2024 | 2023 | ||
Notes | £m | £m | |
Rental and related income | |||
Direct property expenses | ( | ( | |
Net rental and related income | 3 | ||
Administrative expenses | ( | ( | |
Amortisation of intangible assets | ( | ( | |
Axis acquisition costs and JSE listing fees | ( | ||
Total administrative expenses | 4 | ( | ( |
Revaluation deficit on property portfolio | 10 | ( | ( |
Operating profit | 4 | ||
Finance income | 5 | ||
Finance costs | 6a | ( | ( |
Early termination on bonds | ( | ||
Fair value loss on derivative interest rate swaps and amortisation of hedging reserve | 6b | ( | ( |
Fair value loss on convertible bond | 6c | ( | ( |
Profit before taxation | |||
Taxation (charge)/credit | 7 | ( | |
Profit after taxation 1 | |||
Other comprehensive income: | |||
Items that may be reclassified subsequently to profit and loss | |||
Amortisation of hedging reserve | 21 | ||
Exchange loss on translation of foreign balances | ( | ( | |
Other comprehensive income net of tax 1 | |||
Total comprehensive income net of tax 1 | |||
IFRS earnings per share | |||
Basic | 8 | ||
Diluted | 8 | ||
Adjusted earnings per share 2 | |||
Basic | 8 | ||
Diluted | 8 |
2024 | 2023 | ||
Notes | £m | £m | |
Non-current assets | |||
Investment properties | 10 | ||
Derivative interest rate swaps | 16 | ||
Intangible assets | |||
Property, plant and equipment | |||
Current assets | |||
Properties held for sale | 10 | ||
Trade and other receivables | 11 | ||
Cash and cash equivalents | 12 | ||
Derivative interest rate swaps | 16 | ||
Developments work in progress | |||
Total assets | |||
Current liabilities | |||
Deferred rental income | ( | ( | |
Trade and other payables | 13 | ( | ( |
Borrowings: term loans and overdraft | 14a | ( | ( |
Borrowings: bonds | 14b | ( | |
Derivative interest rate swaps | 16 | ( | |
( | ( | ||
Non-current liabilities | |||
Borrowings: term loans and overdraft | 14a | ( | ( |
Borrowings: bonds | 14b | ( | ( |
Head lease liabilities | 15 | ( | ( |
Trade and other payables | 13 | ( | ( |
Deferred tax liability | ( | ( | |
( | ( | ||
Total liabilities | ( | ( | |
Net assets |
2024 | 2023 | ||
Notes | £m | £m | |
Equity | |||
Share capital | 18 | ||
Share premium account | 19 | ||
Merger and other reserves | 20 | ||
Hedging reserve | 21 | ( | ( |
Retained earnings | 22 | ||
Total equity 1 | |||
Net asset value per share | |||
IFRS net assets – basic and diluted | 8 | ||
Adjusted net tangible assets 2 – basic | 8 | ||
Adjusted net tangible assets 2 – diluted | 8 |
2024 | 2023 | ||
Notes | £m | £m | |
Operating activities | |||
Profit on ordinary activities after tax | |||
Adjustments to reconcile to operating profit before financing costs: | |||
Taxation charge/(credit) | 7 | ( | |
Finance income | 5 | ( | |
Finance costs including early termination fees | 6a | ||
Fair value loss on derivative interest rate swaps and amortisation of hedging reserve | 6b | ||
Fair value loss on convertible bond | 6c | ||
Operating profit before financing costs | |||
Adjustments to reconcile Group operating profit before financing costs to net cash flows from operating activities: | |||
Revaluation deficit on property portfolio | 10 | ||
Axis acquisition costs and JSE listings fees | |||
Amortisation of intangible assets | |||
Fixed rent uplift | ( | ( | |
Tax (paid) | ( | ( | |
Increase in trade and other receivables | ( | ( | |
(Decrease)/increase in trade and other payables | ( | ||
Net cash flow from operating activities | |||
Investing activities | |||
