Schroders Schroder UK Property Fund (SPF) Quarter Report
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1 Schroders Schroder UK Property Fund (SPF) Quarter Report Executive summary SPF continued to outperform its benchmark over one, two and three year periods. The fund offers a good quality portfolio structured to optimise returns through a balance of income and capital growth. Following investors and the Financial Services Authority (FSA) approval to convert Schroder Exempt Property Unit Trust (SEPUT) to a Property Authorised Investment Fund (PAIF), the fund converted on 31 July 2012 and was renamed Schroder UK Property Fund (SPF). Global capital flows continue to support pricing in London, where an estimated 70% of transactions in 2012 originated from foreign investors (source: Real Capital Analytics). Demand from domestic capital also remains resilient for good quality assets. In a low growth environment, an initial yield of over 6.3% (source: IPD Monthly Index) remains significantly above that of UK government bonds and is perhaps one reason why Schroders is seeing renewed interest in property despite flat total returns in Performance As at 30 September 2012, SPF continued to outperform its benchmark over one, two and three year periods. Its three year relative outperformance compared to the benchmark was 1.1% pa, ahead of its 0.5% performance objective. Key drivers of performance include: Asset allocation. In the last year, the overweight position to central London offices at the expense of other sectors has been an important driver. The investment in West End of London Property Unit Trust (WELPUT) and other central London offices has produced above benchmark returns. Alternative investments. The investments in leisure and student accommodation have provided above benchmark returns. Despite the weak economic environment, leisure operators at Mermaid Quay, Cardiff and West India Quay, London E14, have performed well over the past 12 months. This has resulted in strong tenant demand for these locations and driven rental growth. Active asset management strategies. Year-to-date, IPD reports that all property capital values have decreased by 3.1%. While SPF has also been impacted by capital value declines, active asset management strategies such as those at Dean Street, Soho W1 and Kensington Village, London W14 (see page 4), have added both value and income, helping to underpin the capital values in the portfolio. Low yielding and non-income producing assets. Over 2012, income has been the main driver of returns. Investments which are not generating income, such as potential developments, have underperformed the wider market. 1 Distributions payable in the 12 months to 30 September 2012 as a percentage of NAV per share. Distributions are paid monthly. 2 Source: AREF/IPD UK Pooled Property Fund Indices (UK PPFI), Schroders. Performance is calculated on a net asset value (NAV) to NAV price basis plus income distributed, compounded monthly, net of fees and based on an unrounded NAV per share. 3 AREF/IPD UK Pooled Property Fund Indices All Balanced Funds Weighted Average. 4 AREF/IPD UK Pooled Property Fund Indices All Balanced Funds Median. The Fund s benchmark has changed over time. A composite for 10 years is available upon request Databank Fund Objective Fund net asset value Fund gross asset value Property value Cash Distribution yield 4.1% 1 Void rate (look through analysis) To outperform its benchmark 3 by 0.5% per annum, net of fees, over rolling three year periods. 1,231.7 million 1,305.1 million 1,177.5 million 70.5 million 6.5% Debt (% NAV) 6.0% Number of investments 65 Number of tenants (look through analysis) 753 Net initial yield 5.4% Equivalent yield 6.6% Reversionary yield 6.9% Performance 2 Q3 12m 2 yr (% pa) 3 yr (% pa) 5 yr (% pa) SPF Benchmark Former b mark
2 UK property market commentary Economy Equity markets rallied in the third quarter of 2012 in response to further quantitative easing, the German constitutional court approving the European bailout fund and Mario Draghi s announcement that he will do whatever it takes to save the eurozone. But whilst the financial markets have reacted positively to further central bank intervention, the underlying economy remains fragile. GDP fell for the third successive quarter in the three months to end June, meaning the UK economy remains in a technical recession. The one anomaly has been employment growth, which seems oblivious to the weakness in most parts of the economy. The majority of this growth has been in part-time jobs and self employment, however, which tend to be less productive. Schroders central forecast assumes that the UK economy will contract in 2012 and that output growth will remain below trend in Occupational market The summer months were dominated by London s hosting of the Olympic and Paralympic games. As with most host cities, the long-term benefits are harder to quantify. The improvements to road and rail networks will create a more lasting legacy, as will the transformation of Stratford in east London. In central London, occupier demand has remained