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1 Significant accounting policies
a) General information
LondonMetric Property Plc is a company incorporated in the United Kingdom under the Companies Act and
is registered in England. The address of the registered office is given on page 202. The principal activities of the
Company and its subsidiaries (\u2018the Group\u2019) and the nature of the Group\u2019s operations are set out in the Strategic report
on pages 1 to 89.
b) Statement of compliance
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting
standards in conformity with the requirements of the Companies Act 2006 and with International Financial Reporting
Standards (\u2018IFRS\u2019) as issued by the IASB.
c) Going concern
The Board has continued to pay particular attention to the appropriateness of the going concern basis in preparing
these financial statements and its detailed assessment is on page 88. Having performed a detailed assessment, the
Directors consider the going concern assumption for the Group to be appropriate.
The assessment considers the principal risks and uncertainties facing the Group\u2019s activities, future development and
performance, as discussed in detail on pages 72 to 87 of the Strategic report.
A key consideration is the Group\u2019s financial position, cash flows and liquidity, including its access to debt facilities and
headroom under financial loan covenants, which is discussed in detail in the Financial review from page 39.
d) Basis of preparation
The financial statements are prepared on a going concern basis, as explained above.
The functional currency of the Company and the presentational currency of the Group is sterling. The functional
currency of all subsidiaries except for the Group\u2019s German operations is sterling. Euro denominated results of
the German operations have been converted to sterling initially at the applicable exchange rate ruling on the
transaction date.
Foreign exchange gains and losses from settling transactions are reflected in the income statement, and from
retranslating assets and liabilities held in foreign currencies in other comprehensive income. Assets and liabilities are
retranslated at the period end rate and income and expenses are retranslated at the average rate.
The principal exchange rate used to translate foreign currency denominated assets and liabilities at the period end and
the net income for the period was \u00a31= \u20ac1.19.
The financial statements are prepared on the historical cost basis except that investment and development properties
and derivative financial instruments are stated at fair value.
The accounting policies have been applied consistently in all material respects except for the adoption of new and
revised standards as noted below.
i) Significant accounting estimates and judgements
The preparation of financial statements in conformity with IFRS requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience and other factors that are considered to
be relevant. Actual results may differ from these estimates.
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects
only that period. If the revision affects both current and future periods, the change is recognised over those periods.
The accounting policies subject to significant judgements and estimates are considered by the Audit Committee on
page 120 and are as follows:
Significant areas of estimation uncertainty
Property valuations
The valuation of the property portfolio is a critical part of the Group\u2019s performance. The Group carries the property
portfolio at fair value in the balance sheet and engages professionally qualified external valuers to undertake six
monthly valuations.
The determination of the fair value of each property requires, to the extent applicable, the use of estimates and
assumptions in relation to factors such as estimated rental value and current market rental yields. In addition, to the
extent possible, the valuers make reference to market evidence of transaction prices for similar properties.
The fair value of a development property is determined by using the \u2018residual method\u2019, which deducts all estimated
costs necessary to complete the development, together with an allowance for development risk, profit and
purchasers\u2019 costs, from the fair valuation of the completed property.
Note 9(c) to the financial statements includes further information on the valuation techniques, sensitivities and inputs
used to determine the fair value of the property portfolio.
Significant areas of judgement
Significant transactions
Some property transactions are large or complex and require management to make judgements when considering
the appropriate accounting treatment.
These include acquisitions of property through corporate vehicles, which could represent either asset acquisitions
or business combinations under IFRS 3.
Other complexities include conditionality inherent in transactions and other unusual terms and conditions. There
is a risk that an inappropriate approach could lead to a misstatement in the financial statements.
ii) Adoption of new and revised standards
Standards and interpretations effective in the current period
During the year, the following new and revised standards and interpretations have been adopted and have not had
a material impact on the amounts reported in these financial statements.
Name
Description
Amendments to IFRS 16
Lease liability in a sale and leaseback
Amendments to IAS 7 and IFRS 7
Supplier finance arrangements
Amendments to IAS 1
Non current liabilities with covenants and classification of liabilities
Amendments to IFRS S1
General requirements for disclosure of sustainability related financial
information
Amendments to IFRS S2
Climate-related disclosures
iii) Standards and interpretations in issue not yet adopted
The IASB and the International Financial Reporting Interpretations Committee have issued the following standards
and interpretations, as at the date of this report, that are mandatory for later accounting periods and which have not
been adopted early. The Directors do not expect that the adoption of the standards listed below will have a material
impact on the financial statements of the Group in future periods, except in respect of IFRS 18 as noted below.
Name
Description
Amendments to IAS 21
Lack of exchangeability
IFRS 18
Presentation and disclosures in financial statements
IFRS 19
Subsidiaries without public accountability: disclosures
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with
new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB
has made minor amendments to IAS 7 and IAS 33 Earnings per Share.
IFRS 18 introduces new requirements to:
\u2022 present specified categories and defined subtotals in the statement of profit or loss;
\u2022 provide disclosures on management-defined performance measures in the notes to the financial statements; and
\u2022 improve aggregation and disaggregation.
An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier
application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become
effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.
The Directors of the Company anticipate that the application of these amendments may have an impact on the
Group\u2019s consolidated financial statements in future periods.
iv) Consideration of climate change
In preparing the consolidated financial statements, the Directors have considered the impact of climate change,
particularly in the context of risk identified in the TCFD disclosures on pages 62 to 71. There has been no material
impact identified on the financial reporting judgments and estimates. In particular, the Directors have considered the
impact of climate change in respect of the following areas:
\u2022 Going Concern and the Viability Statement;
\u2022 Impact on the carrying value and useful economic lives of property and other tangible assets; and
\u2022 Preparation of budgets and cash flow forecasts.
Given no material risks have been identified as per the assessment outlined in the TCFD report, no climate change
related impact was identified. The Directors are, however, aware of the changing nature of risks associated with climate
change and will regularly assess these risks against judgements and estimates made in the preparation of the Group\u2019s
financial statements.
e) Basis of consolidation
i) Subsidiaries
The consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are those
entities controlled by the Group. Control is assumed when the Group:
\u2022 Has the power over the investee;
\u2022 Is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 Has the ability to use its power to affect its returns.
In the consolidated balance sheet, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially
recognised at their fair value at the acquisition date.
The results of subsidiaries are included in the consolidated financial statements from the date that control commences
until the date that control ceases.
ii) Joint ventures
Joint arrangements are those entities over whose activities the Group has joint control. The Group\u2019s joint venture is a
type of joint arrangement in which the partners have rights to the net assets.
Joint ventures are accounted for under the equity method, whereby the consolidated balance sheet incorporates the
Group\u2019s share of the net assets of its joint ventures and the consolidated income statement incorporates the Group\u2019s
share of joint venture profits after tax.
The Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements.
Joint venture management fees are recognised as income in the accounting period in which the service is rendered.
iii) Non-controlling interest
The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding in LMP Retail Warehouse JV Holdings
Limited, which owns a portfolio of retail assets.