Payments to acquire and improve investment properties | |||
and fixed assets | ( | ( | |
Cash paid for acquisition of Axis | ( | ||
Net cash flow used in investing activities | ( | ( |
2024 | 2023 | ||
Notes | £m | £m | |
Financing activities | |||
Term bank loan drawdowns | 14 | ||
Term bank loan repayments | 14 | ( | ( |
Proceeds from bond issues | 14 | ||
Loan/bond arrangement and early termination fees | ( | ( | |
Purchase of derivative financial instruments | ( | ||
Net interest paid and similar charges | ( | ( | |
Equity dividends paid | 9 | ( | ( |
Net cash flow from financing activities | ( | ( | |
Decrease in cash and cash equivalents for the year | ( | ||
Cash and cash equivalents at start of year | |||
Cash and cash equivalents at end of year | 12 |
Merger | ||||||
Share | Share | and other | Hedging | Retained | ||
capital | premium | reserves | reserve | earnings | Total | |
£m | £m | £m | £m | £m | £m | |
1 January 2024 | ( | |||||
Profit for the year | ||||||
Other comprehensive income | ||||||
Amortisation of hedging | ||||||
reserve | ||||||
Exchange loss on translation | ||||||
of foreign balances | ( | ( | ||||
Total comprehensive income | ( | |||||
Share-based awards (“LTIP”) | ||||||
Dividends paid | ( | ( | ||||
31 December 2024 | ( |
Merger | ||||||
Share | Share | and other | Hedging | Retained | ||
capital | premium | reserves | reserve | earnings | Total | |
£m | £m | £m | £m | £m | £m | |
1 January 2023 | ( | |||||
Profit for the year | ||||||
Other comprehensive income | ||||||
Amortisation of hedging | ||||||
reserve | ||||||
Exchange (loss)/gain on translation of foreign | ||||||
balances | ( | ( | ||||
Total comprehensive income | ( | |||||
Share-based awards (“LTIP”) | ||||||
Dividends paid | ( | ( | ||||
31 December 2023 | ( |
Less than | One to | Two to | Three to | Four to | More than | ||
one year | two years | three years | four years | five years | five years | Total | |
£m | £m | £m | £m | £m | £m | £m | |
2024 | 146.3 | 139.0 | 131.3 | 123.8 | 113.6 | 773.2 | 1,427.2 |
2023 | 145.0 | 139.9 | 135.4 | 128.0 | 120.7 | 862.8 | 1,531.8 |
2024 | 2023 | |
£m | £m | |
Administrative expenses including: | ||
Staff costs (Note 4a) | 7.9 | 7.5 |
Directors’ fees | 0.5 | 0.4 |
Audit fees | ||
Fees payable to the Company’s auditor and its associates for the audit | ||
of the Company’s annual accounts | 0.5 | 0.5 |
Fees payable to the Company’s auditor and its associates for the audit | ||
of the Company’s subsidiaries | 0.1 | 0.1 |
Total audit fees | 0.6 | 0.6 |
Total audit and assurance services | 0.6 | 0.6 |
Non-audit fees | ||
Fees payable to the Company’s auditor and its associates for the interim review | 0.1 | 0.1 |
Advisory services | — | — |
Total non-audit fees | 0.1 | 0.1 |
Total fees | 0.7 | 0.7 |
2024 | 2023 | |
£m | £m | |
Wages and salaries | 8.0 | 7.9 |
Less staff costs capitalised in respect of development and asset | ||
management projects | (1.7) | (1.5) |
Social security costs | 0.7 | 0.7 |
Pension costs | 0.3 | 0.3 |
Equity-settled share-based payments | 0.6 | 0.1 |
7.9 | 7.5 |
Scheme | Fair value measure |
Long Term Incentive Plan (“LTIP”) | Face value at grant date |
Save As You Earn (“SAYE”) | Face value at grant date |
2024 | 2023 | |
£m | £m | |
Interest income on financial assets | ||
Development loan interest | — | 0.2 |
— | 0.2 |
2024 | 2023 | |
£m | £m | |
Interest expense and similar charges on financial liabilities | ||
a) Interest | ||
Bank loan interest | 29.5 | 27.4 |
Swap interest | (5.0) | (4.6) |