resilient. The TMT sector continues to drive robust levels of take-up in the West End and fringe central London office markets, whilst in the City the growth of the insurance industry is largely offsetting the decline in investment banking. The largest deal of the quarter was the 290,000 sq ft letting to the insurance brokers Jardine Lloyd Thompson, whilst we have seen a number of smaller lettings in the area around Lloyd s of London. We are also seeing pockets of growth outside of London and the South East. The UK car manufacturing industry, for example, is enjoying a renaissance and now exports more cars than it imports for the time since Jaguar Land Rover has moved to 24 hour production at Halewood, creating another 1,000 jobs, a move that came hot on the heels of major new investments by Nissan at Sunderland, Honda at Swindon and McLaren at Woking. This is prompting a host of matching initiatives in the supply chain, some of which is creating demand for industrial units in the regions. Investment market Global capital flows continue to support pricing in London, where an estimated 70% of transactions in 2012 originated from foreign investors (source: Real Capital Analytics). Whilst London continues to be the focus of the majority of this foreign capital, increasingly we are seeing some foreign investors target the regions. The US investor BioMed Realty Trust purchased a science park in Cambridge for 127 million, whilst we have also seen global funds active in the student housing sector. Domestic demand for good quality property has remained resilient. This is predominately due to property returns being attractive relative to other asset classes. A combination of wider bank deleveraging, over-exposure to commercial property and tougher regulatory requirements all suggest that lending to real estate is set to remain subdued. The positive in the debt story is the re-emergence of insurers and fund managers as property lenders. However, the bulk of this lending will be focused on well-let, good quality properties, and as a result is unlikely to directly replace bank debt secured on more secondary stock. Capital for this riskier undertaking is likely to be confined to private equity. Outlook We continue to forecast flat total returns in 2012, as capital value declines largely offset the property income return. Property yields look fairly priced when compared to most other financial assets however, and we expect capital values to stabilise thereafter. Over the next five years we expect the bulk of total returns to be derived from an income return of 6-7%, while we anticipate some rental growth from 2014 as the outlook for the wider economy improves. 2
3 Strategy Whether the UK economy grew or not in the third quarter 2012, our expectation is that growth will remain lacklustre for some time. On the face of it this is not positive for commercial property since occupier demand is closely linked with economic activity. However, we live in a world where investors are hungry for yield and where expected asset class returns have generally declined. In a low growth environment, an initial yield of over 6.3% (source: IPD Monthly Index) remains significantly above that of UK government bonds and is perhaps one reason why Schroders is seeing renewed interest in property. Current yields versus long term ranges* *Longest time period selected for each data series, based on availability of data, so long term covers varying time periods. Shortest time period relates to secondary UK real estate (13 years). Other data covers 15 year periods or longer. Source: Schroders, Datastream, July 2012 Of course, the market is not equally attractive. Regionally, we prefer the South East over the rest of the UK because of the relative dynamism of the London s (globally-driven) economy relative to the rest of the UK. Central London offices and retail property remain attractive to both domestic and overseas investors, and valuations have generally held steady. The same is not generally the case elsewhere. South East industrial property is similarly relatively attractive for its yield, occupational demand and alternative land use value. Elsewhere we remain underweight to standard high street shops where retailers are suffering from consumers falling real disposable income and their search for better value from online retailers, supermarkets and larger retail destinations. Two other important themes run through the fund. The first is income. We continue to ensure SPF has a diversified, secure and good quality income stream through our active approach to asset management. This is important for providing consistent returns from year to year. Given the weak economy, we also continue to take a defensive stance and favour those parts of the market where rents are affordable and which offer a high income return. Here, we have been able to take advantage of under-researched sectors which provide high and growing income streams which are somewhat independent to the performance of the wider economy. In the past two years this has led us to research and invest in non-traditional areas such as car showrooms and convenience retail where rents are often indexed to inflation. The second is good quality secondary property. The search for safety has led to prime property appearing full priced. We think the best value lies in good quality property outside prime where active management can add value. Recent investments such as Shepherdess Walk, London NW1 and Turner Rise Retail Park, Colchester fit this category. These are properties which provide a high income return and are let off low rental levels with opportunities to improve the quality of the space and / or tenant mix. 3
