SUMMARY
· Net asset value per share 196.9p at 30 September 2016 decreased by 3.2% from 203.3p at 30 September 2015 due to the write off of our investment at Pembroke Dock. EPRA NAV per share decreased by 3.1% to 196.9p from 203.2p.
· Acquired a 9.96 acre site from Sainsbury's at Cross Hands, west of Swansea, for £2.25 million, and the 203 acre freehold of the former gas storage facility near Rhosgoch, Anglesey, for £3 million.
· The development pipeline is advancing. At Haverfordwest, infrastructure works have completed, and at Cross Hands detailed planning consent has been granted and construction started. We continue to progress the approvals for the other projects.
· In April 2016, completed the refinancing of three portfolios with a new £48.1 million facility with Lloyds Bank, releasing £21 million after repayment of the two existing loans.
· In December 2016, completed the refinancing of the Edinmore portfolio and Mochdre Commerce Park with a new £21.4 million facility with HSBC Bank, releasing £13 million after repayment of the existing loan.
· Total cash available for acquisitions and development funding of £64 million. Net debt of £27.2 million as at 30 September 2016, representing gearing of 17.9% against net asset value and 20.8% on loan to value basis. Post the HSBC refinancing, net debt of £27.8 million, representing gearing of 18.3% against net asset value and 21.3% on loan to value basis.
· Investment property portfolio valuation of £130.7 million at 30 September 2016, an increase of £1.0 million on a like for like basis. Our average unexpired lease length has risen from 4.8 years at 30 September 2015 to 5.8 years at the year end and this reflects a number of new leases and renewals which have been agreed over the past year.
· Disposed of four investment properties in the year for a total consideration of £7.0 million, a deficit of £0.3 million to the September 2015 valuation after costs.
· Bought back 5.3 million shares (6.4% of ordinary share capital) at an average price of 167 pence per share.