Custodian REIT plc : Final Results – Yahoo Finance UK


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Custodian REIT plc (CREI)

16-Jun-2021 / 07: 13 GMT/BST

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.

The issuer is solely responsible for the content of this announcement.

16 June 2021

Custodian REIT plc

("Custodian REIT" or "the Company")

Final Results

Custodian REIT (LSE: CREI), the UK commercial real estate investment company, today reports its final results for the year ended 31 March 2021.

Financial highlights and performance summary





Share price total return[7]




Dividend cover[8]




Dividends per share[9] (p)




Capital values

NAV and EPRA NTA[10] (£m)




NAV per share and NTA per share (p)




Share price (p)




Market capitalisation (£m)




Discount of share price to NAV per share




Net gearing[11]





Ongoing charges ratio[12] ("OCR")




OCR excluding direct property expenses[13]





Weighted average energy performance certificate ("EPC") rating[14]

C (63)

C (70)


Alternative performance measures

The Company reports alternative performance measures ("APMs") to assist stakeholders in assessing performance alongside the Company's results on a statutory basis, set out above. APMs are among the key performance indicators used by the Board to assess the Company's performance and are used by research analysts covering the Company.  Certain other APMs may not be directly comparable with other companies' adjusted measures, and APMs are not intended to be a substitute for, or superior to, any IFRS measures of performance.  Supporting calculations for APMs and reconciliations between APMs and their IFRS equivalents are set out in Note 21.

Commenting on the final results, David Hunter, Chairman of Custodian REIT, said:

"Custodian REIT's investment strategy has been tested, with the Company operating for a full year under the shadow of COVID-19.  From a low point in May 2020, Custodian REIT's share price has been gently recovering, matching the greater clarity that the Company has provided around dividends through the course of the year.

"The impact of the pandemic has been to accelerate the decline in high street retail, pushing an increasing number of occupiers into insolvency and many occupiers into seeking to defer rental payments.  Despite the strongly positive performance of the Company's industrial and logistics portfolio, the net result has been a 3.5% property valuation decrease during the year.

"However, 91% of rent was collected, net of contractual deferrals, meaning I was delighted to be able to announce dividends per share totalling 5.0p for the year and that the Company is targeting a dividend per share of at least 5.0p for the year ending 31 March 2022, based on rent collection levels remaining in line with expectations.  This dividend outcome is significantly ahead of the minimum level announced in April 2020 of 0.75p per quarter before the full impact of the first national lockdown could be ascertained. 

"The combination of resilient capital values and a return to stabilised dividends should lend support to Custodian REIT's objective to be the REIT of choice for private and institutional investors seeking high and well supported dividends from diversified UK commercial property."

Further information

Further information regarding the Company can be found at the Company's website or please contact:

Custodian Capital Limited

Richard Shepherd-Cross / Ed Moore / Ian Mattioli MBE

Tel: +44 (0)116 240 8740

Numis Securities Limited

Hugh Jonathan / Nathan Brown

Tel: +44 (0)20 7260 1000


Hazel Stevenson/ Emily Hall

Tel: +44 (0)20 3757 4989

Analyst presentation

There will be an analyst presentation to discuss the results at 2: 00pm today.  Those analysts wishing to take part are asked to register at:

After registering, you will receive a confirmation email containing information about joining the webinar.  If you have any questions please contact Amy Rush on +44 (0) 20 7260 1365 or at [email protected].

Investor presentation

The Board has been monitoring whether COVID-19 guidance limiting public gatherings and travel will be in place when the Company holds its AGM on 25 August 2021.  To provide certainty and encourage interaction and engagement with our shareholders, the Company has arranged an online investor presentation at 2: 00pm on 6 July 2021 at which shareholders will receive updates from the Chairman and Investment Manager with the opportunity for an interactive question and answer session.

Those investors wishing to take part are asked to register at:

Business model and strategy


Custodian REIT offers investors the opportunity to access a diversified portfolio of UK commercial real estate through a closed-ended fund.  The Company seeks to provide investors with an attractive level of income and the potential for capital growth, becoming the REIT of choice for private and institutional investors seeking high and stable dividends from well-diversified UK real estate.

Investment Policy

The Company's investment policy[15] is summarised below:

 (i) governmental bodies or departments; or

(ii) single tenants rated by Dun & Bradstreet as having a credit risk score higher than two[16], where exposure may not exceed 5% of the rent roll.

