Resultados del semestre finalizado el 31 de diciembre de 2023
The following amendment has been made to the 'Results for the half year ended 31 December 2023' announcement released on 27 February 2024 at 7.00am under RNS No 5237E.
Note 19 of the financial statements has been corrected to state that "on 8 February 2024, the Board declared an interim dividend of 1.425pps in respect of the period from 1 October 2023 to 31 December 2023." The date of the interim dividend declaration in the Post balance sheet highlights has also been corrected to 8 February 2024.
Todos los demás detalles permanecen sin cambios.
El texto completo enmendado se muestra a continuación.
LA INFORMACIÓN CONTENIDA EN ESTE ANUNCIO ESTÁ RESTRINGIDA Y NO ES PARA PUBLICACIÓN, DIVULGACIÓN O DISTRIBUCIÓN EN LOS ESTADOS UNIDOS DE AMÉRICA, CUALQUIER ESTADO MIEMBRO DEL ÁREA ECONÓMICA EUROPEA, CANADÁ, AUSTRALIA, JAPÓN O LA REPÚBLICA DE SUDÁFRICA.
27 de febrero de 2024
Renta alternativa REIT plc
(el "Empresa" o la "Grupo procesos")
INTERIM REPORT AND FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2023 (the "Period")
On track to deliver target annual dividend of at least 5.9 pence per share for the financial year ending 30 June 2024
Cartera resistente y bien situada para seguir proporcionando ingresos seguros indexados con potencial de crecimiento del capital.
The Board of Directors of Alternative Income REIT plc (ticker: AIRE), the owner of a diversified portfolio of UK commercial property assets predominantly let on long leases with index-linked rent reviews, is pleased to announce its interim report and financial statements for the half year ended 31 December 2023 (the Period).
Simon Bennett, Non-Executive Chairman of Alternative Income REIT plc, comments:
"The Group completed the disposal of its hotel in Glasgow, generating proceeds of £7.5 million in August 2023, representing a 7.9% premium to its fair value as at 30 June 2023, and in December 2023 we completed the acquisition of the Virgin Active in Ockley Road, Streatham for £5.5 million (gross of acquisition costs). The Group is looking into reinvesting las remaining proceeds in another property in Q1 2024.
The Board has set an annual dividend target of at least 5.9 pence per share A ("pps") for the year ending 30 June 2024 (year ended 30 June 2023: 5.7pps), which is expected to be fully covered, subject to the reinvestment of the Glasgow sale proceeds as anticipated and the continued collection of rent from the Group's property portfolio as it falls due.
The Group's contracted annualised rent grew by 2.9% in the Period predominantly because of the index-linked rent reviews in Birmingham, Salford, Sittingbourne, Brough and Solihull, and after taking account of the rent-free incentive period for Pets at Home in Droitwich. Nearly all the leases within the portfolio are index-linked (95.8%), with 35.9% of this rental income reviewed annually.
At 31 December 2023, the Group owned 19 properties valued at £103.3 million (30 de junio de 2023: £107.0 millones). On a like-for-like basis, the Company's property values decreased by £1.9 million or 1.9%. The largest falls in value were in the residential, leisure and retail warehouse sectors.
At 31 diciembre 2023, the Group's unaudited Net Asset Value was £65.7 million, or 81.62pps (30 June 2023: £67.8 million, or 84.16pps), representing a 3.0% decrease over the Period. When combined with the two interim dividends paid in the Period of 3.35pps, this produced an unaudited NAV total return for the Period of 1.0%. A la inversa, following a substantial narrowing of the discount, the share price increased substantially by 10.5% to 71.50pps and the share price total return for the Period was 15.7%.
The Group's portfolio is relatively insulated from market fluctuations, benefiting from being 100% let and with 100% collection of rent due. In addition, the Group benefits from low fixed borrowing costs. Combining these factors provides a secure and growing rental income stream.
The Board remains confident that the Company is well-positioned for the future, with a portfolio that continues to deliver secure, index-linked income and has the potential for capital growth as the property market recovers."
Finanzas Destacados
At 31 December 2023 (the "Period End")
| 31 de diciembre 2023 (No auditado) | 30 de junio de 2023 (auditado) |
Cambios |
Valor liquidativo ('NAV') | EUR 65.7 millones | EUR 67.8 millones | - 3.0% |
NAV por acción | 81.62p | 84.16p | - 3.0% |
Compartir precio por acción | 71.50p | 64.70p | + 10.5% |
Descuento del precio de la acción al valor liquidativo B | 12.4% | 23.1% | - 10.7% |
Investment property fair value (based on external valuation) | EUR 103.3 millones D | EUR 107.0 millones D | - 3.5% |
Loan to gross asset value ('GAV') antes de Cristo | 37.5% | 36.8% | |
Facilidad de préstamo C | EUR 41.0 millones | EUR 41.0 millones | - |
For the half year ended 31 December (el período")
| 2023 (No auditado) | 2022 (No auditado) | Cambios |
EPRA ganancias por share ('EPS') B | 2.75p | 3.45p | - 20.3% |
EPS ajustado B | 2.96p | 3.35p | - 11.6% |
Dividendos totales por acción | 2.85p | 2.75p | + 3.6% |
Cobertura de dividendos B | 103.9% | 121.8% | - 17.9% |
Dividend yield (annualised) B | 8.3% | 8.3% |
|
Funcionamiento beneficio (including gain on sale of investment property but excluding fair value changes) | EUR 3.5 millones | EUR 3.5 millones | - |
Beneficio / (pérdida) antes de impuestos | EUR 0.6 millones | (£ 7.3 millones) | + 108.8% |
EPS/(loss per share) | 0.80p | (9.08p) | + 108.8% |
Rentabilidad total del precio de la acción B | 15.69% | (15.4%) | |
Rentabilidad total NAV B | 0.96% | (9.6%) | |
Annualised gross passing rent | EUR 7.7 millones | EUR 7.5 millones | + 2.7% |
Gastos corrientes (annualised) B | 1.46% | 1.42% | + 4 pb |
· The NAV decreased in aggregate by £2.1 million to £65.7 million, equivalent to 81.62pps as of 31 December 2023. The decrease was primarily due to the £1.9 million (1.9%) reduction in the fair value of the investment properties which were impacted by the upward yield movement seen across the wider UK real estate sector, driven primarily by increases in interest rates and inflation during the year.
· Dividends declared in respect of the Period totalled 2.85pps, a 3.6% increase compared to half year ended 31 December 2022 and in line with the Board's target annual dividend of at least 5.9pps A, cual is expected to be fully covered. Dividends in respect of the Period were covered 103.9% by earnings.
· Rentabilidad por dividendo B of 8.3% is unchanged when compared to the prior Period reflecting the increase of both the dividend and the share price.
· The Company's share price of 71.5p at the Period end represents a 10.5% increase during the Period, reflecting the substantial narrowing of the Company's discount (to NAV) from 23.1% to 12.4%.
· EPS amounted to a profit of 0.80pps for the Period. The increase is largely due to a £7.9 million improvement in the fair value of the investment properties.
· The Group's loan matures in October 2025 and is fixed at a weighted average interest cost of 3.19%. Loan to GAV of 37.5% and interest cover ratio of 571% gives significant headroom on the lender's loan to value covenant of 60% and an interest cover covenant of 250%.
A Este es solo un objetivo y no una previsión de beneficios. No puede haber garantía de que se logre el objetivo y no debe tomarse como un indicador de los resultados esperados o reales de la Compañía.
B Considered to be an Alternative Performance Measure. Further details can be found at the end of this section and full calculations are set out following the financial statements.
C The loan facility at 31 December 2023 of £41 million (30 June 2023: same) is with Canada Life Investments, matures on 20 October 2025 and has a weighted average interest cost of 3.19%.
D On a like-for-like basis, the fair value of the properties decreased by £1.9 million or 1.9% during the Period.
Aspectos operacionales destacados
At the Group's Period End of 31 December 2023:
· The Group's property portfolio had a fair value of £103.3 million across 19 properties (30 June 2023: £107.0 million across 19 properties).
· Completion of the disposal of a hotel in Glasgow for £7.5 million in August 2023 at a 7.9% premium to its fair value.
· Acquisition of the Virgin Active in Ockley Road, Streatham for £5.5 million (gross of acquisition costs) in December 2023, the proceeds of which are expected to be reinvested in another property during Q1 2024.
· Rendimiento inicial neto EPRA A ('NIY') reached 6.9% (30 June 2023: 6.6%).
· 95.8% of the Group's income is index-linked to the Retail Price Index ('RPI') or the Consumer Price Index ('CPI'); 35.9% is reviewed annually.
· The assets were 100% let at the Period End and throughout the Period.
· The weighted average unexpired lease term ('WAULT') at the Period End was 16.6 years to the earlier of break and expiry (30 June 2023:17.0 years) and 18.5 years to expiry (30 June 2023: 18.9 years).
Income and expense during the Period
· Rent recognised during the Period was £3.5 million (half year to 31 December 2022: £3.9 million), of which £0.2 million (31 December 2022: £0.3 million) related to accrued debtors for the combination of minimum uplifts and rent-free period. The slight decline in rent recognised is predominantly accounted for by the timing difference between the sale of the Glasgow hotel in August 2023 and the re-investment of part of the proceeds in Virgin Active in Streatham, which was completed in December 2023. The number of tenants at the half year was 22 (31 December 2022: 21).
· Todos of the rent due during the Period has been collected.
· The portfolio had annualised gross passing rent of £7.7 million across 19 properties (31 December 2022: £7.5 million across 19 properties).
· Ongoing charges (annualised) at the Period end was 1.46% a slight increase from the comparable prior period (31 December 2022: 1.42%).
Post balance sheet highlights
· On 8 February 2024, the Board declared an interim dividend of 1.425pps in respect of the quarter ended 31 December 2023. This will be paid on 1 March 2024 to shareholders on the register at 16 February 2024. The ex-dividend date was 15 February 2024.
· As explained in the Chairman's Statement, the Board has undertaken a review of the Group's investment advisory arrangements. This review included proposals from select third party investment managers with the relevant property expertise. Following this, on 26 February 2024 the Board approved the appointment of Martley Capital Real Estate Investment Management Limited (Martley Capital) as the Group's Investment Adviser, subject to final regulatory approvals. The Martley Capital Group (of which Martley Capital is a subsidiary) launched in December 2023 as a new venture whereby key members of the current advisory team at M7 Real Estate will continue to service the Group as part of the Martley Capital team. The appointment of Martley Capital was by way of a deed of novation of the Group's investment advisory agreement (and subsequent minor changes thereto) leaving the parties on substantially the same terms and at an unchanged fee.
· In the next six-month period to 30 June 2024, 18.8% of the Group's income will be reviewed (Digital XNUMXk índice anual-linked alquiler críticas y dos revisiones periódicas de alquiler indexadas (5 years since the previous reviews)).
CONSULTAS
Renta alternativa REIT plc |
|
Simon Bennett - Presidente | a través de H/Advisors Maitland a continuación |
M7 Bienes Raíces Ltda. ricardo croft jane bloré | 44 0 20 3657 5500 |
Panmure Gordon (Reino Unido) Limited | 44 0 20 7886 2500 |
Alex Collins | |
tom scrivens | |
H/Asesores Maitland (Asesor de Comunicaciones) | 44 + (0) 7747 113 930 |
James benjamin | |
Rachel cohen |
El LEI de la empresa es 213800MPBIJS12Q88F71.
Más información sobre la Renta Alternativa REIT plc está disponible en www.ingresosalternativosreit.com 1
NOTAS
Alternative Income REIT PLC aims to generate a sustainable, secure and attractive income return for shareholders from a diversified portfolio of UK property investments, predominately in alternative and specialist sectors. The majority of the assets in the Group's portfolio are let on long leases which contain index linked rent review provisions.
The Company's asset manager is M7 Real Estate Limited ("M7"). M7 is a leading specialist in the pan-European, regional, multi-tenanted real estate market. It has over 215 employees in 14 countries and territories. The team manages over 600 assets with a value of circa ?6.9 billion (at 30 September 2023).
1 Ni el contenido del sitio web de la Compañía, ni el contenido de ningún sitio web accesible desde hipervínculos en su sitio web o en cualquier otro sitio web, se incorpora a este anuncio ni forma parte de él ni, a menos que se haya publicado previamente en un Servicio de información reglamentaria, en caso de que tal se debe confiar en el contenido para tomar una decisión sobre si adquirir o no, continuar manteniendo o enajenar valores en la Compañía.
Declaración del presidente
General
I am pleased to present the unaudited half-yearly report of Alternative Income REIT plc (the Company) together with its subsidiaries (the Group) for the half year ended 31 December 2023.