The Group consolidates the results and net assets of its subsidiary in these financial statements and reflects the non-
controlling interests\u2019 share within equity in the consolidated balance sheet and allocates to the non-controlling interest
their share of profit or loss for the period within the consolidated income statement.
iv) Alternative performance measures
Our portfolio is a combination of properties that are wholly owned by the Group and part owned through joint
venture arrangements or where a third party holds a non-controlling interest. Management reviews the performance
of the Group\u2019s proportionate share of assets and returns, and considers the presentation of information on this basis
helpful to stakeholders as it aggregates the results of all the Group\u2019s property interests which under IFRS are required
to be presented across a number of line items in the financial statements. The Group uses alternative performance
measures based on the European Public Real Estate Association (\u2018EPRA\u2019) Best Practice Recommendations (\u2018BPR\u2019) to
supplement IFRS, in line with best practice in our sector, as they highlight the underlying performance of the Group\u2019s
property rental business and enhance the transparency and comparability of financial information across public
real estate companies. These measures are alternative performance measures as they are not defined under IFRS.
The supplementary notes include other EPRA metrics and a proportionally consolidated EPRA income statement
and balance sheet. Further details, definitions and reconciliations between EPRA measures and the IFRS financial
statements can be found in note 8 to the financial statements, Supplementary notes i to vii and xviii, and in
the Glossary.
v) Business combinations
Where properties are acquired through corporate acquisitions and there are no significant assets or liabilities other than
property, the acquisition is treated as an asset acquisition.
Where a business acquisition reflects an integrated set of activities and assets capable of being conducted and
managed for the purpose of providing goods or services to customers, the acquisition accounting method is used.
The cost of the acquisition is measured at the aggregate of the fair values of assets and liabilities acquired and equity
instruments issued by the Group in exchange for control of the acquiree. Acquisition costs are recognised in the
income statement as incurred.
Any excess of the purchase price of business combinations over the fair value of the assets, liabilities and contingent
liabilities acquired is recognised as goodwill. This is recognised as an asset and is reviewed for impairment at least
annually. Any impairment is recognised immediately in the income statement.
Any deficit of the purchase price of business combinations over the fair value of the assets, liabilities and contingent
liabilities acquired is recognised as a gain on acquisition in the income statement.
f) Property portfolio
i) Investment properties
Investment properties are properties owned or leased by the Group which are held for long term rental income and
for capital appreciation. Investment property includes property that is being constructed, developed or redeveloped
for future use as an investment property. Investment property is initially recognised at cost, including related
transaction costs. It is subsequently carried at each published balance sheet date at fair value on an open market
basis as determined by professionally qualified independent external valuers. Changes in fair value are included in the
income statement.
Where a property held for investment is appropriated to development property, it is transferred at fair value.
A property ceases to be treated as a development property on practical completion. In accordance with IAS 40
Investment Properties, no depreciation is provided in respect of investment properties.
Investment property is recognised as an asset when:
\u2022 It is probable that the future economic benefits that are associated with the investment property will flow to the
Group; and
\u2022 The cost of the investment property can be measured reliably.
All costs directly associated with the purchase and construction of a development property are capitalised.
Capital expenditure that is directly attributable to the redevelopment or refurbishment of investment property, up to
the point of it being completed for its intended use, is included in the carrying value of the property.
ii) Assets held for sale
An asset is classified as held for sale if its carrying amount is expected to be recovered through a sale transaction rather
than through continuing use. This condition is regarded as met only when the sale is highly probable, the asset is
available for sale in its present condition and management are committed to the sale and expect it to complete within
one year from the date of classification.
Assets classified as held for sale are measured at the lower of carrying amount and the fair value less costs to sell.
iii) Tenant leases
Leases \u2013 the Group as a lessor
Rent receivable is recognised in the income statement on a straight line basis over the term of the lease. When the
Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts.
All leases where the Group is a lessor are classified as operating leases.
Leases \u2013 the Group as lessee
Where the Group is a lessee, a right of use asset and lease liability are recognised at the outset of the lease. The lease
liability is initially measured at the present value of the lease payments based on the Group\u2019s expectations of the
likelihood of the lease term.
The lease liability is subsequently adjusted to reflect an imputed finance charge, payments made to the lessor and any
lease modifications.
The right of use asset is initially measured at cost, which comprises the amount of the lease liability, direct costs
incurred, less any lease incentives received by the Group.
The Group has two categories of right of use assets: those in respect of head leases related to a number of leasehold
properties and an occupational lease for its head office. All right of use assets are classified as investment properties
and added to the carrying value of leasehold investment properties. The right of use asset in respect of the Group\u2019s
head office lease is subsequently depreciated over the length of the lease.
iv) Net rental income
Rental income from investment property leased out under an operating lease is recognised in the profit or loss on a
straight line basis over the lease term.
Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which
they are earned. The uplift from rent reviews is recognised when such reviews have been agreed with tenants.
Surrender premiums receivable are recognised on completion of the surrender.
Where a rent free period is included in a lease, the rental income foregone is allocated evenly over the period from the
date of lease commencement to the earlier of the first break option or the lease termination date.
Lease incentives and costs associated with entering into tenant leases are amortised over the period from the date of
lease commencement to the earlier of the first break option or the lease termination date.
For leases which contain fixed or minimum uplifts, the rental income arising from such uplifts is recognised on a
straight line basis to the earlier of the first break option or the lease termination date.
Property operating expenses are expensed as incurred and any property operating expenditure not recovered from
tenants through service charges is charged to the income statement.
v) Profit and loss on sale of investment properties
Profits and losses on sales of investment properties are recognised at the date of legal completion rather than
exchange of contracts and calculated by reference to the carrying value at the previous year end valuation date,
adjusted for subsequent capital expenditure.
g) Financial assets and financial liabilities
Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the
contractual terms of the instrument.
Financial instruments under IFRS 9
i) Trade and other receivables
Trade receivables are initially recognised at their transaction price and subsequently measured at amortised cost as the
Group\u2019s business model is to collect the contractual cash flows due from tenants. An impairment provision is created
based on lifetime expected credit losses, which reflect the Group\u2019s historical credit loss experience and an assessment
of current and forecast economic conditions at the reporting date.
ii) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid
investments with original maturities of three months or less, measured at amortised cost. When the Group is the
principal in an underlying transaction and has the right to the cash inflows and/or the obligation to settle a liability
and directs another entity, acting as its agent, to receive and make payments on its behalf, the Group accounts for
the transaction in the cash flow statement by reporting the underlying cash flows as operating, investing or financing
according to their nature.
iii) Trade and other payables
Trade payables and other payables are initially measured at fair value, net of transaction costs and subsequently
measured at amortised cost using the effective interest method.
iv) Borrowings
Borrowings are recognised initially at fair value less attributable transaction costs. Subsequently, borrowings are
measured at amortised cost with any difference between the proceeds and redemption value being recognised in the
income statement over the term of the borrowing using the effective interest method.
v) Derivative financial instruments
The Group uses derivative financial instruments to hedge its exposure to interest rate risks. Derivative financial
instruments are recognised initially at fair value and subsequently remeasured at each period end, with changes in fair
value being recognised in the income statement.
The Group does not apply hedge accounting under IFRS 9.
vi) Income strip
As part of the merger with LXi, the Group acquired a financial liability associated with the sale of a 65 year income
strip of Alton Towers and Thorpe Park in 2022. The structure comprised selling the freehold of the properties to a
UK institutional investor, with 999 year leases granted back to LXi pursuant to which was the obligation to pay rental
income equivalent to 30% of the annual rental income received from the tenant. LXi has the ability to acquire the
freehold back in 2087 for \u00a31. The financial obligations in relation to this transaction were fair valued on acquisition
using the prevailing market interest rate. Thereafter, the liability is measured at amortised cost.
h) Finance costs and income
Net finance costs include interest payable on borrowings, net of interest capitalised and finance costs amortised.
