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REAL ESTATE July 2020
LISTED MARKETS – REAL ESTATE July 2020 Leo Zielinski Partner Tel. +44 (0)7980 809031 [email protected] John Rodgers Partner Tel. +44 (0)7810 307422 [email protected] Will Strachan Partner Tel. +44 (0)7929 885859 [email protected] Lloyd Davies We track the share price movement and regulatory announcements Partner of 57 real estate owning listed entities (“Gerald Eve tracked index”). Tel. +44 (0)7767 311254 A summary of the Gerald Eve tracked index in terms of GAV, NAV, [email protected] LTV, Dividend, Share Price, Market Cap, Discount/Premium to NAV and their respective weekly movement is attached. Lorenzo Solazzo Data Analyst We provide a comparison to share price data from 3 February 2020 Tel. +44 (0)783 309 5582 [email protected] (pre-Covid-19 level) to present day to demonstrate the impact across certain entities as a direct result of Covid-19. James Brown Surveyor As at 30 of June, the Gerald Eve tracked index is currently down 30% to pre- Tel. +44 (0)7464 656563 Covid-19 level, under-performing the FTSE350 which is slowly recovering and is [email protected] now down 16%. The tracked listed REITs share price decreased on average 3% since 1 June 2020 (March: -25%, April: +6%, May: -3%). To provide context around the share price movement, the average discount to NAV is currently 31% against 3% pre-Covid-19. It is unsurprising to note that specialist sector entities across Industrial, Healthcare and Supermarkets have out-performed the REIT universe relative to other strategies within the Gerald Eve tracked index. -
March 2010 Annual Report
TR Property Investment Trust plc –TR Property Investment Trust ReportMarch 2010 & Accounts for the year ended 31 TR Property Investment Trust plc Report & Accounts for the year ended 31 March 2010 TR Property Investment Trust plc is managed by This document is printed on Revive Silk of which 75% of the furnish is made from 100% de-inked post consumer waste. The remaining 25% being mill broke and virgin fibres. This paper is bleached using a combination of Totally Chlorine Free (TCF) and Elemental Chlorine Free (ECF). The manufacturing mill is accredited with the ISO 14001 standard for environmental management. TR Property Investment Trust plc Directors’ Review Accounts 1 Overview 62 Independent Auditors’ Report 2 Statement of Investment Objective and Policy 63 Group Income Statement 4 Financial Highlights and Performance 64 Group and Company Statement of Changes in Equity 5 Historical Performance 65 Group and Company Balance Sheets 6 Chairman’s Statement 66 Group and Company Cash Flow Statements 10 Managers’ Report – Market Background and Outlook 67 Notes to the Financial Statements 15 Ordinary Shares – Financial Highlights and Performance Shareholder Information 16 Ordinary Shares – Manager’s Report 89 Notice of Annual General Meeting 21 Ordinary Shares – Portfolio Details 93 Notice of Separate Class Meeting of Ordinary 27 Ordinary Shares – Income Statement Shareholders 28 Ordinary Shares – Balance Sheet 94 Notice of Separate Class Meeting of Sigma Shareholders 29 Sigma Shares – Financial Highlights and Performance 95 Explanation of -
Unlocking Potential What’S in This Report
Great Portland Estates plc Annual Report 2013 Unlocking potential What’s in this report 1. Overview 3. Financials 1 Who we are 68 Group income statement 2 What we do 68 Group statement of comprehensive income 4 How we deliver shareholder value 69 Group balance sheet 70 Group statement of cash flows 71 Group statement of changes in equity 72 Notes forming part of the Group financial statements 93 Independent auditor’s report 95 Wigmore Street, W1 94 Company balance sheet – UK GAAP See more on pages 16 and 17 95 Notes forming part of the Company financial statements 97 Company independent auditor’s report 2. Annual review 24 Chairman’s statement 4. Governance 25 Our market 100 Corporate governance 28 Valuation 113 Directors’ remuneration report 30 Investment management 128 Report of the directors 32 Development management 132 Directors’ responsibilities statement 34 Asset management 133 Analysis of ordinary shareholdings 36 Financial management 134 Notice of meeting 38 Joint ventures 39 Our financial results 5. Other information 42 Portfolio statistics 43 Our properties 136 Glossary 46 Board of Directors 137 Five year record 48 Our people 138 Financial calendar 52 Risk management 139 Shareholders’ information 56 Our approach to sustainability “Our focused business model and the disciplined execution of our strategic priorities has again delivered property and shareholder returns well ahead of our benchmarks. Martin Scicluna Chairman ” www.gpe.co.uk Great Portland Estates Annual Report 2013 Section 1 Overview Who we are Great Portland Estates is a central London property investment and development company owning over £2.3 billion of real estate. -
Annual Report & Accounts 2008
Big Yellow Group PLC Annual Report & Accounts 2008 20 Big Yellow Group PLC The best way for us to explain how we 2 The Deans, Bridge Road, Bagshot, Surrey GU19 5AT innovate and what we do for our customers, Tel: 01276 470190 Fax: 01276 470191 is to show you… e-mail: [email protected] 08 We are the innovative leaders in the UK self storage industry, Big providing individuals and businesses with an unrivalled PLC Group Yellow Annual Report & Accounts 2008 product – the best locations, the best quality facilities and Annual Report “the strongest Brand.” &Accounts Contents ifc Measuring Our Progress 02 Chairman’s Statement 06 Business Review 12 Financial Review 16 Portfolio Summary 17 Corporate Governance 22 Audit Committee Report 24 Corporate Social Responsibility Report 31 Directors’ Report 34 Remuneration Report 40 Officers and Professional Advisers 41 Biographies of Directors and Senior Management 42 Independent Auditors’ Report to the Members of Big Yellow Group PLC 43 Consolidated Income Statement 44 Consolidated Balance Sheet 45 Consolidated Statement of Recognised Income and Expense 46 Consolidated Cash Flow Statement Reconciliation of Net Cash Flow to Movement in Net Debt 47 Notes to the Financial Statements to be continued… 72 Independent Auditors’ Report to the Members of Big Yellow Group PLC 73 Company Balance Sheet bigyellow.co.uk 74 Company Cash Flow Statement Statement of Recognised Income and Expense 75 Notes to the Company Accounts 79 Five Year Summary bigyellow.co.uk Get some space in your life.™ ™ Big Yellow Group PLC -
Rare Long-Let Freehold Investment Opportunity INVESTMENT SUMMARY
26 DEAN STREET LONDON W1 Rare Long-Let Freehold Investment Opportunity INVESTMENT SUMMARY • Freehold. • Prominently positioned restaurant and ancillary building fronting Dean Street, one of Soho’s premier addresses. • Soho is renowned for being London’s most vibrant and dynamic sub-market in the West End due to its unrivalled amenity provisions and evolutionary nature. • Restaurant and ancillary accommodation totalling 2,325 sq ft (216.1 sq m) arranged over basement, ground and three uppers floors. • Single let to Leoni’s Quo Vadis Limited until 25 December 2034 (14.1 years to expiry). • Home to Quo Vadis, a historic Soho private members club and restaurant, founded almost a 100 years ago. • Restaurant t/a Barrafina’s flagship London restaurant, which has retained its Michelin star since awarded in 2013. • Total passing rent £77,100 per annum, which reflects an average rent of £33.16 per sq ft. • Next open market rent review December 2020. • No VAT applicable. Offers are invited in excess of £2,325,000 (Two Million Three Hundred and Twenty-Five Thousand Pounds), subject to contract. Pricing at this level reflects a net initial yield of 3.12% (after allowing for purchaser’s costs of 6.35%) and a capital value of £1,000 per sq ft. Canary Wharf The Shard The City London Eye South Bank Covent Garden Charing Cross Holborn Trafalgar Square Leicester Square Tottenham Court Road 26 DEAN Leicester Square STREET Soho Square Gardens Tottenham Court Road Western Ticket Hall Oxford Street London West End LOCATION & SITUATION Soho has long cemented its reputation as the excellent. -
