGRESS† Our performance reflects our focus on increasing income and improving capital values and has been driven by the following achievements: – Net rental income in the year of £12.6 million (2011: £4.6 million) – Annualised rents up 28.7% to £15.3 million – 19 new lettings across 209,000 sq ft securing £3.4 million of rental income – Planning gains of almost 300,000 sq ft with a further 87,000 sq ft pending approval – On-site with developments at Bishop Auckland and Cannock – 95% pre-let including agreements in solicitors’ hands – Eight new properties acquired for £31.3 million and one property sold to MIPP for £9.7 million 1 – Capital expenditure and commitments of £24.1 million – MIPP portfolio has reached 34% of target investment with AUM of £52 million Ancillary food and retail at Tindale Terrace, Faustina Retail Park, Londonderry Bishop Auckland Higher yielding acquisition on behalf of MIPP joint venture Adding to existing income by creating small shop units on with USS, purchased post year end. Yield on cost 7.5%, the car park to bring variety and amenity to shoppers. unexpired lease length 18.2 years. † Unless otherwise stated all figures include Metric’s one-third share of MIPP. 1. Net new commitments in relation to income generating initiatives entered into in the year. Metric Property Investments plc Annual Report 2012 3 Metric at a glance INCREASING PORTFOLIO GRANULARITY Wick Investments MIPP Redevelopments Inverness Bishop Auckland Newry Leeds Sheffield Congleton Mansfield Cannock Loughborough King’s Lynn Coventry Bedford Milford Haven Berkhamsted Swindon Bristol – Channon’s Hill Orpington Bristol – Longwell Green Hove Launceston 4 Metric Property Investments plc Annual Report 2012 Investments Congleton Retail Park Airport Retail Park Launceston Retail Park Morrisons Supermarket South Manchester Coventry Cornwall Loughborough Havens Head Retail Park Damolly Retail Park Wick Retail Park Pierpoint Retail Park Milford Haven Newry Scotland King’s Lynn PC World Alban Retail Park Nottingham Road DFS Old Shoreham Road Bedford Retail Park St Mary’s Road Hove Mansfield Sheffield MIPP Milburn Road Retail Park Fleming Way Retail Park Sevenoaks Way Longwell Green Inverness Swindon Orpington Bristol Redevelopments Marks & Spencer Kirkstall Bridge Watling Street Tindale Crescent Berkhamsted Shopping Park Cannock Bishop Auckland Leeds Channons Hill Retail Park Bristol Metric Property Investments plc Annual Report 2012 5 Chairman’s statement ENHANCING INCOME AND CAPITAL GROWTH OppORTUNITIES I am very pleased to present As we highlighted last year, there As at 31 March 2012 the Group multi-channel retailing. This in the annual report for Metric has been intense competition in the had committed, undrawn debt turn presents challenges and Property Investments plc. investment market and we have facilities in place of £80 million opportunities for landlords to therefore consciously deployed and a loan to value ratio of 13% work with their customers to In our second year, we have our capital where we see greater including Metric’s share of MIPP. provide the right space and at continued to build our portfolio value in short cycle redevelopment the right rents. with a clear emphasis on acquiring The Group generated a profit of deals, where our relationships with assets that deliver both income £13.2 million in the year ended Against this background, Metric is retailers have undoubtedly enabled growth and opportunities to 31 March 2012 (2011: £8.5 million). well placed to continue to navigate us to execute further on these enhance capital values. Adjusted net asset value per these challenging markets, and opportunities. These opportunities share as at that date was 107p seek out and deliver value creating As a further evolution of our offer the potential for strong (2011: 101p). The dividend of opportunities for its shareholders. strategy, in November 2011, capital growth and also establish 3.3p per share is enhanced by The robust nature of our portfolio, we formed Metric Income Plus the building blocks to create and the receipt in the year of one-off with high occupancy and demand, Limited Partnership (MIPP), a maintain income growth over the surrender premiums amounting long leases and an increasing new £150 million joint venture coming years. We have already to £1.3 million, and whilst it spread of tenants, coupled with with Universities Superannuation generated substantial uplifts in represents strong progression a strong balance sheet, access Scheme (USS), created to value through a number of planning from 0.6p per share last year, to capital and unparalleled invest in higher yielding, income gains and an encouraging level continues to reflect that the Group relationships with leading retailers, focused retail warehouses to of pre-lets to leading retailers is still in its investment phase. are key factors behind this strong deliver attractive post leverage across a range of our schemes. position relative to the market. cash on cash returns. The We follow a risk based approach to Outlook sale of Inverness, a partnering development, with selection based The market for our occupiers We have in place an excellent team development completed by Metric, on a favourable planning outlook continues to be challenging. and I would like to thank them for to MIPP is the first example of coupled with strong occupational Retailers are facing downward their contribution to delivering a the Group’s recycling of capital. demand; acquisition is typically pressure on sales and margins strong performance for the year. conditional on gaining planning; whilst needing to realign their Progress We look forward to the year ahead and a commitment to building business models to the shopping In the year to 31 March 2012 we with confidence and enthusiasm. have invested and committed only once substantial pre-lets are patterns of today’s consumer. £55.4 million (net of acquisition secured. This provides Metric Many will need to accelerate costs) (2011: £188 million) in with an opportunity to deliver plans to rightsize their real estate properties with the portfolio attractive capital and income portfolios, while others will be able valued at that date
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