Final Results

Capital & Regional plc 25 March 2004 25 March 2004 CAPITAL & REGIONAL PLC: 2003 PRELIMINARY RESULTS Capital & Regional plc, the co-investing property asset manager, today announces its unaudited preliminary results for the year ended 31 December 2003. Highlights • Return on equity for the year 37.6% (2002:14.6%);* • The company now has responsibility for £2.9 billion of property assets (31 December 2002: £1.5 billion); • Adjusted net asset value per share up 33% to 521p on a fully diluted basis, excluding any increase in the value of our property management business;** • Profit before tax of £26.3m (2002: £2.1m); • 29% increase in dividend to 9p per share; • The Mall Fund - geared return of 33.5%; • The Junction Fund - geared return of 28.2%; • Creation of £500m X-Leisure Fund from the three ex MWB leisure funds with 15 year life. Commenting on the results, Martin Barber, Chief Executive said: "2003 has been an outstanding year for Capital & Regional. We have created over £100m of value for shareholders during 2003. We are reaping the rewards of several years of shaping and re-organising the company into its present form". For further information please contact Capital & Regional on 020 7932 8000: Martin Barber, Chief Executive Tel: 020 7932 8101 William Sunnucks, Group Finance Director Tel: 020 7932 8125 Andrew Hayes / James Benjamin, Hudson Sandler Ltd Tel: 020 7796 4133 *see note 10 ** see note 7 Chairman's introduction Results I am delighted to be able to introduce an excellent set of results for 2003. Our return on equity for 2003 was 37.6% (2002: 14.6%). This is well above our ten year average which stands at close to 16%. These results are attributable to the strong general performance of the retail property sector during the year, and to the creation of value through proactive asset management. The property management and performance fees we have earned made a significant contribution to the overall result. We manage almost £3 billion of retail and leisure property assets, with nearly £1 billion of equity investment in our funds from third party institutions. We aim to provide those investors with a combination of proactive property management skills and investment vehicles and capital structures which best meet their needs. Management We point to strong management teams in three distinct sectors of the property market: shopping centres, retail parks and urban entertainment complexes. Each has a substantial portfolio to manage, clear benchmarks and targets, and strong strategic guidance resulting from our partnership with major institutional fund managers. Both the retail and leisure markets which we serve and the capital markets through which we operate are fast-moving. Our management team has responded vigorously to these dynamics and the Company's performance results from their efforts. I believe that the expertise they have established will continue to deliver strong returns from our existing portfolios, and the resulting track record will attract new investors to our funds. Directors During 2003 we have appointed two new non-executive directors who bring significant experience to our main Board. Hans Mautner is president of the international division of Simon Property Group, a US REIT with a total market capitalisation in excess of $25 billion invested in retail property assets. He has been appointed chairman of the remuneration committee. Paul Stobart is the managing director of Sage UK. He is a chartered accountant and has been appointed chairman of the audit committee. Peter Duffy, who has served nine years as a non-executive director this year, will sadly be retiring at the 2004 AGM. He has provided a major contribution to the company and will be greatly missed. Dividend The board is recommending a final dividend of 5p per share bringing the total for the year to 9p (2002: 7p). We plan to continue to increase the dividend in line with sustainable earnings. Chief Executive's review Results Our 2003 results are the first for a full year of our new business model. Financial highlights include: • Total returns, including revaluation surplus and after tax, were £101.6m (2002: £37.1m) providing a return on equity of 37.6% • Profit before tax was £26.3m (2002: £2.1m) • Earnings per share were 31.4p (2002: 1.3p) • Adjusted fully diluted NAV per share was 521p (2002: 392p). A 33% increase. Our business model The company has committed itself to its new business model, as a co-investing asset manager, and has now completed nearly two years in this shape. 92% of our assets are now invested through funds or partnerships which we manage under management contracts. Our fund model is proving attractive to institutional investors. Both the Mall and Junction Fund have nearly doubled in size during the last two years. Following the acquisition of management contracts for three funds from MWB at the end of January last year, we have now merged those three funds into one to be known as the X-Leisure Fund. This fund has initially a fifteen year life with an option to extend for a further five years. Hermes has accepted the role of fund manager and we have been appointed as the property asset manager. Our relationships with Morley (fund manager of both The Mall and The Junction Funds) and Hermes are proving valuable. They bring to the funds a strategic overview and discipline, thereby enhancing the appeal of the funds to other investors. We treat our properties as living businesses. We recognise that our success depends upon occupiers trading profitably. The scale of our portfolios is providing our occupiers with the opportunity to up-size or down-size within our portfolio with great flexibility. Our portfolio In the mid to late 1990's we anticipated a period of low inflation and decided to focus our efforts on properties which were visited by the public and where they left behind money in the tills of our occupiers. By intensively managing these properties both in the physical sense and by making them exciting and interesting places to visit and spend time in, we hoped that our occupiers would take more money and therefore rental values would advance faster than the economy as a whole. This is proving to be so. Currently our equity is invested in 15 shopping centres, 16 retail parks and 18 urban entertainment complexes. Strong teams We are proud of the strength, depth and focus of our management teams. We have three specialised teams focused on shopping centres, retail parks and leisure. Each is self contained with its own marketing, accounting and facilities management capability. The central team is responsible for fund development and expansion, new partnerships, group accounting and IT. Almost 600 people are employed by the group and at the properties which it manages. The asset management model enables us to demonstrate the productivity of these people. Our group overhead is now covered by our recurring fee income. Performance Fees are now substantial and provide a pool for incentivising management. Property Investment Funds In the Budget on 17 March the Chancellor announced his intention to consult on the creation of a tax transparent property investment fund ("PIF"). C&R will follow this process with considerable interest. The Government has issued a consultation document inviting responses from interested parties. C&R, both directly and working through property industry bodies, will be making strong representations on a number of important issues. It will be advocating in particular, an approach which allows PIFs to operate in a flexible regulatory environment, similar to that enjoyed by REITS in the US. Issues such as gearing, management structure and the level of development activity should, to a large extent, be determined by the market rather than by regulation. Shareholders may remember that C&R floated its US operations on the American market as a REIT in 1993 and I have chaired CenterPoint Properties Trust, as the company is called, since its flotation. Over the ten year period it has been one of the best performing REITs in America and is now capitalised at over $3 billion. I believe that if the Government avoids an over-prescriptive vehicle, there would be a ready appetite from investors not only in the UK, but from all over the world, providing at last significant long term equity to the quoted property market. If such long term equity was available, I believe that the Government would find many of its broader objectives met. In particular it would be easier for the industry to offer flexible leases to occupiers. One of the problems with a market heavily dependent upon debt finance is that the longer the lease, the easier it is to finance. A new supply of equity would help the property industry provide the desired flexibility. Market overview During 2003 we saw substantial rises in the value of retail investment properties, driven by increasing institutional allocations and low interest rates. These trends may continue in 2004, as property still offers income returns which exceed interest rates, and the prospect of growth. I cannot recall another time during the last 40 years when the argument has been so strong. Future prospects 2004 has started very well. There has been much positive activity within the Group and we are optimistic that we will see another year of strong returns. Finance director's review Return on equity We follow our total return on equity figure closely for a number of reasons: • It includes revaluation surpluses as well as profit and loss account items • It is easily measured from the STRGL, a primary statement (page 19) • It is closer than most other measures to reflecting shareholder returns In 2003 our return on equity was 37.6%. The largest contribution came from the revaluation surplus, but this year accounting profits were also significant: Return on equity 2003 2002 £m £m Profit before tax and exceptionals 26.3 10.8 Exceptional items - (8.7) Gains taken through reserves 85.9 40.2 112.2 42.3 Tax (10.6) (5.2) Total return for the year 101.6 37.1 Equity shareholders' funds 270.0 253.1 Return on equity (see note 10) 37.6% 14.6% Drivers of value The strong returns have been driven by a number of factors: • Our management and performance fees • Strong ERV growth in both the Mall and Junction Funds • Some favourable yield shift, particularly in the Mall Fund • Stamp duty savings benefits arising from our properties in disadvantaged areas • A significant contribution from our joint venture development programme, which includes the Glasgow Fort and the two Xscapes at Milton Keynes and Castleford Return on principal investments The total return can also be broken down by investment as follows: Weighted average Return on investment equity* during 2003 Total return invested % £m £m Fund investments • Mall 102.7 53.1 51.7% • Junction 64.5 24.3 36.6% • Leisure 13.0 1.0 7.9% Joint venture investments 33.9 18.3 53.9% Wholly owned investments 64.0 8.4 13.1% Loan stock - CULS (24.6) (1.7) Assets business total 253.6 103.5 40.8% Management fees 15.7 Performance fees 13.3 Goodwill amortisation (1.2) Snozone profit 0.4 Earnings business total 16.4 28.3 172.6% Total 270.0 131.7 48.8% Management expenses (19.5) Taxation (10.6) Total return for the year 270.0 101.6 37.6% * Return on equity is calculated on cost at the beginning of the year plus time weighted additions to share capital (excluding share options) less reductions in share capital. The table shows how our equity has been deployed, and the returns on the different elements. For example the Mall Fund achieved a property level return of 21.7% driven by asset management initiatives and some favourable yield shift. Including fund level gearing this increased to 33.5%. Including gearing at group level the return on net equity invested was 51.7%. The returns on the earnings business are also high. This is partly because the capital invested is low, primarily the goodwill arising on the acquisition of the Leisure fund management business: and partly because we do not allocate our management expense between the assets and earnings businesses. Profit and loss account The following table breaks down turnover and profit before tax into their component streams: Profit and loss account 2003 2002 £m £m Asset management fees 15.7 7.3 Performance fees 13.3 2.8 Snozone income 5.5 4.0 Rental and other income 4.9 12.1 Group turnover 39.4 26.2 Share of joint ventures and associates 35.9 27.3 Direct property expenses (1.3) (2.0) Direct Snozone expenses (5.1) (3.8) Amortisation of goodwill (1.2) - Net interest payable - non- and limited- recourse (22.5) (15.0) - own borrowings (7.0) (10.1) Contribution 38.2 22.7 Management expense (19.5) (14.3) Profit on disposals 7.6 2.3 Exceptional items - (8.7) Profit before taxation 26.3 2.1 Asset management fees are earned by Capital & Regional Property Management Limited for managing the funds and partnerships. Performance fees are earned from the Mall and Junction Funds. They represent the manager's share of the excess return over the benchmark. In both funds the benchmark is the higher of 12% and IPD + 1%. The increase over 2002 results from the strong outperformance of the Mall Fund, from which we earned a fee of £11.1m and the first performance fee from the Junction Fund of £2.2m. Snozone income derives from ticket sales at Milton Keynes and, for the last three months, at Castleford. Its expenses include rent paid to the partnerships and payroll costs of £1.6m Rental and other income comes from the group's remaining portfolio of wholly owned properties. The corresponding expenses are shown as direct property expenses. Share of joint ventures and associates is our proportionate share of fund operating profit. Although we receive quarterly payments net of interest, under FRS 9 we are required to show this gross and the interest separately. Amortisation of goodwill arises because we paid £15.7m for the income stream arising from the MWB fund management business. We are amortising this over 12.5 years. Management expense was £19.5m. The increase of 36% on last year is explained by the acquisition of the MWB asset management business, by the growth of the Mall and Junction portfolios and by increased performance related payments. Our management expense is now well covered by the £29m of fee income. Value of property management business Over the