Our portfolio - how we commit our capital - at 31 March 2007
 |
| |
Investment |
Trading & development |
Total |
|
| Central London offices |
32.8% |
- |
32.8% |
|
| South East offices |
1.2% |
2.6% |
3.8% |
|
| In town retail |
20.4% |
1.0% |
21.4% |
|
| Out of town retail |
6.0% |
2.3% |
8.3% |
|
| Industrial |
8.9% |
13.1% |
22.0% |
|
| Change of use |
2.4% |
9.3% |
11.7% |
|
| Total |
71.7% |
28.3% |
100.0% |
|
Valuation uplift - at 31 March 2007
|
| |
Valuation uplift |
Average unexpired lease term (years) |
|
| London offices |
17.8% |
6.8 |
|
| In town retail |
16.2% |
9.5 |
|
| Out of town retail |
6.3% |
9.0 |
|
| Industrial |
7.4% |
9.3 |
|
| Investment portfolio |
14.4% |
7.9 |
|
Valuation yields - at 31 March 2007
|
| |
Initial |
Reversionary |
Equivalent |
True equivalent |
|
| London offices |
6.2% |
7.0% |
6.0% |
6.3% |
|
| In town retail |
3.2% |
5.1% |
5.1% |
5.3% |
|
| Out of town retail |
4.9% |
5.0% |
4.9% |
5.1% |
|
| Industrial |
6.1% |
7.5% |
7.4% |
7.8% |
|
| Investment portfolio |
5.2% |
6.4% |
5.9% |
6.2% |
|
Investment Property Databank
The Investment Property Databank ("IPD") produces a number of independent benchmarks of property returns which are regarded as the main industry indices. They have compared the ungeared performance of Helical's total property portfolio against that of portfolios within IPD for the last 17 years. The Company's annual performance target is to exceed the top quartile of the IPD database. Helical's ungeared performance for the year to 31 March 2007 was 24.1% (2006: 25.9%) compared to the IPD median benchmark of 15.8% (2006: 20.6%) and upper quartile benchmark of 17.2% (2006: 22.8%).
IPD (all monthly and quarterly valued funds) ungeared returns
|
| Total returns % |
% |
% |
% |
% |
% |
|
| Annualised over |
1 year |
3 years |
5 years |
10 years |
17 years |
|
| Helical |
24.1 |
25.9 |
19.5 |
20.8 |
18.5 |
|
| IPD Benchmark |
15.8 |
17.8 |
14.9 |
13.3 |
9.7 |
|
| Percentile rank |
5 |
3 |
3 |
1 |
0* |
|
| * "0" means the top ranked fund. |
|
IPD (all monthly and quarterly valued funds) annual ungeared returns
|
| Total returns % |
|
|
% |
% |
% |
|
|
|
|
31.3.07 |
31.3.06 |
31.3.05 |
|
| Helical |
|
|
24.1 |
25.9 |
28.5 |
|
| IPD Benchmark |
|
|
15.8 |
22.8 |
20.3 |
|
| Percentile rank |
|
|
5 |
10 |
0* |
|
| * "0" means the top ranked fund. |
|
The returns on shareholder capital earned by Helical are generally higher than those measured by IPD due to the use of gearing. The returns noted above take no account of the £36m (2006: £29m) surplus of trading and development stock above book value arising from the directors' valuation. |
