Property company news

UK REITs

Big Yellow Group plc

Latest regulatory announcements

Conversion date: 15 January 2007

Audited results for the year and fourth quarter ended 31 March 2008

"Trading conditions are likely to remain difficult for some time, however we have spent much time planning for a more testing environment. The Group has a strong brand, an unmatchable portfolio of stores owned largely freehold together with significant available financing, over £350 million of property assets uncharged, and a first class partner in our Pramerica joint venture.

These moments always provide opportunity for those well positioned. Land availability and planning barriers have always acted as a significant barrier but in addition we believe that the current environment will considerably reduce the competitive threat for sites, which we fully intend to exploit."

Source: Nicholas Vech, Chairman's statement, Final results, Stock exchange announcement, 19 May 2008

The British Land Company plc

Press releases
Latest regulatory announcements

Conversion date: 1 January 2007

Preliminary announcement - Results for the year ended 31 March 2008

watch results interview on Cantos

"In 2007/8 British Land’s portfolio outperformed the property market indices, benefiting from attractive rental growth. Nevertheless values fell, driven by broader market turbulence. We remain in a stressed economic and market environment. However, British Land has never been in better shape to weather the downturn and emerge with growth prospects intact or even enhanced. The anchor of our business – strong, secure cash flow, exceptional balance sheet security – is firmly in place."

Source: Press release, Stephen Hester, Chief Executive, Preliminary announcement, Year end results, 20 May 2008

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Brixton plc

Latest news

Conversion date: 1 January 2007

Preliminary Announcement for the year ending 31 December 2007

2007 has been a good year for Brixton despite the turbulent economic environment.We have benefited greatly from the decision taken in the early part of 2006 to sell the majority of our secondary property and to look selectively at making prime acquisitions in our core geographical markets – West London and Trafford Park, Manchester – which consistently outperform, as well as progressing with our planned development programme.

The resilience of our business model is shown by the performance of our portfolio particularly in rental growth terms. Our gearing is at an appropriate level and with all our on-balance sheet debt unsecured,having a large element at fixed rates and with no requirement to raise further funds, we are in a strong financial position at this time of uncertain market conditions.

Source: Chairman's statement, Preliminary results, 10 March 2008

Derwent London plc

Corporate news
Latest regulatory announcements

Conversion date: 1 July 2007

Interim Management Statement for the three months ended 31 March 2008

"Through the ownership of a portfolio with reversionary rents, an average unexpired lease length of just under nine years and a flexible development pipeline underpinned by income, we are well positioned for these uncertain economic conditions. Additionally, we continue to be in excellent financial health with a strong balance sheet and low gearing of 44.7%. With over £300 million of unutilised bank facilities, we are well placed to make acquisitions if the right opportunities become available."

Source: John Burns, Chief executive officer, Interim management statement, 19 May 2008

Great Portland Estates plc

Corporate news
Latest regulatory announcements

Conversion date: 1 January 2007

First quarter valuation and business update
"We have made an encouraging start to this financial year. In spite of today's more challenging market conditions, we continue to deliver operational successes across our business, signing new leases at rents above March rental values and selling profitably.

Whilst we expect the economic backdrop to worsen during the balance of this year, we have the ingredients in place to enable our continued out-performance; a portfolio focused on the under-supplied core of the West End with low passing rents and significant rental upside to secure; minimal speculative development, yet a long pipeline of future projects with current income and flexible timing; and a strong balance sheet with low gearing and significant liquidity allowing us to exploit a weaker investment market."

Source: Toby Courtauld, Chief Executive, First quarter valuation and business update, 22 July 2008

Hammerson plc

Press releases
Latest regulatory announcements

Conversion date: 1 January 2007

Interim Results for the 6 months ended 20 June 2008

Hammerson reported another good operating performance in the first six months of the year with an increase in adjusted earnings per share of 10.3% to 20.3 pence.

The fundamentals of the Company's business remain very sound. Our portfolio is of the highest quality, is focused on prime retail and office assets in the UK and France, and generates a robust and growing income stream. Our income will increase significantly over the next few years following the completion of five major developments this year and one in 2009.

The conditions in the international debt markets are the most difficult to have been experienced for many years. This has led to falls in real estate values in a number of markets and it is difficult to predict when conditions will improve. However, given the strength of our business and our experienced management team, I believe we are in a good position to exploit these more difficult market
conditions.