COVERAGE LIST GEO Group, Inc
UNITED STATES: REIT/REOC cont’d. UNITED STATES: REIT/REOC cont’d. UNITED STATES: NON-TRADED REITS cont’d. COVERAGE LIST GEO Group, Inc. GEO Sabra Health Care REIT, Inc. SBRA KBS Strategic Opportunity REIT, Inc. Getty Realty Corp. GTY Saul Centers, Inc. BFS Landmark Apartment Trust, Inc. Gladstone Commercial Corporation GOOD Select Income REIT SIR Lightstone Value Plus Real Estate Investment Trust II, Inc. Gladstone Land Corporation LAND Senior Housing Properties Trust SNH Lightstone Value Plus Real Estate Investment Trust III, Inc. WINTER 2015/2016 • DEVELOPED & EMERGING MARKETS Global Healthcare REIT, Inc. GBCS Seritage Growth Properties SRG Lightstone Value Plus Real Estate Investment Trust, Inc. Global Net Lease, Inc. GNL Silver Bay Realty Trust Corp. SBY Moody National REIT I, Inc. Government Properties Income Trust GOV Simon Property Group, Inc. SPG Moody National REIT II, Inc. EUROPE | AFRICA | ASIA-PACIFIC | MIDDLE EAST | SOUTH AMERICA | NORTH AMERICA Gramercy Property Trust Inc. GPT SL Green Realty Corp. SLG MVP REIT, Inc. Gyrodyne, LLC GYRO SoTHERLY Hotels Inc. SOHO NetREIT, Inc. HCP, Inc. HCP Sovran Self Storage, Inc. SSS NorthStar Healthcare Income, Inc. UNITED KINGDOM cont’d. Healthcare Realty Trust Incorporated HR Spirit Realty Capital, Inc. SRC O’Donnell Strategic Industrial REIT, Inc. EUROPE Healthcare Trust of America, Inc. HTA St. Joe Company JOE Phillips Edison Grocery Center REIT I, Inc. GREECE: Athens Stock Exchange (ATH) AFI Development Plc AFRB Hersha Hospitality Trust HT STAG Industrial, Inc. STAG Phillips Edison Grocery Center REIT II, Inc. AUSTRIA: Vienna Stock Exchange (WBO) Babis Vovos International Construction S.A. VOVOS Alpha Pyrenees Trust Limited ALPH Highwoods Properties, Inc. -
Rathbone Income Fund Update March 2020
Rathbone Income Fund Update March 2020 So we come to the end of an extraordinary quarter. The Rathbone Income Fund fell back 26.2%, outperforming the IA Equity Income Sector, down 28.1%, but in line with the FTSE All-Share benchmark, midday to midday.* Unsurprisingly, the recent swathe of dividend deferrals and cancellations have also weighed on the sector … but more on this later. Our fund has succumbed to losses, which is never a nice experience, but there are three important silver linings: We are outperforming the sector, despite being hurt by our UK domestic exposure, which we had expected to come good after last year’s election; 3 months 6 months 1 year 3 years 5 years 10 years Rathbone -26.21% -23.02% -19.67% -18.45% -3.71% 77.90% Income Fund IA Equity -28.14% -23.00% -20.64% -17.56% -6.23% 54.82% Income Sector FTSE All -25.13%** -22.02% -18.45% -12.19% 2.89% 53.57% Share Index Source: FE Analytics, mid-price to mid-price; **this figure is from close of day to close of day, not midday to midday We are sitting on a decent cash pile (7.6% at period end), a war chest that we wish to put to good use; We have put through a 3% rise in our interim distribution. The biggest drags on our performance were Carnival (which has now been sold), Restaurant Group (which we have reduced), Bellway, Legal & General and Lloyds Banking Group. Carnival became an obvious high-profile casualty of the coronavirus pandemic, so we sold the shares ahead of its call to raise more debt and equity funding. -
Real Estate Quarterly Report
Real estate quarterly report Second quarter 2021 | July 2021 Kindly sponsored by Aberdeen Standard Investments Value hunters boost property Best performing companies in price terms in Q2 2021 The easing of lockdown restrictions throughout the Chg. on quarter saw property companies stage somewhat of a quarter (%) comeback from the depths of the pandemic, despite St Modwen Properties 37.5 ‘freedom day’ being delayed into July. Panther Securities 34.1 The potential for an economic bounce in the second half of the year is BMO Commercial Property 28.0 Trust growing and generalist real estate investment trusts (REITs), which own diverse portfolios, were popular among value investors. However, the Sirius Real Estate 24.5 share price of property companies