last two years the group has built up a flow of property management income The management contracts extend to 10 years for the Junction Fund. The Mall Fund contract was extended to 15 years during 2003, at the request of a new investor. The three Leisure fund contracts, which were due to expire in 2005 and 2006, have now been consolidated into one fund with a 15 year life. It is capable of extension for a further five years. Fee income 2003 2002 £m £m Ongoing fee income 12.0 6.0 Transaction related fees 3.7 1.2 Performance fees 13.3 2.8 Total fee income 29.0 10.0 The only value attributed to this income stream in the balance sheet is a relatively small amount of goodwill (£15.7m) arising on the acquisition of the leisure fund management business. The value of the business built up internally is not included. Adjusted net asset value per share Adjusted NAV per share on a fully diluted basis has increased from 392p per share to 521p per share. There have been minor adjustments to the way the figure is calculated, as described in note 8. Finance and capital structure Our partnership and property assets are financed in three different ways: • Quoted equity • Quoted Cumulative Unsecured Loan Stock (CULS) • Bank debt At current share prices our CULS are convertible into shares at a price of £1.94 per share between 2006 and 2016. At present their 6.75% yield marginally exceeds the dividend yield arising from conversion. For gearing calculations we treat them as equity rather than debt. The bank debt on our balance sheet is secured on our interests in the Mall and Junction Funds, and our remaining directly held properties. At the year end we had drawn only £48m on our main £100m facility. On balance sheet gearing (debt/ equity) is 29% and the average period to repayment is just over 4 years. We also monitor our gearing on a "see through" basis, including our share of the fund debt, and the debt held in joint ventures. In the case of the fund debt, there is no recourse to the Group for the debt whatsoever. It is secured on the properties in the funds, held in a Limited Partnership structure. In the case of joint venture debt, we often give partial guarantees. For example we may guarantee interest shortfalls and cost over-runs in a development joint venture. We also guarantee £20m of the principal debt secured on the Great Northern retail warehouse. Including our share of fund and joint venture debt, our gearing is 129% and the average repayment period is 3.3 years. Hedging interest rate risk We have significant potential exposures to interest rate movements. Without hedging we would be directly affected by a rise in interest rates because our fixed income stream is used to pay a variable interest costs. We could also suffer indirect effects such as a rise in interest rates which could have an adverse effect on property values and consumer spending. We hedge a large proportion of our direct exposure using interest rate swaps or similar derivative instruments. The swaps are typically matched to the periods of the loans. At the year end £71m of our £111m on balance sheet bank debt was swapped (64%). On a see through basis £332m out of £398m was swapped (83%). Taxation We pay tax on our profits at 30%. The tax on income is mitigated by capital allowances, which are rarely clawed back on disposal. We provide for deferred tax on them in line with accounting standards, but add it back in calculating fully diluted NAV per share, in line with industry practice. We also pay corporation tax on capital gains at 30% on disposals and deemed disposals. Deemed disposals arise as the funds expand and our share is diluted, although we receive no cash we pay tax on the amount we are "deemed" to have sold to new investors. During 2003 we provided for corporation tax on capital gains of £4.4m of which £3.7m is put through reserves. Under current accounting standards we do not provide for deferred tax on unrealised revaluation surpluses. We disclose a contingent tax liability of £32m, which could crystallise if all our property and partnership assets were sold at valuation at the year end. International Accounting Standards International Accounting Standards are due to become mandatory for all listed companies within the European Union in 2005. Our June 2005 interim report will have to conform, although some of the new standards will still be voluntary. Over the next twelve months we will be monitoring closely the development of best practice surrounding the new standards. Whatever the outcome we will endeavour to use the framework provided to explain the business to our shareholders as clearly as possible. Operating review - Shopping Centres The Mall Fund On 28 February 2002 all C&R's covered shopping centres were transferred into the Mall Fund. At that time it was a 50 / 50 joint venture with Morley Fund Management, who transferred some of their clients' shopping centres into the fund. The Mall Fund invests in shopping centres which meet certain broad criteria: in-town, generally covered, integral car parking and good public transport links; a minimum size of 150,000 sq ft suggests these centres either dominate their typical core town shopping catchments of 100,000 people, or enjoy an established position within a larger metropolitan catchment. As such, The Malls can be positioned at the heart of their communities. The Mall team C&R's shopping centres team is dedicated to managing The Mall Fund's shopping centres. They are managed as businesses and not just as property investments. The emphasis is on responsible local management. This gives us direct lines of communication with our shoppers, our retail partners and local communities. The Mall Central team supports this local effort by providing specialisms in leasing, marketing, accounting and HR. It also harvests economies of scale in areas such as utilities and ensures the application of best practice across the business as a whole. This Mall management system allows for the essential consistency of experience necessary for the successful development of the Mall brand in becoming the UK's leading owner and operator of community shopping centres. The top 5 Mall tenants are: Arcadia Group 2.7% of rental income - 20 units Clinton Cards 2.5% of rental income - 15 units Woolworths 2.4% of rental income - 6 units Boots 2.2% of rental income - 9 units Argos 1.9% of rental income - 8 units The growth of the Mall Fund The Mall enables investors to benefit from this specialist management, improved diversification and strong income and capital growth. Since inception the Fund has almost doubled in size to circa £1.25bn. Other investors have joined the Fund, often injecting their own (or their clients) covered shopping centres. Notable examples are: • Prudential Property Managers - Gracechuch Centre, Sutton Coldfield • ISIS - Castle Mall, Norwich • Hermes - The Marlands, Southampton We estimate that there are approximately 225 UK centres that would qualify as Malls. We expect to grow The Mall towards our initial target of 25 centres (£2bn gross asset value) over the coming years both through cash acquisitions and in specie injections from current owners. The Mall