Bond interest | 20.5 | 20.0 |
Bank facility non-utilisation fees | 2.2 | 2.2 |
Bank charges and loan arrangement fees | 3.2 | 3.3 |
50.4 | 48.3 | |
Interest capitalised | (0.6) | (0.1) |
49.8 | 48.2 | |
Amortisation of MedicX debt MtM on acquisition | (3.0) | (3.0) |
46.8 | 45.2 |
2024 | 2023 | |
£m | £m | |
b) Derivatives | ||
Net fair value loss on interest rate swaps | 4.5 | 4.3 |
Amortisation of cash flow hedging reserve | 2.5 | 4.1 |
7.0 | 8.4 |
2024 | 2023 | |
£m | £m | |
c) Convertible bond | ||
Fair value loss on existing convertible bond | 0.6 | 4.8 |
0.6 | 4.8 |
2024 | 2023 | |
£m | £m | |
Net finance costs | ||
Finance income (Note 5) | — | 0.2 |
Finance costs (as per above) | (50.4) | (48.3) |
(50.4) | (48.1) | |
Interest capitalised | 0.6 | 0.1 |
(49.8) | (48.0) | |
Amortisation of MedicX debt MtM on acquisition | 3.0 | 3.0 |
(46.8) | (45.0) |
2024 | 2023 | |
£m | £m | |
Current tax | ||
UK corporation tax | — | — |
Irish corporation tax | — | 0.1 |
Deferred tax on Irish activities | 5.6 | (1.3) |
Total tax charge/(credit) | 5.6 | (1.2) |
2024 | 2023 | |
£m | £m | |
Profit on ordinary activities before taxation | 47.0 | 26.1 |
Standard tax at UK corporation tax rate of 25% (2023: 23.5%) | 11.8 | 6.1 |
REIT exempt income | (17.1) | (16.5) |
Transfer pricing adjustment | 9.0 | 8.5 |
Fair value loss on convertible bond | 0.1 | 0.5 |
Non-taxable items | 0.2 | 0.8 |
Losses brought forward utilised | 0.9 | 0.1 |
Difference in Irish tax rates | 0.7 | (0.7) |
Taxation charge/(credit) (Note 7a) | 5.6 | (1.2) |
2024 | 2023 | |||||
IFRS | Adjusted | EPRA | IFRS | Adjusted | EPRA | |
earnings | earnings | earnings | earnings | earnings | earnings | |
£m | £m | £m | £m | £m | £m | |
Profit after taxation | 41.4 | 41.4 | 41.4 | 27. 3 | 27.3 | 27.3 |
Adjustments to remove: | ||||||
Revaluation deficit | ||||||
on property portfolio | — | 38.4 | 38.4 | — | 53.0 | 53.0 |
Fair value movement | ||||||
on derivatives | — | 7.0 | 7.0 | — | 8.4 | 8.4 |
Fair value movement | ||||||
and issue costs on convertible bond | — | 0.6 | 0.6 | — | 4.8 | 4.8 |
Taxation charge/(credit) | — | 5.6 | 5.6 | — | (1.2 ) | (1.2 ) |
JSE listing fees | — | — | — | — | 0.2 | 0.2 |
Amortisation of intangible assets | — | 0.9 | 0.9 | — | 0.9 | 0.9 |
Axis acquisition costs | — | — | — | — | 0.3 | 0.3 |
Early termination fees on bonds | — | 2.0 | 2.0 | — | — | — |
Amortisation of MtM loss | ||||||
on debt acquired | — | (3 .0 ) | — | — | (3 . 0 ) | — |
Basic earnings | 41.4 | 92.9 | 95.9 | 27.3 | 90.7 | 93.7 |
Dilutive effect of convertible bond | — | 4.3 | 4.3 | — | 4.3 | 4.3 |
Diluted earnings | 41.4 | 97.2 | 100.2 | 27. 3 | 95.0 | 98.0 |
2024 weighted average | 2023 weighted average | |||||
million | million | million | million | million | million | |
Ordinary Shares | 1,336.5 | 1,336.5 | 1,336.5 | 1,336.5 | 1,336.5 | 1,336.5 |
Dilutive effect of convertible bond | — | 119.4 | 119.4 | — | 113.9 | 113.9 |
Diluted Ordinary Shares | 1,336.5 | 1,455.9 | 1,455.9 | 1,336.5 | 1,450.4 | 1,450.4 |
2024 | 2023 | |||||
IFRS | Adjusted | EPRA | IFRS | Adjusted | EPRA | |
pence | pence | pence | pence | pence | pence | |
Basic | 3.1 | 7.0 | 7.2 | 2.0 | 6.8 | 7.0 |
Diluted | 3.1 | 6.7 | 6.9 | 2.0 | 6.6 | 6.8 |
31 December 2024 | 31 December 2023 | ||||||
IFRS | Adjusted | EPRA | IFRS | Adjusted | EPRA | ||
pence | pence | pence | pence | pence | pence | ||
Net assets attributable to shareholders | 1,376.0 | 1,376.0 | 1,376.0 | 1,423.9 | 1,423.9 | 1,423.9 | |
Derivative interest rate | |||||||