focused on retail, leisure and Schroder REIT 22.3 hospitality fell as the final stage of the roadmap out of lockdown was pushed back by a month. There is still much uncertainty in the sector, not least with COVID cases Property sector performance* increasing and a fourth wave likely in the Autumn. This is reflected in Time period 31/12/20 to 30/06/21 the wide discounts to net asset values (NAVs) that some property 116 companies’ shares are still trading on. 113 110 107 In this issue 104 101 98 • Performance data – Property companies continued their Dec/20 Jan/21 Feb/21 Mar/21 Apr/21 May/21 Jun/21 revival this quarter as the vaccine rollout gathered pace Source: Bloomberg, Marten & Co. Note *: Average share price of listed property companies rebased to 100 • Corporate activity – St Modwen Properties was the subject of a £1.27bn private equity takeover bid Biggest property companies at • Major news stories – AEW UK REIT won a High Court legal battle to recovered unpaid rent during COVID end of Q2 2021 Market Chg. -
Marten & Co / Quoted Data Word Template
Monthly roundup | Real estate October 2019 Winners and losers in September Best performing companies in price terms in Sept Worst performing companies in price terms in Sept (%) (%) Capital & Regional 37.9 Countrywide (11.7) Hammerson 24.9 Town Centre Securities (7.2) NewRiver REIT 19.1 Aseana Properties (5.1) Inland Homes 15.8 Harworth Group (4.3) Capital & Counties Properties 14.8 Ediston Property Investment Company (4.0) British Land 14.7 GRIT Real Estate Income Group (3.7) Workspace Group 13.2 Daejan Holdings (3.5) Countryside Properties 12.3 Primary Health Properties (2.9) Triple Point Social Housing REIT 11.7 Big Yellow Group (2.9) U and I Group 11.1 Conygar Investment Company (2.6) Source: Bloomberg, Marten & Co Source: Bloomberg, Marten & Co Capital & Regional share price YTD The month of Countrywide share price YTD On the flip side, the September was a UK’s biggest estate 40 12 bumper month for agent group, 30 many property 8 Countrywide, which 20 companies’ share also owns a 4 10 price, dominated by commercial real 0 retail focused 0 estate consultancy, Jan FebMar Apr May Jun Jul Aug Sep Jan FebMar Apr May Jun Jul Aug Sep companies, who in was the worst Source: Bloomberg, Marten & Co general have taken a Source: Bloomberg, Marten & Co performing in hammering over the September. It is the past 18 months or so. Top of the list was Capital & Regional. second month in a row that it has been in the bottom 10 and Shares in the shopping centre landlord bounced after it in the year to date it is beaten only by Intu Properties as the announced it was in talks with South African REIT worst performing listed property company, losing 53.5%. -
Brutalism, Masterplans and Swinging London: Piccadilly Circus Reimagined 1957-1973
Brutalism, masterplans and Swinging London: Piccadilly Circus reimagined 1957-1973 David Gilbert Professor of Urban and Historical Geography Royal Holloway, University of London Bronwen Edwards Senior Lecturer in Built Environment Leeds Metropolitan University ESRC-AHRC Cultures of Consumption programme Shopping Routes: Networks of Fashion Consumption in London’s West End 1945-79 Department of Geography, Royal Holloway London College of Fashion, University of the Arts London Victoria and Albert Museum ‘Every decade has its city. During the shell-shocked 1940s thrusting New York led the way, and in the uneasy 50s it was the easy Rome of La Dolce Vita. Today it is London, a city steeped in tradition, seized by change, liberated by affluence … . In a decade dominated by youth, London has burst into bloom. It swings, it is the scene’ (Time April 15 1966: 32). Piazzadilly! Proposals for Piccadilly Circus: 1957-1974 • March 1957 LCC gave general approval to Monico proposals • October 1958 redevelopment plan for Piccadilly Circus by LCC • May 1960 Public Inquiry refused Monico Application • 1961, 1962, 1966 William Holford Plans • 1968 Westminster City Council and GLC issued new overall brief for developers in Piccadilly Circus. Public exhibition July 1968 • November 1968. Covent Garden Area Draft Plan GLC, City of Westminster and London Borough of Camden • March 1971 Publication of Westminster’s Aid to Pedestrian Movement proposals • 1972 Westminster City Council proposals • 1974 GLC announces policy of ‘least change’ • 1984 ‘Cosmetic’ urban improvements to traffic flow, street furniture etc. • Punch cartoon • ‘Chewing Gum House’. The furore over developer Jack Cotton’s 1950s plans. • ‘Colossal possibilities, demanding faith’: the metropolitan fantasies of comprehensive development. -