Interest is capitalised if it is directly attributable to the acquisition, construction or redevelopment of development
properties from the start of the development work until practical completion of the property. Capitalised interest is
calculated with reference to the actual interest rate payable on specific borrowings for the purposes of development
or, for that part of the borrowings financed out of general funds, with reference to the Group\u2019s cost of borrowings.
Finance income includes interest receivable on funds invested at the effective rate and notional interest receivable on
forward funded developments at the contractual rate.
Finance costs and income are presented in the cash flow statement within financing and investing activities,
respectively.
i) Tax
Tax is included in profit or loss except to the extent that it relates to items recognised directly in equity, in which case
the related tax is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the balance sheet date, together with any adjustment in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised
only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.
As the Group is a UK REIT there is no provision for deferred tax arising on the revaluation of UK properties or
other temporary differences. The Group must comply with the UK REIT regulation to benefit from the favourable
tax regime.
As a result of the merger with LXi, the Group acquired one German property and is now subject to German corporate
income tax on those operations. A deferred tax liability was recognised on acquisition and has been restated for the
revaluation and currency movement in the period.
j) Share based payments
The fair value of equity-settled share based payments to employees is determined at the date of grant and
is expensed on a straight line basis over the vesting period based on the Group\u2019s estimate of shares that will
eventually vest.
k) Shares held in Trust
The cost of the Company\u2019s shares held by the Employee Benefit Trust is deducted from equity in the Group balance
sheet. Any shares held by the Trust are not included in the calculation of earnings or net tangible assets per share.
l) Dividends
Dividends on equity shares are recognised when they become legally payable. In the case of interim dividends, this is
when paid. In the case of final dividends, this is when approved by the shareholders at the Annual General Meeting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-373": { "value": "a) General information LondonMetric Property Plc is a company incorporated in the United Kingdom under the Companies Act and is registered in England. The address of the registered office is given on page 202. The principal activities of the Company and its subsidiaries (\u2018the Group\u2019) and the nature of the Group\u2019s operations are set out in the Strategic report on pages 1 to 89. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-3": { "value": "LondonMetric Property Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-370": { "value": "LondonMetric Property Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-371": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-374": { "value": "b) Statement of compliance The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the IASB. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-375": { "value": "c) Going concern The Board has continued to pay particular attention to the appropriateness of the going concern basis in preparing these financial statements and its detailed assessment is on page 88. Having performed a detailed assessment, the Directors consider the going concern assumption for the Group to be appropriate. The assessment considers the principal risks and uncertainties facing the Group\u2019s activities, future development and performance, as discussed in detail on pages 72 to 87 of the Strategic report. A key consideration is the Group\u2019s financial position, cash flows and liquidity, including its access to debt facilities and headroom under financial loan covenants, which is discussed in detail in the Financial review from page 39. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-376": { "value": "d) Basis of preparation The financial statements are prepared on a going concern basis, as explained above. The functional currency of the Company and the presentational currency of the Group is sterling. The functional currency of all subsidiaries except for the Group\u2019s German operations is sterling. Euro denominated results of the German operations have been converted to sterling initially at the applicable exchange rate ruling on the transaction date. Foreign exchange gains and losses from settling transactions are reflected in the income statement, and from retranslating assets and liabilities held in foreign currencies in other comprehensive income. Assets and liabilities are retranslated at the period end rate and income and expenses are retranslated at the average rate. The principal exchange rate used to translate foreign currency denominated assets and liabilities at the period end and the net income for the period was \u00a31= \u20ac1.19. The financial statements are prepared on the historical cost basis except that investment and development properties and derivative financial instruments are stated at fair value. The accounting policies have been applied consistently in all material respects except for the adoption of new and revised standards as noted below. i) Significant accounting estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. If the revision affects both current and future periods, the change is recognised over those periods. The accounting policies subject to significant judgements and estimates are considered by the Audit Committee on page 120 and are as follows: Significant areas of estimation uncertainty Property valuations The valuation of the property portfolio is a critical part of the Group\u2019s performance. The Group carries the property portfolio at fair value in the balance sheet and engages professionally qualified external valuers to undertake six monthly valuations. The determination of the fair value of each property requires, to the extent applicable, the use of estimates and assumptions in relation to factors such as estimated rental value and current market rental yields. In addition, to the extent possible, the valuers make reference to market evidence of transaction prices for similar properties. The fair value of a development property is determined by using the \u2018residual method\u2019, which deducts all estimated costs necessary to complete the development, together with an allowance for development risk, profit and purchasers\u2019 costs, from the fair valuation of the completed property. Note 9(c) to the financial statements includes further information on the valuation techniques, sensitivities and inputs used to determine the fair value of the property portfolio. Significant areas of judgement Significant transactions Some property transactions are large or complex and require management to make judgements when considering the appropriate accounting treatment. These include acquisitions of property through corporate vehicles, which could represent either asset acquisitions or business combinations under IFRS 3. Other complexities include conditionality inherent in transactions and other unusual terms and conditions. There is a risk that an inappropriate approach could lead to a misstatement in the financial statements. ii) Adoption of new and revised standards Standards and interpretations effective in the current period During the year, the following new and revised standards and interpretations have been adopted and have not had a material impact on the amounts reported in these financial statements.
Name
Description
Amendments to IFRS 16
Lease liability in a sale and leaseback
Amendments to IAS 7 and IFRS 7
Supplier finance arrangements
Amendments to IAS 1
Non current liabilities with covenants and classification of liabilities
Amendments to IFRS S1
General requirements for disclosure of sustainability related financial
information
Amendments to IFRS S2
Climate-related disclosures
iii) Standards and interpretations in issue not yet adopted The IASB and the International Financial Reporting Interpretations Committee have issued the following standards and interpretations, as at the date of this report, that are mandatory for later accounting periods and which have not been adopted early. The Directors do not expect that the adoption of the standards listed below will have a material impact on the financial statements of the Group in future periods, except in respect of IFRS 18 as noted below.
Name
Description
Amendments to IAS 21
Lack of exchangeability
IFRS 18
Presentation and disclosures in financial statements
IFRS 19
Subsidiaries without public accountability: disclosures
IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: \u2022 present specified categories and defined subtotals in the statement of profit or loss; \u2022 provide disclosures on management-defined performance measures in the notes to the financial statements; and \u2022 improve aggregation and disaggregation. An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. The Directors of the Company anticipate that the application of these amendments may have an impact on the Group\u2019s consolidated financial statements in future periods. iv) Consideration of climate change In preparing the consolidated financial statements, the Directors have considered the impact of climate change, particularly in the context of risk identified in the TCFD disclosures on pages 62 to 71. There has been no material impact identified on the financial reporting judgments and estimates. In particular, the Directors have considered the impact of climate change in respect of the following areas: \u2022 Going Concern and the Viability Statement; \u2022 Impact on the carrying value and useful economic lives of property and other tangible assets; and \u2022 Preparation of budgets and cash flow forecasts. Given no material risks have been identified as per the assessment outlined in the TCFD report, no climate change related impact was identified. The Directors are, however, aware of the changing nature of risks associated with climate change and will regularly assess these risks against judgements and estimates made in the preparation of the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-406": { "value": "i) Significant accounting estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. If the revision affects both current and future periods, the change is recognised over those periods. The accounting policies subject to significant judgements and estimates are considered by the Audit Committee on page 120 and are as follows: Significant areas of estimation uncertainty Property valuations The valuation of the property portfolio is a critical part of the Group\u2019s performance. The Group carries the property portfolio at fair value in the balance sheet and engages professionally qualified external valuers to undertake six monthly valuations. The determination of the fair value of each property requires, to the extent applicable, the use of estimates and assumptions in relation to factors such as estimated rental value and current market rental yields. In addition, to the extent possible, the valuers make reference to market evidence of transaction prices for similar properties. The fair value of a development property is determined by using the \u2018residual method\u2019, which deducts all estimated costs necessary to complete the development, together with an allowance for development risk, profit and purchasers\u2019 costs, from the fair valuation of the completed property. Note 9(c) to the financial statements includes further information on the valuation techniques, sensitivities and inputs used to determine the fair value of the property portfolio. Significant areas of judgement Significant transactions Some property transactions are large or complex and require management to make judgements when considering the appropriate accounting treatment. These include acquisitions of property through corporate vehicles, which could represent either asset acquisitions or business combinations under IFRS 3. Other complexities include conditionality inherent in transactions and other unusual terms and conditions. There is a risk that an inappropriate approach could lead to a misstatement in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-430": { "value": "ii) Adoption of new and revised standards Standards and interpretations effective in the current period During the year, the following new and revised standards and interpretations have been adopted and have not had a material impact on the amounts reported in these financial statements.
