Circle Property Plc Interim results for the six months .../media/Files/C/... · Post HY 2020...

9 December 2019

Circle Property Plc

Interim results for the six months ended 30 September 2019

Well positioned to deliver FY expectations of strong NAV growth

Circle Property Plc (AIM: CRC) (“Circle” or the “Company”), which invests in, develops and actively manages well-located

regional office assets today announces its results for the six months to 30 September 2019. In the period, the Company has

been actively building momentum into the business. Circle has established a strong pipeline of well located, income generating

assets which, with our active asset management expertise, are expected to deliver strong returns in the second half.

Circle’s current portfolio, which has been independently valued at £135.6 million as at 30 September 2019, is 99% focused in

the office sector and has no exposure to the retail sector. All of our properties are geographically located in favourable regions

with 89% in Birmingham, Milton Keynes, Maidenhead and Bristol.

These results demonstrate the consistent underlying strength of the regional office market which is underpinned by Permitted

Development Rights and Circle’s ability to identify sites which offer sustainably strong rental returns and value enhancement.

Financial highlights: Strong rental income; investment in property portfolio

• Unaudited estimated NAV per share of £2.78 (30 September 2018: £2.75, 31 March 2019: £2.77), representing an 87%

increase since IPO in February 2016

• 7.2% increase in annualised contracted rental income to £8.2 million (31 March 2019: £7.6 million), with a further

£598,478 of contracted rent since period end

• Interim dividend up 10% to 3.3p (30 September 2018: 3.0p), maintaining the Company's progressive dividend policy

• Property portfolio valuation increased to £135.6 million (31 March 2019: £124.6 million), largely due to Company's largest

acquisition to date: the £14.6 million purchase (plus costs) of Concorde Park, Maidenhead

• Since IPO, Circle has delivered a NAV compound average growth rate of 23% and a total return compound average

growth rate of 26%, making Circle one of the top-performing public real estate companies

Operational highlights: largest acquisition since IPO driving uplift in contracted rental income

• K2, Milton Keynes - letting of 20,482 sq ft to Grand Union Housing, contractual rent of £352,625 pax on a 10-year lease

with a CPI rent review in the fifth year

• Concorde Park, Maidenhead - acquisition of 71,500 sq ft business park for £14.6 million. Contracted passing rent

(excluding rent free) £627,372 pax with a reversion to £1.55 million

Post HY 2020 highlights: Continued momentum

• Victory House, Northampton – re-geared lease with Regus for a further 12 years, increase in contracted rental income to £360,000 per annum of which 30% will be based upon turnover

• Concorde Park, Maidenhead – completed two lettings totalling approximately 21,000 sq ft increasing the contracted passing rent (excluding rent free) by a further £485,234 pax. Total gross contracted rental income at the site has increased

by 76% since acquisition by the Company to over £1.1 million per annum with a gross rental income target of over £1.55

million per annum. The speed of these lettings since acquisition has been achieved by the Company's asset management

expertise

• 141 Moorgate, London EC2 – letting of the third floor to Suede Labs Ltd at £60,264 per annum

• Elizabeth House, 56-60 London Road, Staines – letting of the ground floor to Accent Catering Ltd at £52,980 per annum

• K3, Milton Keynes – refurbishment on track to commence in December 2019. Once completed the 13,500 sq ft office

building will be offered to let at an ERV of approximately £270,000 pax

• 135 Aztec West, Bristol – refurbishment on track to commence in January 2020. Once completed the 13,258 sq ft self-contained office will be offered to let at an ERV of approximately £245,300 pax

John Arnold, CEO of Circle Property Plc, commented:

"Circle's portfolio now comprises 99% (by value) regional offices, which is highly reversionary, and has no exposure to retail

property. Our focus on “added value” rather than initial yield continues to reap rewards with income generation arising from

judicious capital expenditure.

“In the six months ended 30 September and post period end, we have been investing in the pipeline, increasing our rental

growth and we are on track to deliver expectations for the full year. In the first half, the pace of lettings has increased, with

over £950,000 of newly-contracted rents being completed to date since the start of the year. This bodes well for an uplift in

valuation at the year end and we look forward to continuing our positive momentum.”