swaps liability | — | (0 .2 ) | (0 .2 ) | — | (4 .7 ) | (4 .7 ) | |
Deferred tax | — | 9.0 | 9.0 | — | 3.8 | 3.8 | |
Intangible assets | — | (5.3 ) | (5 .3 ) | — | (6 . 2 ) | (6 . 2 ) | |
Cumulative convertible | |||||||
bond fair value movement | — | (1. 7 ) | (1.7 ) | — | (2 .3 ) | (2. 3 ) | |
MtM on MedicX debt net | |||||||
of amortisation | — | 25.4 | — | — | 28.5 | — | |
Net tangible assets (“NTA”) | 1,376.0 | 1,403.2 | 1,37 | 7.8 | 1,423.9 | 1,443.0 | 1,414.5 |
Intangible assets | — | — | 5.3 | — | — | 6.2 | |
Real estate transfer taxes | — | — | 181.4 | — | — | 184.4 |
31 December 2024 | 31 December 2023 | |||||
IFRS | Adjusted | EPRA | IFRS | Adjusted | EPRA | |
pence | pence | pence | pence | pence | pence | |
Net reinstatement | ||||||
value (“NRV”) | 1,376.0 | 1,403.2 | 1,564.5 | 1,423.9 | 1,443.0 | 1,605.1 |
Fixed rate debt and swap | ||||||
MtM value | — | — | 149.3 | — | — | 137.0 |
Deferred tax | — | — | ( 9. 0 ) | — | — | (3. 8 ) |
Cumulative convertible | ||||||
bond fair value movement | — | — | 1.7 | — | — | 2.3 |
Real estate transfer taxes | — | — | (181. 4 ) | — | — | (184 .4 ) |
Net disposal value (“NDV”) | 1,376.0 | 1,403.2 | 1,525.1 | 1,423.9 | 1,443.0 | 1,556.2 |
31 December 2024 | 31 December 2023 | |||||
million | million | million | million | million | million | |
Issued share capital | 1,336.5 | 1,336.5 | 1,336.5 | 1,336.5 | 1,336.5 | 1,336.5 |
31 December 2024 | 31 December 2023 | |||||
IFRS | Adjusted | EPRA | IFRS | Adjusted | EPRA | |
pence | pence | pence | pence | pence | pence | |
Net tangible assets (“NTA”) | 103.0 | 105.0 | 103.1 | 106.5 | 108.0 | 105.8 |
Net reinstatement value | ||||||
(“NRV”) | — | — | 117.1 | — | — | 120.1 |
Net disposal value (“NDV”) | — | — | 114.1 | — | — | 116.4 |
31 December 2024 | 31 December 2023 | |||||
IFRS | Adjusted | EPRA | IFRS | Adjusted | EPRA | |
pence | pence | pence | pence | pence | pence | |
Net tangible assets (“NTA”) | 104.8 | 106.7 | 103.1 | 108.5 | 109.8 | 105.8 |
Net reinstatement value | ||||||
(“NRV”) | — | — | 117.1 | — | — | 120.1 |
Net disposal value (“NDV”) | — | — | 114.1 | — | — | 116.4 |
2024 | 2023 | |
Reconciliation of profit for the period to headline earnings | £m | £m |
Basic earnings | 41.4 | 27.3 |
Adjustments to calculate headline earnings: | ||
JSE listing fees and Axis acquisition costs | — | 0.5 |
Amortisation of intangible assets | 0.9 | 0.9 |
Revaluation deficit | 38.4 | 53.0 |
Deferred tax on Irish activities | 5.6 | (1.3) |
Headline earnings | 86.3 | 80.4 |
Corporation tax | — | 0.1 |
Fair value loss on derivative financial instruments and convertible bond | 7.6 | 13.2 |
Non-recurring items | (1.0) | (3.0) |
Adjusted earnings | 92.9 | 90.7 |
Diluted basic earnings | 41.4 | 27.3 |
Diluted headline earnings | 91.2 | 89.5 |
Basic earnings per share | 3.1 | 2.0 |
Headline earnings per share | 6.5 | 6.0 |
Adjusted earnings per share | 7.0 | 6.8 |
Diluted basic earnings per share | 3.1 | 2.0 |
Diluted headline earnings per share | 6.3 | 6.2 |
Reconciliation of profit for the period to headline earnings | 2024 | 2023 |
Number of shares | 1,336.5 | 1,336.5 |
Weighted average number of Ordinary Shares for headline, basic and adjusted earnings per share | 1,336.5 | 1,336.5 |
Weighted average number of Ordinary Shares for diluted basic and headline earnings per share | 1,455.9 | 1,450.4 |
2024 | 2023 | |
£m | £m | |
Quarterly interim dividend paid 23 February 2024 | 23.1 | — |
Quarterly interim dividend paid 17 May 2024 | 23.0 | — |