Name
Description
Amendments to IFRS 16
Lease liability in a sale and leaseback
Amendments to IAS 7 and IFRS 7
Supplier finance arrangements
Amendments to IAS 1
Non current liabilities with covenants and classification of liabilities
Amendments to IFRS S1
General requirements for disclosure of sustainability related financial
information
Amendments to IFRS S2
Climate-related disclosures
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-405": { "value": "ii) Adoption of new and revised standards Standards and interpretations effective in the current period During the year, the following new and revised standards and interpretations have been adopted and have not had a material impact on the amounts reported in these financial statements.
Name
Description
Amendments to IFRS 16
Lease liability in a sale and leaseback
Amendments to IAS 7 and IFRS 7
Supplier finance arrangements
Amendments to IAS 1
Non current liabilities with covenants and classification of liabilities
Amendments to IFRS S1
General requirements for disclosure of sustainability related financial
information
Amendments to IFRS S2
Climate-related disclosures
iii) Standards and interpretations in issue not yet adopted The IASB and the International Financial Reporting Interpretations Committee have issued the following standards and interpretations, as at the date of this report, that are mandatory for later accounting periods and which have not been adopted early. The Directors do not expect that the adoption of the standards listed below will have a material impact on the financial statements of the Group in future periods, except in respect of IFRS 18 as noted below.
Name
Description
Amendments to IAS 21
Lack of exchangeability
IFRS 18
Presentation and disclosures in financial statements
IFRS 19
Subsidiaries without public accountability: disclosures
IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: \u2022 present specified categories and defined subtotals in the statement of profit or loss; \u2022 provide disclosures on management-defined performance measures in the notes to the financial statements; and \u2022 improve aggregation and disaggregation. An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. The Directors of the Company anticipate that the application of these amendments may have an impact on the Group\u2019s consolidated financial statements in future periods. iv) Consideration of climate change In preparing the consolidated financial statements, the Directors have considered the impact of climate change, particularly in the context of risk identified in the TCFD disclosures on pages 62 to 71. There has been no material impact identified on the financial reporting judgments and estimates. In particular, the Directors have considered the impact of climate change in respect of the following areas: \u2022 Going Concern and the Viability Statement; \u2022 Impact on the carrying value and useful economic lives of property and other tangible assets; and \u2022 Preparation of budgets and cash flow forecasts. Given no material risks have been identified as per the assessment outlined in the TCFD report, no climate change related impact was identified. The Directors are, however, aware of the changing nature of risks associated with climate change and will regularly assess these risks against judgements and estimates made in the preparation of the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-431": { "value": "iii) Standards and interpretations in issue not yet adopted The IASB and the International Financial Reporting Interpretations Committee have issued the following standards and interpretations, as at the date of this report, that are mandatory for later accounting periods and which have not been adopted early. The Directors do not expect that the adoption of the standards listed below will have a material impact on the financial statements of the Group in future periods, except in respect of IFRS 18 as noted below.
Name
Description
Amendments to IAS 21
Lack of exchangeability
IFRS 18
Presentation and disclosures in financial statements
IFRS 19
Subsidiaries without public accountability: disclosures
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-473": { "value": "iv) Consideration of climate change In preparing the consolidated financial statements, the Directors have considered the impact of climate change, particularly in the context of risk identified in the TCFD disclosures on pages 62 to 71. There has been no material impact identified on the financial reporting judgments and estimates. In particular, the Directors have considered the impact of climate change in respect of the following areas: \u2022 Going Concern and the Viability Statement; \u2022 Impact on the carrying value and useful economic lives of property and other tangible assets; and \u2022 Preparation of budgets and cash flow forecasts. Given no material risks have been identified as per the assessment outlined in the TCFD report, no climate change related impact was identified. The Directors are, however, aware of the changing nature of risks associated with climate change and will regularly assess these risks against judgements and estimates made in the preparation of the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-377": { "value": "e) Basis of consolidation i) Subsidiaries The consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are those entities controlled by the Group. Control is assumed when the Group: \u2022 Has the power over the investee; \u2022 Is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 Has the ability to use its power to affect its returns. In the consolidated balance sheet, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair value at the acquisition date. The results of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. ii) Joint ventures Joint arrangements are those entities over whose activities the Group has joint control. The Group\u2019s joint venture is a type of joint arrangement in which the partners have rights to the net assets. Joint ventures are accounted for under the equity method, whereby the consolidated balance sheet incorporates the Group\u2019s share of the net assets of its joint ventures and the consolidated income statement incorporates the Group\u2019s share of joint venture profits after tax. The Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements. Joint venture management fees are recognised as income in the accounting period in which the service is rendered. iii) Non-controlling interest The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding in LMP Retail Warehouse JV Holdings Limited, which owns a portfolio of retail assets. The Group consolidates the results and net assets of its subsidiary in these financial statements and reflects the non- controlling interests\u2019 share within equity in the consolidated balance sheet and allocates to the non-controlling interest their share of profit or loss for the period within the consolidated income statement. iv) Alternative performance measures Our portfolio is a combination of properties that are wholly owned by the Group and part owned through joint venture arrangements or where a third party holds a non-controlling interest. Management reviews the performance of the Group\u2019s proportionate share of assets and returns, and considers the presentation of information on this basis helpful to stakeholders as it aggregates the results of all the Group\u2019s property interests which under IFRS are required to be presented across a number of line items in the financial statements. The Group uses alternative performance measures based on the European Public Real Estate Association (\u2018EPRA\u2019) Best Practice Recommendations (\u2018BPR\u2019) to supplement IFRS, in line with best practice in our sector, as they highlight the underlying performance of the Group\u2019s property rental business and enhance the transparency and comparability of financial information across public real estate companies. These measures are alternative performance measures as they are not defined under IFRS. The supplementary notes include other EPRA metrics and a proportionally consolidated EPRA income statement and balance sheet. Further details, definitions and reconciliations between EPRA measures and the IFRS financial statements can be found in note 8 to the financial statements, Supplementary notes i to vii and xviii, and in the Glossary. v) Business combinations Where properties are acquired through corporate acquisitions and there are no significant assets or liabilities other than property, the acquisition is treated as an asset acquisition. Where a business acquisition reflects an integrated set of activities and assets capable of being conducted and managed for the purpose of providing goods or services to customers, the acquisition accounting method is used. The cost of the acquisition is measured at the aggregate of the fair values of assets and liabilities acquired and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition costs are recognised in the income statement as incurred. Any excess of the purchase price of business combinations over the fair value of the assets, liabilities and contingent liabilities acquired is recognised as goodwill. This is recognised as an asset and is reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement. Any deficit of the purchase price of business combinations over the fair value of the assets, liabilities and contingent liabilities acquired is recognised as a gain on acquisition in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-407": { "value": "i) Subsidiaries The consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are those entities controlled by the Group. Control is assumed when the Group: \u2022 Has the power over the investee; \u2022 Is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 Has the ability to use its power to affect its returns. In the consolidated balance sheet, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair value at the acquisition date. The results of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-408": { "value": "ii) Joint ventures Joint arrangements are those entities over whose activities the Group has joint control. The Group\u2019s joint venture is a type of joint arrangement in which the partners have rights to the net assets. Joint ventures are accounted for under the equity method, whereby the