Source: Interim Results, 7 August 2008
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Highcroft Investments

News and information

Preliminary results for the year ended 31 December 2007

The group converts to a REIT on 1 April 2008

"Despite difficult markets, the net asset value per share fell by only 2.8% to 807p (2006 830p).  Total shareholders funds were £41,713,000 (2006 £42,875,000)."

The continuing increase in income and operating profits enables us to increase dividends in line with the rate of inflation.  Proposed dividends for 2007 are up 4.0% on 2006.  The basic earnings per share, which take account of capital activities, are negative and show a loss per share of 8.5p per share but adjusted earnings per share, adjusted to take out the effect of capital activities, are up 4.1% to 30.2p per share."

Source: Chairman's statement, regulatory announcement, 1 April 2008

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Land Securities Group plc

Press releases
Latest regulatory announcements

Conversion date: 1 January 2007

Preliminary results for the year ended 31 March 2008


“The market is demanding but we have performed well in relative terms this year and our results show considerable success in terms of value preservation in the face of a sharply falling market. As a result,we are well placed in our London and Retail investment businesses, with moderate gearing levels, a well-timed development programme and strong portfolios matched to occupiers’ needs. Trillium is in excellent health with stable long-term cashflows and a robust pipeline of new opportunities across a number of growing sectors. I am confident our businesses have the strength and scale to thrive."

Source: Francis Salway, Chief Executive comment on Preliminary results, press release, 14 May 2008

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Liberty International plc

Press releases
Latest regulatory announcements

Conversion date: 1 January 2007 

Interim report for the half year ended 30 June 2008

"Reflecting the defensive nature of Liberty International's assets, the valuation outcome for the last twelve months since the market peak has considerably outperformed the benchmark IPD index, though we have recorded a further 7.4 per cent fall in investment property valuations in the first half of 2008. The values of our Central London assets have held up particularly well. The fall in values has been almost entirely driven by yield shift rather than changes in rental values. Net asset value per share has declined from 1264p to 1095p.

Liberty International has continued to demonstrate its resilience based upon our quality assets, sound financial structure and active asset management approach, notwithstanding that the first half of 2008 has been a difficult period for the UK property sector. We are confident that with our firm foundation we can meet the challenges and plan for the opportunities which current market conditions will provide..."

Source: Patrick Burgess, Chairman, Interim report for half year ended 30 June 2008, 6 August 2008

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Local Shopping REIT plc

Press releases
Latest regulatory announcements

Conversion date: 11 May 2007

Interim Management Statement

"Despite the weak economic environment, our asset management team has been very effective in generating rental uplifts of over ??128,000 per annum from rent reviews and lease renewals. The successful letting of 32 retail units since 31 March demonstrates the robustness of our model and our underlying tenant base. We are also extremely pleased to have succeeded in selling 54 residential units for prices above their March valuations."

Nick Gregory, LSR's Joint Chief Executive Officer

"We are beginning to see the first signs of distressed selling in our market. Our efforts over the last few months have been focused on ensuring the Company is in a strong position to exploit the opportunities that this selling will provide and thereby underpin the long-term growth in the Company's asset base."

Mike Riley, LSR's Joint Chief Executive Officer

Source: Interim Mangement Statement, 7 August 2008
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McKay Securities plc

Press releases
(go to News/General Press Releases)
Latest regulatory announcements
(go to News/Stock Exchange Announcements)

Conversion date: 1 April 2007

Preliminary results

After a sustained period of increasing values and exceptional returns, the commercial property market as a whole has experienced a swift reduction in asset valuations, primarily due to tighter credit conditions and a reassessment of its risk profile. This shift to higher yields had been anticipated by the Group in the actions we were taking, and I am therefore pleased to be able to report on a strong financial position as well as an increase in adjusted profit before tax.

The cyclical nature of property values has highlighted the importance of seeking out acquisitions with income growth potential and matching them with sustainable levels of debt. I am confident that the Group is appropriately structured to continue to take advantage of the opportunities that arise in such testing times.

Source: David Thomas, Chairman, Preliminary Results, 6 June 2008
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Mucklow (A & J) Group plc

Company news
Latest regulatory announcements

Conversion date: 1 July 2007

Interim Results to 31 December 2007

"After several years of steady asset growth, property values peaked in the first half of the financial year, as higher interest rates started to bite and changes in investor sentiment finally turned the market.  The unexpected credit crunch in the late summer caused further uncertainty in the property sector, which accelerated the decline in property values and our share price.