The Board reviews the Company's investment objectives at least annually to ensure they remain appropriate to the market in which the Company operates and in the best interests of shareholders.

Diverse portfolio

Top ten tenants

Asset locations

Annual passing rent


% portfolio income

Menzies Distribution

Aberdeen, Edinburgh, Glasgow, Ipswich, Norwich, Stockton-on-Tees, Swansea, Weybridge




Banbury, Galashiels, Weymouth



B&M Retail

Swindon, Ashton-under-Lyne, Plymouth, Carlisle



VW Group

Derby, Stafford, Shrewsbury



Superdrug Stores

Weston-super-Mare, Avonmouth, Southsea, Worcester



Wickes Building Supplies

Winnersh, Burton upon Trent



Williams Motor Co (t/a Williams BMW and Mini)




Regus (Maidstone West Malling)

West Malling



First Title (t/a Enact Conveyancing)








Financial resilience

31 Mar 2021

31 Mar 2020

Net gearing



Number of property assets



Debt facility average maturity

7.4 years

7.8 years

Our environmental, social and governance ("ESG") objectives

Chairman's statement

Custodian REIT's investment strategy has been tested, with the Company operating for a full year under the shadow of COVID-19.  The Company's absolute focus on income by maximising rent collection and preserving cash flow from the property portfolio has enabled it to weather the storm.  Following the shock of the first lockdown, and from a low point in May 2020, Custodian REIT's share price showed less volatility through the second half of 2020.  Since the start of 2021 the share price has been gently recovering.  This trajectory in share price performance has matched the greater clarity that the Company was able to provide around dividends through the course of the year, demonstrating the importance placed on income by shareholders.

The impact of the pandemic has been to accelerate the decline in high street retail, pushing an increasing number of occupiers into Administration or company voluntary arrangements ("CVAs") and many occupiers into seeking to defer rental payments for later collection.  Despite the strongly positive performance of the Company's industrial and logistics portfolio, the net result has been a 3.5% (£19.6m) property valuation decrease during the year.  91% of rent was collected, net of contractual deferrals, or 89% before contractual deferrals.  Most tenants are honouring rent deferral agreements but some arrears are still at risk of non-recovery from CVAs or Administrations.

In the circumstances I was delighted to be able to announce that the Company's successful focus on rent collection allowed dividends per share totalling 5.0p to be declared for the year.  This dividend outcome is significantly ahead of the minimum level announced in April 2020 of 0.75p per quarter before the full impact of the first national lockdown could be ascertained. 

This dividend was one of the highest fully covered dividends amongst its peer group of listed property investment companies[17] for the year ended 31 March 2021 and, in line with the Company's policy, was fully covered by net cash receipts and 113% covered by EPRA earnings. 

Acknowledging the importance of income for shareholders, I was also very pleased to announce that the Company is targeting a dividend per share of at least 5.0p for the year ending 31 March 2022, based on rent collection levels remaining in line with expectations.

These have been testing times which have necessitated an exceptional effort from the Investment Manager both in the collection of rents and in operating remotely as a team.  I would like to acknowledge this achievement.  I also thank my fellow Board members who have been flexible and supportive during a year which has required numerous formal and informal additional Board meetings. 

Financial and operational resilience

The Company remains in a  strong financial position to address the extraordinary circumstances imposed by the COVID-19 pandemic.  At 31 March 2021 it had:

Covenant waivers have not been required due to the level of rent collected and are not expected to be requested beyond 31 March 2021.  No lender covenants have been breached during the Period.

Net asset value

The NAV of the Company at 31 March 2021 was £409.9m, approximately 97.6p per share, a decrease of 4.0p (3.9%) since 31 March 2020:

Pence per share


NAV at 31 March 2020



Valuation movements relating to:

- Asset management activity



- General valuation decreases



Valuation decrease before acquisition costs



Impact of acquisition costs



Valuation decrease including acquisition costs



Profit on disposal of investment property



Net valuation movement






Expenses and net finance costs



Dividends paid[19]



NAV at 31 March 2021



The net valuation decrease of 3.5% (£19.6m) saw falls in retail, other and office sector valuations, partially offset by a 4.6% (£12.0m) increase in industrial and logistics further detailed in the Investment Manager's report, due to:

Custodian REIT's investment strategy continues to be weighted towards regional industrial and logistics assets which has stood the Company in good stead again this year.  With investment yields tightening in this very popular sector and with income returns coming under pressure the opportunities for a diversified investment strategy, to support future dividends, remain a focus for the Company.