Contacts:

Circle Property Plc +44 (0)207 930 8503 John Arnold, CEO Edward Olins, COO

Cenkos Securities +44 (0)207 397 8900 Azhic Basirov Katy Birkin

Radnor Capital +44 (0)203 897 1830 Joshua Cryer Iain Daly

Camarco +44 (0)203 757 4980 Ginny Pulbrook Tom Huddart

About Circle Property Plc

Circle is amongst the best performing quoted UK real estate companies by NAV total return (NAV growth and dividend) having

delivered consistent returns with 87% NAV growth since IPO in 2016 in absolute terms.

Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office

assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases),

rather than just maximising initial rental yields.

Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment

and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for

shareholders, which are primarily driven by NAV growth.

As well as already delivering substantial increases in NAV, the Company's portfolio has significant reversionary potential

with current total estimated rental values of approximately £10.9 million per annum, compared to contracted rent of £8.2

million at 30 September 2019. The Company has a portfolio of 15 regional commercial property investment and

development assets in the UK valued at £135.6 million as at 30 September 2019.

Chief Executive’s Statement

In the six months ended 30 September 2019 and post period end, we have been highly active in sourcing, developing and

managing an increased property portfolio, which is now valued at £135.6 million (30 September 2018: £124.8 million) and

were successful in acquiring Concorde Park, Maidenhead, a south east office park for £14.6 million. With our management

expertise we have identified that this acquisition has a potential reversionary yield of 9.8% when fully let.

Circle’s strategic focus on regional commercial property resulted in strong rental income being achieved in the period. We

achieved a 7.2% uplift in annualised contracted rental income to £8.2 million with a further £598,478 of contracted rent since

the period end. The weighted average unexpired lease term (WAULT) is 8.41 years to break (31 September 2018: 10.15

years).

The occupancy levels of our property portfolio have been strong at 87.70% as at 30 September 2019 and since the period

end, this has improved to 91.25% even when including the additional vacant accommodation at our recent acquisition,

Concorde Park.

The Company’s estimated unaudited NAV per share is up to £2.78 (30 September 2018: £2.75) representing an 87% increase

since IPO, with a NAV compound average growth rate of 23% and a total return compound average growth rate of 26%,

making the Company one of the top-performing publicly listed real estate companies.

Portfolio Overview

During the six-month period, Circle has been highly active in expanding its portfolio and negotiating lease renewals across the

UK’s regional office market.

Concorde Park: Maidenhead

In August 2019, the Company acquired Concorde Park, Maidenhead, a south east office park for £14.6 million. At the time of

acquisition, the 71,500 sq ft park was 36.6% let to three tenants producing a combined rental income of £627,372 per annum.

The vacant area totalled 45,328 sq ft of which 21,346 sq ft was under offer or in negotiation. The property benefited from being

rebuilt in 2007 by LaSalle UK Ventures Property to a high specification including four new lifts, air conditioning and full height

glazed atriums at a cost of around £7.4 million. Once fully let, Concorde Park has a potential reversionary yield of 9.8%.

Kents Hill Business Park, Milton Keynes

In June 2019, Grand Union Housing leased 20,462 sq ft in K2, Kents Hill Business Park, Milton Keynes at a rent of £352,625

per annum (£17.23 psf) for a 10-year term subject to a CPI rental increase in the fifth year of the term.

Great Charles Street, Birmingham

In September 2019, the Company completed a lease renewal at 36 Great Charles Street, Birmingham to the National

Governors’ Association on 4,708 sq ft for a term of 5 years at an annual headline rent of £75,617 pax before incentives.

Following on from the successful redevelopment and refurbishment of 36 Great Charles Street and Somerset House, Temple

Street, both in Birmingham and K2, Kents Hill Business Park, totalling 116,062 sq ft, two new refurbishment projects are

scheduled to commence in early 2020 at 135 Aztec West Bristol and K3 Kents Hill Business Park, with a combined total floor

area of 26,758 sq ft.

Post the period end, leasing momentum was sustained and on competitive terms:

Victory House, Northampton - re-geared lease with Regus for a further 12 years, increase in contracted rental income to

£360,000 per annum of which 30% will be based upon turnover.