Our investment portfolio fell in value during the first six months by 6%, which has had a negative impact on the Income Statement and reduced our net asset value per share by 6%.  However, I am pleased to report that your company remains in very good health and continues to make good progress."

Rupert J Mucklow, Chairman, Interim management statement, Interim results to 31 December 2007, 27 February 2008

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Primary Health Properties plc

Company press releases
Latest regulatory announcements

Conversion date: 1 January 2007 

Preliminary Results for the 18 month period ended 31 December 2007

'The period under review has been one of great change for PHP.  During the 18 months, the Company was in the vanguard of converting to UK-REIT status,completed the acquisition of Cathedral group for £31m and successfully raised new money through an equity placing with new and existing investors.  The last six months of the period have been characterised by a weakening in values for the commercial property market overall and this has impacted on PHP.  However,the niche market in which the Company operates remains strong in comparison to the uncertainty afflicting other parts of the property sector.

'The provision of modern primary health care facilities in the UK continues to enjoy strong tenant and investor demand and is supported by significant Government spending programmes that are not impacted by traditional economic factors.The Group remains a leader in its market with secure cash flows, good visibility of long term revenue and a strong forward pipeline of new product.The softening of yields offers opportunities for PHP to be opportunistic in its acquisition policy and the Company continues to search for appropriate additions to complement its existing portfolio.  The Board looks to the future with confidence.'

Harry Hyman, Managing Director, regulatory announcement for preliminary results, 9 April 2008

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Rugby Estates Investment Trust PLC

Latest news

Preliminary Results For Period Ending 6 January 2008

“In the eight months following its IPO, the Group has made excellent progress in implementing its initial vision with the assembly of a diverse £81 million property portfolio through three corporate acquisitions which have successfully utilised the Reit legislation to extinguish latent tax liabilities to the advantage of shareholders in both REIT Plc and the target companies.

“The overall cost of acquiring the £83.2 million of properties at their acquisition date valuations was £76.7 million, (equivalent to £92 per £100), disregarding the latent taxation which was subsequently extinguished, and taking into account transaction costs and the 2% Reit entry charge.

“The conversion to Reit tax status greatly enhances our offer and, over the medium term, we anticipate being able to agree further net asset enhancing acquisitions.”

Source: Philip Kendall, Chairman, regulatory announcement, 26 March 2008

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SEGRO - Slough Estates Group

Press releases
Latest regulatory announcements

Conversion date: 1 January 2007 

Preliminary results for the year to 31 December 2007

“2007 was a transformational year for SEGRO, in which we became a UK REIT, achieved critical mass in Continental Europe, delivered a timely and well executed disposal of our US business and divested the power station in Slough.  We produced excellent profits, underpinned by our customer focus and our core skills in asset management and development. 

Looking forward, we expect the continuing weakness in the credit and real estate investment markets to maintain downward pressure on UK commercial property values during the first half of the year. However, occupier demand across all our key markets continues to hold up well and, with a strong balance sheet - £1.1 billion of available facilities - a focused business model and a broad diversity of customers, SEGRO is well placed to take advantage of the opportunities and to face the challenges that lie ahead”.

Source: Ian Coull, Chief Executive, Preliminary results for the year to 31 December 2008

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Shaftesbury plc

Latest regulatory announcements

Conversion date: 1 April 2007

Interim Management Statement for the period 1 April to 31 July 2008

"Our financial position remains strong, with committed unutilised bank facilities of £75 million. We are actively exploring options to increase these facilities so that we are able to take full advantage of the acquisition opportunities we expect to see in the period ahead.

We now expect to complete the process to include our interest in the Longmartin Joint Venture within our REIT group during the next financial year so that conversion would take effect from 1 October 2009. This delay will have no material adverse financial impact on us.

Source:  Interim Management Statement, 31 July 2008

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Town Centre Securities plc

Latest news
(go to News section)

Conversion date: 1 October 2007

Interim results for the six months ended 31 December 2007

" I am delighted to report to shareholders successful results for the half year ended 31 December 2007. This has been against the background of negative market sentiment for the property sector, falling values and turmoil in the financial markets.

We maintain our policy of revaluing the Group’s investment portfolio annually on 30 June, our financial year end. Given the unsettled current market conditions, which make the task of valuing properties more difficult due to a lower level of transactional evidence being available, we do not believe there would be any benefit to our shareholders in departing from this policy.