Quarterly interim dividend paid 16 August 2024 | 23.0 | — |
Quarterly interim dividend paid 22 November 2024 | 23.0 | — |
Quarterly interim dividend paid 23 February 2023 | — | 22.4 |
Quarterly interim dividend paid 19 May 2023 | — | 22.4 |
Quarterly interim dividend paid 18 August 2023 | — | 22.3 |
Quarterly interim dividend paid 24 November 2023 | — | 22.4 |
Total dividends distributed in the year | 92.1 | 89.5 |
Per share | 6.9p | 6.7p |
Investment | ||||
Investment | Investment | properties – | ||
properties – | properties – | under | ||
freehold 1 | long leasehold | construction | Total | |
£m | £m | £m | £m | |
As at 1 January 2024 | 2,195.1 | 583.2 | 1.0 | 2,779.3 |
Property additions | 13.7 | 0.4 | 7.9 | 22.0 |
Impact of lease incentive adjustment | 0.3 | 1.3 | — | 1.6 |
Foreign exchange movements | (9.4) | (2.0) | — | (11.4) |
Lease ground rent adjustment | — | — | — | — |
2,199.7 | 582.9 | 8.9 | 2,791.5 | |
Revaluations for the year | (31.4) | (5.8) | (1.2) | (38.4) |
Properties held for sale (reclassified to current assets) | (3.0) | — | — | (3.0) |
As at 31 December 2024 | 2,165.3 | 577.1 | 7. 7 | 2,750.1 |
Investment | ||||
Investment | Investment | properties – | ||
properties – | properties – | under | ||
freehold 1 | long leasehold | construction | Total | |
£m | £m | £m | £m | |
As at 1 January 2023 | 2,214.5 | 57 7. 3 | 4.5 | 2,796.3 |
Property additions | 10.3 | 28.3 | 1.4 | 40.0 |
Reclassification of freehold and leasehold | ||||
and land | 2.1 | (1.4 ) | (0. 7 ) | — |
Impact of lease incentive adjustment | 0.4 | 0.5 | — | 0.9 |
Foreign exchange movements | (3 .8 ) | ( 0 .9 ) | — | (4 . 7 ) |
Lease ground rent adjustment | — | (0 .2 ) | — | (0.2 ) |
2,223.5 | 603.6 | 5.2 | 2,832.3 | |
Revaluations for the year | (28 .4 ) | (20.4 ) | (4.2 ) | (53.0 ) |
As at 31 December 2023 | 2,195.1 | 583.2 | 1.0 | 2,779.3 |
2024 | 2023 | |
ERV – range of the portfolio | £29,000–£1,515,482 | £27,500–£1,515,482 |
per annum | per annum |
2024 | 2023 | |
True equivalent yield – range of the portfolio | 2.80%–13.43% | 2.77%–16.10% |
2024 | 2023 | |
£m | £m | |
Trade receivables (net of loss allowance) | 16.6 | 16.3 |
Prepayments and accrued income | 10.3 | 7.9 |
Other debtors | 0.8 | 0.7 |
27.7 | 24.9 |
2024 | 2023 | |
£m | £m | |
Cash held at bank | 3.5 | 3.2 |
3.5 | 3.2 |
2024 | 2023 | |
£m | £m | |
Non-current liabilities | ||
Other payables | 3.1 | 4.1 |
3.1 | 4.1 | |
Current liabilities | ||
Trade payables | 1.8 | 2.5 |
Bank and bond loan interest accrual | 7.5 | 6.5 |
Other payables | 8.4 | 8.6 |
VAT | 6.8 | 6.7 |
Accruals | 6.1 | 7.4 |
30.6 | 31.7 |
Facility | Amounts drawn | Undrawn | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
Expiry date | £m | £m | £m | £m | £m | £m | |
Current | |||||||
RBS overdraft | Jun 2025 | 5.0 | 5.0 | 0.9 | — | 4.1 | 5.0 |
Aviva MXF loan | Sep 2033 | 2.5 | 2.4 | 2.5 | 2.4 | — | — |
7.5 | 7.4 | 3.4 | 2.4 | 4.1 | 5.0 | ||
Non-current | |||||||
Aviva loan | Oct 2036 | 200.0 | 200.0 | 200.0 | 200.0 | 0.0 | — |
Aviva loan | Nov 2028 | 75.0 | 75.0 | 75.0 | 75.0 | 0.0 | — |
Barclays loan | Oct 2027 | 170.0 | 100.0 | 105.0 | — | 65.0 | 100.0 |
HSBC loan | Dec 2027 | 100.0 | 100.0 | 39.0 | 64.4 | 61.0 | 35.6 |
Lloyds loan | Oct 2027 | 100.0 | 100.0 | 18.5 | 1.8 | 81.5 | 98.2 |
NatWest loan | Oct 2026 | 100.0 | 100.0 | 33.5 | 31.8 | 66.5 | 68.2 |
Santander loan | Jan 2026 | 50.0 | 50.0 | 24.4 | 24.4 | 25.6 | 25.6 |
Aviva MXF loan | Sep 2033 | 218.0 | 220.5 | 218.0 | 220.5 | — | — |
Aviva MXF loan | Sep 2028 | 30.8 | 30.8 | 30.8 | 30.8 | — | — |