During the period under review the Company's portfolio was not immune to the sector wide downward movement in valuations and for the half year ended 31 December 2023 the Group's net asset value fell by £2.1 million to £65.7 million (30 June 2023: £67.8 million). That said, our portfolio has shown some resilience as the valuation fall has, in the main part, been materially lower than the benchmark property indices and the Company's peer group.
95.8% of the Group's portfolio benefits from index-linked rent reviews, 35.9% on an annual basis. Combining this with a strong balance sheet, modest overheads and low fixed borrowing costs until 2025, helps ensure that the Company is well positioned to ride-out the current economic storm and to continue to deliver attractive, secure and progressive income to our shareholders. The biggest risk factor for the Group remains tenant default, although the Group has an excellent record of rent collection in recent years.
Rendimiento de cartera
The fair value of the Group's property portfolio amounted to £103.3 million across 19 properties (30 June 2023: £107.0 million across 19 properties). On a like for like basis, the Company's property values decreased by £1.9 million or 1.8% for the half year ended 31 December 2023. The portfolio had a net initial yield of 6.9% at 31 December 2023 (30 June 2023: 6.6%), y a WAULT to the first break of 16.6 years (30 June 2023: 17.0 years) and a WAULT to expiry of 18.5 years (30 June 2023: 18.9 years).
Transacciones de propiedad
On 8 August 2023, the Company completed the sale of the Mercure City Hotel, Ingram Street, Glasgow, for a total consideration of £7.5 million to the current tenant, S Hotels & Resorts (UK) Limited. This property represented 6.5% of the Group's portfolio capital valuation at 30 June 2023. The disposal represented a 7.9% premium above the book value at 30 June 2023 and a net exit yield of 8.9%. The sale proceeds are being reinvested, firstly, through the acquisition of the Virgin Active in Ockley Road, Streatham for £5.5 million (gross of acquisition costs) with the transaction completed on 18 Diciembre 2023 y the Group is looking to reinvest the remaining proceeds in another property by the end of March 2024.
Dividends & Earnings
The Company declared increased interim dividends totalling 2.85pps in respect of the half year ended 31 December 2023 (half year ended 31 December 2022: 2.75pps). Dividends declared for the Period are in line with the Board's target annual dividend of at least 5.9pps A, cual is expected to be fully covered.
As set out in Note 8 to the Condensed Consolidated Financial Statements, these dividends were marginally uncovered by the Group's EPRA Earnings B of 2.75pps (31 December 2022: 3.45pps), but were well covered by the Group's Adjusted EPS B (representing cash) of 2.96pps (31 December 2022: 3.35pps). All dividends were paid as Property Income Distributions.
Financiación
At 31 December 2023, the Group had fully utilised its £41 million loan facility with Canada Life Investments. The weighted average interest cost of the Group's facility is 3.19% and the loan is repayable on 20 October 2025.
El descuento
The discount of the Company's share price to NAV at 31 December 2023 reduced to 12.4% from 23.1% at 30 June 2023. The Board monitored the discount level throughout the Period and has the requisite authority from shareholders to both issue and buy back shares.
Cambio de asesor de inversiones
The Board has undertaken a review of the Group's investment advisory arrangements. This review included proposals from select third party investment managers with the relevant property expertise. Following this, on 26 February 2024 the Board approved the appointment of Martley Capital Real Estate Investment Management Limited (Martley Capital) as the Group's Investment Adviser, subject to final regulatory approvals. The Martley Capital Group (of which Martley Capital is a subsidiary) launched in December 2023 as a new venture whereby key members of the current advisory team at M7 Real Estate will continue to service the Group as part of the Martley Capital team. The appointment of Martley Capital was by way of a deed of novation of the Group's investment advisory agreement (and subsequent minor changes thereto) leaving the parties on substantially the same terms and at an unchanged fee.
Precio sin IVAce their appointment to the role in May 2020, M7 have played a valuable supporting role as the Company has undergone significant transition from its original Investment Manager and Board who led the IPO in 2017. The current Board of Directors wishes to express its gratitude to M7 for their service to the Company and look forward to working with Martley Capital.
Ambiental, Social y Gobernanza ("ESG")
The Board recognises the importance of ESG to sustainable investment and to the wider business and investor community. In order to meet these expectations, the Group's Investment Adviser has adopted strategies to maintain a conscientious approach to ESG in respect of the Group's property portfolio. During 2023, the Group focused on sustainability and following consultations with its occupiers, 11 EPCs have been improved from their previous levels. The Board will continue to maintain its focus on this area and will continue to seek opportunities to reduce the Group's carbon footprint.
Crecimiento futuro y perspectiva
The Board remains confident that the Company is well-positioned for the future, with a resilient portfolio well-placed to continue to provide secure, index-linked income with the potential for capital growth.
The Board has set an annual dividend target of at least 5.9 pence per share A ("pps") for the year ending 30 June 2024 (year ended 30 June 2023: 5.7pps), which is expected to be fully covered, subject to the reinvestment of the Glasgow sale proceeds as anticipated and the continued collection of rent from the Group's property portfolio as it falls due. During the next 6 months until the end of the financial year, approximately 18.8% of the Group's income will be subject to rent reviews, 15.7% as annual index-linked rent reviews and the remaining 3.1% being periodic five-yearly index-linked rent reviews.
I would like to thank our shareholders, my fellow Directors, the Investment Adviser and our other advisers and service providers who have provided professional support and services to the Group during the Period.
Simón Bennett
Presidente
26 febrero 2024
Key Performance Indicators ('KPIs')
KPI Y DEFINICIÓN | RELEVANCIA A ESTRATEGIA | ACTUACIÓN |
1. Net Initial Yield ('NIY') B Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with purchasers' costs estimated by the Group's External Valuers.
|
The NIY is an indicator of the ability of the Group to meet its target dividend after adjusting for the impacts of leverage and deducting operating costs.
|
6.94% al 31 de diciembre de 2023
(30 June 2023: 6.58%; 31 December 2022: 6.47%)
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2. Weighted Average Unexpired Lease Term ('WAULT') to break and expiry The average lease term remaining to expiry across the portfolio, weighted by contracted rent.
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The WAULT is a key measure of the quality of the portfolio. Long leases underpin the security of our future income. |
16.6 years to break and 18.5 years to expiry al 31 de diciembre de 2023
(30 de junio de 2023: 17.0 años a romper y séptima años a expiry; 31 December 2022: 17.0 años a romper y 18.8 años a expiry)
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3. Net Asset Value ('NAV') per share 1 NAV is the value of an entity's assets minus the value of its liabilities.
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Provides stakeholders with the most relevant information on the fair value of the assets and liabilities of the Group. |
£65.70million/ 81.62pps al 31 de diciembre de 2023
(30 June 2023: £67.75 million, 84.16 pps and 31 December 2022: £67.90 million, 84.34pps)
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4. Dividend per share Dividends declared in relation to the period are in line with the stated dividend target as set out in the Prospectus at IPO. The Board's intention is to ensure an increasing dividend in line with the Company's Investment Objective. A target dividend for the year ended 30 June 2024 has been set at 5.9 pence per Ordinary Share.
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The Group seeks to deliver a sustainable income stream from its portfolio, which it distributes as dividends. |
2.85 pps por el semestre terminado el 31 de diciembre de 2023
(year ended 30 June 2023: 6.045pps; half year ended 31 December 2022: 2.75pps)
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5. Adjusted EPS B Adjusted EPS from core operational activities, as adjusted for non-cash items. A key measure of a company's underlying operating results from its property rental business and an indication of the extent to which current dividend payments are supported by earnings. See Note 8 to the Condensed Consolidated Financial Statements.
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This reflects the Group's ability to generate earnings from the portfolio which underpins dividends. |
2.96 pps por el semestre terminado el 31 de diciembre de 2023
(year ended 30 June 2023: 6.43pps; half year to 31 December 2022: 3.35pps)
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6. Leverage (Loan-to-GAV) B La proporción de las Del grupo activos that is funded by préstamos
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La Grupo procesos utiliza préstamos a enhance returns Más de the medium term. Préstamos no exceden 40% of Gav (Medido at reducción). |
37.49% al 31 de diciembre de 2023
(30 de junio de 2023: 36.76% and 31 December 2022: 36.78%)
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B Considered to be an Alternative Performance Measure. Further details can be found at the end of this section and full calculations are set out following the financial statements.
Medidas de desempeño de EPRA
Detailed below is a summary table showing EPRA performance measures (which are all alternative performance measures) of the Group.
MEASURE AND DEFINITION | PROPÓSITO | ACTUACIÓN |
EPRA NIY 1 Ingresos por alquiler anualizados basados en los alquileres en efectivo que pasan a la fecha del balance general, menos los gastos operativos de la propiedad no recuperables, divididos por el valor de mercado de la propiedad, aumentados con los costos (estimados) de los compradores.
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A comparable measure for portfolio valuations. This measure should make it easier for investors to judge themselves, how the valuation of two portfolios compare. |
6.94% al 31 de diciembre de 2023
(30 de junio de 2023: 6.58% and 31 December 2022: 6.47%)
|
EPRA 'Topped-Up' NIY 1 Esta medida incorpora un ajuste a la EPRA NIY con respecto al vencimiento de los períodos libres de alquiler (u otros incentivos de arrendamiento no vencidos, como períodos de alquiler con descuento y rentas escalonadas).
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A comparable measure for portfolio valuations. This measure should make it easier for investors to judge themselves, how the valuation of two portfolios compare. |
7.31% al 31 de diciembre de 2023 (30 de junio de 2023: 7.08% and 31 December 2022: 7.08%)
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EPRA NAV 2 Net asset value adjusted to include properties and other investment interests at fair value and to exclude certain items not expected to crystallise in a long-term investment property business.
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Makes adjustments to IFRS NAV to provide stakeholders with the most relevant information on the fair value of the assets and liabilities within a real estate investment company with a long-term investment strategy. |
£65.70million/ 81.62pps al 31 de diciembre de 2023
(30 June 2023: £67.75million, 84.16pps and 31 December 2022: 67.90 million, 84.34pps) |
Valor neto de restablecimiento de EPRA 2 The EPRA NRV adds back the purchasers' costs deducted from the EPRA NAV and deducts the break cost of bank borrowings. |
Una medida que destaca el valor de los activos netos a largo plazo.
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£72.42 million/ 89.96pps EPRA NRV for the half year ended 31 December 2023
(30 June 2023: £74.71 million/92.80pps and 31 December 2022: £74.88 million/93.02pps)
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Activos tangibles netos EPRA 2 The EPRA NTA deducts the break cost of bank borrowings from the EPRA NAV.
As break costs were nil at the period end, the EPRA NTA is the same as the EPRA NAV.
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A measure that assumes entities buy and sell assets, thereby crystallising certain levels of deferred tax liability. The Group has UK REIT status and as such no deferred tax is required to be recognised in the accounts. |
£65.70million/ 81.62pps EPRA NTA for the half year ended 31 December 2023
(30 June 2023: £67.75 million/84.16pps and 31 December 2022: £67.90 million/84.34pps) |
Valor neto de disposición de EPRA 2 The EPRA NDV deducts the break cost of bank borrowings from the EPRA NAV. |
Una medida que muestra el valor para el accionista si los activos y pasivos no se mantienen hasta el vencimiento. |
£65.70million/ 81.62pps EPRA NDV for the half year ended 31 December 2023
(30 June 2023: £67.75 million/84.16 pps and 31 December 2022: £67.90 million/84.34pps)
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EPRA Earnings/EPS 2 Ganancias en operational activities. |
Una medida clave de los resultados operativos subyacentes de una empresa y una indicación del grado en que los pagos de dividendos actuales están respaldados por las ganancias. |
£2.21 million/ 2.75pps EPRA earnings for the half year ended 31 December 2023
(30 de junio de 2023: £5.43 millón/ 6.75 pps and 31 December 2022: £2.78 million/3.45pps)
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EPRA Vacancy 1 Estimated Rental Value ('ERV') of vacant space divided by ERV of the whole portfolio.
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Una medida porcentual 'pura' de espacio de propiedad de inversión que está vacante, basada en ERV. |
0.00% EPRA vacancy as at 31 December 2023
(30 de junio de 2023: 0.00% and 31 December 2022: 0.00%)
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Relación de costes EPRA 1 Los costos administrativos y operativos (incluidos y excluidos los costos de vacante directa) divididos por los ingresos brutos por alquiler. |
Una medida clave para permitir una medición significativa de los cambios en los costos operativos de una empresa. |
16.35% EPRA Cost Ratio as at 31 December 2023. The ratio is the same both including and excluding the vacancy costs.
(30 de junio de 2023: 15.23% and 31 December 2022: 15.17%)
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1 The reconciliation of this APM is set out in the EPRA Performance Measures Calculations section following the Notes to the Condensed Consolidated Financial Statements.