The market

FY21 has seen a market where almost every commercial property investment has been impacted by COVID-19 - some negatively and some positively.  We have not seen such a widespread impact across the whole property investment market since the Global Financial Crisis.  However, a downturn is often the best time for an investment strategy to be tested, and so the last year has proved.  Custodian REIT has endured lower volatility relative to its close peer group of diversified property investment companies[20], and its property portfolio continues to deliver asset management opportunities which are value accretive as discussed in the Asset management report.

Property investment companies with certain sector specific investment strategies, such as healthcare and logistics, have outperformed during the year.  However, we believe that for a large swathe of investors the long-term attributes of a diversified strategy remain the key attraction of real estate investment.  Our strategy offers diversification of tenant, lease expiry profile and asset type, low net gearing, a risk-averse debt profile, strong regional property locations and the ability of the management team to generate future income from the assets.  These attributes contribute to lower share price volatility than the close peer group and have been rewarded with continued dividends, supporting a 5% plus dividend yield for most of the year.

The Company enjoys the support of a wide range of shareholders with the majority classified as private client or discretionary wealth management investors.  The Company's investment and dividend strategy is well suited to investors looking for a close proxy to direct real estate investment but in a managed and liquid structure.  After many months of Open-Ended Property Funds blocking redemptions, (in part due to FCA restrictions and in part due to lack of liquidity) the investment trust structure offers a natural choice for retail investors seeking high and stable dividends from well-diversified UK real estate through a liquid vehicle.

Investment Manager

Custodian Capital Limited ("the Investment Manager") is appointed under an investment management agreement ("IMA") to provide property management and administrative services to the Company.  The performance of the Investment Manager is reviewed each year by the Management Engagement Committee ("MEC").  During the year the fees paid to Investment Manager were £3.8m (2020: £4.0m) in respect of annual management and administrative fees.  Further details of fees payable to the Investment Manager are set out in Note 18.

The Board is pleased with the performance of the Investment Manager, particularly in rent collection levels and its continued successful asset management during the pandemic which contributed to both capital values and income.  The Board is satisfied that the Investment Manager's performance remains aligned with the Company's purpose, values and strategy.

The MEC reviewed, in detail, the arrangements with the Investment Manager when the Investment Management Agreement ("IMA") reached the end of its three-year term on 31 May 2020.  In light of the positive performance of the Company the Board agreed a further three-year term with the Investment Manager, from 1 June 2020. The fees payable to the Investment Manager under the IMA were amended to include:

All other key terms of the IMA remained unchanged.  The Board consider these amendments to the IMA to be in the best interests of the Company's shareholders because:

Board succession and remuneration

Although the Company's succession policy allows for a director tenure of longer than nine years, in line with the 2019 AIC Corporate Governance Code for Investment Companies ("AIC Code"), the Board acknowledges the benefits of ongoing Board refreshment and for this reason expected Director retirement dates are staggered within a nine year tenure period.

On 1 January 2021, after nearly seven years of service, Professor Barry Gilbertson retired as Senior Independent Non-Executive Director of the Company.  The Board would like to thank Barry for his significant contribution to the development of the Company since his appointment on IPO in 2014.

Responding to Barry's departure and the growth of the Company since inception we were delighted to welcome Elizabeth McMeikan and Chris Ireland to the Board on 1 April 2021.  Both new Directors bring a range of different but complementary skills which strengthen the Board's property and governance experience and add to its diversity.  We look forward to the contribution they will both make.

The Board is conscious of the increased focus on diversity and recognises the value and importance of diversity in the boardroom.  No Directors are from a minority ethnic background.  The appointment of Elizabeth McMeikan increases the female representation on the Board to 33% which meets the gender diversity recommendations of the Hampton-Alexander Review for at least 33% female representation on FTSE350 company boards.  As a constituent of the FTSESmallCap Index Custodian REIT is not bound by this recommendation.  The Board supports the overall recommendations of the Hampton-Alexander and Parker Reports although it is not seen to be in the interests of the Company and its shareholders to set prescriptive diversity targets for the Board at this point.