4 Key activities Over the 12 months to 30 September 2012 we have engaged in a number of active management strategies to reduce the vacancy rate. Over the quarter we have had a number of successes which has resulted in the fund s vacancy rate reducing from 7.5% at Q to 6.5%. Some of the keys activities are detailed below: 82 Dean Street, Soho, London, W1. A high specification refurbishment was completed following lease expiry. The improved office space was marketed from October Despite a weak letting market, five of the seven floors are now let, one is under offer and we are negotiating with two parties for the remaining floor. We estimate the building will be let at approximately 16.5% above the initial business plan rental levels, resulting in a significant uplift in valuation. Kensington Village, London W14. A rolling refurbishment took place on each of the floors following a series of lease expiries. Successful letting activity has resulted in rental value growing from to the most recent letting at 33 per square foot over the past 18 months. It is now fully let with the main tenant being Universal Music Operations Limited. Woking Business Park, Surrey. One significant letting was completed in Woking Industrial Park for 51,000 sq ft let on a 5 year term. We expect to finalise a second letting during Q for a 32,000 sq ft unit. We are also working with the local council who have just approved the building of a new access road adjacent to the park. This will improve the road communication to the park, broadening its appeal beyond the existing tenant base. 82 Dean Street, Soho, London At the end of September 2011, approximately 16% of the contracted rent in the direct portfolio had either a lease break or expiry in Plans were put into place to either re-gear leases, refurbish and re-let space or sell the property. This programme was carried out successfully and as at September 2012, we have increased the rental income derived from the direct portfolio compared to 12 months ago. Beyond the lettings activity described above, some of the other initiatives included: Hackbridge Industrial Estate. In Q we received outline planning consent for a mixed use residential led scheme. The site had a number of lease expiries let to industrial tenants. We marketed the scheme to potential purchasers for either development of the first phase or an outright purchase of the whole scheme and received interest in both strategies. We are in the process of selecting a party and hope to conclude this shortly. Parker Tower, London WC1. Sold in Q for 31 million ( 596 capital value per sq ft). The property comprised 55,000 sq ft office space which was located in Holborn in the mid town area of central London. It was let to British Telecommunications Plc but only until September 2012 and they had already vacated the building. The property accounted for 2.2% SPF s net asset value and therefore would have created a significant void. We considered a number of asset management initiatives, such as refurbishing the office space or converting the property to residential accommodation. However, in the current market environment we did not believe the risks associated with these initiatives were justified or profitable compared to the sale price achieved from a residential developer. Artist s image, Hackbridge supermarket with residential above 4
5 Portfolio analysis Bracknell Retail and Office 5.2% QVC Building, Chiswick, London Offices 4.8% Acorn Industrial Estate, Crayford Industrial 3.9% Matrix, Park Royal, London NW10 Industrial 3.8% Monks Cross Shopping Park, York Retail Warehouse 3.8% Mermaid Quay, Cardiff Other 3.7% Davidson House, Forbury Square, Reading Offices 3.6% Kensington Village, London W14 Offices 3.2% Fujitsu Office Complex, Central Park, Manchester Offices 3.1% West End of London Property Unit Trust (WELPUT) Offices 3.0% Relative Segment Positions* Underweight Overweight Absolute Segment Positions % GAV SPF Benchmark* -5.2% -5.4% -4.3% -1.6% -0.2% -1.7% -1.5% 1.3% 2.2% 7.8% 8.4% Standard Retail - South East Standard Retail - Rest of UK Shopping Centres Retail Warehouses Offices - Central London Offices - South East Offices - Rest of UK Industrial - South East Industrial - Rest of UK Other Cash % -5% -3% -1% 1% 3% 5% 7% 9% 11% Source: Schroders, 30 September 2012, figures may vary marginally from those reported by IPD. *Positions relative to AREF/IPD UK Pooled Property Fund Indices All Balanced Funds Weighted Average. Data subject to rounding Lot size bands, by GPV Tenant profile, % contracted rent Fujitsu Services Limited 3.6% 0-2.5m 0.6% 2.5-5m 2.1% 5-10m 9.0% 10-25m 21.4% 25-50m 48.7% m 18.2% m 0.0% Lloyds TSB Bank Plc 3.5% QVC Ltd 3.3% Universal Music Operations Limited 2.6% Regus (UK) Limited 2.5% Pendragon PLC 1.9% B&Q Plc 1.9% Sungard Availability Services (UK) Ltd 1.7% Sportsdirect.com Retail Ltd 1.6% Homebase Ltd 1.6% 743 other tenants 75.6% Source: Schroders, subject to rounding GPV: gross property value 5