2 The reconciliation of this APM is set out in Note 8 of the Notes to the Condensed Consolidated Financial Statements.
Informe del asesor de inversiones
Perspectivas del mercado
Perspectivas económicas del Reino Unido
Despite lingering inflation concerns, the UK economic outlook has cautiously brightened since June, with interest rate stability replacing rapid hikes and energy prices easing, offering hope for a moderate, inflation-dampened recovery.
The August 2023 Bank of England base rate increase to 5.25% was the 14th consecutive hike in as many Monetary Policy Committee meetings and took rates to a 15-year high with a cumulative interest rate rise of 5.15%. This represents the fastest and largest rise in rates since the late 1980s and is a response to the fastest and largest rise in inflation since the early 1980s. The outlook for 2024 is unclear, as the Bank of England attempts to navigate both high inflation and a potential recession, with decisions further influenced by global currents in the background. Financial markets anticipate a potential trajectory towards cuts in the latter half, potentially reaching as low as 4% by year-end, while the Bank of England itself has adopted a cautious approach, opting not to commit to a specific timeline, but emphasising the likelihood of sustained high rates "for a prolonged period". The impact on commercial property of this rapid change in the interest rate environment is considered further below.
Some consider the UK to have narrowly avoided recession in 2023 based on the third quarter data, particularly the International Monetary Fund (IMF) and the Office for Budget Responsibility (OBR). Others, including the Bank of England, remain more cautious and emphasise the need to wait for the fourth quarter data before reaching a definitive conclusion.
As of 1 January 2024, the UK energy price cap rose by 5% to £1,928 per year. However, this still marks a significant drop from the October 2022 cap that would have been almost £1,600 higher. While bills remain roughly 51% higher than winter 2021/22 levels, there's cautious optimism due to falling wholesale prices, with predictions of a £100 drop in the price cap later this year. After peaking at 191.5p/litre in July 2022, UK petrol prices plummeted to a low of 143.6p/litre in August 2023, only to climb back to around 158p/litre by January 2024, still 10% above pre-pandemic levels. Overall, the UK's energy price landscape remains fluid, balancing recent decreases with ongoing concerns about future affordability.
The principal risks to the UK economy appear to be from continued high inflation, which while trending downwards, could still dent consumer confidence and business investment. After plunging 2.2% in the first half of 2023, UK disposable income eked out a modest 0.3% gain in the second half, offering a glimmer of hope amidst ongoing cost-of-living pressures. The Bank of England's latest inflation forecasts for 2024 offer further hope, predicting a dramatic decline from the 11.1% peak in October 2022 and estimate inflation will slide to 3.0% by Q1 2025, and even further to 2.3% by Q1 2026.
UK Real Estate Outlook
The year 2024 unfolds with a challenging economic backdrop, casting a shadow over the UK's commercial property landscape. The initial ripples of rising inflation and interest rates have disturbed the investment market, particularly impacting income returns and asset values. While the occupier market remains less immediately affected, it too will eventually feel the unwelcome embrace of any potential recession. In the investment arena, lower rental growth expectations and the shift towards income-driven returns have put pressure on yields, especially in sectors like industrials and warehouses. This has translated into reduced value and return for property investors, particularly those burdened with debt facing increased servicing costs.
While 2023 offered glimpses of stabilisation, 2024 promises a more active transformation for the UK's commercial property market, guided by CBRE's insightful 2024 outlook. The key conclusions of which included:
· Narrowing Yield Gaps: The abnormally widespread between property yields and government bonds, a hangover from post-crisis quantitative easing, will tighten this year. CBRE predicts a measured market, prioritising capital preservation and secure income.
· Income Reigns Supreme: The pursuit of capital growth takes a back seat as investors shift focus towards maximising rental income. Skilful asset management, optimising rental streams, will become a key differentiator for success.
· Portfolio Realignment: As other asset classes shift performance, expect institutions to strategically adjust their holdings. CBRE foresees a dynamic year of portfolio rebalancing, driven by a search for optimal risk-adjusted returns.
· A Calmer Deal Flow: Transaction volumes are expected to decline, reflecting a cautious market. However, this slowdown's impact will be muted for established portfolios, which should offer relative stability amidst the changing tide.
· Debt Market Resilience: Despite lower asset values, CBRE maintains that the UK real estate market, currently less leveraged than in 2008, will demonstrate continued debt market resilience. However, refinancing will present challenges for some, potentially leading to forced sales, particularly for highly leveraged investors or those holding sub-prime assets.
2023's first half saw UK real estate take a rough tumble, whilst the second half witnessed a softer landing. Capital values across all sectors dipped 3.9%, led by a 9% plunge in industrial and warehouse sectors due to dampened rental growth expectations. Retail found some footing, while offices continued to face downward pressure. London bucked the trend with more subdued declines, while Northern England felt the bite most acutely. As 2024 dawns, the market hangs in a delicate balance, stabilised but still wary of the headwinds blowing from the challenging economic environment.
In our opinion, as a further consideration, we see no let-up in the value placed by both occupiers and investors on assets and portfolios meeting sustainability criteria, as global warming is increasingly being seen to impact upon our climate. Furthermore, more mandatory disclosure requirements are to be introduced in the UK and high energy prices will incentivise investment by reducing the payback period of energy saving measures.
While UK REITs took a tumble in 2022, they are now showing signs of bouncing back. Since October 2023, the FTSE 350 REIT index, a key marker for the sector, has climbed roughly 10%. This upswing likely stems from easing interest rates, improving rental growth in specific sectors, and cautious optimism that the economic slump might be nearing its end. Investors will be considering that improvements in listed property prices may act as an indicator of change in market traded values.
Actividad de cartera
The following asset management initiatives were undertaken during the Period:
· Rent Reviews: A total of five rent reviews took place during the Period with a combined uplift of £197,401 representing an average of 8.87% growth in contracted rent across those properties affected and 2.90% across the portfolio, on a like-for-like basis.
· Negotiations are in progress with many of the tenants including Meridian Steel, Hoddesdon Energy, Dore Metals and BGEN in respect of lease regears and renewals. The Company, worked with occupiers, to improve the environmental sustainability of the portfolio and carried out three EPCs, improving the weighted average for the fund to C52 at no capital cost to the Company.
The following asset management initiatives were undertaken between the half year and the date of this report:
· The rent review for the care home in Bristol was completed at £473,906 per annum reflecting an increase of 4%.
Movimientos NAV
Medio año terminado 31 de diciembre 2023 | Medio año terminado 31 de diciembre 2022 | Año terminado 30 de junio de 2023 | ||||
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Peniques por acción | Millones de libras | Peniques por comparte | Millones de libras | Peniques por comparte | Millones de libras | |
NAV at beginning of period/ year | 84.16 | 67.75 | 96.40 | 77.60 | 96.40 | 77.60 |
Cambio en el valor razonable de la propiedad de inversión | (2.70) | (2.17) | (12.53) | (10.09) | (13.26) | (10.67) |
Income earned for the period/year | 4.64 | 3.73 | 5.41 | 4.36 | 10.76 | 8.66 |
Ganancia en venta de propiedad | 0.75 | 0.60 | - | - | - | - |
Finance costs for the period/year | (0.88) | (0.71) | (0.88) | (0.71) | (1.77) | (1.43) |
Other expenses for the period/year | (1.01) | (0.81) | (1.08) | (0.86) | (2.24) | (1.80) |
Dividendos pagados durante el período/año | (3.34) | (2.69) | (2.98) | (2.40) | (5.73) | (4.61) |
NAV at the end of the year | 81.62 | 65.70 | 84.34 | 67.90 | 84.16 | 67.75 |
Valuación
At 31 December 2023 the Group owned 19 assets (30 June 2023: 19 assets) valued at £103.3 million at 31 December 2023 (30 June 2023: £107.0 million).
Summary by Sector at 31 December 2023
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| Número de | Valuación | Valor | por ERV | romper | alquiler | VRE | VRE |
Sector | Propiedades | (£ m) | (%) | (%) | (años) | (£ m) | (£ m) | (%) |
Industrial | 4 | 24.6 | 23.8 | 100.0 | 22.8 | 1.77 | 1.63 | 23.8 |
Hotel | 2 | 13.0 | 12.6 | 100.0 | 13.5 | 0.93 | 0.84 | 12.3 |
Healthcare | 3 | 17.6 | 17.0 | 100.0 | 25.0 | 1.21 | 1.13 | 16.5 |
Automoción y petróleo | 3 | 14.9 | 14.4 | 100.0 | 12.5 | 1.12 | 0.99 | 14.5 |
Alojamiento para estudiantes | 1 | 11.4 | 11.1 | 100.0 | 17.6 | 0.79 | 0.67 | 9.8 |
Ocio | 3 | 10.3 | 10.0 | 100.0 | 8.5 | 0.98 | 0.75 | 10.9 |
Central eléctrica | 1 | 4.6 | 4.5 | 100.0 | 8.2 | 0.33 | 0.33 | 4.8 |
Mercado | 1 | 5.0 | 4.8 | 100.0 | 5.2 | 0.38 | 0.38 | 5.5 |
Educación | 1 | 1.9 | 1.8 | 100.0 | 20.1 | 0.14 | 0.13 | 1.9 |
Promedio total | 19 | 103.3 | 100.0 | 100.0 | 16.6 | 7.65 | 6.85 | 100.0 |
Summary by Geographical Area at 31 December 2023
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Geográfico | Número de | Valuación | Valor | por ERV | romper | alquiler | VRE | VRE |
Área | Propiedades | (£ m) | (%) | (%) | (años) | (£ m) | (£ m) | (%) |
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West Midlands | 4 | 25.5 | 24.7 | 100.0 | 11.4 | 2.00 | 1.87 | 27.4 |
The North West & Merseyside | 2 | 22.7 | 21.9 | 100.0 | 33.3 | 1.52 | 1.23 | 18.0 |
Rest of South East | 5 | 21.7 | 21.0 | 100.0 | 9.7 | 1.48 | 1.38 | 20.1 |
Suroeste | 2 | 12.4 | 12.0 | 100.0 | 22.4 | 0.89 | 0.84 | 12.3 |
Yorkshire y Humber | 2 | 6.1 | 5.9 | 100.0 | 18.2 | 0.45 | 0.44 | 6.4 |
Londres | 3 | 10.3 | 10.0 | 100.0 | 8.5 | 0.98 | 0.75 | 10.9 |
Llanos | 1 | 4.6 | 4.5 | 100.0 | 8.2 | 0.33 | 0.33 | 4.9 |
Promedio total | 19 | 103.3 | 100.0 | 100.00 | 16.6 | 7.65 | 6.84 | 100.0 |
Top Ten Occupiers at 31 December 2023 |
Arrendatario | Propiedades | Annualised gross passing rent (Miles de libras esterlinas) | % De Portafolio Total Annualised gross passing alquiler |
Grupo Mears Plc | Bramall Court, Salford | 793 | 10.4% |
Prime Life Ltd | Prime Life Care Home, Brough and Solihull | 754 | 9.9% |
Meridian Steel Ltd | Grazebrook Industrial Estate, Dudley and Sheffield | 744 | 9.7% |
Motorpoint Ltd | Motorpoint, Birmingham | 568 | 7.4% |
Virgin Active | Virgin Active, Streatham | 536 | 7.0% |
Premier Inn Hotels Ltd | Premier Inn, Camberley | 504 | 6.6% |
Handsale Ltd | Silver Trees, Bristol | 456 | 6.0% |
Hoteles Travelodge Ltd | Duke House, Swindon | 403 | 5.3% |
Hoddesdon Energy Ltd | Hoddesdon Energy, Hoddesdon | 333 | 4.3% |
Biffa Waste Services Ltd | Pocket Nook Industrial Estate, St Helens | 314 | 4.1% |
Total de los diez primeros |
| 5,405 | 70.7% |
Lease Expiry Portfolio at 31 December 2023 - to the earlier of break or lease expiry
Año | Expiring passing rent pa (£'000) | Cumulative (£'000) |
2024 | 64 | 64 |
2025 | 145 | 209 |
2026 | - | 209 |
2027 | 1,031 | 1,240 |
2028 | 420 | 1,660 |
2029 | 272 | 1,932 |
2030 | - | 1,932 |
2031 | - | 1,932 |
2032 | 863 | 2,795 |
2033 | 614 | 3,409 |
2034 | 536 | 3,946 |
2035 | - | 3,945 |
2036 | - | 3,946 |
2037 | 849 | 4,795 |
2038 | - | 4,795 |
2039+ | 2,850 | 7,645 |
Interim Management Report and Directores Declaración de responsabilidad
Informe de gestión provisional
The important events that have occurred during the period under review, the key factors influencing the financial statements and the principal risks and uncertainties for the remaining half year of the financial year are set out in the Chairman's Statement and the Investment Adviser's Report above.