consolidated balance sheet incorporates the Group\u2019s share of the net assets of its joint ventures and the consolidated income statement incorporates the Group\u2019s share of joint venture profits after tax. The Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements. Joint venture management fees are recognised as income in the accounting period in which the service is rendered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-409": { "value": "iii) Non-controlling interest The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding in LMP Retail Warehouse JV Holdings Limited, which owns a portfolio of retail assets. The Group consolidates the results and net assets of its subsidiary in these financial statements and reflects the non- controlling interests\u2019 share within equity in the consolidated balance sheet and allocates to the non-controlling interest their share of profit or loss for the period within the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-410": { "value": "iv) Alternative performance measures Our portfolio is a combination of properties that are wholly owned by the Group and part owned through joint venture arrangements or where a third party holds a non-controlling interest. Management reviews the performance of the Group\u2019s proportionate share of assets and returns, and considers the presentation of information on this basis helpful to stakeholders as it aggregates the results of all the Group\u2019s property interests which under IFRS are required to be presented across a number of line items in the financial statements. The Group uses alternative performance measures based on the European Public Real Estate Association (\u2018EPRA\u2019) Best Practice Recommendations (\u2018BPR\u2019) to supplement IFRS, in line with best practice in our sector, as they highlight the underlying performance of the Group\u2019s property rental business and enhance the transparency and comparability of financial information across public real estate companies. These measures are alternative performance measures as they are not defined under IFRS. The supplementary notes include other EPRA metrics and a proportionally consolidated EPRA income statement and balance sheet. Further details, definitions and reconciliations between EPRA measures and the IFRS financial statements can be found in note 8 to the financial statements, Supplementary notes i to vii and xviii, and in the Glossary. ", "dimensions": { "concept": "londonmetric:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-411": { "value": "v) Business combinations Where properties are acquired through corporate acquisitions and there are no significant assets or liabilities other than property, the acquisition is treated as an asset acquisition. Where a business acquisition reflects an integrated set of activities and assets capable of being conducted and managed for the purpose of providing goods or services to customers, the acquisition accounting method is used. The cost of the acquisition is measured at the aggregate of the fair values of assets and liabilities acquired and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition costs are recognised in the income statement as incurred. Any excess of the purchase price of business combinations over the fair value of the assets, liabilities and contingent liabilities acquired is recognised as goodwill. This is recognised as an asset and is reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement. Any deficit of the purchase price of business combinations over the fair value of the assets, liabilities and contingent liabilities acquired is recognised as a gain on acquisition in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-378": { "value": "f) Property portfolio i) Investment properties Investment properties are properties owned or leased by the Group which are held for long term rental income and for capital appreciation. Investment property includes property that is being constructed, developed or redeveloped for future use as an investment property. Investment property is initially recognised at cost, including related transaction costs. It is subsequently carried at each published balance sheet date at fair value on an open market basis as determined by professionally qualified independent external valuers. Changes in fair value are included in the income statement. Where a property held for investment is appropriated to development property, it is transferred at fair value. A property ceases to be treated as a development property on practical completion. In accordance with IAS 40 Investment Properties, no depreciation is provided in respect of investment properties. Investment property is recognised as an asset when: \u2022 It is probable that the future economic benefits that are associated with the investment property will flow to the Group; and \u2022 The cost of the investment property can be measured reliably. All costs directly associated with the purchase and construction of a development property are capitalised. Capital expenditure that is directly attributable to the redevelopment or refurbishment of investment property, up to the point of it being completed for its intended use, is included in the carrying value of the property. ii) Assets held for sale An asset is classified as held for sale if its carrying amount is expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable, the asset is available for sale in its present condition and management are committed to the sale and expect it to complete within one year from the date of classification. Assets classified as held for sale are measured at the lower of carrying amount and the fair value less costs to sell. iii) Tenant leases Leases \u2013 the Group as a lessor Rent receivable is recognised in the income statement on a straight line basis over the term of the lease. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. All leases where the Group is a lessor are classified as operating leases. Leases \u2013 the Group as lessee Where the Group is a lessee, a right of use asset and lease liability are recognised at the outset of the lease. The lease liability is initially measured at the present value of the lease payments based on the Group\u2019s expectations of the likelihood of the lease term. The lease liability is subsequently adjusted to reflect an imputed finance charge, payments made to the lessor and any lease modifications. The right of use asset is initially measured at cost, which comprises the amount of the lease liability, direct costs incurred, less any lease incentives received by the Group. The Group has two categories of right of use assets: those in respect of head leases related to a number of leasehold properties and an occupational lease for its head office. All right of use assets are classified as investment properties and added to the carrying value of leasehold investment properties. The right of use asset in respect of the Group\u2019s head office lease is subsequently depreciated over the length of the lease. iv) Net rental income Rental income from investment property leased out under an operating lease is recognised in the profit or loss on a straight line basis over the lease term. Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they are earned. The uplift from rent reviews is recognised when such reviews have been agreed with tenants. Surrender premiums receivable are recognised on completion of the surrender. Where a rent free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Lease incentives and costs associated with entering into tenant leases are amortised over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. For leases which contain fixed or minimum uplifts, the rental income arising from such uplifts is recognised on a straight line basis to the earlier of the first break option or the lease termination date. Property operating expenses are expensed as incurred and any property operating expenditure not recovered from tenants through service charges is charged to the income statement. v) Profit and loss on sale of investment properties Profits and losses on sales of investment properties are recognised at the date of legal completion rather than exchange of contracts and calculated by reference to the carrying value at the previous year end valuation date, adjusted for subsequent capital expenditure. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-412": { "value": "ii) Assets held for sale An asset is classified as held for sale if its carrying amount is expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable, the asset is available for sale in its present condition and management are committed to the sale and expect it to complete within one year from the date of classification. Assets classified as held for sale are measured at the lower of carrying amount and the fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-413": { "value": "iii) Tenant leases Leases \u2013 the Group as a lessor Rent receivable is recognised in the income statement on a straight line basis over the term of the lease. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. All leases where the Group is a lessor are classified as operating leases. Leases \u2013 the Group as lessee Where the Group is a lessee, a right of use asset and lease liability are recognised at the outset of the lease. The lease liability is initially measured at the present value of the lease payments based on the Group\u2019s expectations of the likelihood of the lease term. The lease liability is subsequently adjusted to reflect an imputed finance charge, payments made to the lessor and any lease modifications. The right of use asset is initially measured at cost, which comprises the amount of the lease liability, direct costs incurred, less any lease incentives received by the Group. The Group has two categories of right of use assets: those in respect of head leases related to a number of leasehold properties and an occupational lease for its head office. All right of use assets are classified as investment properties and added to the carrying value of leasehold investment properties. The right of use asset in respect of the Group\u2019s head office lease is subsequently depreciated over the length of the lease. iv) Net rental income Rental income from investment property leased out under an operating lease is recognised in the profit or loss on a straight line basis over the lease term. Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they are earned. The uplift from rent reviews is recognised when such reviews have been agreed with tenants. Surrender premiums receivable are recognised on completion of the surrender. Where a rent free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Lease incentives and costs associated with entering into tenant leases are amortised over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. For leases which contain fixed or minimum uplifts, the rental income arising from such uplifts is recognised on a straight line basis to the earlier of the first break option or the lease termination date. Property operating expenses are expensed as incurred and any property operating expenditure not recovered from tenants through service charges is charged to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-432": { "value": "g) Financial assets and financial liabilities Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the contractual terms of the instrument. Financial instruments under IFRS 9 i) Trade and other receivables Trade receivables are initially recognised at their transaction price and subsequently measured at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. An impairment provision is created based on lifetime expected credit losses, which reflect the Group\u2019s historical credit loss experience and an assessment of current and forecast economic conditions at the reporting date. ii) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less, measured at amortised cost. When the Group is the principal in an underlying transaction and has the right to the cash inflows and/or the obligation to settle a liability and directs another entity, acting as its agent, to receive and make payments on its behalf, the Group accounts for the transaction in the cash flow statement by reporting the underlying cash flows as operating, investing or financing according to their nature. iii) Trade and other payables Trade payables and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised cost using the effective interest method. iv) Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequently, borrowings are measured at amortised cost with any difference between the proceeds and redemption value being recognised in the income statement over the term of the borrowing using the effective interest method. v) Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate risks. Derivative financial instruments are recognised initially at fair value and subsequently remeasured at each period end, with changes in fair value being recognised in the income statement. The Group does not apply hedge accounting under IFRS 9. vi) Income strip As part of the merger with LXi, the Group acquired a financial liability associated with the sale of a 65 year income strip of Alton Towers and Thorpe Park in 2022. The structure comprised selling the freehold of the properties to a UK institutional investor, with 999 year leases granted back to LXi pursuant to which was the obligation to pay rental income equivalent to 30% of the annual rental income received from the tenant. LXi has the ability to acquire the freehold back in 2087 for \u00a31. The financial obligations in relation to this transaction were fair valued on acquisition using the prevailing market interest rate. Thereafter, the liability is measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-414": { "value": "g) Financial assets and financial liabilities Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the contractual terms of the instrument. Financial instruments under IFRS 9 i) Trade and other receivables Trade receivables are initially recognised at their transaction price and subsequently measured at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. An impairment provision is created based on lifetime expected credit losses, which reflect the Group\u2019s historical credit loss experience and an assessment of current and forecast economic conditions at the reporting date. ii) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less, measured at amortised cost. When the Group is the principal in an underlying transaction and has the right to the cash inflows and/or the obligation to settle a liability and directs another entity, acting as its agent, to receive and make payments on its behalf, the Group accounts for the transaction in the cash flow statement by reporting the underlying cash flows as operating, investing or financing according to their nature. iii) Trade and other payables Trade payables and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised cost using the effective interest method. iv) Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequently, borrowings are measured at amortised cost with any difference between the proceeds and redemption value being recognised in the income statement over the term of the borrowing using the effective interest method. v) Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate risks. Derivative financial instruments are recognised initially at fair value and subsequently remeasured at each period end, with changes in fair value being recognised in the income statement. The Group does not apply hedge accounting under IFRS 9. vi) Income strip As part of the merger with LXi, the Group acquired a financial liability associated with the sale of a 65 year income strip of Alton Towers and Thorpe Park in 2022. The structure comprised selling the freehold of the properties to a UK institutional investor, with 999 year leases granted back to LXi pursuant to which was the obligation to pay rental income equivalent to 30% of the annual rental income received from the tenant. LXi has the ability to acquire the freehold back in 2087 for \u00a31. The financial obligations in relation to this transaction were fair valued on acquisition using the prevailing market interest rate. Thereafter, the liability is measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-379": { "value": "g) Financial assets and financial liabilities Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the contractual terms of the instrument. Financial instruments under IFRS 9 i) Trade and other receivables Trade receivables are initially recognised at their transaction price and subsequently measured at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. An impairment provision is created based on lifetime expected credit losses, which reflect the Group\u2019s historical credit loss experience and an assessment of current and forecast economic conditions at the reporting date. ii) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less, measured at amortised cost. When the Group is the principal in an underlying transaction and has the right to the cash inflows and/or the obligation to settle a liability and directs another entity, acting as its agent, to receive and make payments on its behalf, the Group accounts for the transaction in the cash flow statement by reporting the underlying cash flows as operating, investing or financing according to their nature. iii) Trade and other payables Trade payables and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised cost using the effective interest method. iv) Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequently, borrowings are measured at amortised cost with any difference between the proceeds and redemption value being recognised in the income statement over the term of the borrowing using the effective interest method. v) Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate risks. Derivative financial instruments are recognised initially at fair value and subsequently remeasured at each period end, with changes in fair value being recognised in the income statement. The Group does not apply hedge accounting under IFRS 9. vi) Income strip As part of the merger with LXi, the Group acquired a financial liability associated with the sale of a 65 year income strip of Alton Towers and Thorpe Park in 2022. The structure comprised selling the freehold of the properties to a UK institutional investor, with 999 year leases granted back to LXi pursuant to which was the obligation to pay rental income equivalent to 30% of the annual rental income received from the tenant. LXi has the ability to acquire the freehold back in 2087 for \u00a31. The financial obligations in relation to this transaction were fair valued on acquisition using the prevailing market interest rate. Thereafter, the liability is measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-441": { "value": "i) Trade and other receivables Trade receivables are initially recognised at their transaction price and subsequently measured at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. An impairment provision is created based on lifetime expected credit losses, which reflect the Group\u2019s historical credit loss experience and an assessment of current and forecast economic conditions at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-442": { "value": "ii) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less, measured at amortised cost. When the Group is the principal in an underlying transaction and has the right to the cash inflows and/or the obligation to settle a liability and directs another entity, acting as its agent, to receive and make payments on its behalf, the Group accounts for the transaction in the cash flow statement by reporting the underlying cash flows as operating, investing or financing according to their nature. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-443": { "value": "iii) Trade and other payables Trade payables and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-444": { "value": "iv) Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequently, borrowings are measured at amortised cost with any difference between the proceeds and redemption value being recognised in the income statement over the term of the borrowing using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-445": { "value": "v) Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate risks. Derivative financial instruments are recognised initially at fair value and subsequently remeasured at each period end, with changes in fair value being recognised in the income statement. The Group does not apply hedge accounting under IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-433": { "value": "h) Finance costs and income Net finance costs include interest payable on borrowings, net of interest capitalised and finance costs amortised. Interest is capitalised if it is directly attributable to the acquisition, construction or redevelopment of development properties from the start of the development work until practical completion of the property. Capitalised interest is calculated with reference to the actual interest rate payable on specific borrowings for the purposes of development or, for that part of the borrowings financed out of general funds, with reference to the Group\u2019s cost of borrowings. Finance income includes interest receivable on funds invested at the effective rate and notional interest receivable on forward funded developments at the contractual rate. Finance costs and income are presented in the cash flow statement within financing and investing activities, respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-415": { "value": "h) Finance costs and income Net finance costs include interest payable on borrowings, net of interest capitalised and finance costs amortised. Interest is capitalised if it is directly attributable to the acquisition, construction or redevelopment of development properties from the start of the development work until practical completion of the property. Capitalised interest is calculated with reference to the actual interest rate payable on specific borrowings for the purposes of development or, for that part of the borrowings financed out of general funds, with reference to the Group\u2019s cost of borrowings. Finance income includes interest receivable on funds invested at the effective rate and notional interest receivable on forward funded developments at the contractual rate. Finance costs and income are presented in the cash flow statement within financing and investing activities, respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-380": { "value": "h) Finance costs and income Net finance costs include interest payable on borrowings, net of interest capitalised and finance costs amortised. Interest is capitalised if it is directly attributable to the acquisition, construction or redevelopment of development properties from the start of the development work until practical completion of the property. Capitalised interest is calculated with reference to the actual interest rate payable on specific borrowings for the purposes of development or, for that part of the borrowings financed out of general funds, with reference to the Group\u2019s cost of borrowings. Finance income includes interest receivable on funds invested at the effective rate and notional interest receivable on forward funded developments at the contractual rate. Finance costs and income are presented in the cash flow statement within financing and investing activities, respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-416": { "value": "i) Tax Tax is included in profit or loss except to the extent that it relates to items recognised directly in equity, in which case the related tax is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, together with any adjustment in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. As the Group is a UK REIT there is no provision for deferred tax arising on the revaluation of UK properties or other temporary differences. The Group must comply with the UK REIT regulation to benefit from the favourable tax regime. As a result of the merger with LXi, the Group acquired one German property and is now subject to German corporate income tax on those operations. A deferred tax liability was recognised on acquisition and has been restated for the revaluation and currency movement in the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-381": { "value": "i) Tax Tax is included in profit or loss except to the extent that it relates to items recognised directly in equity, in which case the related tax is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, together with any adjustment in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. As the Group is a UK REIT there is no provision for deferred tax arising on the revaluation of UK properties or other temporary differences. The Group must comply with the UK REIT regulation to benefit from the favourable tax regime. As a result of the merger with LXi, the Group acquired one German property and is now subject to German corporate income tax on those operations. A deferred tax liability was recognised on acquisition and has been restated for the revaluation and currency movement in the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-382": { "value": "j) Share based payments The fair value of equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight line basis over the vesting period based on the Group\u2019s estimate of shares that will eventually vest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-383": { "value": "k) Shares held in Trust The cost of the Company\u2019s shares held by the Employee Benefit Trust is deducted from equity in the Group balance sheet. Any shares held by the Trust are not included in the calculation of earnings or net tangible assets per share. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-384": { "value": "l) Dividends Dividends on equity shares are recognised when they become legally payable. In the case of interim dividends, this is when paid. In the case of final dividends, this is when approved by the shareholders at the Annual General Meeting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-385": { "value": "
2 Segmental information
As at 31 March
2025 2024
Property value \u00a3m \u00a3m
Logistics
2,837.9
2,563.1
Long income
3,159.7
3,199.4
Other
\u00b9
125.9
210.2
6,123.5
5,972.7
Income strip gross up
231.0
221.5
Head lease assets
40.9
47.6
6,395.4
6,241.8
1 Includes trading property of \u00a31.1 million (2024: \u00a31.1 million) and assets held for sale of \u00a310.4 million (2024: \u00a38.5 million)
For the year to 31 March
2025 2024
Gross rental income \u00a3m \u00a3m
Logistics
143.3
115.2
Long income
241.4
53.6
Other
10.8
8.2
395.5
177.0
For the year to 31 March
2025 2024
Net rental income \u00a3m \u00a3m
Logistics
141.3
114.1
Long income
239.1
53.6
Other
10.2
7.6
390.6
175.3
An operating segment is a distinguishable component of the Group that engages in business activities, earns revenue
and incurs expenses, whose results are reviewed by the Group\u2019s Chief Operating Decision Makers (\u2018CODMs\u2019) and for
which discrete financial information is available.
Gross rental income represents the Group\u2019s revenues from its tenants and net rental income is the principal profit
measure used to determine the performance of each sector. Total assets and liabilities are not monitored by segment.
However, property assets are reviewed on an ongoing basis. The Group operates predominantly in the United
Kingdom and no geographical split is provided in information reported to the Board.
Included within the logistics operating segment are the sub-categories of urban logistics, regional distribution
and mega distribution and within the long income operating segment are the sub-categories of convenience,
entertainment and leisure and healthcare. However the sub-category results are not separately reviewed by the
CODMs as they are not considered separate operating segments. Instead the CODMs review the logistics and long
income sectors as a whole as their own operating segments.
The income strip gross up and head lease assets are not considered separate operating segments and are included in
this note for reconciliation purposes only.
This year, we have reflected development assets within each operating segment instead of as a separate category,
for both the current and prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-386": { "value": "
3 Revenue
2025 2024
For the year to 31 March \u00a3m \u00a3m
Gross rental income
395.5
177.0
Property management fees and other income
1.2
1.1
Revenue
396.7
178.1
2025 2024
For the year to 31 March \u00a3m \u00a3m
Gross rental income
395.5
177.0
Cost of sales \u2013 property operating expenses
(4.9)
(1.7)
Net rental income
390.6
175.3
Two tenants each individually contributed more than 10% of gross rental income in the current year. The net
contracted rental income of the Group\u2019s top ten occupiers, which is reflected net of income strip and head lease
payments, is shown in Supplementary note xvii.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-417": { "value": "3 Revenue
2025 2024
For the year to 31 March \u00a3m \u00a3m
Gross rental income
395.5
177.0
Property management fees and other income
1.2
1.1
Revenue
396.7
178.1
2025 2024
For the year to 31 March \u00a3m \u00a3m
Gross rental income
395.5
177.0
Cost of sales \u2013 property operating expenses
(4.9)
(1.7)
Net rental income
390.6
175.3
Two tenants each individually contributed more than 10% of gross rental income in the current year. The net contracted rental income of the Group\u2019s top ten occupiers, which is reflected net of income strip and head lease payments, is shown in Supplementary note xvii.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-387": { "value": "
4 Administrative costs
a) Total administrative costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Staff costs
20.7
14.9
Auditor\u2019s remuneration
0.7
0.7
Depreciation
0.6
0.7
Other administrative costs
5.1
3.4
27.1
19.7
b) Staff costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Employee costs, including those of Directors, comprise the following:
Wages and salaries
15.7
11.7
Less staff costs capitalised in respect of development projects
(1.9)
(1.5)
13.8
10.2
Social security costs
1.2
0.9
Pension costs
0.4
0.3
Share based payment
5.3
3.5
20.7
14.9
The long term share incentive plan (\u2018LTIP\u2019) allows Executive Directors and eligible employees to receive an award of
shares, held in trust, dependent on performance conditions based on the earnings per share, total shareholder return
and total accounting return of the Group over a three year vesting period. The Group expenses the estimated number
of shares likely to vest over the three year period based on the market price at the date of grant. In the current year
the charge was \u00a35.3 million (2024: \u00a33.5 million). The cost of acquiring the shares expected to vest under the LTIP of
\u00a318.2 million has been charged to reserves this year (2024: \u00a32.5 million).