In March 2020 the Remuneration Committee determined that there would be no increase in the level of Directors' annual fees for the year ending 31 March 2021 due to the uncertainty caused by the COVID-19 pandemic.  For the year ending 31 March 2022 the Remuneration Committee has continued its historical policy of paying appropriately benchmarked Directors' fees.

Environmental, social and governance ("ESG")

The Board recognises that its decisions have an impact on the environment, people and communities.  It also believes there are positive financial reasons to incorporate good ESG practices into the way we do business.

The Board shares the increased stakeholder interest in, and recognises the importance of, compliance requirements around good ESG management.  It seeks to adopt sustainable principles wherever possible, actively seeking opportunities to make environmentally beneficial improvements to its property portfolio and encouraging tenants to report and improve emissions data.  As testament to this commitment, the Board recently constituted an ESG Committee to monitor the Company's performance against its environmental key performance indicators ("KPIs"); ensure it complies with its environmental reporting requirements; assess the engagement with the Company's environmental consultants; and assess the level of social outcomes being achieved for its stakeholders and the communities in which it operates.

The Company's ESG policy outlines our approach to managing ESG impacts and provides the framework for setting and reviewing environmental and social objectives to ensure we are continuously improving our performance and setting a leadership direction.

As a result, the Board committed to:

Progress towards these commitments during the year is summarised below:

Details of the Company's environmental policy and its KPIs are contained within the ESG Committee report within the Strategic report.


Despite the headwinds, real estate continues to be in demand by occupiers and as an investment class.  The Asset management report looks more closely at occupier demand and paints a rosier picture than a year of pandemic headlines might suggest, and although occupancy has decreased from 95.9% to 91.6%, more than half of our vacant properties are currently under offer to let.  The outlook feels more positive and predictable than 12 months ago and we expect that the Company's property portfolio will continue to support the policy of stable dividends in a post-pandemic world.  As discussed in the Financial review, dividends per share of 5.0p have been approved for the year and the Board has announced a minimum dividend of 5.0p for the year in prospect.

In a long-term low interest rate environment the marginal income return from real estate investment over risk-free investment, represented by UK 10 year gilts, and the low cost of debt are both likely to support property pricing.

The combination of resilient capital values and a return to stabilised dividends should lend support to Custodian REIT's objective to be the REIT of choice for private and institutional investors seeking high and well supported dividends from diversified UK commercial property.

David Hunter


15 June 2021

Investment Manager's report

The UK property market

In common with the wider economy, the commercial property investment market has experienced a year unlike any other with office workers deserting their offices, shoppers going online as retailers were forced to close and pubs and restaurants unable to serve customers for a large part of the year.  The government's moratorium on the eviction of tenants for non-payment of rent has left landlords unable to compel tenants to pay rent but, despite these challenges, I believe real estate investment has been remarkably resilient.

As a diversified property investment company, Custodian REIT's resilience in the face of the pandemic is representative of the resilience of the real estate market more broadly.  Custodian REIT's NAV decreased by 4.0p over the year which was exceeded by dividends paid to deliver a marginal, but positive NAV total return of 0.9% for the year.  We go into the year ending 31 March 2022 with the estimated rental value ("ERV") of the property portfolio, adjusted for acquisitions and disposals, only 1.4% diminished, albeit with an increased vacancy rate.

These positive total returns and limited rental reductions, when compared to significant share price volatility, particularly in Q1, suggest that real estate outperformed market expectations of earlier in the year.  A share price recovery began in Q4 in line with greater certainty of rent collection rates which were much better than forecast and had been improving through the year.

The clear winner in real estate investment has been the industrial and logistics sector which has benefited from the shift from the High Street to 'E-tailing' and from the onshoring of the national supply chain post Brexit.  Investment demand and pricing are both at record levels which has been strongly positive for Custodian REIT as this sector makes up 49% by value of the portfolio and its valuation increased by 4.6% during the year.

The high street retail sector's future is uncertain, but, I believe, as part of a combined retail and leisure-based city centre there will still be active demand from occupiers.  The trend for fewer shops was well established prior to the pandemic but in core locations we still expect to see high occupancy levels albeit at rental levels 25-50% below the peak.  High Street retail makes up only 8% by value of the property portfolio and we have sold four small shops in the last six months, with another under offer, which we did not feel had medium-term potential for a return to rental growth.