The principal risks and uncertainties of the Company are set out in the Annual Report and Financial Statements for the year ended 30 June 2023 (the '2023 Annual Report') on pages 24 to 30 and in Note 18. Having reviewed these, the Board has separated out the risk that refinancing of the Company's loan could not be achieved at acceptable terms and rates. This enhanced the clarity of the risk register and reflects the Board's due consideration of this item. Notwithstanding this, the Board considers the Company's principal risks to be unchanged at the period end, with the Board's perception of heightened uncertainty for many factors (for example: changes to interest rates, inflation and costs, and a probable recession in the UK) remaining.
Risks faced by the Company include, but are not limited to, tenant default, portfolio concentration, property defects, the rate of inflation, the property market, property valuation, illiquid investments, ambiente, breach of borrowing covenants, failure of service providers, dependence on the Investment Adviser, ability to meet objectives (including the inability to obtain new borrowings on acceptable terms and rates), Group REIT status, political and macroeconomic events, disclosure risk, and regulatory change (including in relation to climate change). The Board takes account of emerging risks, including climate change, as part of its risk management assessment.
The Board is of the opinion that these principal risks are equally applicable to the remaining six months of the Group's financial year, as they were to the six months being reported on.
Transacciones con partes relacionadas
There have been no changes to the related parties shown in Note 20 of the 2023 Annual Report that could have a material effect on the financial position or performance of the Company or Group. Amounts payable to the Investment Adviser in the six months being reported are shown in the unaudited Condensed Consolidated Statement of Comprehensive Income.
Preocupación continua
This report has been prepared on a going concern basis. Note 2 sets out the Board's considerations in coming to this conclusion.
Declaración de responsabilidad de los directores
Los Directores confirman que, a nuestro leal saber y entender:
· las condensado consolidado set of financial statements has been prepared in accordance with the UK-adopted IAS 34 'Interim Financial Reporting';
· las provisional Management reporte includes a fair una estrategia SEO para aparecer en las búsquedas de Google. de las información Requisitos por:
a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated of financial statements; and a description of the principal risks and uncertainties for the remaining half of the year; and
b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the Company during that period; and any changes in the related party transactions described in the 2023 Annual Report that could do so.
As at the date of this report the Directors of the Company are Simon Bennett, Stephanie Eastment and Adam Smith all of whom are non-executive Directors.
Por y en nombre de la Junta
Simón Bennett
Presidente
26 febrero 2024
Estado consolidado condensado de resultados integrales |
Por el semestre terminado el 31 de diciembre de 2023 |
Medio año terminado 31 diciembre 2023 (No auditado) | Medio año terminado 31 diciembre 2022 (sin auditar) | Año terminó 30 junio 2023 (auditado) | |||||||||||
Notas |
| 000 £ | 000 £ | 000 £ | |||||||||
por | |||||||||||||
Alquiler y otros ingresos | 3 | 3,735 | 4,350 | 8,660 | |||||||||
Property operating expense | 4 | (302) | (357) | (755) | |||||||||
Net rental and other income |
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| 3,433 | 3,993 | 7,905 | ||||||
Otros gastos operacionales | 4 | (510) | (499) | (1,049) | |||||||||
Operating profit before fair value change and gain on sale |
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| 2,923 | 3,494 | 6,856 | |||||||
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Cambio en el valor razonable de las propiedades de inversión | 10 | (2,169) | (10,088) | (10,671) | |||||||||
Ganancia por enajenación de propiedades de inversión | 10 | 598 | - | - | |||||||||
Ganancia / (pérdida) operativa |
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| 1,352 | (6,594) | (3,815) | ||||||
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Gastos financieros | 6 | (709) | (714) | (1,425) | |||||||||
Beneficio / (pérdida) antes de impuestos |
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| 643 | (7,308) | (5,240) | ||||||
Taxation | 7 | - | - | - | |||||||||
Profit/ (loss) and total comprehensive income/ (loss) attributable to shareholders |
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| 643 | (7,308) | (5,240) | ||||||
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Earnings/ (loss) per share (basic and diluted) |
| 8 |
| 0.80p | (9.08p) | (6.51p) | |||||||
EPRA EPS (basic and diluted) |
| 8 |
| 2.75p | 3.45p | 6.75p | |||||||
Adjusted EPS (basic and diluted) |
| 8 |
| 2.96p | 3.35p | 6.43p | |||||||
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Todos los elementos de la declaración anterior se derivan de operaciones continuas.
The accompanying notes 1 to 19 form an integral part of these Condensed Consolidated Financial Statements.
Estado consolidado condensado de situación financiera |
Por el semestre terminado el 31 de diciembre de 2023 |
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| Como en 31 de diciembre 2023 (No auditado) | Como en 31 diciembre 2022 (No auditado) | Como en 30 junio 2023 | |||||
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| 000 £ | 000 £ | 000 £ | |||||
Activos |
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Activo no corriente |
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Propiedades de inversión | 10 | 99,896 | 104,430 | 103,847 | ||||||||
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Activos circulantes |
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Cuentas por cobrar y pagos anticipados | 11 | 6,603 | 4,185 | 4,193 | ||||||||
Efectivo y equivalentes de efectivo | 2,877 | 2,854 | 3,484 | |||||||||
9,480 | 7,039 | 7,677 | ||||||||||
Activos totales |
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| 109,376 | 111,469 | 111,524 | ||||||
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Pasivos |
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Pasivos no corrientes |
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Préstamos y empréstitos que devengan intereses | 13 | (40,776) | (40,672) | (40,724) | ||||||||
Obligaciones de arrendamiento | 14 | - | (282) | (266) | ||||||||
(40,776) | (40,954) | (40,990) | ||||||||||
Pasivo circulante | ||||||||||||
Cuentas a pagar y gastos acumulados | 12 | (2,900) | (2,585) | (2,751) | ||||||||
Obligaciones de arrendamiento | 14 | - | (34) | (33) | ||||||||
| (2,900) | (2,619) | (2,784) | |||||||||
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Responsabilidad total |
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| (43,676) | (43,573) | (43,774) | ||||||
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Activos netos |
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| 65,700 | 67,896 | 67,750 | ||||||
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Equidad |
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Capital social | 17 | 805 | 805 | 805 | ||||||||
Reserva capital | 75,417 | 75,417 | 75,417 | |||||||||
Déficit retenido | (10,522) | (8,326) | (8,472) | |||||||||
Equidad total |
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| 65,700 | 67,896 | 67,750 | |||||||
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Net Asset Value per share (basic and diluted) |
| 8 |
| 81.62p | 84.34p | 84.16p | ||||||
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The accompanying notes 1 to 19 form part of these Condensed Consolidated Financial Statements.
The Condensed Consolidated Financial Statements were approved by the Board of Directors on 26 February 2024 and were signed on its behalf by:
Simón Bennett
Presidente
número de la compañía: 10727886
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Estado de cambios en el patrimonio neto condensado consolidado |
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Por el semestre terminado el 31 de diciembre de 2023 |
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| Total equidad |
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Por el medio año terminado 31 de diciembre de 2023 (no auditado) |
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Saldo al 30 de junio de 2023 | 805 | 75,417 | (8,472) | 67,750 |
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Total de ingresos integrales | - | - | 643 | 643 |
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Dividendos pagados | 9 | - | - | (2,693) | (2,693) |
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Saldo al 31 de diciembre de 2023 |
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| 805 |
| 75,417 |
| (10,522) |
| 65,700 |
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Por el medio año terminado 31 de diciembre de 2022 (no auditado) |
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Saldo al 30 de junio de 2022 |
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| 805 | 75,417 | 1,377 | 77,599 |
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Pérdida integral total | - | - | (7,308) | (7,308) |
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Dividendos pagados | 9 | - | - | (2,395) | (2,395) |
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Saldo al 31 de diciembre de 2022 |
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| 805 |
| 75,417 |
| (8,326) |
| 67,896 |
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Por el año terminado el 30 de junio de 2022 (auditado) |
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Saldo al 30 de junio de 2022 |
| 805 | 75,417 | 1,377 | 77,599 |
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Pérdida integral total | - | - | (5,240) | (5,240) |
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Dividendos declarados | 9 | - | - | (4,609) | (4,609) |
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Saldo al 30 de junio de 2023 |
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| 805 |
| 75,417 |
| (8,472) |
| 67,750 |
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The accompanying notes 1 to 19 form an integral part of these Condensed Consolidated Financial Statements.
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Estado de flujos de efectivo condensado consolidado | |||||||
Por el semestre terminado el 31 de diciembre de 2023 | |||||||
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| Medio año terminado 31 diciembre 2023 (No auditado) |
| Medio año terminó 31 diciembre 2022 (No auditado) |
| Año terminó 30 junio 2023 (auditado) |
| Notas |
| 000 £ |
| 000 £ |
| 000 £ |
flujos de efectivo por actividades operacionales | |||||||
Beneficio / (pérdida) antes de impuestos | 643 | (7,308) | (5,240) | ||||
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Ajuste para: | |||||||
Gastos financieros | 6 | 709 | 714 | 1,425 | |||
Ganancia por enajenación de propiedades de inversión | 10 | (598) | - | - | |||
Cambio en el valor razonable de las propiedades de inversión | 10 | 2,169 | 10,088 | 10,671 | |||
Resultados operativos antes de cambios en el capital de trabajo | 2,923 |
| 3,494 |
| 6,856 | ||
Cambio en el capital de trabajo | |||||||
Aumento de otras cuentas por cobrar y pagos anticipados | (2,410) | (151) | (159) | ||||
Aumento/(disminución) en otras cuentas por pagar y gastos acumulados | 149 | (561) | (312) | ||||
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Efectivo neto generado por actividades operativas | 662 |
| 2,782 |
| 6,385 | ||
Flujos de efectivo de actividades de inversión | |||||||
Compra de propiedad de inversión | 10 | (5,304) | - | - | |||
Enajenación de propiedades de inversión | 10 | 7,382 | - | - | |||
Reduction in acquisition costs | 10 | - | 606 | 606 | |||
Efectivo neto generado por actividades de inversión | 2,078 |
| 606 |
| 606 | ||
| |||||||
Flujos de efectivo de actividades de financiación | |||||||
Costos financieros pagados | (654) | (662) | (1,321) | ||||
Dividendos pagados | 9 | (2,693) | (2,395) | (4,692) | |||
Pago de obligaciones de arrendamiento | - | (19) | (36) | ||||
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Efectivo neto utilizado en actividades de financiación. | (3,347) |
| (3,076) |
| (6,049) | ||
(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (607) | 312 | 942 | ||||
Efectivo y equivalentes de efectivo al inicio del período / año | 3,484 | 2,542 | 2,542 | ||||
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Cash and cash equivalents at end of period/ year | 2,877 |
| 2,854 |
| 3,484 | ||
The accompanying notes 1 to 19 form an integral part of these Condensed Consolidated Financial Statements. |
Notas a los estados financieros consolidados condensados
Por el semestre terminado el 31 de diciembre de 2023
1. Información corporativa
Alternative Income REIT plc (the "Company") is a public limited company and a closed ended Real Estate Investment Trust ('REIT') incorporated on 18 April 2017 and domiciled in the UK and registered in England and Wales. The registered office of the Company is located at 1 King William Street, London, United Kingdom, EC4N 7AF. | ||||
The Company's Ordinary Shares were listed on the Official List of the FCA and admitted to trading on the Main Market of the London Stock Exchange on 6 June 2017. | ||||
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2. Políticas contables | ||||
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| 2.1 | Base de preparación | ||
These condensed consolidated interim financial statements for the half year ended 31 December 2023 have been prepared in accordance with International Accounting Standard ('IAS') 34 'Interim Financial Reporting'. These do not include all the information required for annual financial statements, and should be read in conjunction with the Group's last annual consolidated financial statements for the year ended 30 June 2023 (the '2023 Annual Financial Report'). | ||||
These condensed consolidated financial statements have been prepared under the historical cost convention, except for investment properties that have been measured at fair value. The condensed consolidated financial statements are presented in Sterling, which is the Group's presentational and functional currency, and all values are rounded to the nearest thousand pounds, except where otherwise shown. | ||||
The financial information in this report does not constitute statutory accounts within the meaning of section 434-436 of the Companies Act 2006, and has not been audited nor reviewed by the Company's auditor. The financial information for the year ended 30 June 2023 has been extracted from the published accounts that have been delivered to the Registrar of Companies, and the report of the auditor was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. | ||||
|
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| ||
|
| Base de consolidación | ||
| ||||
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| ||
|
| Nuevos estándares, modificaciones e interpretaciones Standards effective from 1 July 2023 ? Certain new accounting standards and interpretations have been published that are not mandatory for annual periods beginning after 1 July 2023 and early application is permitted; however, the Group has not early adopted the new or amended standards in preparing these condensed consolidated financial statements: ? Classification of liabilities as current or non-current (Amendments to IAS 1) (effective 1 January 2024) ? Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) (effective 1 January 2024) ? Non-current Liabilities with Covenants (Amendments to IAS 1) (effective 1 January 2024) ? Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) (effective date deferred indefinitely).