Concorde Park, Maidenhead - completed two lettings totalling approximately 21,000 sq ft increasing the contracted passing

rent (excluding rent free) by a further £485,234 pax. Total gross contracted rental income at the site has increased by 76%

since acquisition by the Company to over £1.1 million per annum with a gross rental income target of over £1.55 million per

annum. The speed of these lettings since acquisition has been achieved by the Company's asset management expertise.

141 Moorgate, EC2 – Letting to Suede Labs Limited in October 2019 for a term of 5 years at a headline rent of £60,264 pax,

whilst the last remaining vacant fourth floor office is under offer.

Elizabeth House, Staines – In October 2019, the ground floor offices of 2,636 sq ft were let on a five-year lease to Accent

Catering Services Limited at an annual headline rent of £52,750 pax, before incentives.

36 Great Charles Street, Birmingham - A five-year lease completed in November 2019 to Utility Aid Limited at an annual

headline rent of £23,180.50, before incentives.

Dividend

The Board declares an interim dividend of 3.3p, an increase of 10% from HY 2018 (30 September 2018: 3.0p), in line with the

Company’s progressive dividend policy. The interim dividend will be paid on 15 January 2020 to shareholders on the register

on 20 December 2019 with an ex-dividend date of 19 December 2019.

Outlook

During the past six months, the Circle Property team have been investing in the pipeline, increasing rental growth and we are

on track to deliver expectations for the full year. In the first half, the pace of lettings has quickened, with over £950,000 of

newly-contracted rents being completed to date since the start of the year. This bodes well for a positive uplift in valuation at

the year end and we look forward to continuing our momentum.

Circle Property Plc

Condensed consolidated statement of comprehensive income for the 6 months ended 30 September 2019

6 months to 30

September 2019

6 months to 30

September 2018

12 months to

31 March 2019

Note (unaudited) (unaudited) (audited)

£ £ £

Rental income 4 3,563,322 3,644,353 6,878,912

Other income 4 105,286 157,473 224,323

3,668,608 3,801,826 7,103,235

Property expenses 5 (289,086) (277,512) (639,440)

Net rental income 3,379,522 3,524,314 6,463,795

Administrative expenses 6 (982,058) (1,250,374) (2,794,124)

Operating profit before gains on investment properties 2,397,464 2,273,940 3,669,671

(Loss)/Gain on disposal of investment properties (44,331) 494,933 471,177

(Loss)/Gains on revaluation of investment properties 11 (390,279) 11,733,347 12,609,968

Operating profit 1,962,854 14,502,220 16,750,816

Finance income 7 1,679 2,056 2,717

Finance costs 8 (858,920) (738,061) (1,507,471)

Net finance costs (857,241) (736,005) (1,504,754)

Profit for the period before taxation 1,105,613 13,766,215 15,246,062

Taxation 9 145,074 (227,372) (291,142)

Profit after taxation 1,250,687 13,538,843 14,954,920

Earnings per share 10 0.04 0.48 0.53

NAV per share 2.78 2.75 2.77

There is no comprehensive income other than that included in the profit for the period. All of the profit for the period is attributable

to the owners of the Company.

All items in the above statement derive from continuing operations.

Condensed consolidated statement of financial position as at 30 September 2019

Note 30

September 2019

30

September 2018

31 March 2019

(unaudited) (unaudited) (audited)

£ £ £

Non-current assets

Investment properties 11 126,146,508 115,750,716 115,320,178

Property plant and equipment 55,035 49,883 59,865

Trade and other receivables 12 8,546,628 8,516,589 8,310,903

Deferred tax 1,941,676 1,647,443 1,603,918 136,689,847 125,964,631 125,294,864

Current assets

Trade and other receivables 12 1,811,350 1,242,391 1,553,699

Cash and cash equivalents 2,359,771 3,014,269 3,650,372

4,171,121 4,256,660 5,204,071

Total assets 140,860,968 130,221,291 130,498,935

Equity

Stated capital 42,542,179 42,542,179 42,542,179

Treasury share reserve (79,344) (77,486) (79,344)

Retained earnings 36,288,100 35,404,032 35,971,206

Total equity 78,750,935 77,868,725 78,434,041

Non-current liabilities

Borrowings 13 59,391,252 50,100,845 49,039,681 59,391,252 50,100,845 49,039,681

Current liabilities

Trade and other payables 14 2,718,781 2,251,721 3,025,213 2,718,781 2,251,721 3,025,213

Total liabilities 62,110,033 52,352,566 52,064,894

Total liabilities and equity 140,860,968 130,221,291 130,498,935

The condensed consolidated interim financial statements were approved by the Board of Directors on 6 December 2019.