Chairman and Chief Executive's report, Interim Results, 26 February 2008 (click on link then News, then Corporate)
In this context the Board has noted the fall in valuations being reported by other relevant property companies, with 31 December valuation dates, and recognised UK property indices in the range of 8% to 15%, and believes that the Group’s portfolio will also have been impacted."

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Warner Estate Holdings plc

Financial press releases
Property news
Regulatory news

Conversion date: 1 April 2007

Interim management statement
 
"As with the rest of the property sector we cannot ignore the challenges that the business faces from deteriorating property values.  But, we are managing actively all those aspects which are within our control.  
 
The Group's profitability is in line with expectations and cash collection remains strong.  This is being driven by active asset management, cost savings and other profit initiatives. Since March, void units have been let at 4% above ERV at £2million p.a. which has replaced leases which have expired and not been renewed of £1.95million p.a. Rent reviews and lease renewals have been concluded at £4.16million p.a., 3.7% above ERV, and 8.3% above the previous rent.  Cost savings and other initiatives have also improved profitability and we now anticipate annualised savings of £1.5million p.a. against £0.7million reported at the 2008 Full Year Results' presentation in June. These annualised savings represent over 10% of the Group's 2008 asset management and administrative expenses."

Source: Interim management statement, 14 August 2008

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Workspace Group plc

Latest regulatory announcements

Conversion date: 1 January 2007 

Preliminary results for the year ended 31 March 2008 
"This is a strong set of trading results for the final quarter and for the full year with double digit growth in both income and rent roll and continuing high occupancy levels. The challenge for the Group, as always, is to balance generating strong trading profits and cashflows in the short-term whilst investing for longer-term capital growth.

Our valuation performance is well ahead of the property sector as a whole. Rental price increases achieved across the portfolio have largely offset the softening in property investment yields in the second half. This performance once again demonstrates the robustness of our market positioning, the strength of the Workspace brand and our high level of customer service.

Since the year end enquiries have remained high, occupancy levels maintained and we have seen some further progress on rents.”

Source: Harry Platt, Chief Executive, Preliminary results for the year ended 31 March 2008, 9 June 2008

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UK quoted property companies

Capital & Regional plc

Press releases
Latest regulatory announcements

Preliminary results

Capital & Regional has seen a marked fall in the valuation of many of its property interests in 2007, a year in which there have been exceptional stresses in the world's financial markets.

Although net rental income and management fees were resilient, contributing to recurring pre-tax profits of £32.7m (2006: £32.3m), the weakness of UK property valuations, the impact of gearing in a falling market and the claw-back of performance fees led to a reduction in triple net NAV per share to £10.04 per share (December 2006: £12.72 per share).  The pre-tax loss for the year, which under IFRS rules includes the unrealised valuation deficit, was £167m (2006: £251m profit).

Source: Chairman's statement, CAL news announcement, 11 March 2008

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Cardiff Property

Press releases

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CLS Holdings plc

Press releases
Latest regulatory announcements

Preliminary Financial Results for the year ended 31 December 2007

"2007 has been a tough year, however, despite this we have accomplished a number of difficult objectives. We do not anticipate life will become much easier during 2008, and it is possible property values and consequently our NAV will further reduce during the course of this year. We are however well placed to achieve our clearly defined goals for the year and to take advantage of opportunities as they arise.

This has also not been an easy year for our staff and I would like to thank them for their dedication, hard work, loyalty and enthusiasm during this period."

Source: Sten Mortstedt, Executive Chairman's statement,  Preliminary Financial Results for the year ended 31 December 2007

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Daejan Holdings

Latest news

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Development Securities

Latest news
(go to Investment properties/Overview & Charts)

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DTZ Holdings

Latest news

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Fletcher King

News

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Grainger plc

Latest news
Latest regulatory announcements

Interim management statement
'These are unquestionably difficult times for businesses in the residential sector. In response to these market conditions we are putting increased emphasis on cash generation - by driving through a significant programme of asset sales, by reducing acquisitions and spend on development projects and by cutting overhead costs.

Despite the challenging trading market our unique portfolio is showing relatively good liquidity and we expect overall full year sales values from our core and home reversion portfolios to exceed those of last year.'

Robin Broadhurst, Chairman, Interim Management Statement, 12 August 2008

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Helical Bar plc

Press releases
Latest regulatory announcements

Preliminary results for the year ended 31 March 2008

"Helical anticipated the rise in yields by greatly reducing the proportion of its assets held in the investment portfolio and by diversifying its exposure into a broader spread of activities including planning deals, mixed use developments, retirement villages and retail warehouse developments in Poland. This approach has delivered an unleveraged return of 7% above benchmark returns as measured by IPD despite our valuation yields rising 90 basis points, in line with the market. There remains significant latent potential to be unlocked within our development and trading portfolio which should continue to mitigate any underlying slide in market values. 
 