Próximos requisitos Las siguientes son nuevas normas, interpretaciones y modificaciones, que aún no son efectivas y no han sido adoptadas anticipadamente en esta información financiera, que tendrán o pueden tener un efecto en los estados financieros futuros del Grupo: ? Amendments to IAS 1 which clarifies the criteria used to determine whether liabilities are classified as current or non-current (effective 1 January 2024). These amendments clarify that current or non-current classification is based on whether an entity has a right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period. The amendment is not expected to have an impact on the presentation or classification of the liabilities in the Group based on rights that are in existence at the end of the reporting period.
Existen otras normas nuevas y enmiendas a normas e interpretaciones que se han emitido que son efectivas en períodos contables futuros y que el Grupo ha decidido no adoptar anticipadamente. No se espera que ninguno de estos tenga un impacto material en los estados financieros condensados consolidados del Grupo. | ||
| 2.2 | Estimaciones y juicios contables significativos | ||
The condensed consolidated financial statements have been prepared on the basis of the accounting policies, significant judgements, estimates and key assumptions as set out in the notes to the 2023 Annual Financial Report, and are expected to be applied consistently for the year ending 30 June 2024. | ||||
No changes have been made to the Group's accounting policies as a result of the amendments and interpretations which became effective in the period as they do not have a material impact on the Group. Full details can be found in the 2023 Annual Financial Report. | ||||
|
|
| ||
| 2.3 | Información segmentaria | ||
Each property held by the Group is reported to the chief operating decision maker. In the case of the Group, the chief operating decision maker is considered to be the Board of Directors. The review process for segmental information includes the monitoring of key performance indicators applicable across all properties. These key performance indicators include Net Asset Value, Earnings per Share and valuation of properties. All asset cost and rental allocations are also reported by property. The internal financial reports received by the Directors cover the Group and all its properties and do not differ from amounts reported in the financial statements. The Directors have considered that each property has similar economic characteristics and have therefore aggregated the portfolio into one reportable segment under the provisions of IFRS 8. | ||||
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| ||
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| ||
| 2.4 | Preocupación continua | ||
Los estados financieros condensados consolidados han sido preparados sobre una base de negocio en marcha. | ||||
The robust financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the financial statements and the accompanying notes. | ||||
The Investment Adviser on behalf of the Board has projected the Group's cash flows for the period up to 31 March 2025, challenging and sensitising inputs and assumptions to ensure that the cash forecast reflects a realistic outcome given the uncertainties associated with the current economic environment. A longer-term projection covering the period to 30 June 2027 had also been carried out to ascertain the impact of the refinancing and future leasing assumptions on the Group's cash flow. The scenarios applied were designed to be severe but plausible, and to take account of the availability of mitigating actions that could be taken to avoid or reduce the impact or probability of the underlying risks. | ||||
The Group's debt of £41m does not mature until 2025 and the Group has reported full compliance with its loan covenants to date. Based on cash flow projections, the Directors expect the Group to continue to remain compliant. The headroom of the loan to value covenant is significant and any reduction in property values that would cause a breach would be significantly more than any reduction currently envisaged.
Based on the above, the Board believes that the Group has the ability and adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of approval of the financial statements. | ||||
3. Rental and other income |
|
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| |||||
|
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|
|
| Medio año terminado 31 diciembre 2023 (No auditado) |
| Medio año terminado 31 diciembre 2022 (No auditado) |
| Año terminó 30 junio 2023 (auditado) | ||||
|
|
|
|
| 000 £ |
| 000 £ |
| 000 £ | ||||
|
|
|
|
|
|
|
|
|
| ||||
Ingresos brutos por alquiler | 3,691 | 3,696 | 7,429 | ||||||||||
Spreading of minimum contracted future rent-indexation | (138) | 209 | 423 | ||||||||||
Spreading of tenant incentives - rent free periods | (61) | (49) | (58) | ||||||||||
Otros ingresos inmobiliarios | 2 | 223 | 294 | ||||||||||
Gross rental income (adjusted) |
|
|
|
| 3,494 |
| 4079 |
| 8,088 | ||||
Service charges and direct recharges (see note 4)
| 241 | 271 | 572 | ||||||||||
Total rental and other income |
|
|
| 3,735 |
| 4,350 |
| 8,660 | |||||
All rental, service charges and direct recharges and other income are derived from the United Kingdom.
Other property income for the half year to 31 December 2022 and the year to 30 June 2023 mainly relates to the allocation to revenue of £219,000 arising from a settlement of the litigation in respect of replacement of defective cladding for Travelodge, Swindon. Further detail is provided in Note 15.3. | |||||||||||||
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| |||||||||||
4. Gastos operativos |
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|
|
| ||||
Medio año terminó 31 diciembre 2023 (No auditado) | Medio año terminó 31 diciembre 2022 (No auditado) | Año terminó 30 junio | |||||||||||
000 £ | 000 £ | 000 £ | |||||||||||
|
|
| |||||||||||
Gastos operativos de la propiedad | 61 | 80 | 177 | ||||||||||
Service charges and direct recharges (note 3) | 241 | 271 | 572 | ||||||||||
Provisión por deterioro de cuentas por cobrar comerciales | - | 6 | 6 | ||||||||||
Gastos operativos de la propiedad | 302 |
| 357 |
| 755 | ||||||||
Comisión de asesoramiento de inversión | 180 | 191 | 371 | ||||||||||
La remuneración del Auditor | 41 | 43 | 87 | ||||||||||
Los costos de operación | 233 | 210 | 481 | ||||||||||
Retribución de los consejeros (nota 5) | 56 | 55 | 110 | ||||||||||
Otros gastos operacionales | 510 |
| 499 |
| 1,049 | ||||||||
| |||||||||||||
Gastos totales de operación | 812 |
| 856 |
| 1,804 | ||||||||
Total operating expenses (excluding service charges and direct recharges) | 571 |
| 585 |
| 1,232 | ||||||||
| Medio año terminado 31 de diciembre 2023 (No auditado) | Medio año terminado 31 de diciembre 2022 (No auditado) | Año terminó 30 junio 2023 | ||||||
| 000 £ | 000 £ | 000 £ | ||||||
|
|
| |||||||
Auditoría | |||||||||
Statutory audit of Annual Report and Accounts | 36 | 38 | 76* | ||||||
Statutory audit of Subsidiary Accounts | 5 | 5 | 11 | ||||||
Total fees due to auditor | 41 |
| 43 |
| 87 |
*Includes £6,000 fees relating to fiscal year ended 30 June 2022.
Moore Kingston Smith LLP has not provided any non-audit services to the Group.
5. Retribución de los consejeros
| Medio año terminado 31 de diciembre 2023 (No auditado) | Medio año terminado 31 de diciembre 2022 (No auditado) | Año terminó 30 junio | ||||||
| 000 £ | 000 £ | 000 £ | ||||||
|
|
| |||||||
Honorarios de los directores | 51 | 50 | 99 | ||||||
Fiscalidad y seguridad social | 5 | 5 | 11 | ||||||
Retribución total de los consejeros | 56 | 55 |
| 110 |
The Group had no employees during the period/ year.
|
|
|
|
|
| ||||||||||||||||||||||
| 6. Gastos financieros |
|
|
|
|
|
| ||||||||||||||||||||
|
| Medio año terminado 31 de diciembre 2023 (No auditado) | Medio año terminado 31 de diciembre 2022 (No auditado) | Año terminó 30 junio | |||||||||||||||||||||||
|
| 000 £ | 000 £ | 000 £ | |||||||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||
| Interest payable on loan (note 13) |
| 653 | 653 | 1,307 | ||||||||||||||||||||||
| Amortización de gastos financieros (nota 13) | 52 | 52 | 104 | |||||||||||||||||||||||
| Otros costos financieros |
| 4 | 9 | 14 | ||||||||||||||||||||||
| Total |
| 709 | 714 |
| 1,425 | |||||||||||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||
| 7. Impuestos |
|
| ||||||||||||||||||||||||
|
| Medio año terminado 31 de diciembre de 2023 (no auditado) | Medio año terminado 31 de diciembre de 2022 (no auditado) | Año terminó 30 junio | |||||||||||||||||||||||
| 000 £ | 000 £ | 000 £ | ||||||||||||||||||||||||
| El cargo por impuestos comprende: |
|
| ||||||||||||||||||||||||
Analysis of tax charge in the period/ year
|
| ||||||||||||||||||||||||||
| Beneficio / (pérdida) antes de impuestos | 643 | (7,308) | (5,240) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||
| Theoretical tax charge/(refund) at UK corporation average tax rate of 25% (31 December 2022 and 30 June 2023: 20.50%) | 161 | (1,498) | (1,074) | |||||||||||||||||||||||
|
| ||||||||||||||||||||||||||
| Effects of tax-exempt items under REIT regime | (161) | 1,498 | 1,074 |
| ||||||||||||||||||||||
| Total | - | - | - | |||||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||
| The Group maintained its REIT status and as such, no deferred tax asset or liability has been recognised in the current period/year. | ||||||||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||
| Factores que pueden afectar los cargos fiscales futuros Due to the Group's status as a REIT and the intention to continue meeting the conditions required to retain approval as a REIT in the foreseeable future, the Group has not provided deferred tax on any capital gains or losses arising on the revaluation or disposal of investments. | ||||||||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||
| 8. Earnings/ (loss) per share (EPS) and Net Asset Value (NAV) per share |
|
| ||||||||||||||||||||||||
|
| Medio año terminado 31 de diciembre de 2023 (no auditado) | Medio año terminado 31 de diciembre de 2022 (no auditado) | Año terminó 30 junio | |||||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||
| Earnings/ (loss) per share* |
|
| ||||||||||||||||||||||||
| Total comprehensive income/(loss) (£'000) | 643 | (7,308) | (5,240) | |||||||||||||||||||||||
| Número medio ponderado de acciones (número) | 80,500,000 | 80,500,000 | 80,500,000 | |||||||||||||||||||||||
| Earnings/ (loss) per share (basic and diluted) |
| 0.80p |
| (9.08p) |
| (6.51p) | ||||||||||||||||||||
|
|
| |||||||||||||||||||||||||
| EPRA EPS (£'000): |
|
| ||||||||||||||||||||||||
| Total utilidad / (pérdida) integral | 643 | (7,308) | (5,240) | |||||||||||||||||||||||
| Adjustment to total comprehensive income/(loss): |
|
|
| |||||||||||||||||||||||
Cambio en el valor razonable de propiedades de inversión | 2,169 | 10,088 | 10,671 |
| |||||||||||||||||||||||
Ganancia por enajenación de inversiones perfecta | (598) | - | - |
| |||||||||||||||||||||||
| EPRA earnings (basic and diluted) (£'000) | 2,214 | 2,780 | 5,431 | |||||||||||||||||||||||
| EPRA EPS (basic and diluted) | 2.75p | 3.45p |
| 6.75p | ||||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||
| EPS ajustado: | ||||||||||||||||||||||||||
| EPRA earnings (basic and diluted) (£'000) - as above
| 2,214 | 2,780 | 5,431 | |||||||||||||||||||||||
| Ajustes: | ||||||||||||||||||||||||||
| Rental income recognised in respect of guaranteed fixed rental uplifts (£'000) | 52 | (209) | (423) | |||||||||||||||||||||||
| Rental income recognised in respect of rent free periods (£'000) (Note 3) | 61 | 49 | 58 | |||||||||||||||||||||||
| Amortisation of finance costs (£'000) (Note 6)
| 52 | 52 | 104 | |||||||||||||||||||||||
| Cancelación de cuentas por cobrar | - | 16 | 16 | |||||||||||||||||||||||
| Provision/(reversal of provision) for impairment of trade receivables (Note 4) | - | 6 | (10) | |||||||||||||||||||||||
| Adjusted earnings (basic and diluted) (£'000) |
|
| 2,379 |
| 2,694 |
| 5,176 | |||||||||||||||||||
| Adjusted EPS (basic and diluted)** |
| 2.96p |
| 3.35p |
| 6.43p | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
*Adjusted EPS is a measure used by the Board to assess the level of the Group's dividend payments. This metric adjusts EPRA earnings for non-cash items in arriving at an adjusted EPS as supported by cash flows.
