Londonmetric Property Plc · LSE:LMP
Londonmetric Property — Metric Property Investments — H1 2010 Earnings Presentation
28 slides from Londonmetric Property's earnings presentation, Nov 17, 2010
Slide 1: Interim results to September 2010
pA METRIC PROPERTY INVESTMENTS PLC Interim results to September 2010 17 November 2010
Slide 2: Business Highlights
Business Highlights Andrew Jones Chief Executive Financial Results Sue Ford - Finance Director Financing Strategy Andrew Jones - Chief Executive Portfolio Metric Asset Management Mark Stirling - Retail Director Occupier Outlook Investment Outlook Valentine Beresford - Investment Director
Slide 3: Acquisitions to Sep £94m across five retail schemes
Acq’ns to Sep £94m across five retail schemes Add’l £25m exch’d post Sep across two parks
Slide 4: Financial Results & Financing
Business Highlights Andrew Jones - Chief Executive Financial Results & Financing Sue Ford Finance Director Strategy Andrew Jones - Chief Executive Portfolio Metric Asset Management Mark Stirling - Retail Director Occupier Outlook Investment Outlook Valentine Beresford - Investment Director
Slide 5: Profit & Loss
Profit & Loss Income Statement £m • Rental income mostly generated from Newry and Launceston – Loughborough, Coventry and Net rental income 0.7 Mansfield acquired mid September onwards Administrative expenses (1.7) Interest receivable 0.8 • Administrative expenses includes £240,000 Underlying loss b
Slide 6: Financing: acquisitions financed from existing cash resources
• All acquisitions to date financed from existing cash resources • Cash on deposit £93m as at 30 September 2010 5 year Revolving Credit facility Bank Royal Bank of Scotland • £50m secured Revolving Credit Facility (RCF) signed with RBS Amount £50m • Debt financing through a mixture of RCF and term M
Slide 7: Strategy & Portfolio Metrics
Business Highlights Andrew Jones - Chief Executive Financial Results Sue Ford - Finance Director Financing Strategy & Portfolio Metrics Andrew Jones Chief Executive Asset Management Mark Stirling - Retail Director Occupier Outlook Investment Outlook Valentine Beresford - Investment Director
Slide 8: Acquisition sourcing: off market, asset management angles
All off market Almost all private prop co’s /HNWs All with asset management angles
Slide 9: Newry, Mansfield, Loughborough
Newry, Mansfield Newry Loughborough Mansfield (1) Underlying property value: £87.6 million
Slide 10: Reversionary potential of rents and income
(£m) (£m £2m 6.4 0.2% RY 0.1% 6.5% 6.0 0.6% 5.6 NIY (2) 5.2 5.6% 4.8 Potential Current rent Agreements Letting of Reversions Reversionary reversions Potential from passing for lease vacant space from let income reversions closing gap to portfolio sustainable rents (1) Retail portfolio, excluding res
Slide 11: Investments to September 30
Inves'mt Average Sustainable (2) (3) Date Area portfolio Yield WAULT rent rent Future asset Location acquired (sq ft) (£mn) (%) (years) (£ psf) (£ psf) management angles To September 30 Newry 07-Jul-10 161,800 33.6 6.6 13.4 14.50 22.00 Broaden planning consent, new pods Launceston 04-Aug-10 69,200 1
Slide 12: Asset Management & Occupiers
Business Highlights Andrew Jones - Chief Executive Financial Results Sue Ford - Finance Director Financing Strategy Andrew Jones - Chief Executive Portfolio Metric Asset Management & Occupiers Mark Stirling Retail Director Investment Outlook Valentine Beresford - Investment Director
Slide 13: Damolly Retail Park, Newry
Damolly Retail Park, Newry • Mothercare letting: new 10 year lease at headline rent of £20 psf • Lidl letting: new 15 year lease at headline rent of £15.75 psf and construction commenced • Carpetright rent review £17.50 psf, up 30% over passing rent • Development of new pods in the car park under co
Slide 14: Newry tenants: Mothercare, Lidl, Next Home & Children
Mothercare: commenced trading October 2010 Lidl: trading expected to start March 2011 Next Home & Children: commenced trading June 2010
Slide 15: Nottingham Road Retail Park, Mansfield: Before
Nottingham Road Retail Park, Mansfield Before • Acquired for £7.25m • Let to Currys, PC World and vacant MFI • Rent £13.30 psf, £385,000 p.a.