SRN Brochure
The Security & Resilience Network Reactive │Proactive │Adaptive Who We Are About Us Pioneered by London First, the Security & Re- Events silience Network is dedicated to helping Lon- don's private sector become more resilient to the growing number of social, physical and technological challenges that have developed Engagement Leadership within this global city. Exchange The Security & Resilience Network supports the view that resilience is not purely about reacting to crises and challeng- es but, rather, requires a proactive and adaptive approach. If The Security & Resilience businesses are to become truly resilient they need to improve Network their knowledge around potential threats and develop strate- gies and capabilities that will allow them not only to withstand shocks and stresses but also to emerge even stronger. London Intelligence Metropolitan Network That's where we come in… With London First representing companies that generate a quarter of London’s GDP, the Security and Resilience Net- work within London First is uniquely placed to help organisa- tions improve their security and resilience by collaborating with official government departments, police and law-en- forcement agencies to build stronger partnerships and learn from best practice. 2 The Network The Security & Resilience Network sits within the larger • Developing a series of events and activities that raise membership of London First, which is made up of 263 organi- awareness of social, physical, technological and opera- sations across the capital. Together, we are able to represent tional challenges to business and support dialogue with a broad base of London's businesses and effectively address public sector organisations. their concerns around security and resilience. -
Cultural Heart of London: the Economic Benefits of the West End
cultural heart of london The economic benefits of the West End and Heart of London Arts and Culture sector to the wider economy and the case for Covid-19 support October 2020 Important note This report was written during the summer of 2020, In addition we would like to stress that the scenario- in a period when the West End was recovering as the based, high level estimates of potential economic original Covid-19 restrictions were being slowly eased. impacts of the pandemic and resulting restrictions have As such, the analysis and the recommendations pre- been prepared based on a specific set of assumptions date the further restrictions on social gatherings and and for illustrative purposes only. They should not be workplaces that were put into place in September 2020. used for any reason other than reflection on the scale of challenges faced by the arts and culture sector in the Given the wider uncertainties on the spread of the West End. virus, and the range of scenarios that we investigated, it is our view that the analysis and conclusions of this Ove Arup and Partners report remain broadly valid in the light of the emerging September 2020 restrictions that are being put in place to mitigate a second wave. However, the authors would like to emphasise that recommendations that would encourage more workers and visitors to the Heart of London area should only be undertaken once it is safe and acceptable to do so, and in-line with contemporary government guidelines. Cover picture is owned by the London & Partners, Visit London 2 ForewordForeword The core of London’s West End has never faced Most obviously, if West End audiences do not return it a threat like the current one.