By contrast the out of town retail sector which makes up 18% of the Custodian REIT portfolio by value, is witnessing investors openly competing for assets.  This is a sector where there is confidence that the combination of convenience, lower costs per square foot and the complementary offer to online retail will keep these assets relevant.  Through the last year we have seen DIY and discounters (B&Q and B&M for example) trading strongly.

After a year of working from home many workers are looking forward to returning to the office.  Without doubt the way we use offices and how frequently we visit them has changed, following the largely successful national experiment of remote working.  As always, when considering real estate investment, the location of offices will be key.  Having withdrawn from an office acquisition in Oxford, to preserve cash, at the start of the first lockdown Custodian REIT completed on the same office building one year later in a city which is benefiting from the growth in Biotech, driven in part by the university and the focus of this growing sector in the Oxford-Cambridge arc.  We have already agreed terms to lease the last remaining space in the building at a new headline rent demonstrating the positive future prospects for the property. 

The sustainability credentials of both the building and the location will be evermore important for occupiers and investors.  As investment manager we are absolutely committed to the Company's ambitious goals in relation to ESG and believe the real estate sector should be a leader in this field.

ESG has become an imperative for many investors.  Commercial real estate is a significant contributor to national emissions, so we believe an emphasis on how we can improve the "E" is particularly relevant for real estate.  In this regard we are striving to beat the Company's target to improve the Energy Performance Certificates ("EPC") of the portfolio.  We expect to eradicate all EPC's of "F" and "G" ahead of the target set of end of 2022 and all EPC's of "E" before 2025.  We are well advanced with this project with plans in place for all the "F" and "G" EPCs and 30% of the "E" EPCs. 

Energy performance and emissions are important considerations across all redevelopments and refurbishments in the portfolio as is the importance of "S" (Social) in creating an engaging, appropriate and sustainable (in all senses of the word) built environment.  These commitments are demonstrated in the refurbishment of a property in West Bromwich, the details of which are set out in the ESG Committee report.  Investing in real estate that meets the ESG requirements of occupiers and legislation will lead to shorter periods of vacancy, higher rents and enhanced values.  We have policies, embedded in our strategy, to keep Custodian REIT on target to meet the required standards but we remain focused on delivering returns at the same time.  The KPIs the Company has set itself are set out in the ESG Committee report.

Before considering rent collection, which has been a key focus through the year, it is worth reflecting on the continued use of CVAs by tenants to reduce their operating costs.  As discussed in the Asset management report CVAs have been the cause of an 1.3% reduction in annual passing rent during the year.  While, on the face of it, CVAs are disadvantageous for landlords this is not always the case over a medium-term time horizon.  An example of how this can be positive for investors is the CVA of Pizza Hut.  The Custodian REIT portfolio contains three Pizza Hut restaurants operating an arguably outdated model.  The CVA enabled the Company to gain vacant possession of each property with increasingly competitive bids received to secure the assets from new drive-through operators including fast food and coffee shops and Pizza Hut itself.  All three units now have 21st century tenants lined up to take occupation. 

Rent collection

As Investment Manager, Custodian Capital invoices and collects rent directly, importantly allowing it to hold conversations promptly with most tenants regarding the payment of rent.  This direct contact has proved invaluable, through the COVID-19 pandemic disruption, enabling better outcomes for the Company.  Many of these conversations have led to positive asset management outcomes, some of which are discussed in the Asset management report.  The financial resilience of the Company and the pragmatic approach of the Manager has enabled the Company to take a longer-term view of rent collection.  It was better to acknowledge the challenges faced by certain occupiers and balance their contractual requirement to pay rent and the ability of the Company to fund short-term rent deferrals.  If quarterly rent payments could not be secured consensually the Manager sought to allow tenants to pay monthly and, only if this was not achievable, to allow for an element of rent to be deferred.  Where possible longer lease commitments were sought in return as part of a lease re-gear.  Rent concessions were offered, as a last resort, but amounted to less than 1% of the total contractual rent roll.

91% of rent relating to the year has been collected, net of contractual rent deferrals, or 89% before contractual deferrals, as set out below:

31 Mar 2021


Net of contractual rent deferrals

Before contractual rent deferrals

Rental income from investment property (IFRS basis)


Lease incentives


Cash rental income expected, before contractual rent deferrals



Contractual rent deferred until subsequent financial years



Cash rental income expected, net of contractual rent deferrals



Outstanding rental income




Rental income collected




Outstanding rental income remains the subject of discussion with various tenants, and some arrears are potentially at risk of non-recovery due to disruption caused by the recent national lockdown and from CVAs or Administrations.