Condensed consolidated statement of cash flows for the 6 months ended 30 September 2019

6 months to 30

September 2019

6 months to 30

September 2018

12 months to

31 March 2019


£ £ £

Cash flows from operating activities

Profit for the period before taxation 1,105,613 13,766,215 15,246,062

Adjustments for:

Finance income (1,679) (2,056) (2,717)

Finance expense 858,920 738,061 1,507,471

Depreciation 5,443 6,404 13,296

Gains on revaluation of investment properties 390,279 (11,733,347) (12,609,968)

Gains on disposal of investment properties 44,331 (494,933) (471,177)

Share based payments - 180,001 178,143

(Increase) in trade and other receivables (493,376) (1,415,944) (1,521,566)

(Decrease)/increase in trade and other payables (653,810) (155,751) 961,902

Cash generated from operating activities 1,255,721 888,650 3,301,446

Interest and other finance costs paid (613,803) (660,129) (1,459,030)

Interest received 1,679 2,056 2,717

Net cash from operating activities 643,597 230,577 1,845,133

Cash flows from investing activities

Cost of refurbishment of investment properties (404,189) (702,121) (1,006,634)

Cost of acquisition of investment property (15,412,420) - -

Proceeds from disposal of investment properties 4,555,671 3,444,933 2,228,749

Cost of additions of property plant and equipment (615) - (16,874)

Net cash from investing activities (11,261,553) 2,742,812 1,205,241

Cash flows from financing activities

Repayment of borrowings - (1,750,000) (49,358,932)

Drawdown of borrowings 10,261,148 - 49,016,953

Dividends paid (933,793) (848,903) (1,697,806)

Net cash used in financing activities 9,327,355 (2,598,903) (2,039,785)

Net (decrease)/increase in cash and cash equivalents (1,290,601) 374,486 1,010,589

Cash and cash equivalents at the beginning of the period

3,650,372 2,639,783 2,639,783

Cash and cash equivalents at the end of the period 2,359,771 3,014,269 3,650,372

Condensed consolidated statement of changes in equity for the 6 months ended 30 September 2019

Share capital

Treasury

shares reserve

Retained earnings

Total

£ £ £ £

As at 1 April 2018 42,542,179 (257,487) 22,714,092 64,998,784

Profit for the period - - 13,538,843 13,538,843

Share-based payments - 180,001 - 180,001

Dividends - - (848,903) (848,903)

As at 30 September 2018 42,542,179 (77,486) 35,404,032 77,868,725


Share-based payments (1,858) - (1,858)

Dividends - - (848,903) (848,903)

As at 31 March 2019 42,542,179 (79,344) 35,971,206 78,434,041


Share-based payments - - - -

Dividends - - (933,793) (933,793)

As at 30 September 2019 42,542,179 (79,344) 36,288,100 78,750,935

Notes to the condensed consolidated interim financial statements for the 6 months ended 30 September 2019

1 General information

These condensed consolidated interim financial statements are for Circle Property Plc ("the Company") and its subsidiary

undertakings (together referred to as the "Group").

The Company's shares are admitted to trading on AIM, a market operated by the London Stock Exchange plc. The Company is

domiciled and registered in Jersey, Channel Islands. The address of its registered office is 3rd Floor, Standard Bank House, 47-49 La

Motte Street, St Helier, Jersey, JE2 4SZ.

The nature of the Company's operations and its principal activities are that of property investment in the UK.

2 Principal accounting policies

Basis of accounting

The condensed consolidated interim financial statements have been prepared in accordance with the IAS 34 "Interim Financial

Reporting" and should be read in conjunction with the Group's last consolidated financial statements as at and for the year ended

31 March 2019. They do not include all of the information required for a complete set of IFRS financial statements. However, selected

explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the

Group's financial position and performance since the last financial statements.