Management Style We understand that our success depends on our occupiers' success. They are regarded as true business partners. We operate our centres to make them as accessible, entertaining and popular with the shopping public as possible. Our Mall brand seeks to be at the heart of the community leading The Mall to be a social as well as retail venue. By so doing we plan to increase shopping visits and dwell times yielding the prospect of greater sales for our retailers. Our increasing scale improves our relationships with our multiple retailers. Cross portfolio negotiations are common. We believe in the benefits of branding. The Mall brand values of "caring, dynamic and easy" lie at the heart of our business, caring because we're personal and responsible with our business partners and shoppers, dynamic because we create changing, fun and involving environments and easy because we strive to offer an accessible, stress free shopping experience. The Mall brand is a developing promotional and media platform, offering national coverage with local relevance. With approximately 140 million shopping visits during 2003, there are emerging commercial opportunities with brand partners who wish to access this constituency. Our Malls Size (sq ft) Aberdeen 200,000 Barnsley 170,000 Bexleyheath 400,000 Birmingham 300,000 Chester 225,000 Edgware 199,000 Epsom 350,189 Falkirk 190,000 Ilford 300,000 Norwich 400,000 Romford 320,000 Southampton 200,000 Sutton Coldfield 500,000 Walthamstow 280,500 Wood Green 570,000 Performance In both years, the Fund has substantially outperformed its benchmarks. As a result C&R has earned significant performance fees: Mall performance 2003 2002 12 months 10 months Property level return 21.7% 14.7% Fund level return 33.5% 21.6% Benchmark 15.2% 10.6% Performance fees £11.1m £2.9m Performance fees are mainly driven by the capital growth, but are paid yearly and deducted from income. The capital growth is attributable to yield shift, stamp duty savings for properties in disadvantaged areas and strong ERV growth. Operating review - Retail Parks The retail park team activities during 2003 included: • Managing the Junction Fund • Participating in the Glasgow Fort joint venture development with Pillar Property • Commencing the development of The Morfa Retail Park in Swansea • Selling the group's remaining retail parks which were not injected into The Junction Fund. Junction Fund On 3 January 2002 C&R injected most of its retail parks into the Junction Fund, alongside a similar number of retail parks from clients of Morley Fund Management. Since inception the fund has more than doubled its size from £322m to £757m. New investors have participated in the fund, diluting C&R's interest from 50% to 28.4%. The Junction Fund is now the 6th largest retail park owner in the UK. The scale of ownership provides the opportunity to carry out cross-portfolio deals with tenants allowing them to expand in some locations and restructure in others. The fund is aiming to become the premier choice for indirect investment exposure to actively managed retail park property in the UK. It is building a UK wide portfolio of destination retail parks with the following characteristics: • Minimum size at least 120,000 sq ft • At least one "category killer" store such as B&Q or Homebase • Dominant scheme, or the opportunity to become the dominant scheme in the catchment area • Opportunities to add value through asset management The Junction - main tenants B&Q 18% of rental income Comet 5.8% of rental income Carpetright 4.9% of rental income Matalan 4.4% of rental income Homebase 3.9% of rental income JJB 3.9% of rental income Acquistions and disposals The Junction portfolio has been actively managed to position itself for future growth. In February 2003 the prime Chartwell Land portfolio, the largest portfolio to come onto the market in recent years, was split between The Junction Fund, Pillar, Hercules Unit Trust and Morley. Of the four parks acquired by The Junction one was immediately sold, and asset management initiatives have already commenced on the remaining three. The total uplift on this portfolio since acquisition, including the sale, was £20m. In September 2003 the Oxford Road Retail Park in Reading was sold for £25.1m and in November 2003 the Drakehouse Retail Park in Sheffield was sold for £58m. Significant gains were made on both these properties over their historical cost. Planning permissions and developments During the 1980s and early 1990s the number of retail parks in the UK increased rapidly. More recently planning restrictions have tightened and it is now very difficult to get planning permission for substantial new locations. Despite this there remains considerable scope for improving and redeveloping the existing Junction portfolio. The business plans have identified the potential to invest over £200m in its sites. These developments will normally be substantially pre-let, with fixed price building contracts which reduce the risk borne by the fund. We have achieved notable planning permissions during the year. Our 190,000 sq ft development at Aylesbury has now commenced on site and we anticipate starting on our 130,000 sq ft extension/redevelopment to Hull during the second half of the year. A planning inquiry for our 430,000 sq ft proposal at Oldbury will commence in May this year. Junction Retail Parks Size (sq ft) Beckton (1) 190,000 Bristol (1) 220,000 Glasgow 180,000 Hull (1) 200,000 Ipswich 210,000 Leeds 140,000 Leicester (1) 170,000 Maidstone 170,000 Oxford 140,000 Paisley (1) 180,000 Portsmouth 160,000 Renfrew 240,000 Junction Thurrock Joint Venture (1,2) 440,000 Wembley 260,000 Worcester 90,000 (1) Stamp duty disadvantaged area (2) The Junction owns 65% of the Junction Thurrock Joint Venture Junction Developments Existing Area Further development Aylesbury (3) 94,000 96,000 Bristol - phase II (3) - 180,000 Hull - phase II (3) 80,000 50,000 Oldbury 40,000 390,000 Paisley - phase II - 95,000 Portsmouth - phase II - 80,000 (3) Planning permission already in place Performance In 2003 the Junction Fund outperformed its benchmark and for the first time earned a performance fee. Junction performance 2003 2002 Property level return 17.7% 13.3% Fund level return 28.2% 17.8% Benchmark 16.6% 17.2% Performance fee £2.2m 0 Performance fees are mainly driven by the capital growth, but are paid yearly and deducted from income. The capital growth is attributable to strong ERV growth as a result of asset management initiatives, securing planning consents for development and stamp duty savings for properties in disadvantaged areas. Yield shift calculated on a like for like basis was only 0.18%. Glasgow Fort In February 2003 The Auchinlea Partnership acquired this 90 acre site and commenced construction on the first phase of 300,000 sq ft of open A1 retail. This is a 50/50 joint venture between C&R and Pillar Property. Building work on the first phase is due for completion in October 2004. Lettings have been highly satisfactory with approximately 61% of the expected rental value already contracted and terms agreed on a further 8%. Total expected rental income has risen to £10.5m and total