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The Midlands Investor Introduction

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The Midlands Investor Introduction ANNUAL REPOrt AND AccOUNTS 2019 Real Estate Investors Plc Annual Report and Accounts 2019 CGI of the new HS2 Curzon Street Station, Birmingham THE MIDLANDS INVESTOR INTRODUCTION REAL ESTATE INVESTORS PLC REI Plc is the UK’s only Midlands- focused, Birmingham-based REIT. Uniquely positioned in a regional economy that is enjoying a period of rebirth, the Company has built a diverse, attractive and well-occupied portfolio of mixed-use commercial assets, valued at £228.9 million. The Company operates a robust business model with a proven track record of delivering consistent returns. Contents Strategic Report Financial Statements At a Glance 1 Independent Auditor’s Report to the Our Progress 2 Members of Real Estate Investors Plc 41 Our Investment Proposition 4 Consolidated Statement of Simplified Debt 5 Comprehensive Income 45 Our Performance 6 Consolidated Statement of Changes in Equity 46 Delivering Returns 8 Company Statement of Changes in Equity 46 Property Report 9 Consolidated Statement of Financial Position 47 Our Business Model 12 Company Statement of Financial Position 48 “Another excellent set of results, Chairman’s & Chief Executive’s Review 14 Consolidated Statement of Cash Flows 49 reflecting the unique position of Our Region 16 Company Statement of Cash Flows 50 Our Portfolio 20 Notes to the Financial Statements 51 REI in a vibrant and transformational Business Model in Action 24 Our Advisers 71 Finance Director’s Report 28 regional economy. REI will benefit Principal Risks and Uncertainties 30 further from the emergence of Governance HS2 and the upcoming 2022 Board of Directors and Management 32 Commonwealth Games, both Corporate Governance Report 34 Directors’ Remuneration Report 38 of which will spearhead future Directors’ Report 40 prosperity for the Midlands.” Andy Street Mayor of the West Midlands AT A GLANCE The Company’s purpose is to be the best at strategic asset management and to provide the accommodation to allow others to socialise, live and work successfully, whilst growing income streams and improving Strategic Report capital values to maximise returns to its shareholders. Who we are REI Plc is a publicly quoted, internally managed property investment Company with a portfolio of approximately Governance 1.6 million sq ft of mixed-use commercial property in the Midlands region. Managed by a highly experienced property team with over 100 years of combined experience. The Company’s strategy is to invest in well located, real estate assets in the established and proven markets of the Midlands, with income and growth potential, realisable through active portfolio management, refurbishment, change Statements Financial of use and lettings. The portfolio has no material reliance on a single asset or occupier and is multi-sector diverse, reducing the Company’s exposure to any sector specific downturn. The Company aims to deliver capital growth and income enhancement from its assets, supporting its progressive dividend policy. Since the commencement of the policy in 2012, the fully covered and quarterly paid dividend has enjoyed 7 years of consecutive growth and has paid £29 million in dividend payments to shareholders. Management are fully aligned with over 6% holding in the Company and are committed to delivering a progressive dividend. Outlook for 2020 2020 will be dominated by recent events, in particular the spread of COVID-19 and the impact of this on the UK and “With a diversified property global economies. portfolio, an experienced REI’s conservative gearing and excellent banking relationships, combined with its experienced management management team and team who have a proven track record of operating in conservative gearing, we are moments of crisis, means it is well positioned to weather this storm, whilst protecting its staff and supporting occupiers well placed to navigate our through an extremely challenging period. way through the challenges presented by COVID-19.” Paul Bassi CBE D.Univ Chief Executive Real Estate INVestors Plc Annual Report and Accounts 2019 1 OUR PROGRESS ANOTHER YEAR OF PROGRESS As a Real Estate Investment Trust since 2015, we generate rental income and capital growth, with the intention of delivering a progressive dividend payment to our shareholders. Financial highlights • Underlying profit before tax* of £8.0 million (2018: £7.2 million) up 11.1% • Revenue to £16.6 million (2018: £15.6 million) up 6.4% • EPRA** EPS of 4.3p (2018: 3.9p) up 12.2% • EPRA** NAV per share of 67.4p (2018: 69.3p) • Total dividend per share for 2019 of 3.8125p (2018: 3.5625p) up 7% • NET LTV of 42.2% • Record low average cost of debt of 3.4% (2018: 3.7%), with 72% of the Company’s debt fixed • Like-for-like valuation £219.1 million (2018: £222.8 million) • Like-for-like rental income £16.9 million (2018: £17.0 million) Underlying profit before tax* Dividend per share £8.0m 3.8125p +11.1% +7.0 % EPRA EPS** Revenue 4.3p £16.6m +12 .2% +6.4% * Underlying profit before tax excludes profit/loss on revaluation and sale of properties and interest rate swaps ** EPRA = European Public Real Estate Association *** WAULT = Weighted Average Unexpired Lease Term 2 Real Estate INVestors Plc Annual Report and Accounts 2019 “2019 saw a solid performance from the business, despite an uncertain marketplace. The strategic acquisitions in H2 2019, along with our proactive approach to asset management across the portfolio has Strategic Report paid off with Underlying Profits, Contracted Rental Income and Gross Property Assets all increased.” Marcus Daly FCA Finance Director Governance Financial Statements Financial Operational highlights • Contracted rental income of £17.7 million Gross property assets (net of sales) (2018: £17.0 million) up 4.1% • Gross property assets of £228.9 million £228.9m (2018: £224.8 million) up 1.8% +1.8% • Completed 2 acquisitions in Leamington Spa for £9.25 million (net of costs) Contracted rental income • Expected post period disposal proceeds of £2.6 million from the sale of City Gate £17. 7m House, Leicester +4.1% • Active asset management with 280 occupiers and 53 assets with 53 lease events during Occupancy the period • Occupancy at 96.3% (2018: 96.1%) 96.3% • WAULT*** of 3.82 years to break and +0.2% 5.79 years to expiry (2018: 4.24 years to break and 6.24 years to expiry) Real Estate INVestors Plc Annual Report and Accounts 2019 3 OUR INVESTMENT PROPOSITION A ROBUST AND SCALABLE PLATFORM We aim to deliver capital growth and income enhancement through active asset management. Uniquely positioned in Internally Managed by Secure Financial an Emerging Economy: an Experienced Team: Structure: • Focused on the transformational and • Specialist internal asset management and • Prudent leverage providing certainty vibrant region of the Midlands investment teams and security • Fastest growing regional economy with • Over 100 years of combined property • Long-standing banking relationships 1.6% GVA growth in 2019 experience and access to capital • HS2 confirmed – promising further • Unparalleled market and regional • Multi-banked to avoid risk and take prosperity and home of 2022 knowledge with a privileged network advantage of competitive rates Commonwealth Games of external relationships • Low average cost of debt – 3.4% • UK’s number 1 regeneration hot spot • Excellent reputation amongst market • High proportion of the Company’s debt • Booming regional residential market participants fixed – 72% • Leading region for Foreign Direct • Management track record of successfully • Ability to execute quickly on deals Investment operating in periods of uncertainty due to available capital • Aligned management with 6.77% shareholding SEE PAGES 16–19 FOR MORE INFORMATION SEE PAGES 32 AND 33 FOR MORE INFORMATION SEE PAGE 5 FOR MORE INFORMATION Active Asset Diversified REIT with Progressive Management Structure: Regional Portfolio: Covered Dividend: • Acquisitions at attractive initial yields • Multi-sector diversification • On 1st January 2015, REI Plc converted • Value creation through rent reviews, lease • Deliberate strategy to focus on to a Real Estate Investment Trust (”REIT“) renewals, lettings, change of use resilient subsectors, mitigating risk • Real Estate Investment Trusts are listed • Realising permitted development value • No material reliance on any single property investment companies not liable from within existing portfolio occupier or asset to corporation tax on their rental income or capital gains from their qualifying • Disposals at/above book value when • Geographically focused in a region activities asset management initiatives have been where management have expertise • A REIT must pay out 90% of its taxable completed • Strong tenant covenants profits as dividends • Capital recycled into value-add • Robust occupancy rates opportunities • Dividend policy commenced in 2012 and has enjoyed 7 years of consecutive • Capacity to grow portfolio further growth with existing cost structure • Dividend fully covered by EPRA earnings • Paid quarterly to shareholders SEE PAGES 26 AND 27 FOR MORE INFORMATION SEE PAGES 20–23 FOR MORE INFORMATION SEE PAGE 8 FOR MORE INFORMATION 4 Real Estate INVestors Plc Annual Report and Accounts 2019 SIMPLIFIED DEBT Strategic Report Governance Net Debt at Debt Structure at 3.4% 31 December 2019 (£m) 31 December 2019 (%) Average cost of debt 31 Dec 31 Dec lowered to 3.4% at 2019 2018 31 December 2019 Net debt £m £m Floating (2018: 3.7%) Borrowings 105.2 98.8 Statements Financial Cash (10.1) (10.8) 95.1 88.0 28% 42.2% Property net LTV Debt Maturity
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