Slide 16: Nottingham Road Retail Park, Mansfield: After
After • New Currys megastore let on 15 year lease at £17.00 psf on entire accommodation, £801,000 p.a. • Substantial refurbishment at total cost of £2.2m, commencing early 2011 • Yield on cost 8.15% • Trading to start Q2-2011
Slide 17: Occupier Outlook
Occupier Outlook e Occupiers remain cautious against challenging economic conditions and a worried consumer e Massive supply / demand imbalance in many parts of UK e Structural shifts in consumer shopping patterns will affect ‘non prime’ retail locations ® Metric capitalising on strong retailer rela
Slide 18: Investment Outlook
Business Highlights Andrew Jones - Chief Executive Financial Results Sue Ford - Finance Director Financing Strategy Andrew Jones - Chief Executive Portfolio Metric Asset Management Mark Stirling - Retail Director Occupier Outlook Investment Outlook Valentine Beresford Investment Director
Slide 19: Investment Market Outlook
Investment Market Outlook e Expect banks to be alert to reducing their loan book but no fire sales e Vendor refinancing pressures creating opportunities — HNWSs and private property companies will become ‘motivated’ vendors - Expiring swaps will “release” opportunities e = Significant equity will re
Slide 20: Summary and Prospects
Summary and Prospects pA METRIC Retailer performance and occupier contentment is key to future performance Ongoing focus on income — length and strength Capitalise asset management opportunities and accretive capital expenditure Sub-sectors where we have a clear competitive advantage Exploit the arb
Slide 21: pa METRIC
pa METRIC PROPERTY INVESTMENTS PLC www.metricproperty.co.uk
Slide 22: Appendix: Damolly Retail Park, Newry
Appendix Damolly Retail Park, Newry pA METRIC PROPERTY INVESTMENTS PLC mothercare} INIT 4 (Currys) Sea oy 2 = UNIT 2 WUT HA a mn = ARMAGH Roap (ourerocases <I PARK SUMMARY GIA 161,897 sqft Planning Restricted At Parking Spaces 688 FLOOR AREA SUMMARY ja__ Smythe 49,670 sq ft Unit 1b Campetright ‘S791
Slide 23: Appendix: Launceston Retail Park, Launceston
Appendix Launceston Retail Park, Launceston PA METRIC PROPERTY INVESTMENTS PLC meu HTTTTL R oe N ToppsTites Planning (Open At . i N ; CO-OP HOMEMAKER — My FLOOR AREA SUMMARY Unit 1 Focus 23,158 sq ft Agos Unit 2 QS Extra 11,338 sq ft HEE Unit 3 Shoe Zone 5,011 sqft FPP TVTTTTTETTAT TAT Tre acti UNIT
Slide 24: Appendix: Morrisons Supermarket, Loughborough
Appendix Morrisons Supermarket, Loughborough PA METRIC ROPERTY INVESTMENTS PLC PARK SUMMARY oe GA 51,196 0q 8 or Pianning Open At ae Parking Spaces a7 FLOOR AREA SUMMARY aneneenaN Unt_1__Morisons ___4,a85q/ Unit Shops Shop 1 rsa Unit shops Shop 2 765 qf Unit Shops Shop 8 765 sat Unit Shops Shop 4 74
Slide 25: Appendix: Airport Retail Park, Coventry
Appendix Airport Retail Park, Coventry BA METRIC PARK SUMMARY GIA 102,508 sq ft Planning Restricted At Parking Spaces: 553 FLOOR AREA SUMMARY Cunys PC World 46,350 sq ft Dunelim Nal sIsis Dreams Carpetright Halfords S = HEI WET wilkinson =} “T]: : = = = williams J = = | § POTENTIAL = z= = I ej SAENG
Slide 26: Appendix: Nottingham Road Retail Park, Mansfield
Appendix Nottingham Road Retail Park, Mansfield PA METRIC ROPERTY INVESTMENTS PLC PARK SUMMARY IMPERIAL GIA 47,126 sq ft LINEN SERVICES y Panning Restitea a Pe : : Pang Spaces 188 Fieessfist FLOOR AREA SUMMARY Unit 1-3 Cunys PC World 47,126 sq ft a wilkinson ~~ = williams @ Contact: James Potter vou
Slide 27: Appendix: Congleton Retail Park, Congleton
Appendix Congleton Retail Park, Congleton BA METRIC PROPERTY INVESTMENTS PLC —|'] € TUTTE TT TT TET iy LULU ELLELEE TEEPE EEE EEE EEE Focus BaaNroro HIMLITLLLL CUSHMAN& WAKEFIELD. 0161 837 3555 Contact: Andy Hall 0161 832 3375 ‘www.cheetham-mortimer.com Contact: Stephen Perret Last updated: 15.11.20
Slide 28: Appendix: Wick Retail Park, Wick
Appendix Wick Retail Park, Wick PA METRIC PERTY INVESTMENTS PLC PARK SUMMARY GIA Planning Parking Spaces: U2 carp WO 25050 How Laks HOMEBASE] Bens a oe STOO SEE SS HATE LUAU a SPACK FIELD \\ " Ea 020 7629 9663 A99 SOUTH ROAD Contact: Jonathan Sait VALLE EEE EEE EEL UU WU Pe Dcurenicoopers Last updat
Metric Property Investments — H1 2010 Earnings Presentation on 6ix