project costs for Phase 1 are estimated at £142 million. Swansea In July 2003 C&R acquired a site near the Morfa stadium from the Swansea City Council, and transferred planning consent for 105,000 sq ft of open A1 retail. Building work started September 2003 and is expected to be complete by September 2004. Lettings are progressing well with 75% out of the expected rental income of £4.9m either contracted or terms agreed. Total project costs are anticipated to be £64m. Operating review - Leisure C&R's leisure team has four major responsibilities: • X-Leisure - managing the three funds acquired from MWB last year, which have now been combined under one umbrella fund. At December 2003 the total gross asset value managed was £500.5m. • Xscape - Developer, manager and operator of this sports, leisure and retail destination brand. Following the success of Xscape, Milton Keynes the second Xscape at Castleford, Leeds opened in the autumn. Construction of the third Xscape is due to commence in summer 2004. Further sites are actively being pursued. • Snozone - Operates real snow slopes within the Xscape destinations, as a tenant to the partnerships which own the properties. • The Great Northern Warehouse, Manchester - this joint venture with AWG is being managed by the leisure team. The X-Leisure Fund On 24 January 2003 C&R took management control of the three X-Leisure funds from Marylbone Warwick Balfour. C&R bought small stakes in the three funds, together with the fund management business for a total of £31m. The three funds own 16 leisure parks and 3 health clubs nationwide. The parks are anchored by multiplex cinemas with dedicated car parking as well as typically bowling, health and fitness, restaurants and bars. Leases are institutional in character, and many also enjoy fixed rental uplifts through the lease term. Since acquisition C&R has brought a business focus to the management of these assets and introduced property specific business plans. A large number of leasing initiatives have been progressed, but significant capital expenditure has been postponed until the three funds are consolidated into one vehicle with an extended life. The current split of assets between three separate funds reduces the manager's ability to exploit cross portfolio transactions, economies of scale and leads to conflicts of interest. Umbrella fund: an umbrella fund has now been created with a new life of 15 years. C&R currently owns 10.77% of the umbrella fund, the balance being held by 8 institutional investors. The property and asset management has been contracted to C&R, and the fund management to Hermes. C&R will be entitled to management fees and to performance fees as in the Mall and Junction funds. This Fund is the largest property leisure fund in the UK. Our aspiration is to grow it to a gross asset value of £1 billion. The team will continue their focus on creating destinations, increasing footfall and extending dwell times, as has proven successful with the Xscape destinations. The intention is that the leisure park portfolio will be split into two distinct brands - large urban entertainment destinations and more traditional family edge of town leisure parks. Each property additionally has a dedicated business plan ensuring very focused management. The marketing initiatives undertaken last year were also recognised at the Leisure Awards dinner where 3 out of the 4 finalists were X-Leisure campaigns. Xscape Xscape at Milton Keynes has continued to trade well. Footfall exceeded 6 million in 2003, 39% up on the 2001 level. The centre is fully let with leases changing hands at premiums. The second Xscape at Castleford, near Leeds, opened in October 2003 and has exceeded expectations. Record initial trading levels were reported by many of the restaurant operators as well as the bowling operator, Bowlplex and the snow slope operation. As at March 2004 82% of the space was let or under offer. Construction of the third Xscape in Braehead, near Glasgow, is due to start in summer 2004. This will be built in partnership with Capital Shopping Centres, the owners of the neighbouring regional shopping centre. Xscape, Braehead will be anchored by a 12 screen Odeon cinema, 170m snow slope and a 24 lane bowling/ family entertainment centre. Agreements for lease and terms have already been agreed to take the scheme to 60% pre let. Snozone Snozone is the operating business which runs the snow slopes within the Xscape destinations and is 100% owned by C&R, employing 230 full and part time members of staff. It leases the snow slopes at Milton Keynes and Castleford from the partnerships which own the buildings on arms length terms and makes an increasingly significant profit. Great Northern On 31 May 2003 C&R took a 50% stake in the Great Northern Warehouse, Manchester. The building had been converted to a high standard and was anchored by an AMC cinema and NCP. However other lettings did not follow and the property remained substantially vacant. C&R's leisure team has been working with its joint venture partner, AWG, to evaluate the options for leasing the majority of the vacant space. Urban Leisure Destinations Size (sq ft) Xscape MK 420,000 Xscape Castleford 361,000 Fountain Park, Edinburgh 230,000 Tower Park Leisure Park, Poole 181,000 Bentley Bridge Leisure Park, Wolverhampton 115,000 Lockmeadow Leisure Park, Maidstone 143,000 Weyside Square Leisure Park, Guildford 46,000 Boldon Leisure Park, Tyne & Wear, Boldon 51,000 Stack Leisure Park, Dundee 153,000 StarCity Entertainment Centre, Birmingham 393,000 02 Centre, Swiss Cottage, London 297,000 Riverside, Norwich 198,000 Parrs Wood Leisure Park, Manchester 242,000 Great North Leisure Park, North Finchley, London 96,000 Fiveways, Birmingham 185,000 Grants Entertainment Centre, Croydon 149,000 Eureka Entertainment Centre, Ashford 131,000 West India Quay, Docklands, London 130,000 Health Clubs Giffnock, Glasgow 38,000 Cannons, St Albans 59,000 Cricket Ground, Pentagon, Derby 49,000 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 31 December 2003 Unaudited (Unaudited) (Audited) Year to 31 Period to 31 Notes December December 2003 2002 £000 £000 Turnover: group income and share of joint ventures' turnover 45,006 34,998 Less: share of joint ventures' turnover (5,550) (8,788) Group turnover 39,456 26,210 Cost of sales (6,445) (5,763) Gross profit 33,011 20,447 Profit on sale of trading and development properties 25 499 Exceptional loss on write off of European development properties - (1,522) Total profit/(loss) on disposal of trading and development properties 25 (1,023) Administrative expenses (20,650) (14,261) Group operating profit 12,386 5,163 Share of operating profit in joint ventures and associates 35,863 27,298 Total operating profit 48,249 32,461 Exceptional costs of a fundamental reorganisation - (7,184) Profit/(loss) on sale of investment properties and investments 5,242 (789) Profit on sale of investment properties in joint ventures and 2,385 2,609 associates Profit on ordinary activities before interest 55,876 27,097 Interest receivable and similar income 1,142 1,043 Interest payable and similar charges Group (7,287) (10,649) Share of associates (19,789) (12,451) Share of joint ventures (3,595) (2,967) (30,671) (26,067) Profit on ordinary activities before taxation 26,347 2,073 Taxation on profit on ordinary activities 2 (6,966) (1,220) Profit on ordinary activities after taxation 19,381 853 Equity minority interests - (8) Profit attributable to the shareholders of the company 19,381 845 Equity dividends paid and payable (5,602) (4,333) Profit/(loss) retained in the year/period 13,779 (3,488) Earnings per share 3 31.4p 1.3p Earnings per share - diluted 3 27.3p 1.2p The results of the group for the year related entirely to continuing operations. CONSOLIDATED BALANCE SHEET As at 31 December 2003 Unaudited (Unaudited) (Restated) 31 December 31 December Notes 2003 2002 £000 £000 Fixed assets Intangible assets 4 14,540 - Property assets 51,457 55,475 Other fixed assets 12,282 12,934 78,279 68,409 Investment in joint ventures: share of gross assets 183,769 77,857 share of gross liabilities (127,277) (53,168) 6 56,492 24,689 Investment in associates 5 372,676 286,367 507,447 379,465 Current assets Property assets 7,941 7,773 Debtors: amounts falling due after more than one year 274 84 amounts falling due within one year 24,202 27,241 Cash at bank and in hand 4,475 4,159 36,892 39,257 Creditors: amounts falling due within one year (37,232) (28,946) Net current (liabilities)/assets (340) 10,311 Total assets less current liabilities 507,107 389,776 Creditors: amounts falling due after more than one year (137,780) (117,041) Provisions for liabilities and charges (2,201) (2,397) Net assets 367,126 270,338 Capital and reserves Called up share capital 8 6,311 6,175 Share premium account 8 165,574 162,752 Revaluation reserve 8 145,245 74,006 Other reserves 8 2,468 4,069 Profit and loss account 8 47,528 23,336 Equity shareholders' funds 367,126 270,338 Net assets per share 7 591p 438p Adjusted fully diluted net assets per share 7 521p 392p STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the year ended 31 December 2003 Unaudited (Unaudited) (Audited) Year to 31 Period to 31 December December 2003 2002 £000 £000 Profit before tax 26,347 2,073 Movements in revaluation reserve on investment properties 1,111 509 on other fixed assets (620) (920) on properties held in joint ventures and associates 80,870 38,302 Gains on deemed disposals 4,498 2,377 Minority interests - (8) Total gains before tax 112,206 42,333 Tax shown in profit and loss account (6,966) (1,220) Tax on revaluation surplus realised (3,651) (3,556) Deferred tax - (485) Total tax charge (10,617) (5,261) Total recognised gains and losses for the year 101,589 37,072 Return on equity for the year (note 10) 37.6% 14.6% The total recognised gains and losses since the last annual report, including the prior year adjustment of £335,000 are £101,926,000. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS For the year ended 31 December 2003 Unaudited (Unaudited) (Restated) Year to 31 Period to 31 December December 2003 2002 £000 £000 Profit for the year attributable to shareholders of the company 19,381 845 Equity dividends paid and payable (5,602) (4,333) Profit/(loss) retained in the year 13,779 (3,488) Share capital and share premium issued in year (net of expenses) 2,958 868 Share capital purchased and cancelled in year (including expenses) - (50,845) Other recognised gains and losses relating to year 82,208 36,227 Purchase of own shares (3,341) (220) LTIP credit in respect of P&L charge 1,184 555 Net increase in/(reduction to) shareholders' funds 96,788 (16,903) Opening shareholders' funds as previously reported 270,003 287,241 Prior year adjustment (see note 1) 335 Opening shareholders' funds as restated 270,338 Closing shareholders' funds 367,126 270,338 CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2003 Unaudited (Unaudited) (Restated) Year to Period to 31 December 2003 31 December 2002 Notes £000 £000 Net cash inflow from operating activities (i) 28,947 2,251 Dividends received from associates and joint ventures 14,694 12,773 Returns on investments and servicing of finance (7,920) (15,085) Taxation (5,496) (7,606) Capital expenditure and financial investment 8,442 673,039 Acquisitions and disposals and exceptional item (48,205) (269,219) Equity dividends paid (4,985) (4,623) Cash (outflow)/inflow before financing (14,523) 391,530 Financing 14,839 (395,938) Increase/(decrease) in cash 316 (4,408) Notes to the cashflow statement (i) Net cash inflow from operating activities (Unaudited) (Restated) Year to Period to 31 December 2003 31 December 2002 £000 £000 Group operating profit 12,388 5,163 (Profit)/loss on the sale of trading and development properties (25) 1,023 12,363 6,186 Depreciation of other fixed assets 425 482 Amortisation of short leasehold properties 203 203 Amortisation of tenant incentives (144) 308 Amortisation of goodwill 1,162 - Profit on disposal of fixed assets (6) (6) Decrease in trade debtors, other debtors and prepayments 3,144 8,708 Increase/(decrease) in trade creditors, other creditors, taxation and social security and accruals 10,616 (14,185) Non-cash movement relating to LTIP 1,184 555 Net cash inflow from operating activities 28,947 2,251 (ii) Analysis of net debt At 31 December At 31 December 2002 Cash flows 2003 £000 £000 £000 Cash in hand and at bank 4,159 316 4,475 Debt due within one year (3,450) 3,250 (200) Debt due after one year (116,642) (18,472) (135,114) Total (115,933) (14,906) (130,839) NOTES TO THE FINANCIAL INFORMATION For the year ended 31 December 2003 Unaudited 1. Basis of preparation The preliminary announcement has been prepared in accordance with the accounting policies adopted in the financial statements in the period ended 31 December 2002 with the exception of the Long Term Incentive Plan. The group has adopted Urgent Issues Tax Force Abstract 38 (UITF 38) "Accounting for ESOP Trusts" in this preliminary announcement. Comparatives have been restated to comply with the requirements of UITF 38. The effect of this restatement, on the current and prior year are summarised below. There has been no effect on the 2002 profit and loss account. (Unaudited) Year to Period to 31 December 31 December 2003 2002 £000 £000 Balance sheet (Reduction)/increase in net assets (1,821) 335 2. Taxation (Unaudited) (Audited) Year to Period to 31 December 31 December 2003 2002 £000 £000 Current tax UK corporation tax (at 30%) 6,330 580 Tax credit in respect of exceptional items - (1,510) Prior year 832 (274) Share of joint ventures - 177 Total current tax 7,162 (1,027) Deferred tax Origination and reversal of timing differences (196) 2,247 Total current and deferred tax for the year/period 6,966 1,220 The group has unprovided deferred tax in respect of capital gains if investment assets were sold at their current valuation of £31,804,000 (2002: 13,996,000). 3. Earnings per share Year to 31 December 2003 Earnings Number of Earnings £000 shares per share Basic 19,381 61,758,939 31.4p Exercise of share options - 1,062,488 Conversion of Convertible Unsecured Loan Stock 1,218 12,670,912 Diluted 20,599 75,492,339 27.3p Period to 31 December 2002 Earnings Number of Earnings £000 shares per share Basic 845 67,339,312 1.3p Exercise of share options - 607,924 Diluted 845 67,947,236 1.2p The calculation includes the full conversion of the Convertible Unsecured Loan Stock where the effect on earnings per share is dilutive own shares held are excluded from the weighted average number of shares. 