6 Shareholder information Minimum investment 100,000 Annual management charge (AMC) 0.30% per annum of the Fund s Net Asset Value 0.40% per annum on the Gross Value of direct holdings and capital cash Total expense ratio (TER) % Shareholder dealing Subscriptions Monthly Redemptions Quarterly, subject to 3 months notice at quarter end Dealing cut off 12 noon on the last Business Day of the calendar month Secondary market dealing Please phone Alice Wilcox on +44 (0) Number of shares in issue 38,185,694 NAV per share Offer price per share Bid price per share Bid-offer spread 6.25% Number of new shares issued Q Nil Number of shares redeemed Q Nil Number of shares matched Q ,644 Value of shares matched Q ,975,225 Fund codes ISIN Sedol Feeder fund ISIN Feeder fund Sedol GB00B8215Z66 B8215Z6 GB00B B Calculated in accordance with AREF guidelines 6
7 Further information Alice Wilcox Product Manager For general enquiries and placing trades Phone +44 (0) Northern Trust Registrar For all fund servicing queries Phone +44 (0) Important information For professional investors only. The Schroder UK Property Fund ( the Fund ) is authorised by the Financial Services Authority (the FSA ) as a Qualified Investor Scheme ( QIS ). Only investors that meet the requirements for eligibility to invest in a QIS, as specified in COLL 8, Annex 1 of the FSA s Handbook, may invest in the Fund. Investors and potential investors should be aware that past performance is not a guide to future returns. No warranty is given, in whole or in part, regarding the performance of the Fund and there is no guarantee that the investment objectives of the Fund will be achieved. The price of units shares and the income from them may fluctuate upwards or downwards and cannot be guaranteed. Property-based pooled vehicles, such as the Fund, invest in real property, the value of which is generally a matter of a valuer's opinion. It may be difficult to deal in the shares of the Fund or to sell them at a reasonable price because the underlying property may not be readily saleable, thus creating liquidity risk. There is no recognised market for shares in the Fund and, as a result, reliable information about the value of shares in the Fund or the extent of the risks to which they are exposed may not be readily available This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Potential investors are advised to independently review and/or obtain independent professional advice and draw their own conclusions regarding the economic benefit and risks of investment in SPF and legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. Any investment in the Fund must be based solely on the prospectus, or any other document issued from time to time by the Manager of the Fund in accordance with applicable laws. The information and opinions have been obtained from sources we consider to be reliable. No responsibility can be accepted for errors of fact or opinion. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. A potential conflict with the Manager's duty to the shareholder may arise where an Associate of the Manager invests in shares in the Fund. The Manager will, however, ensure that such transactions are effected on terms which are not materially less favourable to the shareholder than if the potential conflict had not existed. Use of IPD data and indices: and database right Investment Property Databank Limited and its Licensors All rights reserved. IPD has no liability to any person for any losses, damages, costs or expenses suffered as a result of any use of or reliance on any of the information which may be attributed to it. For the purposes of the Data Protection Act 1998, the data controller in respect of any personal data you supply is Schroder Unit Trusts Limited ( SUTL ). Personal information you supply may be processed for the purposes of investment administration by any company within the Schroder Group and by third parties who provide services and such processing and which may include the transfer of data outside of the European Economic Area. SUTL may also use such information to advise you of other services or products offered by the Schroder Group unless you notify it otherwise in writing. This document is intended for the use of the addressee or recipient only and may not be reproduced, passed on or published, in whole or in part, for any purpose, without the prior written consent of Schroder Unit Trusts Limited. Issued in October 2012 by Schroder Investments Limited, 31 Gresham Street, London EC2V 7QA. Registration No, England. Authorised and regulated by the Financial Services Authority. 7
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