**Earnings/(loss) per share are calculated by dividing profit/(loss) for the period/year attributable to ordinary equity holders of the Company by the weighted average number of Ordinary Shares in issue during the period/year.
| 31 diciembre 2023 (sin auditar) | 31 diciembre 2022 (sin auditar) | 30 junio | ||||||||||
|
|
|
| ||||||||||
Valor liquidativo por acción: | |||||||||||||
Activos netos (miles de libras esterlinas) | 65,700 | 67,896 | 67,750 | ||||||||||
Ordinary Shares (Number) | 80,500,000 | 80,500,000 | 80,500,000 | ||||||||||
NAV por acción | 81.62p | 84.34p |
| 84.16p | |||||||||
|
| ||||||||||||
EPRA Net Reinvestment Value (NRV), EPRA Net Tangible Assets (NTA) and EPRA Net Disposal Value (NDV)
| |||||||||||||
|
| VRN EPRA |
| EPRA NTA and EPRA NDV | |||||||||
Al 31 de diciembre de 2023 |
|
|
|
|
| ||||||||
Net assets value (£'000) | 65,700 | 65,700 | |||||||||||
Purchasers' cost (£'000) | 6,716 | - | |||||||||||
Break cost on bank borrowings (£'000) | - | - | |||||||||||
72,416 | 65,700 | ||||||||||||
Ordinary Shares (Number) | 80,500,000 | 80,500,000 | |||||||||||
Per share measure | 89.96p | 81.62p | |||||||||||
VRN EPRA | EPRA NTA and EPRA NDV | ||||||||||||
Al 31 de diciembre de 2022 |
|
| |||||||||||
Net assets value (£'000) | 67,896 | 67,896 | |||||||||||
Purchasers' cost (£'000) | 6,983 | - | |||||||||||
Break cost on bank borrowings (£'000) | - | - | |||||||||||
74,879 | 67,896 | ||||||||||||
Ordinary Shares (Number) |
80,500,000 |
80,500,000 | |||||||||||
Per share measure | 93.02p | 84.34p | |||||||||||
|
| VRN EPRA |
| EPRA NTA and EPRA NDV | |||||||||
Al 30 de junio de 2023 |
|
|
|
|
| ||||||||
Net assets value (£'000) | 67,750 | 67,750 | |||||||||||
Purchasers' cost (£'000) | 6,957 | - | |||||||||||
Break cost on bank borrowings (£'000) | - | - | |||||||||||
74,707 | 67,750 | ||||||||||||
Ordinary Shares (Number) | 80,500,000 | 80,500,000 | |||||||||||
Per share measure | 92.80p | 84.16p | |||||||||||
|
|
| |||||||||||
9. Dividendos | |||||||||
All dividends were paid as Property Income Distributions. | |||||||||
Medio año terminado (No auditado) | Medio año terminado (No auditado) | Año terminado 30 junio 2023 (auditado) | |||||||
| Cuarto terminado | Dividendo | 000 £ | 000 £ | 000 £ | ||||
|
| ||||||||
Dividends in respect of year ended 30 June 2022 | |||||||||
4th dividend | 30-Jun-22 | 1.600p | - | 1,288 | 1,288 | ||||
|
| ||||||||
Dividends in respect of year ended 30 June 2023 | |||||||||
1st dividend | 30-Sep-22 | 1.375p | - | 1,107 | 1,107 | ||||
2nd dividendo | 31-Dic-22 | 1.375p | - | - | 1,107 | ||||
3rd dividendo | 31-Mar-23 | 1.375p | - | - | 1,107 | ||||
4th dividendo | 30-Jun-23 | 1.920p | 1,545 | - | - | ||||
Dividends in respect of year ending 30 June 2024 | |||||||||
1st dividend | 30-Sep-23 | 1.425p | 1,148 | - | - | ||||
Dividendos totales pagados | 2,693 | 2,395 | 4,609 | ||||||
4th dividend for quarter ended | 30-Jun-22 | 1.600p | - | (1,288) | (1,288) | ||||
2nd dividend for quarter ended | 31-Dic-22 | 1.375p | - | 1,107 | - | ||||
4th dividend for quarter ended | 30-Jun-23 | 1.920p | (1,545) | - | 1,545 | ||||
2nd dividend for quarter ended | 31-Dic-23 | 1.425p | 1,146 | - | - | ||||
Total dividends payable in respect of the period/year | 2,294 | 2,214 | 4,866 | ||||||
|
|
| |||||||
Total dividends payable in respect of the period/year | 2.85p | 2.75p | 6.045p | ||||||
|
|
| |||||||
Dividends declared after the period/year end are not included in the Condensed Consolidated Financial Statements as a liability.
| |||||||||
The difference between the amount disclosed above and dividends paid as shown in the Condensed Consolidated Statement of Cash Flows for year ended 30 June 2023 relates to withholding tax. | |||||||||
10. Propiedades de inversión |
| |||||||||||
| Propiedad vitalicia Inversión | Arrendamiento Inversión | Medio año ended 31 December 2023 (unaudited) Total | Half year ended 31 December 2022 (unaudited) Total | Año terminado el 30 de junio 2023 |
| ||||||
000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
| |||||||
UK Investment properties |
|
|
| |||||||||
Al inicio del período / año | 73,825 | 33,200 | 107,025 | 117,905 | 117,905 |
| ||||||
Acquisitions during the period/year | 5,304 | - | 5,304 | - | - |
| ||||||
Reduction in acquisition costs (note 15.3) | - | - | - | (606) | (606) |
| ||||||
Disposals during the period/year | (6,784) | - | (6,784) | - | - |
| ||||||
Cambio en el valor razonable de las propiedades de inversión |
(1,245) |
(975) |
(2,220) | (9,874) | (10,274) |
| ||||||
Valuation provided by Knight Frank LLP |
71,100 |
|
32,225 |
|
103,325 | 107,425 |
| 107,025 |
| |||
|
|
|
|
|
| |||||||
Adjustment to fair value for minimum rent indexation of lease income (note 10) | (3,429) | (3,367) |
| (3,542) |
| |||||||
Adjustment for lease obligation | - | 372 | 364 |
| ||||||||
Propiedades de inversión totales | 99,896 | 104,430 |
| 103,847 |
| |||||||
| ||||||||||||
Cambio en el valor razonable de las propiedades de inversión
|
| |||||||||||
Change in fair value before adjustments for lease incentives and lease obligations | (2,220) | (9,874) | (10,274) |
| ||||||||
Movement in lease obligations | (62) | (24) | (32) |
| ||||||||
Adjustment to spreading of contracted future rent indexation and tenant incentives | 113 | (190) | (365) |
| ||||||||
(2,169) | (10,088) |
| (10,671) | |||||||||
Disposal and acquisition of investment property
On 18 December 2023, the Group completed the acquisition of the Virgin Active in Ockley Road, Streatham for total cost of £5.3 million (net of top up rent of £0.19 million).
The property known as Mercure Hotel was disposed of in August 2023 for £7.5 million as shown in the reconciliation below of the gain recognised on disposal through the Condensed Consolidated Statement of Comprehensive Income; the gain on disposal includes changes in fair value of the investment property and minimum rent indexation spreading recognised in previous periods.
| ||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
Medio año terminado 31 de diciembre de 2023 (no auditado) | Medio año terminado 31 de diciembre de 2022 (no auditado) | Año terminado 30 junio |
| |||||||||||||||||||||||||||||||
000 £ | 000 £ | 000 £ |
| |||||||||||||||||||||||||||||||
Gross proceeds on disposal | 7,500 | - | - |
| ||||||||||||||||||||||||||||||
Costos de venta | (118) | - | - |
| ||||||||||||||||||||||||||||||
Ingresos netos por enajenación | 7,382 | - | - |
| ||||||||||||||||||||||||||||||
Valor en libros | (6,784) | - | - |
| ||||||||||||||||||||||||||||||
Ganancia por enajenación de propiedades de inversión | 598 | - | - | |||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||
Valoración de propiedades de inversión |
| |||||||||||||||||||||||||||||||||
Valuation of investment property is performed by Knight Frank LLP, an accredited external valuer with recognised and relevant professional qualifications and recent experience of the location and category of the investment property being valued. The valuation of the Group's investment property at fair value is determined by the external valuer on the basis of market value in accordance with the internationally accepted RICS Valuation - Professional Standards (incorporating the International Valuation Standards). |
| |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
The determination of the fair value of investment property requires the use of estimates such as future cash flows from assets (such as lettings, tenants' profiles, future revenue streams, capital values of fixtures and fittings, plant and machinery, any environmental matters and the overall repair and condition of the property) and yield applicable to those cash flows.
Jerarquía de medición del valor razonable
IFRS13 'Fair Value Measurement' specifies the fair value hierarchy and as explained in Note 2.6 of the Company's 2023 Audited Financial Statements, the Directors have classified the Company's property portfolio as Level 3. This reflects the fact that inputs to the valuation are not based on observable market data. |
| |||||||||||||||||||||||||||||||||
11. Receivables and prepayments |
|
|
|
|
|
|
| |||||||||||||||||||||||||||
|
|
| 31 de diciembre de 2023 (no auditado) | 31 de diciembre de 2022 (no auditado) | 30 de junio de 2023 (auditado) |
| ||||||||||||||||||||||||||||
|
|
| 000 £ | 000 £ | 000 £ |
| ||||||||||||||||||||||||||||
Cuentas por cobrar |
|
|
|
|
| |||||||||||||||||||||||||||||
Deudores comerciales |
|
| 254 | 301 | 122 |
| ||||||||||||||||||||||||||||
Menos: Provisión por deterioro de cuentas por cobrar comerciales | (2) | (2) | (2) |
| ||||||||||||||||||||||||||||||
Otros deudores* |
|
| 2,621 | 327 | 326 |
| ||||||||||||||||||||||||||||
Subtotal |
|
| 2,873 | 626 |
| 446 |
| |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
Spreading of minimum contracted future rent indexation | 3,080 | 2,919 | 3,132 |
| ||||||||||||||||||||||||||||||
Spreading of tenant incentives - rent free periods | 349 | 448 | 410 |
| ||||||||||||||||||||||||||||||
Subtotal | 3,429 | 3,367 | 3,542 |
| ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
Tenant deposit asset (note 12) | 118 | 118 | 118 |
| ||||||||||||||||||||||||||||||
Otros prepagos | 183 | 74 | 87 |
| ||||||||||||||||||||||||||||||
Subtotal | 301 |
| 192 | 205 |
| |||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
Total | 6,603 | 4,185 |
| 4,193 |
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||
*Other debtors as at 31 December 2023 mainly represent net proceeds from the sale of Mercure Hotel of £2,152,219 (30 June 2023: £111,955, 31 December 2022: £79,302) being held by the external lender, Canada Life Investments. |
| |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
The aged debtor analysis of receivables which are past due but not impaired is as follows:
|
| |||||||||||||||||||||||||||||||||
| 31 de diciembre de 2023 (no auditado) | 31 de diciembre de 2022 (no auditado) | 30 de junio de 2023 (auditado) |
| ||||||||||||||||||||||||||||||
| 000 £ | 000 £ | 000 £ |
| ||||||||||||||||||||||||||||||
Less than three months due | 2,885 | 597 | 464 |
| ||||||||||||||||||||||||||||||
Between three and six months due | (12) | 29 | (18) |
| ||||||||||||||||||||||||||||||
Total | 2,873 | 626 |
| 446 |
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||
12. Payables and accrued expenses |
| |||||||||||||||||||||||||||||||||
| 31 de diciembre de 2023 (no auditado) | 31 de diciembre de 2022 (no auditado) | 30 junio 2023 (auditado) |
| ||||||||||||||||||||||||||||||
| 000 £ | 000 £ | 000 £ |
| ||||||||||||||||||||||||||||||
Ingreso diferido |
| 1,556 | 1,542 | 1,568 |
| |||||||||||||||||||||||||||||
Otros acreedores |
| 548 | 396 | 409 |
| |||||||||||||||||||||||||||||
Acumulaciones |
| 353 | 269 | 374 |
| |||||||||||||||||||||||||||||
Intereses de préstamos a pagar (nota 13) | 258 | 258 | 258 |
| ||||||||||||||||||||||||||||||
Tenant deposit liability (note 11) | 118 | 118 | 118 |
| ||||||||||||||||||||||||||||||
Acreedores comerciales | 67 | 2 | 24 |
| ||||||||||||||||||||||||||||||
| 2,900 | 2,585 |
| 2,751 |
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||
13. Préstamos y empréstitos que devengan intereses |
| |||||||||||||||||||||||||||||||||
| 31 de diciembre de 2023 (no auditado) | 31 de diciembre de 2022 (no auditado) | 30 de junio de 2023 (auditado) |
| ||||||||||||||||||||||||||||||
| 000 £ | 000 £ | 000 £ |
| ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
Facility drawn at the beginning of the period/ year | 41,000 | 41,000 |
| 41,000 |
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||
Unamortised finance costs brought forward | (276) | (380) | (380) |
| ||||||||||||||||||||||||||||||
Amortisation of finance costs in the period/year | 52 | 52 | 104 |
| ||||||||||||||||||||||||||||||
At end of period/ year | 40,776 | 40,672 |
| 40,724 |
| |||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
Reembolsable entre 1 y 2 años | 41,000 | - | - |
| ||||||||||||||||||||||||||||||
Reembolsable entre 2 y 5 años | - | 41,000 | 41,000 |
| ||||||||||||||||||||||||||||||
Total at end of the period/ year | 41,000 | 41,000 |
| 41,000 |
| |||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
As at 31 December 2023, the Group had utilised all of its £41 million fixed interest loan facility with Canada Life Investments and was geared at a loan to Gross Asset Value ('GAV') of 37.5% (31 December 2022: 36.8%, 30 June 2023: 36.8%). The 5weighted average interest cost of the Group's facility is 3.19% and the facility is repayable on 20 October 2025. Interest expense incurred during the period amounted to £0.65m (30 June 2023: £1.31m, 31 December 2022: £0.65m), £0.26m of which is outstanding (30 June 2023: £0.26m, 31 December 2022: £0.26m). |
| |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
31 de diciembre de 2023 (no auditado) | 31 de diciembre 2022 (No auditado) | 30 de junio de 2023 (auditado) |