1,043.8 | 976.3 | 744.2 | 648.7 | 299.6 | 327.6 | ||
Total | 1,051.3 | 983.7 | 747.6 | 651.1 | 303.7 | 332.6 |
2024 | 2023 | |
£m | £m | |
Term loans drawn: due within one year | 3.4 | 2.4 |
Term loans drawn: due in greater than one year | 744.2 | 648.7 |
Total term loans drawn | 747.6 | 651.1 |
Plus: MtM on loans net of amortisation | 22.5 | 24.9 |
Less: unamortised borrowing costs | (9.5) | (9.1) |
Total term loans per the Group Balance Sheet | 760.6 | 666.9 |
2024 | 2023 | |
£m | £m | |
Unsecured: | ||
Convertible bond July 2025 at fair value | 148.3 | 147.7 |
Less: unamortised costs | — | — |
Total unsecured bonds | 148.3 | 147.7 |
Secured: | ||
Secured bond December 2025 | — | 70.0 |
Secured bond March 2027 | 100.0 | 100.0 |
€51.0 million secured bond (Euro private placement) December 2028–30 | 42.3 | 44.2 |
€70.0 million secured bond (Euro private placement) September 2031 | 57.9 | 60.7 |
€75.0 million secured bond (Euro private placement) February 2034 | 62.0 | 65.0 |
€47.8 million secured bond (Euro private placement) December 2033 | 39.5 | 41.4 |
Ignis loan note December 2028 | 50.0 | 50.0 |
Standard Life loan note September 2028 | 77.5 | 7 7.5 |
Less: unamortised bond issue costs | (2.7) | (3.6) |
Plus: MtM on loans net of amortisation | 2.8 | 3.5 |
Total secured bonds | 429.3 | 508.7 |
Total bonds | 577.6 | 656.4 |
2024 | 2023 | |
£m | £m | |
Opening balance – fair value | 147.7 | 142.9 |
Issued in the year | — | — |
Fair value movement in convertible bond | 0.6 | 4.8 |
Closing balance – fair value | 148.3 | 147.7 |
2024 | 2023 | |
£m | £m | |
Current liabilities: | ||
Term loans and overdrafts | 3.4 | 2.4 |
Bonds | 150.0 | — |
MtM on convertible bond | (1.7) | — |
Total current liabilities | 151.7 | 2.4 |
Non-current liabilities: | ||
Term loans | 744.2 | 648.7 |
MtM on loans net of amortisation | 22.5 | 24.9 |
Less: unamortised loan issue costs | (9.5) | (9.1) |
Total non-current liabilities | 757.2 | 664.5 |
Bonds | 429.2 | 658.8 |
MtM on bonds net of amortisation | 2.8 | 3.5 |
MtM on convertible bond | — | (2.3) |
Less: unamortised bond issue costs | (2.7) | (3.6) |
Total non-current bonds | 429.3 | 656.4 |
Total borrowings | 1,338.2 | 1,323.3 |
2024 | 2023 | |
£m | £m | |
Balance as at 1 January | 1,325.1 | 1,299.1 |
Changes from financing activities | ||
Proceeds from bond issues | — | 41.2 |
Term bank loan drawdowns | 306.6 | 282.4 |
New facilities drawn | 306.6 | 323.6 |
Repayments of mortgage principal | (2.3) | (2.3) |
2024 | 2023 | |
£m | £m | |
Repayments of term bank loans | (276.6) | (297.7 ) |
Repayments of term loan borrowings | (278.9) | (300.0) |
Loan and bond interest paid | (50.0) | (47.0) |
Swap interest received | 6.0 | 3.9 |
Non-utilisation fees paid | (2.1) | (2.2) |
Purchase of derivative financial instrument | — | (1.9) |
Loan arrangement fees & early termination fees | (3.8) | (1.8) |
(49.9) | (49.0) | |
Total changes from financing cash flows | (22.2) | (25.4) |
Other non-cash changes | ||
Loan and bond interest expense | 50.0 | 47.4 |
Swap interest income | (5.0) | (4.6) |
Fair value movement on derivatives interest rate swaps | 4.5 | 4.3 |
Fair value movement on convertible bond | 0.6 | 4.8 |
MtM on loans net of amortisation | (3.0) | (3.0) |
Amortisation of debt issue costs, non-utilisation & early termination fees | 6.5 | 6.6 |
Exchange gain on translation of foreign balances | (11.0) | (4.1) |
Total other changes | 42.6 | 51.4 |
Balance as at 31 December | 1,345.5 | 1,325.1 |
2024 | 2023 | |
£m | £m | |
