Final Results - Highlights
01 3월 2004 - 6:10PM
UK Regulatory
RNS Number:9428V
Westbury Property Fund Limited
01 March 2004
Press release 01 March 2004
THE WESTBURY PROPERTY FUND LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
for THE YEAR FROM 1 JANUARY 2003 to 31 December 2003
Highlights
*Audited net asset value due to Capital Shareholders increased by just
over 20% to 116p during the twelve months to 31 December 2003.
*The Total Annual Return for the Fund for 2003 was 13.5% versus the IPD
Monthly Index of 11.4%.
*The Fund has been a consistent top quartile performer out of 58 peer
group property funds.
*Four quarterly dividends per Income Share paid amounting to 9p in total.
*Company close to being fully invested on the balanced portfolio.
*Three significant venture investments made during the year.
*Collins Stewart appointed financial adviser and stockbroker with
immediate effect
The Westbury Property Fund Limited ("The Company") today announced its results
for the twelve months to 31 December 2003.
Rodney Baker-Bates, Chairman of the Company, commented:
"On a year on year basis, the net asset value due to Capital Shareholders has
increased by just over 20% to 116p.
Given the strong track record in the performance of the Company since its
flotation in April 2002, the Board is now encouraging its fund managers to seek
out further property acquisitions which could be funded by increasing the
Company's equity base. By enlarging the Company, the Board believes that share
liquidity would improve and all shareholders would benefit from the fixed
operating costs being supported by an expanded rent roll."
Summary of Results
* During the year, the Company has made a net profit of #1,945,648. This
has been retained for the benefit of the Capital Shareholders. It has been
achieved after the payment of all costs relating to the running of the
Company, interest paid on bank debt and all dividends paid to Income
Shareholders.
* The audited net asset value due to Capital Shareholders has increased by
just over 20% to 115.96p during the twelve months to 31 December 2003. This
increase has been achieved after taking account of the full costs of running
the Company and all dividends paid to the Income Shareholders.
* The Total Annual Return for the Fund for 2003 was 13.5% versus the IPD
Monthly Index of 11.4%. By way of comparison, the Company has consistently
been in the top quartile of 58 peer group property funds.
* During the year the Board has declared and paid four quarterly dividends
per Income Share amounting to 9p in total. It is the intention of the Board
todeclare and pay quarterly dividends of 2p per Income Share in line with
their entitlement to receive a fixed preferential dividend of 8% per annum
over their life.
* As at 31 December 2003, the Company had a direct property portfolio of
14 properties with an aggregate valuation of #64.5m. The Company has 36
tenancies in the balanced portfolio, a forecast annualised rent roll of
close to #5.0m and a weighted average lease length of 14 years.
* The Company has made three equity investments (venture deals) in joint
ventures with other experienced property investors. These investments are an
important component to the long term performance of the Company's Capital
Shares. These investments have been structured to provide strong returns
within a relatively short time horizon (2-3 years) so as to complement the
performance of the balanced portfolio.
* Collins Stewart has been appointed financial adviser and stockbroker to
the Company with immediate effect.
Outlook for 2004
Commenting on the outlook for 2004, Richard Burrell, Investment Manager to the
Company, said:
"We are starting 2004 on a much more optimistic note than 2003, the economy is
improving, interest rates remain historically low and employment levels are
high. Whilst we remain generally cautious, due to the high level of personal
indebtedness, the macro environment still bodes well for the property market
which continues to produce strong and stable returns."
The full text of the results are available on RNS.