| |||||||||||||||||||||||||||||||
000 £ | 000 £ | 000 £ |
| |||||||||||||||||||||||||||||||
Reconciliation to cash flows from financing activities |
|
|
|
| ||||||||||||||||||||||||||||||
At beginning of the period/ year | 40,724 | 40,620 | 40,620 |
| ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
Cambios no monetarios |
| |||||||||||||||||||||||||||||||||
Amortización de costos financieros | 52 | 52 | 104 |
| ||||||||||||||||||||||||||||||
Total at end of the period/ year | 40,776 | 40,672 |
| 40,724 |
| |||||||||||||||||||||||||||||
14. Obligaciones de arrendamiento
| |||||||||||||||||||
At the commencement date, the lease liability is measured at the present value of the lease payments that are not paid on that date. | |||||||||||||||||||
The following table analyses the minimum lease payments under non-cancellable leases:
|
| ||||||||||||||||||
31 de diciembre 2023 (No auditado) | 31 de diciembre de 2022 (no auditado) | 30 de junio de 2023 (auditado) | |||||||||||||||||
000 £ | 000 £ | 000 £ | |||||||||||||||||
Dentro de un año | - | 50 | 50 | ||||||||||||||||
After one year but less than five years | - | 150 | 150 | ||||||||||||||||
Más de cinco años | - | 488 | 463 | ||||||||||||||||
Pasivos totales por arrendamiento no descontados | - | 688 | 663 | ||||||||||||||||
Less: Future finance charge on lease obligations | - | (372) | (364) | ||||||||||||||||
Valor presente de los pasivos por arrendamiento | - | 316 | 299 | ||||||||||||||||
|
|
|
| ||||||||||||||||
Pasivos por arrendamiento incluidos en el estado de situación financiera |
|
|
| ||||||||||||||||
Current | - | 34 | 33 | ||||||||||||||||
No corriente | - | 282 | 266 | ||||||||||||||||
Total
| - | 316 |
| 299 | |||||||||||||||
| |||||||||||||||||||
The lease obligations have been released to the Condensed Consolidated Statement of Comprehensive Income following the sale of Mercure Hotel (note 10). | |||||||||||||||||||
| |||||||||||||||||||
15. Compromisos |
| ||||||||||||||||||
15.1. Operating lease commitments - as lessor |
| ||||||||||||||||||
| |||||||||||||||||||
The Group has 19 commercial properties with 33 units in its investment property portfolio as set out above. These non-cancellable leases have a remaining term of between 15 months and 110 years, excluding ground leases. |
| ||||||||||||||||||
| |||||||||||||||||||
Future minimum rentals receivable under non-cancellable operating leases as at 31 December 2023 are as follows:
|
| ||||||||||||||||||
31 diciembre 2023 (No auditado) | 31 diciembre 2022 (sin auditar) | 30 junio 2023 (auditado) |
| ||||||||||||||||
000 £ | 000 £ | 000 £ |
| ||||||||||||||||
Dentro de un año | 7,449 | 7,094 | 7,179 |
| |||||||||||||||
After one year, but not more than two years | 7,470 | 6,838 | 6,804 |
| |||||||||||||||
After two years, but not more than three years | 7,454 | 6,558 | 6,548 |
| |||||||||||||||
After three years, but not more than four years | 6,889 | 7,023 | 7,034 |
| |||||||||||||||
After four years, but not more than five years
| 6,456 | 6,685 | 6,416 |
| |||||||||||||||
After five years, but not more than ten years | 29,947 | 28,730 | 28,307 |
| |||||||||||||||
After ten years, but not more than fifteen years | 21,845 | 24,905 | 24,085 |
| |||||||||||||||
Más de quince años | 51,668 | 52,563 | 50,689 |
| |||||||||||||||
Total | 139,178 | 140,396 |
| 137,062 |
| ||||||||||||||
| |||||||||||||||||||
There were no material contingent rents recognised as income for all period presented.
|
| ||||||||||||||||||
15.2. Compromisos de capital
There were no capital commitments at 31 December 2023 (31 December 2022: none, 30 June 2023: none).
15.3. Compromisos financieros
As disclosed in the Company's 2023 Annual Report (note 15.3), the Board engaged in mediation for the one item of litigation that it was involved in, which resulted in a full and final settlement of £825,000 being received.
As a result, the Group have no financial commitments other than those arising from its normal business operations, and in the year ended 30 June 2023, the settlement was proportionally allocated £606,000 to capital, as a reduction in acquisition costs (see Note 10), and £219,000 to revenue, as other property income (see Note 3).
There are no other commitments other than those shown above at the period end (31 December 2022: nil, 30 June 2023: nil).
16. Inversiones en subsidiarias | ||||||||||||||||||||||||
The Company has two wholly owned subsidiaries as disclosed below:
| ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Name and company number | País de registro e incorporación |
| Fecha de incorporación |
| Actividad principal |
| Acciones ordinarias of £1 held | |||||||||||||||||
Alternative Income REIT Holdco Limited (Company number 11052186) | Inglaterra y | 7 November 2017 | Compañía de bienes raíces | 73,158,502 | ||||||||||||||||||||
Alternative Income Limited (Número de empresa 10754641) | Inglaterra y | 4 de mayo de 2017 | Compañía de bienes raíces | 73,158,501 | ||||||||||||||||||||
Alternative Income REIT plc at 31 December 2023 owns 100% controlling stake of Alternative Income REIT Holdco Limited. | ||||||||||||||||||||||||
Alternative Income REIT Holdco Limited holds 100% of Alternative Income Limited.
Both Alternative Income REIT Holdco Limited and Alternative Income Limited are registered at 1 King William Street, London, United Kingdom, EC4N 7AF. | ||||||||||||||||||||||||
17. Capital social emitido | ||||||||||||||||||||||||
Ordinary Shares issued and fully paid of 80,500,000 shares at a nominal value of £0.01 per share. This remains unchanged for all period presented. | ||||||||||||||||||||||||
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|
|
|
|
| ||||||||||||||||||
18. Transacciones con partes relacionadas
| ||||||||||||||||||||||||
Se considera que las partes están relacionadas si una de las partes tiene la capacidad de controlar a la otra parte o ejercer una influencia significativa sobre la otra parte en la toma de decisiones financieras u operativas. | ||||||||||||||||||||||||
directiva | ||||||||||||||||||||||||
Directors of the Group are considered to be related parties. Directors' remuneration is disclosed in note 5. | ||||||||||||||||||||||||
Asesor de inversiones | ||||||||||||||||||||||||
M7 Bienes Raíces Ltda. | ||||||||||||||||||||||||
M7 Real Estate Ltd was appointed as Investment Adviser on 14 May 2020. The Interim Investment Advisory agreement (amended with Deed of Variation dated 21 February 2021) specifies that from 1 October 2020, the annual management fee is calculated at a rate equivalent of 0.50% per annum of NAV (subject to a minimum fee of £90,000 per quarter), payable quarterly in advance, with no fee payable from 14 May to 30 September 2020. For the six months ended 31 December 2023, the Group incurred £180,000 of which £nil was outstanding at period end (2022: £191,000 of which £191,000 was outstanding at period end, 30 June 2023: £371,000, £nil of which is outstanding). | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
19. Acontecimientos posteriores a la fecha del informe | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Dividendo | ||||||||||||||||||||||||
On 8 February 2024, the Board declared an interim dividend of 1.425pps in respect of the period from 1 October 2023 to 31 December 2023. This will be paid on 1 March 2023 to shareholders on the register as at 16 February 2023. The ex-dividend date was 15 February 2024.
Change of Investment Advisor
As explained in the Chairman's Statement, the Board has undertaken a review of the Group's investment advisory arrangements. This review included proposals from select third party investment managers with the relevant property expertise. Following this, on 26 February 2024 the Board approved the appointment of Martley Capital as the Group's Investment Adviser, subject to final regulatory approvals. The Martley Capital Group (of which Martley Capital is a subsidiary) launched in December 2023 as a new venture whereby key members of the current advisory team at M7 Real Estate will continue to service the Group as part of the Martley Capital team. The appointment of Martley Capital was by way of a deed of novation of the Group's investment advisory agreement (and subsequent minor changes thereto) leaving the parties on substantially the same terms and at an unchanged fee.
| ||||||||||||||||||||||||
EPRA Performance Measures (sin auditar)
EPRA Yield calculations |
| Al 31 de diciembre 2023 000 £ | Al 31 de diciembre de 2022 000 £ | Al 30 de junio 2023 000 £ |
Investment properties wholly owned: |
|
|
|
|
- by Company |
| 1,875 | 1,950 | 1,875 |
- by Alternative Income Limited |
| 101,450 | 105,475 | 105,150 |
Total - note 10 | 103,325 | 107,425 | 107,025 | |
Provisión para los costos estimados de los compradores | 6,716 | 6,983 | 6,957 | |
Gross completed property portfolio valuation | B |
110,041 | 114,408 | 113,982 |
| ||||
Annualised gross passing rent | 7,645 | 7,462 | 7,560 | |
Annualised property outgoings | (5) | (55) | (55) | |
Rentas netas anualizadas | A | 7,640 | 7,407 | 7,505 |
| ||||
Agregar: vencimiento del alquiler nocional de los períodos sin alquiler u otros incentivos de arrendamiento |
408 | 688 |
563 | |
Renta anualizada neta recargada | C | 8,048 | 8,096 | 8,068 |
| ||||
EPRA NIY* | A / B | 6.94% | 6.47% | 6.58% |
EPRA "recarga" NIY | C / B | 7.31% | 7.08% | 7.08% |
*The NIY calculation is the same calculation as that for EPRA NIY
| ||||
Ratios de costes EPRA |
| Medio año terminado 31 de diciembre 2023 000 £ | Medio año terminado 31 diciembre 2022 000 £ | Año terminado 30 junio 2023 000 £ |
Incluye: |
|
|
|
|
Costos de EPRA (incluidos los costos directos de vacante) - nota 4 | A | 571 | 585 | 1,232 |
Costos directos de vacantes |
| - | - | - |
Costos de EPRA (excluidos los costos de vacantes directos) | B | 571 | 585 | 1,232 |
Gross rental income - note 3 | C | 3,492 | 3,856 | 8,088 |
Relación de costes EPRA** (including direct vacancy costs) | A / C | 16.35% | 15.17% | 15.23% |
Relación de costes EPRA (excluding direct vacancy costs) | ANTES DE CRISTO | 16.35% | 15.17% | 15.23% |
**Due to the timing of the Mercure Hotel disposal, and the subsequent Streatham acquisition, the rental income has decreased in the half year ended 31 December 2023. This has resulted in the above increase to the EPRA cost ratio.
| ||||
Tasa de vacantes EPRA |
| Medio año terminado 31 de diciembre 2023 000 £ | Medio año terminado 31 diciembre 2022 000 £ | Año terminado 30 junio 2023 000 £ |
Valor de alquiler potencial anualizado de locales desocupados | A | - | - | - |
Valor de alquiler potencial anualizado para la cartera de propiedades completada | B | 6,841 | 6,998 | 7,040 |
|
|
|
|
|
Tasa de vacantes EPRA | A / B | 0% | 0% | 0% |
|
|
|
|
|
Medidas de rendimiento alternativas (APM) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
APMs are numerical measures of the Group's current, historical or future performance, financial position or cash flows, other than financial measures defined or specified in the applicable financial framework. The Group's applicable financial framework is IFRS. The Directors assess the Group's performance against a range of criteria which are reviewed as particularly relevant for a closed-end REIT.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
El descuento The discount is the amount by which the share price is lower than the net asset value per share, expressed as a percentage of the net asset value per share. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31 de diciembre 2023 |
| 31 de diciembre 2022 |
| 30 de junio de 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAV per Ordinary share (note 8) | A | 81.62 |
| 84.34p |
| 84.16p | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Precio de la acción | B | 71.50 | 66.70p | 64.70p | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
El descuento | (A-B)/A | 12.40% | 20.92% |
| 23.12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cobertura de dividendos The ratio of Group's Adjusted EPS divided by the Group's dividends payable for the relevant period/ year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31 de diciembre 2023 |
| 31 de diciembre 2022 |
| 30 de junio de 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS (note 8) | A | 2.96p |
| 3.35p |
| 6.43p | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend per share (note 9) | B | 2.85p | 2.75p | 6.045p | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cobertura de dividendos | A / B | 103.86% | 121.82% |
| 106.37% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* The Board had set a target dividend for the year ended 30 Jun 2023 of 5.70p. As explained in the 2023 Annual Report's Chairman's Statement on page 6, a higher dividend was paid for the year in order to pay sufficient dividends as a PID in order to meet tax requirements, and to distribute to shareholders the extra income received in that year.