Going concern

The Group's business activities, together with the factors likely to affect its future development, performance and position are set

out in the Chief Executive's statement. The financial position of the Group, its cash flows, liquidity position and borrowing facilities

are described in these financial statements.

The Group has adequate financial resources together with long term rental contracts with a wide range of tenants. As a consequence,

the Directors believe that the Group is well placed to manage its business risk successfully.

The Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational

existence for the foreseeable future. Accordingly, they have adopted the going concern basis in preparing the interim financial

statements.

Estimates and judgements

In preparing these condensed consolidated interim financial statements, management has made judgements, estimates and

assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and

expenses. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation

uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 March

2019.

3 Operating segments

During the period the Group operated in one geographical segment, which is the United Kingdom, and one reporting segment, which

is investment in commercial property. Therefore, no segmental reporting is required.

4 Revenue

6 months to 30

September 2019

6 months to 30

September 2018

12 months to 31

March 2019


£ £ £

Rental income 3,339,652 3,122,433 6,390,514

SIC 15 adjustment (spreading of lease incentives) 223,670 521,920 488,398

3,563,322 3,644,353 6,878,912

Insurance recovery 72,286 63,473 130,323

Dilapidation monies 33,000 94,000 94,000

105,286 157,473 224,323

3,668,608 3,801,826 7,103,235

5 Property expenses

6 months to 30

September 2019

6 months to 30

September 2018

12 months to 31

March 2019


£ £ £

Property expenses 11,504 41,149 76,229

Property service charges 83,437 88,343 271,493

Property repairs and maintenance costs 8,753 - 24,788

Property insurance 76,483 74,967 148,893

Property rates 108,909 73,053 118,037

289,086 277,512 639,440

6 Administrative expenses

6 months to 30

September 2019

6 months to 30

September 2018

12 months to

31 March 2019


£ £ £

Staff costs 384,712 559,987 1,403,844

Administration fees 153,189 127,307 321,013

Legal and professional fees 344,413 468,441 788,994

Audit fees 1,928 2,004 57,084

Accountancy fees 2,105 2,593 7,164

Rent, rates and other office costs 49,981 32,281 68,521

Other overheads 40,287 51,357 134,208

Depreciation of tangible fixed assets 5,443 6,404 13,296

982,058 1,250,374 2,794,124

7 Finance income

6 months to 30

September 2019

6 months to 30

September 2018

12 months to

31 March 2019


£ £ £

Bank interest 1,679 2,056 2,717

1,679 2,056 2,717

8 Finance costs

6 months to 30

September 2019

6 months to 30

September 2018

12 months to

31 March 2019


£ £ £

Loan interest 732,280 682,116 1,347,779

Loan commitment fees 36,217 20,716 51,219

Loan arrangement fees 90,423 35,229 108,473

858,920 738,061 1,507,471

9 Taxation

6 months to 30

September 2019

6 months to 30

September 2018

12 months to

31 March 2019


£ £ £

Current tax 192,684 146,856 167,101

Deferred tax charge (337,758) 80,516 124,041

(145,074) 227,372 291,142

10 Earnings per share Basic earnings per share has been calculated on profit after tax attributable to ordinary shareholders for the period (as shown on the

condensed consolidated statement of comprehensive income) and the weighted average number of ordinary shares in issue during

the period.

6 months to 30

September 2019

6 months to 30

September 2018

12 months to

31 March 2019


£ £ £

Profit for the period 1,250,687 13,538,843 14,954,920

Weighted average number of shares 28,296,762 28,296,762 28,296,792

Earnings per ordinary share: 0.04 0.48 0.53

In the opinion of the Board, treasury shares held to satisfy share awards to management currently do not have any material value

and hence do not have any dilutive effect. Therefore, no diluted earnings per share has been presented.

