REG - Hammerson PLC - Final Results <Origin Href="QuoteRef">HMSO.L</Origin> - Part 7
20/02/2017 07:06
- Part 7: For the preceding part double click ID:nRST2442Xf
Dundrum Phase II, Dublin* 100,000 - Six acre site located adjacent to Dundrum Town Centre.- Opportunity to create a retail-led mixed use scheme; master planning process underway.
Dublin Central, Dublin* 158,000 - Extension of duration of planning consent granted until May 2022 to create a retail-led city centre scheme.- Irish Government have appealed a High Court decision to designate part of the site as a National Monument. The Group is supporting the process and a hearing is expected in December 2017.
Swords Pavilions Phase III, Dublin* 272,000 - Extension of duration of planning consent granted to August 2021.- Consent in place to create 124,000m2 retail-led scheme with additional residential.- Pending completion of loan-to-own process for Phases I and II.
Total 1,450,200
* Schemes are on existing Hammerson owned land. No additional land acquisitions are required. This excludes occupational
and long leaseholds.
GLOSSARY
Adjusted figures (per share) Reported amounts adjusted in accordance with EPRA guidelines to exclude certain items as set out in note 7 to the accounts.
Anchor store A major store, usually a department, variety or DIY store or supermarket, occupying a large unit within a shopping centre or retail park, which serves as a draw to other retailers and consumers.
Average cost of borrowing or weighted average interest rate (WAIR) The cost of finance expressed as a percentage of the weighted average of borrowings during the period.
BCSC British Council of Shopping Centres. A not-for-profit professional body supporting the retail property industry which undertakes research and lobbies government on behalf of its members.
BREEAM An environmental rating assessed under the Building Research Establishment's Environmental Assessment Method.
CAGR Compound annual growth rate.
Capital return The change in property value during the period after taking account of capital expenditure and exchange translation movements, calculated on a monthly time-weighted basis.
Compulsory Purchase Order A Compulsory Purchase Order is a legal function in the UK by which land or property can be obtained to enable a development or infrastructure scheme without the consent of the owner where there is a "compelling case in the public interest".
(CPO)
Cost ratio (or EPRA cost ratio) Total operating costs (being property costs, administration costs less management fees) as a percentage of gross rental income, after rents payable. Both operating costs and gross rental income are adjusted for costs associated with inclusive leases.
CPI Consumer Price Index. A measure of inflation based on the weighted average of prices of consumer goods and services.
Dividend cover Adjusted earnings per share divided by dividend per share.
Earnings per share (EPS) Profit for the period attributable to equity shareholders divided by the average number of shares in issue during the period.
EBITDA Earnings before interest, tax, depreciation and amortisation.
EPRA The European Public Real Estate Association, a real estate industry body. This organisation has issued Best Practice Recommendations with the intention of improving the transparency, comparability and relevance of the published results of listed real estate companies in Europe.
Equivalent yield (true and nominal) The capitalisation rate applied to future cash flows to calculate the gross property value. The cash flows reflect the timing of future rents resulting from lettings, lease renewals and rent reviews based on current ERVs. The true equivalent yield (TEY) assumes rents are received quarterly in advance. The nominal equivalent yield (NEY) assumes rents are received annually in arrears. The property true and nominal equivalent yields are
determined by the Group's external valuers.
ERV The estimated market rental value of the total lettable space in a property calculated by the Group's external valuers. It is calculated after deducting head and equity rents, and car parking and commercialisation running costs.
Gearing Proportionally consolidated net debt expressed as a percentage of equity shareholders' funds.
Gross property value or Gross Property value before deduction of purchasers' costs, as provided by the Group's external valuers.
asset value (GAV)
Gross rental income (GRI) Income from rents, car parks and commercial income, after accounting for the net effect of the amortisation of lease incentives.
IAS/IFRS International Accounting Standard/International Financial Reporting Standard.
Inclusive lease A lease, often for a short period of time, under which the rent is inclusive of costs such as service charge, rates, utilities etc. Instead, the landlord incurs these costs as part of the overall commercial arrangement.
Income return The income derived from a property as a percentage of the property value, taking account of capital expenditure and exchange translation movements, calculated on a time-weighted basis.
Initial yield (or Net initial Annual cash rents receivable (net of head and equity rents and the cost of vacancy, and, in the case of France, net of an allowance for costs of approximately 5%, primarily for management fees), as a percentage of gross property value, as provided by the Group's external valuers. Rents receivable following the expiry of rent-free periods are not included. Rent reviews are assumed to have been settled at the contractual review date at ERV.
yield (NIY))
Interest cover Net rental income divided by net cost of finance before exceptional finance costs, capitalised interest and change in fair value of derivatives.
Interest rate or currency swap An agreement with another party to exchange an interest or currency rate obligation for a pre-determined period of time.