4. Intangible assets The MWB fund management business was acquired on 24 January 2003 for a total consideration of £31,357,000 which included MWB's 13.29% interest in Leisure Fund I, 5.72% in Leisure Fund IIa and 7.09% interest in Leisure Fund IIb. The cost and fair value of the Limited Partner interests in the three funds acquired and deferred fees was £15,655,000. The remaining £15,702,000 has been treated as goodwill. The goodwill is being amortised over 121/2 years and the charge for the year is £1,162,000. 5. Associates The Mall The Junction X-Leisure Total to 31 Total to 31 LP LP LPs December December 2002 £000 £000 £000 2003 £000 £000 Profit and loss account (100%) Turnover 86,662 35,147 33,811 155,620 75,142 Property expenses (12,378) (1,684) (3,483) (17,545) (10,127) Net rental income 74,284 33,463 30,328 138,075 65,015 Fund and property management (6,083) (4,759) (2,449) (13,291) (6,805) expenses Performance fee (15,015) (2,916) - (17,931) (3,708) Administrative expenses (1,576) (1,222) (2,176) (4,974) (2,659) Share of joint venture's operating - 3,105 - 3,105 - profit Operating profit 51,610 27,671 25,703 104,984 51,843 Sale of investment properties - 8,158 - 8,158 477 Net interest payable (27,537) (19,328) (20,523) (67,388) (26,322) Profit before and after tax 24,073 16,501 5,180 45,754 25,998 Balance sheet (100%) Investment properties and joint 1,240,332 747,786 496,888 2,485,006 1,260,018 ventures Current assets 59,939 67,360 24,388 151,687 54,591 Current liabilities (60,520) (37,986) (48,712) (147,218) (50,592) Borrowing due in more than one year (542,441) (368,364) (291,281) (1,202,086) (539,848) Net assets (100%) 697,310 408,796 181,283 1,287,389 724,169 C&R interest at period end 34.77% 28.37% 13.29% 5.72% 7.09% Group share of Operating profit 22,661 7,725 1,870 32,256 23,894 Sale of investment properties - 2,278 - 2,278 174 Net interest payable (12,091) (5,396) (1,520) (19,007) (12,075) Profit for the year 10,570 4,607 350 15,527 11,993 Revaluation surplus for the year 41,459 20,611 682 62,552 34,315 Investment properties and joint 431,276 212,147 39,712 683,135 505,769 ventures Current assets 20,841 19,110 1,987 41,938 22,804 Current liabilities (21,043) (10,777) (3,366) (35,186) (21,106) Borrowing due in more than one year (188,612) (104,505) (23,800) (316,917) (220,678) Associate net assets 242,462 115,975 14,533 372,970 286,789 Unrealised profit on sale of (294) - - (294) (422) property to associate Group share of associate net assets 242,168 115,975 14,533 372,676 286,367 6. Joint ventures Xscape Xscape Total to 31 Total to 31 Milton Castleford Auchinlea Morrison December December Keynes Partnership Partnership Merlin Others 2003 2002 Partnership £000 £000 £000 £000 £000 £000 £000 Profit and loss account (100%) Turnover 3,956 960 580 3,292 - 8,788 17,577 Property expenses (555) (197) (303) (291) (100) (1,446) (11,380) Net rental income 3,401 763 277 3,001 (100) 7,342 6,197 Fund and property management (100) (25) - - - (125) - expenses Administrative expenses (14) (16) (78) (103) (30) (241) 633 Operating profit/(loss) 3,287 722 199 2,898 (130) 6,976 6,830 Sale of investment properties - - - - 214 214 4,871 Net interest (payable)/ (3,211) (689) (972) (2,008) 32 (6,848) (5,761) receivable Profit/(loss) before tax 76 33 (773) 890 116 342 5,940 Balance sheet (100%) Investment properties 76,090 59,730 118,050 - - 253,870 133,340 Current assets 4,269 7,137 1,947 76,591 1,450 91,394 11,317 Current liabilities (2,376) (5,716) (53,778) (3,201) (594) (65,665) (9,099) Borrowing due in more than (46,800) (46,385) (4,405) (62,500) - (160,090) (77,450) one year - Net assets (100%) 31,183 14,766 61,814 10,890 856 119,509 58,108 C&R interest at year end 50.0% 66.7% 50.0% 50.0% 50.0% Group share of Operating profit/(loss) 1,644 482 100 1,449 (68) 3,607 3,404 Sale of investment properties - - - - 107 107 2,435 Net interest (payable)/ (1,605) (459) (486) (1,004) 16 (3,538) (2,879) receivable Profit/(loss) for the year 39 23 (386) 445 55 176 2,960 Revaluation surplus for the 786 4,123 13,209 - - 18,118 3,987 year Investment properties 38,045 39,840 59,025 - - 136,910 71,828 Current assets 2,135 4,761 974 38,296 725 46,891 6,031 Current liabilities (7,220) (3,818) (26,889) (1,423) (167) (39,517) (11,169) Borrowing due in more than (23,400) (30,939) (2,203) (31,250) - (87,792) (42,001) one year Joint venture net assets 9,560 9,844 30,907 5,623 558 56,492 24,689 The joint ventures all operate in the UK. Capital & Regional's share of net assets of Xscape Milton Keynes Partnership is less than its 50% interest due to the accumulated preferred return payable on additional non-equity capital provided by joint venture partners. 7. Net assets per share As at 31 December 2003 Net assets Number of shares Net assets per £000 share As per the balance sheet 367,126 63,112,003 Own shares held (1,024,000) Net assets per share 367,126 62,088,003 591 Conversion of Convertible Subordinated 24,404 12,670,912 Unsecured Loan Stock ("CULS") (net of unamortised issue costs) Exercise of share options 3,767 1,709,646 Capital allowances deferred tax provision 3,449 Adjusted fully diluted 398,746 76,468,561 521 As at 31 December 2002 (restated) Net assets Number of shares Net assets per £000 share As per the balance sheet 270,338 61,746,441 Own shares held (70,000) Net assets per share 270,338 61,676,441 438 Conversion of Convertible Subordinated 24,314 12,670,912 Unsecured Loan Stock ("CULS") (net of unamortised issue costs) Exercise of share options 6,901 3,160,408 Capital allowances deferred tax provision 2,538 Adjusted fully diluted 304,091 77,507,761 392 Net assets per share are shareholders' funds divided by the number of shares held by shareholders at the year end. The shares held by the group's employee benefits trust (own shares held) are excluded from both net assets and the number of shares. Adjusted fully diluted net assets per share includes the effect of those shares potentially issuable under the CULS or employee share option schemes. It excludes the capital allowances deferred tax provision. 