Due within one year | 0.1 | 0.1 |
Due after one year | 2.9 | 2.9 |
Closing balance – fair value | 3.0 | 3.0 |
2024 | 2023 | |
£m | £m | |
Fair value of interest rate swaps not qualifying as cash flow hedges | ||
under IAS 39: | ||
Current assets | 0.2 | 10.5 |
Non-current assets | — | 0.9 |
Current liabilities | — | (6.7) |
Non-current liabilities | — | — |
Total fair value of interest rate swaps | 0.2 | 4.7 |
Fixed interest | ||||
Contract value | Product | Start date | Maturity | per annum % |
2024 | ||||
€20.0 million (£16.5 million) | Euro cap | April 2023 | October 2025 | 2.0000 |
€20.0 million (£16.5 million) | Euro cap | April 2023 | October 2025 | 2.0000 |
€20.0 million (£16.6 million) | Euro cap | April 2023 | October 2025 | 2.0000 |
£49.6 million | ||||
2023 | ||||
€20.0 million (£17.3 million) | Euro cap | April 2023 | October 2025 | 2.0000 |
€20.0 million (£17.3 million) | Euro cap | April 2023 | October 2025 | 2.0000 |
€20.0 million (£17.4 million) | Euro cap | April 2023 | October 2025 | 2.0000 |
£100.0 million | Swap | October 2021 | November 2024 | 0.0699 |
£(66.0) million | Reverse swap | October 2021 | November 2024 | 2.5200 |
£66.0 million | Cap | October 2021 | November 2024 | 1.2500 |
£(67.0) million | Reverse swap | October 2021 | November 2024 | 2.5200 |
£67.0 million | Cap | October 2021 | November 2024 | 1.2500 |
£(67.0) million | Reverse swap | October 2021 | November 2024 | 2.5200 |
£67.0 million | Cap | October 2021 | November 2024 | 1.2500 |
£152.0 million |
Facilities | Net debt drawn | |||
£m | % | £m | % | |
Fixed rate debt | 1,105.4 | 67.8 | 1,105.4 | 83.5 |
Hedged by fixed rate interest rate swaps 1 | 200.0 | 12.3 | 200.0 | 15.1 |
Hedged by fixed to floating rate interest | ||||
rate swaps | 49.6 | 3.0 | 49.6 | 3.8 |
Total fixed rate debt | 1,355.0 | 83.1 | 1,355.0 | 102.4 |
Hedged by interest rate caps | — | — | — | — |
Floating rate debt – unhedged | 275.4 | 16.9 | (31.8) | (2.4) |
Total | 1,630.4 | 100.0 | 1,323.2 | 100.0 |
Impact on | Total impact | ||
income statement | on equity | ||
£m | £m | ||
2024 | |||
Sterling Overnight Index Average Rate | Increase of 50 basis points | (1.0) | (1.0) |
Sterling Overnight Index Average Rate | Decrease of 50 basis points | 1.0 | 1.0 |
2023 | |||
Sterling Overnight Index Average Rate | Increase of 50 basis points | (1.0) | (1.0) |
Sterling Overnight Index Average Rate | Decrease of 50 basis points | 1.0 | 1.0 |
Less than | Three to | One to | More than | |||
On demand | three months | twelve months | five years | five years | Total | |
£m | £m | £m | £m | £m | £m | |
2024 | ||||||
Interest-bearing loans | ||||||
and borrowings | — | 12.5 | 38.5 | 869.9 | 657.9 | 1,578.8 |
Trade and other payables | 3.5 | 15.6 | 4.8 | 0.2 | 1.7 | 25.8 |
Lease liabilities | — | — | 0.1 | 0.6 | 15.3 | 16.0 |
3.5 | 28.1 | 43.4 | 870.7 | 674.9 | 1,620.6 | |
2023 | ||||||
Interest-bearing loans | ||||||
and borrowings | — | 12.7 | 38.6 | 848.9 | 688.4 | 1,588.6 |
Trade and other payables | 2.0 | 18.3 | 4.5 | 1.4 | 1.3 | 27.5 |
Lease liabilities | — | — | 0.1 | 0.6 | 15.4 | 16.1 |
2.0 | 31.0 | 43.2 | 850.9 | 705.1 | 1,632.2 |
Book value | Fair value | Book value | Fair value | |
2024 | 2024 | 2023 | 2023 | |
£m | £m | £m | £m | |
Financial assets | ||||
Trade and other receivables | 17.5 | 17.5 | 17.0 | 17.0 |
Ineffective interest rate swaps | 0.2 | 0.2 | 11.4 | 11.4 |
Cash and short term deposits | 3.5 | 3.5 | 3.2 | 3.2 |
Financial liabilities | ||||
Interest-bearing loans and borrowings | (1,338.2) | (1,201.3) | (1,323.3) | (1,203.8) |