The Company's doubtful debt provision has increased by £2.7m (0.6p per share) from £0.3m to £3.0m during the year to reflect the risk of failing to collect outstanding and deferred rent.

Property portfolio balance

The property portfolio is split between the main commercial property sectors in line with the Company's objective to maintain a suitably balanced investment portfolio.  The Company has a relatively low exposure to office and high street retail combined with a relatively high exposure to industrial and to alternative sectors, often referred to as 'other' in property market analysis.  The current sector weightings are:



31 March 2021


Weighting by income[22]

31 March



31 March 2020


Weighting by income

31 March


Valuation movement before acquisition costs


Valuation movement including acquisition costs


Weighting by value 31 March 2021

Weighting by value 31 March 2020










Retail warehouse



























High street retail


















During the year the different sectors have performed in line with market norms.  Industrial and logistics values have strengthened by 4.6% recording high levels of occupancy and continued rental growth.  Office values have suffered a 10.4% decrease experiencing an increase in vacancy as occupiers exercised their options to vacate at lease expiry or break, in order to ride out the pandemic.  For the second year retail has been the worst hit, although with a greater percentage decline in high street locations of 21.6% compared to out of town retail warehousing decline of 10.8%.  This lower decline for out of town is perhaps a reflection of the stock selection in the Custodian REIT portfolio where retail warehouse occupiers are predominantly value retailers and homewares/DIY, many of whom have remained open for trading during the COVID-19 pandemic lockdown.

The 31 March 2020 valuation was reported on the basis of 'material valuation uncertainty' in accordance with RICS valuation standards.  This basis did not invalidate the valuation but, in the circumstances, implied that less certainty could be attached to the valuation than otherwise would be the case.  However, for 31 March 2021 valuations, no 'material valuation uncertainty' clauses were applied to any asset classes in the Company's property portfolio.

The Company has appointed Savills as valuer to replace Lambert Smith Hampton and to work alongside Knight Frank.  We th...

[1] The European Public Real Estate Association ("EPRA").

[2] Profit after tax excluding net gains or losses on investment property divided by weighted average number of shares in issue.

[3] Profit after tax divided by weighted average number of shares in issue.

[4] Net Asset Value ("NAV") movement including dividends paid during the year on shares in issue at 31 March 2020.

[5] Before acquisition costs of £0.7m.

[6] Before disposal costs of £0.1m.

[7] Share price movement including dividends paid during the year.

[8] Profit after tax, excluding net gains or losses on investment property, divided by dividends paid and approved for the year.

[9] Dividends paid and approved for the year.

[10] Following the recent update to EPRA's Best Practice Recommendations Guidelines the Company's peer group has adopted EPRA net tangible assets ("NTA") as the primary measure of net asset value.  There are no differences between the Company's IFRS NAV, EPRA NAV and EPRA NTA.

[11] Gross borrowings less cash (excluding rent deposits) divided by property portfolio value.

[12] Expenses (excluding operating expenses of rental property recharged to tenants) divided by average quarterly NAV.

[13] Expenses (excluding operating expenses of rental property) divided by average quarterly NAV.

[14] For properties in Scotland, English equivalent EPC ratings have been obtained.

[15] A full version of the Company's Investment Policy is available at

[16] A risk score of two represents "lower than average risk".

[17] Source: Numis Securities Limited.

[18] Historical rental income received and projected contractual rental income receivable less certain property expenses divided by interest and fees payable to its lenders must exceed 250%.

[19] Dividends totalling 4.9125p per share (1.6625p relating to the prior year and 3.25p relating to the year) were paid on shares in issue throughout the year.

[20] Source: Numis Securities Limited.

[21] Annual management fees comprise property management services fees and investment management services fees.

[22] Current passing rent plus ERV of vacant properties.

[23] Includes car showrooms, petrol filling stations, children's day nurseries, restaurants, health and fitness units, hotels and healthcare centres.

[24] A 'green lease' incorporates clauses where the owner and occupier undertake specific responsibilities/obligations regarding the sustainable operation/occupation of a property, for example: energy efficiency measures, waste reduction/ management and water efficiency.

[25] One EPC letter represents 25 energy performance asset rating points.

[26] As defined by the Corporation Tax Act 2010.

[27] Assumed at 6.5% of investment property valuation.

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