8. Reserves Share Property Profit and Share premium revaluation Other Loss capital account reserve reserves account Total £000 £000 £000 £000 £000 £000 As at 31 December 2002 6,175 162,752 74,006 4,289 22,781 270,003 Prior year adjustment - own shares - - - (220) 555 335 Revised balance as at 31 6,175 162,752 74,006 4,069 23,336 270,338 December 2002 Issue of share capital 136 2,822 - - - 2,958 Revaluation of investment - - 491 - - 491 properties & other fixed assets Share of revaluation surplus of - - 80,870 - - 80,870 JV's & associates Tax on revaluation surpluses - - - - (3,651) (3,651) realised in the period Realisation of surplus on - - (10,122) - 10,122 - disposal of investment properties Gain on deemed disposal - - - - 4,498 4,498 Credit in respect of LTIP charge - - - - 1,184 1,184 Purchase of own shares - - - (3,341) - (3,341) Amortisation of cost of own - - - 1,740 (1,740) - shares Profit retained in the period - - - - 13,779 13,779 As at 31 December 2003 6,311 165,574 145,245 2,468 47,528 367,126 9. Debt valuation The table below reflects the adjustment to the accounts, after the impact of corporation tax, required to adjust the carrying value of fixed rate debt and swaps to market value. The figures include the group's share of debt held by joint ventures and associates. (Unaudited) (Audited) As at As at 31 December 31 December 2003 2002 £000 £000 Increase/(decrease) in net assets 1,952 (4,604) 10. Return on Equity (Unaudited) (Audited) Year to Period to 31 December 2003 31 December 2002 £000 £000 Total recognised gains and losses 101,589 37,072 Equity shareholders' funds 270,007 253,116 Return on equity 37.6% 14.6% Return on equity is calculated as total recognised gains and losses divided by opening equity share-holders' funds, plus time weighted additions to share capital (excluding share options) less reductions in share capital. Equity shareholders' funds for 2002 has been adjusted to take account of the shares purchased and cancelled on 26 April 2002. 11. Status of financial information The financial information contained in this announcement does not constitute statutory financial statements within the meaning of Section 240 Companies Act 1985. The comparative figures (which have been restated for the effect of UITF 38) have been extracted from the audited financial statements for the period ended 31 December 2002 which have been filed at Companies House. The auditors have reported on those accounts; their report was unqualified and did not contain statements under S237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 31 December 2003 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's annual general meeting. Additional information Property under management 31 December 2003 31 December 2002 £m £m Investment properties 52 56 Trading properties 8 8 Mall fund 1,243 724 Junction fund 757 536 X-Leisure funds 501 - Other joint ventures 332 133 Other properties under management - 40 Total 2,893 1,497 Fund Portfolio information at Mall Junction X-Leisure 31 December 2003 Fund Fund Funds Number of core properties 15 16 19 Number of tenants 1,294 226 181 Square feet (000) 4,604 3,331 2,825 Properties at open market value (note 1) £1,243m £757m £501m Initial yield % 6.39% 5.03% 6.48% (2) Equivalent yield % 6.99% 6.37% 7.27% (2) Vacancy rate 2.5% 7.1% 2.0% (2) Net rental income (£m per annum) £82.3m £38.4m £34.2m Estimated rental value (£m pa) £97.8m £47.5m £37.5m Rental increase (ERV) 4.9% 8.8% 2.9% (2) Reversionary % 7.7% 13% 5.56% (2) Loan to value ratio 44% 49% 63% (2) Underlying valuation change since 12.5% 12.2% 1.8% (2) 31 December 2002 Property level return 21.7% 17.7% 8.1% (2) Geared return 33.5% 28.2% 10.9% Unit price (£1.00 at inception) £1.4290 £1.3674 n/a (2) C&R share 34.77% 28.37% 10.77% (2) Notes: 1. Properties at open market value include tenant incentives which are transferred to current assets for accounting purposes. 2. This is the position of the new X-Leisure Fund based on values at 31 December 2003. Glossary of terms Adjusted Fully diluted NAV per share includes the Open market value is an opinion of the best price at effect of those shares potentially issuable under the which the sale of an interest in the property would CULS or employee share options. It excludes the complete unconditionally for cash consideration on the capital allowances deferred tax provision. date of valuation (as determined by the Group's external valuers). In accordance with usual practice, the Group's external valuers report valuations net, after the deduction of the prospective purchaser's Capital allowances deferred tax provision In accordance costs, including stamp duty, agent and legal fees. with FRS19, full provision has been made for deferred tax arising on the benefit of capital allowances claimed to date. In the Group's experience liabilities in respect of capital allowances provided are unlikely Passing rent is the gross rent, less any ground rent to crystallise in practice and are therefore excluded payable under head leases. when arriving at adjusted fully diluted NAV per share. Return on equity is the total return, including Contingent tax liability is the unprovided further revaluation surplus, divided by opening equity plus taxation which might become payable if the Group's time weighted additions to share capital, excluding investments and properties were sold at their balance share options exercised, less reductions in share sheet values net of any tax losses which have not been capital. recognised in the balance sheet. Reversion is the estimated increase in rent at review CULS is the Convertible Subordinated Unsecured Loan where the gross rent is below the estimated rental Stock. value. Earnings per share (EPS) is the profit on ordinary Reversionary yield is the anticipated yield, which the activities after taxation divided by the weighted initial yield will rise to once the rent reaches the average number of shares in issue during the period estimated rental value. excluding own shares held. Total return is the group's total recognised gains and Estimated rental value (ERV) is the Group's external losses for the year as set out in the Statement of valuers' opinion as to the open market rent which, on Total Recognised Gains and Losses (STRGL). the date of valuation, could reasonably be expected to be obtained on a new letting or rent review of a property. Total shareholder return is the growth in price per share plus dividends per share. Equivalent yield is a weighted average of the initial yield and reversionary yield and represents the return a property will produce based upon the timing of the UITF 28 "Operating lease incentives" debtors Under income received. In accordance with usual practice, accounting rules the balance sheet value of lease the equivalent yields (as determined by the Group's incentives given to tenants is deducted from property external valuers) assume rent received annually in valuation and shown as a debtor. The incentive is arrears and on gross values including prospective amortised through the profit and loss account. purchasers' cost. Vacancy rate is the estimated rental value of vacant Gearing is the Group's net debt as a percentage of net properties expressed as a percentage of the total assets, adjusted for the conversion of the CULS into estimated rental value of the portfolio, excluding equity. See through gearing includes our share of non development properties. recourse net debt in the associates and joint ventures. Initial yield is the annualised net rents generated by the portfolio expressed as a percentage of the portfolio valuation, excluding development properties. IPD is Investment Property Databank Ltd, a company that produces an independent benchmark of property returns. Net assets per share (NAV) are shareholders' funds divided by the number of shares held by shareholders at the period end, excluding own shares held. This information is provided by RNS The company news service from the London Stock Exchange

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