Ineffective interest rate swaps | — | — | (6.7) | (6.7) |
Trade and other payables | (25.8) | (25.8) | (27.5) | (27.5) |
Lease liabilities | (3.0) | (3.0) | (3.0) | (3.0) |
Level 1 | Level 2 | Level 3 | Total | |
Recurring fair value measurements | £m | £m | £m | £m |
Financial assets | ||||
Derivative interest rate swaps | — | 0.2 | — | 0.2 |
Financial liabilities | ||||
Derivative interest rate swaps | — | — | — | — |
Convertible bond | (148.3) | — | — | (148.3) |
Fixed rate debt | — | (831.7) | — | (831.7) |
Level 1 | Level 2 | Level 3 | Total | |
Recurring fair value measurements | £m | £m | £m | £m |
Financial assets | ||||
Derivative interest rate swaps | — | 11.4 | — | 11.4 |
Financial liabilities | ||||
Derivative interest rate swaps | — | (6.7) | — | (6.7) |
Convertible bond | (147.7 ) | — | — | (147.7 ) |
Fixed rate debt | — | (863.7) | — | (863.7) |
2024 | 2023 | |
Group loan to value ratio | £m | £m |
Fair value of completed investment properties | 2,739.4 | 2,775.3 |
Fair value of development properties | 7.7 | 1.0 |
Ground rent recognised as finance leases | 3.0 | 3.0 |
2,750.1 | 2,779.3 | |
Interest-bearing loans and borrowings (with convertible bond at nominal value) | 1,326.7 | 1,309.9 |
Less cash held | (3.5) | (3.2) |
Nominal amount of interest-bearing loans and borrowings | 1,323.2 | 1,306.7 |
Group loan to value ratio | 48.1% | 47.0% |
2024 | 2023 | |||
Number – | Number – | |||
million | £m | million | £m | |
Balance at 1 January | 1,336.5 | 167.1 | 1,336.5 | 167.1 |
Balance at 31 December | 1,336.5 | 167.1 | 1,336.5 | 167.1 |
2024 | 2023 | |
£m | £m | |
Balance at 1 January | 479.4 | 479.4 |
Balance at 31 December | 479.4 | 479.4 |
2024 | 2023 | |
£m | £m | |
Capital reserve | ||
Balance at 1 January and 31 December | 1.6 | 1.6 |
Foreign exchange translation reserve | ||
Balance at 1 January | (0.4) | 1.0 |
Exchange differences on translation of foreign balances | (0.1) | (1.4) |
Balance at 31 December | (0.5) | (0.4) |
Merger reserve | ||
Balance at 1 January and 31 December | 414.1 | 414.1 |
Balance of merger and other reserves at 31 December | 415.2 | 415.3 |
2024 | 2023 | |
£m | £m | |
Balance at 1 January | (7.0) | (11.1) |
Amortisation of cash flow hedging reserve | 2.5 | 4.1 |
Balance at 31 December | (4.5) | (7.0) |
2024 | 2023 | |
£m | £m | |
Balance at 1 January | 369.1 | 430.1 |
Retained profit for the year | 41.4 | 27.3 |
Dividends paid | (92.1) | (89.5) |
Exchange differences on translation of foreign balances | — | 1.1 |
Share-based awards (“LTIP”) | 0.4 | 0.1 |
Balance at 31 December | 318.8 | 369.1 |
Name | Companies House registration number |
GP Property One Ltd | 10801028 |
PHP SPV Limited | 12256431 |
PHP Primary Properties (Haymarket) Limited | 08304612 |
MXF Properties Bridlington Limited | 07763871 |
PHP Tradeco Holdings Limited | 09642987 |
PHP Health Solutions Limited | 06949900 |
PHP Tradeco Limited | 07685933 |
PHP Property Management Services Limited | 02877191 |
PHP Primary Care Developments Limited | 11862233 |
PHP Croft Limited | 13938144 |
PHP Bond Finance Limited | 08684414 |
PHP St. Johns Limited | 08192779 |
PHIP (Stourbridge) Limited | 08155250 |
PHP (Project Finance) Limited | 08188279 |
PHP Healthcare Investments Limited | 07289496 |
PHP Clinics Limited | 08188277 |
Gracemount Medical Centre Limited (Scotland) | SC262690 |
PHP AssetCo (2011) Limited | 07652728 |
PHP Medical Properties Limited | 04246742 |
PHP Development Holdings Limited | 14158160 |