Loan to GAV Loan to GAV measures the value of loans and borrowings utilised (excluding amounts held as restricted cash and before adjustments for issue costs) expressed as a percentage of the Group's property portfolio (as provided by the valuer) and the fair value of other assets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 31 de diciembre 2023 |
| 31 de diciembre 2022 |
| 30 de junio de 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Préstamos (miles de libras esterlinas) | A |
| 41,000 | 41,000 | 41,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets (£'000) | B | 109,376 | 111,469 | 111,524 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan to GAV | (A/B) | 37.49% | 36.78% | 36.76% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cargos continuos The ongoing charges ratio is the total for all operating costs expected to be regularly incurred expressed as a percentage of the average quarterly NAVs of the Group for the financial period/year. Note that the ratio for 31 December is based on actual ongoing charges to 31 December and forecast ongoing charges to the following June (shown as annualised in the below calculation). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31 de diciembre 2023 | 31 de diciembre 2022 | 30 de junio de 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses for the half year / year (£'000) | A | 509 | 499 | 1,049 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ongoing charges- annualised where required (£'000) | B | 975? | 1,034? | 1,009? | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activos netos medios (miles de libras esterlinas) | C | 66,725 | 72,747 | 72,675 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio de gastos corrientes | ANTES DE CRISTO | 1.46% | 1.42% | 1.39% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
? Non-recurring legal and professional costs have been excluded in the annualised amount for the period/year presented. |
Share Price and Net Asset Value (NAV) Total Return Share price and NAV total returns show how the NAV and share price has performed over a period of time in percentage terms, taking into account both capital returns and dividends paid to shareholders. Share price and NAV total returns are monitored against FTSE EPRA Nareit UK and FTSE Small Cap, respectively. | |||||
| |||||
Precio de la acción | NAV | ||||
Opening at 30 June 2023 | A | 64.70p | 84.16p | ||
Cierre el 31 de diciembre de 2023 | B | 71.50p | 81.62p | ||
Ida y vuelta | C=(B/A)-1 | 10.51% | (3.02%) | ||
Dividend reinvestment * | D | 5.18% | 3.98% | ||
Rentabilidad total para el accionista | C + D | 15.69% | 0.96% | ||
Opening at 30 June 2022 | A | 82.10p | 96.40p | ||
Cierre el 31 de diciembre de 2022 | B | 66.70p | 84.34p | ||
Ida y vuelta | C=(B/A)-1 | (18.76%) | (12.51%) | ||
Dividend reinvestment* | D | 3.38% | 2.88% | ||
Rentabilidad total para el accionista | C + D | (15.38%) | (9.63%) | ||
Opening at 30 June 2022 | A | 82.10p | 96.40p | ||
Cierre el 30 de junio de 2023 | B | 64.70p | 84.16p | ||
Ida y vuelta | C=(B/A)-1 | (21.19%) | (12.69%) | ||
Dividend reinvestment* | D | 6.97% | 5.97% | ||
Rentabilidad total para el accionista | C + D | (14.22%) | (6.72%) | ||
* Share price total return involves reinvesting the net dividend in the share price of the Company on the date on which that dividend goes ex-dividend. NAV total return involves investing the net dividend in the NAV of the Company with debt at fair value on the date on which that dividend goes ex-dividend. |
Información de la compañía
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The register for the Ordinary Shares is maintained by Computershare Investor Services PLC. In the event of queries regarding your holding, please contact the Registrar on 0370 707 1874 or email: GME@dhr-rgv.com.
Changes of name and/or address must be notified in writing to the Registrar, at the address shown below. You can check your shareholding and find practical help on transferring shares or updating your details at www.investorcentre.co.uk. Shareholders eligible to receive dividend payments gross of tax may also download declaration forms from that website.
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Ordinary £0.01 shares 80,500,000
SEDOL Number BDVK708
ISIN Number GB00BDVK7088
Ticker/TIDM AIRE
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The Company's Ordinary Shares are traded on the Main Market of the London Stock Exchange.
Frecuencia de publicación del NAV
The Group's NAV is released to the London Stock Exchange on a quarterly basis and is published on the Company's website www.ingresosalternativosreit.com.
Annual and Interim Reports
Copies of the Annual and Half-Yearly Reports are available from the Group's website.
Calendario financiero 2024
30 June 2024 Year end
September 2024 Announcement of annual results
November 2024 Annual General Meeting
Glosario
Alternative Investment Fund Manager or AIFM or Investment Manager | Langham Hall Fund Management LLP. |
Empresa | Alternative Income REIT plc. |
Ejecutados alquiler | El anualizado alquiler el ajuste para la inclusión de alquiler sujeto a libre de alquiler períodos. |
Earnings Per Compartir ('EPS') | Profit para el período atribuible a la equidad accionistas dividido por el ponderado promedio number of Ordinary Shares in issue during the period. |
EPRA | Europea Público Real verano Association, the industry body que representa enlistan empresas existentes real sector inmobiliario. |
Equivalente a Rendimiento | La interno y of volvemos of the cash flow en las propiedad, asumiendo a rise to Estimado Alquiler Valor at the next review or lease expiry. No future growth is allowed for. |
Estimated Rental Valor ('ERV') | La externa valuer's opinion as to the open mercado alquiler which, on the date of the valuación, podría razonablemente esperarse a be obtained on a new letting or alquiler una estrategia SEO para aparecer en las búsquedas de Google. menos propiedad. |
Externo Tasador | An independent external tasador menos propiedad. La Del grupo Externo Tasador is Knight Frank LLP. |
Suficientemente bueno propuesta de | La estimado cantidad para que un perfecta tienes Intercambio en valuación datos entre un dispuestas comprador and a willing seller in an brazos de largo transaction after apropiado Marketing y donde partes tenido each acted knowledgeably, prudently and without compulsión. |
Suficientemente bueno propuesta de movimiento | An contabilidad adjustment to change the book propuesta de of an asset or liability to its fair . |
FCA | La Finanzas Conducir Autoridad. |
Bruto baza Value ('GAV') | La agregar propuesta de of the total assets of the Grupo procesos as determined in conformidad with IFRS. |
IASB | Internacionales Normas de contabilidad Junta. |
NIIF | International financial reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. On 31 December 2020 EU-adopted IFRS was brought into UK law and became UK-adopted international accounting standards, with future changes to IFRS being subject to endorsement by the UK Endorsement Board. |
Inversión Asesor | M7 Real Estate Limited. |
OPV | The admission to trading on the Londres Acciones De intercambio Inicio Mercado de las comparte Capital de las Empresa and admission of Ordinario Acciones En el correo electrónico “Su Cuenta de Usuario en su Nuevo Sistema XNUMXCX”. producto de más alta calidad. listing segment of the Official List on 6 2017 junio. |
Arrendar incentivos | Incentivos Ofrecido a occupiers to entrar en un alquiler. Típicamente this will be an initial libre de alquiler period, or a cash contribución a fit-out. under contabilidad gobierna el propuesta de of the lease incentivo is amortised a las Consolidado Posicionamiento of Comprensiva por en un línea recta basis until the lease expiración. |
Préstamo a Valor ('LTV') | La propuesta de of loans and préstamos utilizado (Excluyendo amounts held as límite efectivo y antes ajustes para costos) expresados como herramienta de edición del porcentaje de las combinado valuación de las perfecta portafolio (Como se previsto según el valuer) and the fair propuesta de de otro inversiones. |
Red baza Valor ('NAV') | Activo Neto Valor is the equity attributable a accionistas calculado bajo las NIIF. |
Red baza Valor para comparte | Equidad accionistas funds divided by the number of Ordinario Acciones in problema. |
Red equivalente rendimiento | Calculado según el Del grupo Externo Valuers, red equivalente yield is the internal y of regresar de an inversión extranjera propiedad, basado en el gross outlays for las comprar menos perfecta disponibles (Incluyendo purchase costs), reflecting reversions a current market rent y artículos as vacíos y non-recoverable expenditure but ignoring futuras changes in capital . La cálculo asume alquiler is recibido anualmente en atrasos. |
Red Inicial Rendimiento ('NIY') | The initial net alquiler ingresos en a perfecta en la fecha de compra, expresados como herramienta de edición del porcentaje of las gross purchase price including the costs of purchase. |
Red alquiler ingresos | Alquiler ingresos cuenta por cobrar en el periodo después de pago of rentas de suelo y neto perfecta outgoings. |
Ordinario Acciones | The main type of equity capital emitido by convencional Inversión Compañías. Accionistas en llamado a su comparte de tanto ingresos, existentes formulario of dividends paid by the Empresa, y cualquier capital crecimiento. |
pps | Pence per share. |
REIT | A Inversión inmobiliaria Confía. A compañía que cumple Parte 12 de la Corporación Impuestos Actúe 2010. Sujeto a continuo UK REIT criteria being met, the beneficios. en las perfecta business of a REIT, surgiendo en ambas ingresos and capital gains, en exento en corporación impuestos. |
Reversión | aumente in alquiler estimado según el De la empresa Externo Valuers, donde El pasante alquiler is a continuación las ERV. |
Precio de la acción | La propuesta de menos comparte at a point in time as quoted on a en stock cambio. La De la empresa Ordinario Acciones en quoted on the Main Mercado de las Londres Acciones Intercambiar. |
Weighted Average Unexpired Lease Term ('WAULT') | The average lease term remaining for first break, or expiry, across the portfolio weighted by contracted rental income (including rent-frees). |
Información del accionista
directiva
Simon Bennett (Independent non-executive Chairman)
Stephanie Eastment (Independent non-executive Director)
Adam C Smith (non-executive Director)
Sitio web de la empresa
https://www.alternativeincomereit.com/
Sede Social
Calle Rey Guillermo 1
Londres
EC4N 7AF
Secretaria de Empresa
Asesoría limitada de Hanway
Calle Rey Guillermo 1
Londres
EC4N 7AF
GFIA
Langham Hall Fund Management LLP
Lugar de la flota 1
8th Floor
Londres
EC4M 7RA
Depositario
Langham Hall Reino Unido Depositario LLP
8th Floor
Lugar de la flota 1
Londres
EC4M 7RA
Asesor legal de la empresa
Travers Smith LLP
10 colina nevada
Londres
EC1A 2AL
Investment Adviser and Administrator ('Investment Adviser')
M7 Real Estate Limited
3rd Floor
El edificio del monumento
Calle Monumento 11
Londres
EC3R 8AF
Gerente de la Propiedad
Mason Owen and Partners Limited
7th Floor
Calle Capilla 20
Liverpool
L3 9AG
Tasador
Caballero franco LLP
55 Baker Street
Londres
W1U 8AN
Registrarse
Servicios para inversores de Computershare PLC
Los pabellones
Carretera de Bridgewater
Bristol
BS13 8AE
Auditor
Moore Kingston Smith LLP
Casa de Devonshire
60 Goswell Carretera
Barbacana
Londres
EC1M 7AD
Sector empresarial Broker
Panmure Gordon (Reino Unido) Limited
Calle Gracechurch 40
Londres
EC3V 0BT
Asesor de comunicaciones
H/Asesores Maitland
Plaza 3 Pancras
Londres
N1C 4AG
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