Annual Report 2016
Welcome to our 2016 Annual Report.
We are a real estate investment trust which invests exclusively in the heart of London’s West End. Our objective is to deliver long-term growth in rental income, capital values and shareholder returns.
Our objective is to deliver long-term outperformance in growth of rental income, capital values and shareholder returns.
OUR EXCEPTIONAL PORTFOLIO IN THE HEARD OF LONDON'S WEST END
Our exceptional portfolio extends to over 14 acres, together with a 50% share of 1.9 acres in our Longmartin joint venture. Located close to the West End’s major visitor attractions, it is mainly clustered in Carnaby, Seven Dials and Chinatown, but also includes substantial ownerships in east and west Covent Garden, Soho and Charlotte Street.
FOCUS ON RESTAURANTS, LEISURE AND SHOPS
Our 584 restaurants, cafés, pubs and shops provide 70% of annualised current income. In the West End, there is a structural imbalance between demand and availability of this space, which is an important factor in our portfolio’s long-term rental prospects.
Our upper floors comprise 406,000 sq. ft. of generally small offices and 559 apartments, which we let.
CREATING PROSPEROUS ENVIRONMENTS FOR TENANTS
We have a proven, comprehensive and long-term management strategy which creates and fosters distinctive, lively and prosperous environments. With our clusters of ownerships, improvements we make through our management activities compound to benefit our adjacent and nearby holdings.
Our experienced and innovative management team has a forensic knowledge of the West End property and occupier markets.
We operate with long-term leverage, a strong balance sheet and have a tax-efficient REIT structure.