(or derivatives)
IPD Investment Property Databank. An organisation supplying independent market indices and portfolio benchmarks to the property industry.
Like-for-like (LFL) NRI The percentage change in net rental income for completed investment properties owned throughout both current and prior periods, after taking account of exchange translation movements.
LTV (Loan to value) Net debt expressed as a percentage of the property portfolio value calculated on a proportionally consolidated basis.
Net asset value (NAV) per share Equity shareholders' funds divided by the number of shares in issue at the balance sheet date.
Net rental income (NRI) Income from rents, car parks and commercial income, after deducting head and equity rents payable, and other property related costs.
Occupancy rate The ERV of the area in a property, or portfolio, excluding developments, which is let, expressed as a percentage of the total ERV of that property or portfolio.
Occupational cost ratio (OCR) The proportion of a retailers' sales compared with the total cost of occupation being: rent, business rates, service charge and insurance. Calculated excluding anchor stores.
Over-rented The amount, or percentage, by which the ERV falls short of rents passing, together with the estimated rental value of vacant space.
Passing rents or rents passing The annual rental income receivable from an investment property, after any rent-free periods and after deducting head and equity rents and car parking and commercialisation running costs. This may be more or less than the ERV (see over-rented and reversionary or under-rented).
Principal lease A lease signed with a tenant with a secure term greater than three years and where the unit is not reconfigured. This enables letting metrics to be stated on a comparable basis.
Pre-let A lease signed with a tenant prior to the completion of a development.
Property Income Distribution (PID) A dividend, generally subject to withholding tax, that a UK REIT is required to pay from its tax-exempt property rental business and which is taxable for UK-resident shareholders at their marginal tax rate.
Property interests The Group's non-wholly owned properties which management proportionally consolidates when reviewing the performance of the business. These exclude the Group's premium outlet interests in Value Retail and VIA Outlets which are not proportionally consolidated.
Property joint ventures The Group's shopping centre and retail park joint ventures which management proportionally consolidate when reviewing the performance of the business, but exclude the Group's interests in the VIA Outlets joint venture.
QIAIF Qualifying Investor Alternative Investment Fund. A regulated tax regime in the Republic of Ireland which exempts participants from Irish tax on property income and chargeable gains subject to certain requirements.
REIT Real Estate Investment Trust. A tax regime which in the UK exempts participants from corporation tax both on UK rental income and gains arising on UK investment property sales, subject to certain requirements.
Reported Group The financial results as presented under IFRS which represent the Group's 100% owned properties and joint operations, transactions and balances and equity accounted Group's interests in joint ventures and associates.
Return on shareholders' equity (ROE) Capital growth and profit for the period expressed as a percentage of equity shareholders' funds at the beginning of the year, all excluding deferred tax and certain non-recurring items.
Reversionary or under-rented The amount, or percentage, by which the ERV exceeds the rents passing, together with the estimated rental value of vacant space.
RPI Retail Prices Index. A measure of inflation based on the change in the cost of a representative sample of retail goods and services.
SIIC Sociétés d'Investissements Immobiliers Côtées. A tax regime in France which exempts participants from the French tax on property income and gains subject to certain requirements.
Total development cost (TDC) All capital expenditure on a development project, including capitalised interest.
Total property return (TPR) Net rental income and capital growth expressed as a percentage of the opening book value of property adjusted for capital expenditure and exchange translation movements, calculated on a monthly time-weighted basis.
(or total return)
Total shareholder return (TSR) Dividends and capital growth in a Company's share price, expressed as a percentage of the share price at the beginning of the year.
Turnover rent Rental income which is related to an occupier's turnover.
Vacancy rate The ERV of the area in a property, or portfolio, excluding developments, which is currently available for letting, expressed as a percentage of the ERV of that property or portfolio.
Value Retail (VR) Owner and operator of luxury outlet Villages in Europe in which the Group has an investment.
VIA Outlets (VIA) A premium outlets joint venture, in which the Group has an investment. VIA owns and operates premium outlet centres in Europe.
Yield on cost Passing rents expressed as a percentage of the total development cost of a property.
Disclaimer
This document contains certain statements that are neither reported financial results nor other historical information.
These statements are forward-looking in nature and are subject to risks and uncertainties. Actual future results may differ
materially from those expressed in or implied by these statements.
Many of these risks and uncertainties relate to factors that are beyond Hammerson's ability to control or estimate
precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions
of governmental regulators and other risk factors such as the Company's ability to continue to obtain financing to meet its
liquidity needs, changes in the political, social and regulatory framework in which the Company operates or in economic or
technological trends or conditions, including inflation and consumer confidence, on a global, regional or national basis.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of
this document. Hammerson does not undertake any obligation to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date of this document. Information contained in this document
relating to the Company should not be relied upon as a guide to future performance.
The announcement above has been released on the SENS system of the Johannesburg Stock Exchange.
This information is provided by RNS
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