- e n d s -
For further information, please contact:
Richard Burrell Shirley Hatherton
Berrington Fund Management Lansons Communications
020 7659 6271 020 7294 3615
THE WESTBURY PROPERTY FUND LIMITED
ANNUAL REPORT AND CONSOLiDATED FINANCIAL STATEMENTS
for THE YEAR FROM 1 JANUARY 2003 to 31 December 2003
FUND STRUCTURE
* Balanced Portfolio (90% of Gross Assets)
*Circa #5m of rental income
*36 tenants
*Weighted average lease length 14 years unexpired
*Geographically spread
*Retail (52%), Industrial (26%), Offices (16%), Other (6%)
* Venture Portfolio (10% of Gross Assets)
*3 Investments to date
*Up to #2m per investment
*WPFL holds less than 50% in each SPV
*WPFL investors can co-invest alongside the Fund
CAPITAL STRUCTURE
* Gross assets #77m comprise:
*#46m Senior Debt with Bradford & Bingley
*#20m Income Shares
*#11m Capital Shares
* Income Shares
*Dividend 8 pence per annum (2p per quarter)
*Mandatory redemption in 2010 at 100p
*Treated as debt by auditors
* Capital Shares
*Entitled to all assets of the Company after satisfaction of all
liabilities and the entitlement of Income Shares.
*Non-dividend paying
*NAV currently 116p
THE WESTBURY PROPERTY FUND LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
for THE YEAR FROM 1 JANuARy 2003 to 31 December 2003
Property Holdings as at 31 December 2003
Set out below is the schedule of properties together with net annual rents
receivable. The individual valuations shown are the Prospectus values or
purchase price, but excluding the actual costs of acquisition.
PORTFOLIO LISTINGS AS AT 31 DECEMBER 2003
Address Use Tenure Current Net Annual Prospectus value or
Rent Receivable net purchase cost
14-20
Watergate
Street,
Chester Town centre Freehold #332,500 #4,775,000
retail
Carr Office
Village, 3/
6
White Rose Multi-let Freehold #285,805 #3,415,000
Way, offices
Doncaster
Admiral
Retail
Park,
Lottbridge
Drove, Retail Freehold #994,337 #12,300,000
Eastbourne warehouse
park
B&Q
Warehouse,
Stoneferry
Road, Retail Freehold #614,000 #10,100,000
Kingston warehouse
upon Hull
park
Cygnet
House,
Meadowhall
Road, Multi-let Freehold #85,400 #900,000
Sheffield offices
Hallamshire
Court,
Summerfield
Street,
Sheffield Multi-let Freehold #184,776 #2,460,000
offices
Meadowcourt
III,
Meadowhall
Road,
Sheffield Multi-let Freehold #301,099 #3,035,000
offices
34 Regent
Street,
Swindon Town centre Freehold #103,000 #1,374,000
retail
66/68 High
Street,
Staines Town centre Freehold #133,200 #1,795,000
retail
Comau Estil
Unit, 10
Midland
Road, Industrial/ Freehold #192,000 #1,920,000
Luton Warehouse
Health &
Fitness
Club,
Queen
Elizabeth
Barracks, Other Freehold * #1,500,000*
Guildford
The
Whitbread
Centre,
Hedge Industrial/ Freehold #638,500 #7,860,000
End, Warehouse
Southampton
WRTL
Premises,
Waterside
Park, Great Industrial/ Long #138,000 #1,665,000
Bridge, Warehouse Leasehold***
Tipton
Area 7,
Pershore
Road, Industrial/ Freehold ** #4,877,000**
Worcester Warehouse
Ropewalks
One Joint Special n/a #500,000
LLP Venture Purpose
Vehicle
Lunar
Partnership
Limited Joint Special n/a #2,000,000
Venture Purpose
Vehicle
Orton
Shopping Joint Special n/a #1,100,000
Centre LLP Venture Purpose
Vehicle
TOTAL #4,002,617 #61,576,000
* Initial purchase consideration. Additional cost of #2.3m to be paid during
2004 taking the final purchase consideration to #3.78m. When completed, rental
income will be #306,000 per annum.
** Total funding as at 12/2003. Total commitment of #5.56m, with the balance to
be paid in February. When completed, rental income will be #477,300 per annum.
*** Option to purchase the freehold for #1 in 2023.
LATEST PORTFOLIO VALUATION (excluding Joint Ventures) 31 DECEMBER 2003
#64,479,000
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCILFLDFVIDFIS
Westbury Property Fund (LSE:WPFI)
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