11 Investment properties

30 September

2019

30

September 2018

31 March 2019


£ £ £

Balance brought forward 124,600,000 114,075,000 114,075,000

Cost of refurbishment of investment properties 404,189 594,733 826,634

Cost of acquisition of investment property 15,412,420 - -

Disposal of investment properties (4,600,000) (2,950,000) (4,300,000)

(Loss)/Gain on revaluation of investment properties (390,279) 11,733,347 12,609,968

Lease incentive amortisation 223,670 1,421,920 1,388,398

Fair value of investment properties per valuation report 135,650,000 124,875,000 124,600,000

Unamortised lease incentives (9,503,492) (9,124,284) (9,279,822)

Closing fair value 126,146,508 115,750,716 115,320,178

The fair value of the Group's investment properties at 30 September 2019 has been arrived at on the basis of valuation carried out

by Savills (UK) Limited. The valuation was carried out in accordance with the Practice Statements contained in the Appraisal and

Valuation Standards as published by the RICS. In forming their opinion of the fair value, the independent valuer's had regard to the

current best use of the property, its investment attributes and recent comparable transactions. The valuation was carried out using

the "All Risks Yield" method taking into consideration both sales and rental evidence and formulating the opinion of market value

taking into account the properties' locations, specifications and specific characteristics.

At 30 September 2019, the fair value of the Group's investment properties per the valuation report amounted to £135,650,000. The

difference between the fair value of the investment properties per the valuation report and the fair value per the balance sheet of

£9,503,942 relates to unamortised lease incentives which are recorded in the financial statements within non-current and current

assets.

The Group has pledged all of its investment properties to secure banking facilities granted to the Group as detailed in note 13.

During the period the Group purchased the property at Concorde Business Park, Maidenhead for a consideration of £14,600,000.

During the period the Group disposed of the property at Baildon Bridge, Shipley for a consideration of £4,600,000.

12 Trade and other receivables

30 September

2019

30

September 2018

31 March 2019


£ £ £

Non-current

Lease incentives 8,546,628 8,516,589 8,310,903

Current

Lease incentives 956,864 607,695 968,919

Amounts due from property agents 15,391 104,822 20,034

Amounts due from tenants 602,316 384,760 275,540

Other receivables 236,779 145,114 289,206

1,811,350 1,242,391 1,553,699

13 Borrowings

30 September

2019

30

September 2018

31 March 2019


£ £ £

Brought forward 49,738,852 51,901,360 51,815,616

Loan repayments - (1,750,000) (51,901,360)

Loan drawdowns 10,261,148 - 49,738,852

Lending costs (721,900) - (721,900)

Amortisation of lending costs 113,152 (50,515) 108,473

Total borrowings 59,391,252 50,100,845 49,039,681

The Group is party to a revolving facility, with NatWest and HSBC. The facility is a £60,000,000 revolving facility with accordion option

of up to £40,000,000 and has a four year term. The rate of interest is the aggregate of the margin 2.05% and LIBOR and is payable

quarterly. There is also a commitment fee payable at 0.82% on the undrawn facility and in relation to the accordion facility.

The facility is secured by a first and only legal charge over the Group's investment properties, an assignment of rental income, charges

over specified bank accounts of the Group and a floating charge granted over all assets of the Group.

The facility's financial covenants are 60% loan to value, 2.00:1 interest cover looking both forward and backward, the Group shall

ensure that the total market value of the charged properties does not fall below £50,000,000 at any time and that no single tenant

represents more than 25% of the total contracted rents.

The Group has negotiated a facility of £5,000,000 under the accordion and drew down £1,300,000 on 4 November 2019 to cover

working capital needs.

14 Trade and other payables

30 September

2019

30

September 2018

31 March 2019


£ £ £

Trade payables 39,698 103,554 65,997

Property improvement costs - 72,612 -

Wages and salaries - - 454,333

Deferred income 1,611,306 1,511,160 1,638,217

Rental deposit accounts 92,546 85,586 92,545

Loan interest payable 343,033 291,074 188,339

VAT 257,413 22,379 267,442

Valuation fee 15,000 15,000 30,000

Legal and professional fees - 3,500 -

Audit fee - - 55,080

Administration fees - - 66,159

Current taxation 359,785 146,856 167,101

2,718,781 2,251,721 3,025,213 15 Post balance sheet event The Group has negotiated a facility of £5,000,000 under the accordion and drew down £1,300,000 on 4 November 2019 to cover working capital needs.

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