"With threats come opportunity and Helical has put together many of its best deals in difficult markets. We need to remain patient whilst the major adjustment in prices is unfolding. However, we expect to re-enter the market during 2009 and 2010 and rebuild our investment portfolio at prices that will serve us well during the next upswing in the property cycle."

Source: Mike Slade, Chief Executive, Preliminary results, 5 June 2008
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Mapeley

Latest regulatory announcements
(go to Investor Relations/Regulatory Announcements)
Press releases
(go to Press Room)

Half year report for the six months ended 30 June 2008

“Our solid performance reported at the end of the first quarter has continued throughout the first half of the financial year. We have seen a strong operational performance on the outsourcing contracts and the Direct Property Investments Portfolio and this has left us in a good cash position at the end of the first half. We are declaring a dividend of 47 pence per share for the half year.”

Jamie Hopkins, Chief Executive, Half year report, 11 August 2008 ended 31 December 2007, 17 March 2008

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Marylebone Warwick Balfour Group

Press releases
Latest regulatory announcements

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Minerva Property Holdings

Company news
Latest regulatory announcements

Interim results for the six months ended 31 December 2007

"The last six months has seen the Group continue to make good progress. We have a diverse development portfolio in core London locations and have achieved a number of important milestones across our pipeline.

Despite the uncertain market conditions, we have a robust balance sheet, funding in place for our key developments and a strong cash position to take the business forward."

Salmaan Hasan, Chief Executive, Half year results, 25 February 2008

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OEM

News and information

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Panther Securities

News and information

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Quintain Estates and Development plc

Latest news

First Quarter Interim Management Statement

'Conditions continue to prove challenging and are likely to remain so throughout the financial year. Quintain's business model provides important diversification that is of particular value in these markets and the financial and operational fundamentals of the business remain unchanged. The Board has adopted measures that will protect Quintain's interests should a further significant decline occur and ensure the Group will be positioned to exploit opportunities when markets recover.

'Despite difficult market conditions Quintain has continued to make progress,with selective disposals made above March valuations, strong growth of income from our counter-cyclical funds and £196m of debt raised in the last four months.'

Source: Adrian Wyatt, Chief Executive, First Quarter Interim Management Statement, 5 August  2008
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Safeland

News
(Click on Enter Site, then on Investor Relations)

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Safestore Holdings

Press releases
Latest regulatory announcements

Interim results for the six months ended 20 April 2008

"Trading in the second half of the year has begun positively in spite of the current economic conditions, and we have seen some recovery in occupancy growth ahead of last year with rental rates per square foot remaining strong. However, we recognise that the economic outlook remains fragile and we will continue to manage the business accordingly; concentrating on protecting rental rates and margin during the second half of the year. Occupancy growth in the second half will continue to be challenging but the Board remains confident of the outcome for the full year."

Source: Chief Executive's Review, Interim Results, 24 June 2008

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St Modwen Properties

Press releases
Corporate releases
Commercial news

Interim results for the six months to 31st May 2008

“Future market conditions remain uncertain, and macro-economic signals continue to deteriorate. However, our confidence in the longer-term remains undiminished. Our hopper is at record levels, our team has never been stronger, and the planning process, whilst cumbersome, is delivering the permissions we require for our future success.”

Source: Anthony Glossop, Chairman, Interim results, 14 July 2008

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Savills

Latest news
Latest regulatory announcements

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J Smart & Co (Contractors)

Latest news

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Stewart & White

News and information

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Teesland Advantage Property Income Trust

Latest news

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Terrace Hill Group

Press releases
Latest regulatory announcements

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Unite Group plc

Latest regulatory announcements

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Guernsey Investment Companies

The Advantage property income trust

Latest news

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F&C Commercial Property

news and company information

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ING UK Real Estate Income Trust

regulatory announcements

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Invesco property income trust

latest news

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Invista foundation property trust

latest news
regulatory announcements

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ISIS property trust

regulatory news

key dates

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ISIS property trust 2

regulatory news

Key dates

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Standard Life investments property income trust

See London Stock Exchange page for regulatory news feed
regulatory news

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UK commercial property trust

See London Stock Exchange page for regulatory news feed
regulatory news

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