Directors\u2019 emoluments are reflected in the table below. Directors received a salary supplement in lieu of pension
contributions for the current and previous year. Details of the Directors\u2019 remuneration awards under the LTIP are given
in the Remuneration Committee report on pages 137 to 138.
2025 2024
For the year to 31 March \u00a3m \u00a3m
Remuneration for management services
4.0
3.3
Entitlement to pension scheme contributions
0.1
0.1
4.1
3.4
The emoluments and benefits of the key management personnel of the Company, which comprise the Directors and
certain members of the Senior Leadership Team, are set out in aggregate in the table below.
2025 2024
For the year to 31 March \u00a3m \u00a3m
Short term employee benefits
11.6
9.5
Share based payments
4.1
3.1
15.7
12.6
No disclosures have been made in accordance with IFRS 2 for share based payments to employees other than those
in the Remuneration Committee report from page 123 on the basis of materiality.
c) Staff numbers
The average number of employees including Executive Directors during the year was:
2025 2024
Number Number
Property and administration
47
35
d) Auditor\u2019s remuneration
2025 2024
For the year to 31 March \u00a3000 \u00a3000
Audit services:
Audit of the Group and Company financial statements 572.0 580.0
Audit of the Company\u2019s subsidiaries 48.0 46.0
Other fees:
Audit related assurance services
95.0
50.0
Total fees for audit and other services
715.0
676.0
In addition to the above audit fees, \u00a324,700 (2024: \u00a323,500) was due to the Group\u2019s auditor in respect of the audit of
its joint venture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-456": { "value": "4 Administrative costs a) Total administrative costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Staff costs
20.7
14.9
Auditor\u2019s remuneration
0.7
0.7
Depreciation
0.6
0.7
Other administrative costs
5.1
3.4
27.1
19.7
b) Staff costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Employee costs, including those of Directors, comprise the following:
Wages and salaries
15.7
11.7
Less staff costs capitalised in respect of development projects
(1.9)
(1.5)
13.8
10.2
Social security costs
1.2
0.9
Pension costs
0.4
0.3
Share based payment
5.3
3.5
20.7
14.9
The long term share incentive plan (\u2018LTIP\u2019) allows Executive Directors and eligible employees to receive an award of shares, held in trust, dependent on performance conditions based on the earnings per share, total shareholder return and total accounting return of the Group over a three year vesting period. The Group expenses the estimated number of shares likely to vest over the three year period based on the market price at the date of grant. In the current year the charge was \u00a35.3 million (2024: \u00a33.5 million). The cost of acquiring the shares expected to vest under the LTIP of \u00a318.2 million has been charged to reserves this year (2024: \u00a32.5 million). Directors\u2019 emoluments are reflected in the table below. Directors received a salary supplement in lieu of pension contributions for the current and previous year. Details of the Directors\u2019 remuneration awards under the LTIP are given in the Remuneration Committee report on pages 137 to 138.
2025 2024
For the year to 31 March \u00a3m \u00a3m
Remuneration for management services
4.0
3.3
Entitlement to pension scheme contributions
0.1
0.1
4.1
3.4
The emoluments and benefits of the key management personnel of the Company, which comprise the Directors and certain members of the Senior Leadership Team, are set out in aggregate in the table below.
2025 2024
For the year to 31 March \u00a3m \u00a3m
Short term employee benefits
11.6
9.5
Share based payments
4.1
3.1
15.7
12.6
No disclosures have been made in accordance with IFRS 2 for share based payments to employees other than those in the Remuneration Committee report from page 123 on the basis of materiality. c) Staff numbers The average number of employees including Executive Directors during the year was:
2025 2024
Number Number
Property and administration
47
35
d) Auditor\u2019s remuneration
2025 2024
For the year to 31 March \u00a3000 \u00a3000
Audit services:
Audit of the Group and Company financial statements 572.0 580.0
Audit of the Company\u2019s subsidiaries 48.0 46.0
Other fees:
Audit related assurance services
95.0
50.0
Total fees for audit and other services
715.0
676.0
In addition to the above audit fees, \u00a324,700 (2024: \u00a323,500) was due to the Group\u2019s auditor in respect of the audit of its joint venture. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-446": { "value": "4 Administrative costs a) Total administrative costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Staff costs
20.7
14.9
Auditor\u2019s remuneration
0.7
0.7
Depreciation
0.6
0.7
Other administrative costs
5.1
3.4
27.1
19.7
b) Staff costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Employee costs, including those of Directors, comprise the following:
Wages and salaries
15.7
11.7
Less staff costs capitalised in respect of development projects
(1.9)
(1.5)
13.8
10.2
Social security costs
1.2
0.9
Pension costs
0.4
0.3
Share based payment
5.3
3.5
20.7
14.9
The long term share incentive plan (\u2018LTIP\u2019) allows Executive Directors and eligible employees to receive an award of shares, held in trust, dependent on performance conditions based on the earnings per share, total shareholder return and total accounting return of the Group over a three year vesting period. The Group expenses the estimated number of shares likely to vest over the three year period based on the market price at the date of grant. In the current year the charge was \u00a35.3 million (2024: \u00a33.5 million). The cost of acquiring the shares expected to vest under the LTIP of \u00a318.2 million has been charged to reserves this year (2024: \u00a32.5 million). Directors\u2019 emoluments are reflected in the table below. Directors received a salary supplement in lieu of pension contributions for the current and previous year. Details of the Directors\u2019 remuneration awards under the LTIP are given in the Remuneration Committee report on pages 137 to 138.
2025 2024
For the year to 31 March \u00a3m \u00a3m
Remuneration for management services
4.0
3.3
Entitlement to pension scheme contributions
0.1
0.1
4.1
3.4
The emoluments and benefits of the key management personnel of the Company, which comprise the Directors and certain members of the Senior Leadership Team, are set out in aggregate in the table below.
2025 2024
For the year to 31 March \u00a3m \u00a3m
Short term employee benefits
11.6
9.5
Share based payments
4.1
3.1
15.7
12.6
No disclosures have been made in accordance with IFRS 2 for share based payments to employees other than those in the Remuneration Committee report from page 123 on the basis of materiality. c) Staff numbers The average number of employees including Executive Directors during the year was:
2025 2024
Number Number
Property and administration
47
35
d) Auditor\u2019s remuneration
2025 2024
For the year to 31 March \u00a3000 \u00a3000
Audit services:
Audit of the Group and Company financial statements 572.0 580.0
Audit of the Company\u2019s subsidiaries 48.0 46.0
Other fees:
Audit related assurance services
95.0
50.0
Total fees for audit and other services
715.0
676.0
In addition to the above audit fees, \u00a324,700 (2024: \u00a323,500) was due to the Group\u2019s auditor in respect of the audit of its joint venture. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-434": { "value": "4 Administrative costs a) Total administrative costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Staff costs
20.7
14.9
Auditor\u2019s remuneration
0.7
0.7
Depreciation
0.6
0.7
Other administrative costs
5.1
3.4
27.1
19.7
b) Staff costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Employee costs, including those of Directors, comprise the following:
Wages and salaries
15.7
11.7
Less staff costs capitalised in respect of development projects
(1.9)
(1.5)
13.8
10.2
Social security costs
1.2
0.9
Pension costs
0.4
0.3
Share based payment
5.3
3.5
20.7
14.9
The long term share incentive plan (\u2018LTIP\u2019) allows Executive Directors and eligible employees to receive an award of shares, held in trust, dependent on performance conditions based on the earnings per share, total shareholder return and total accounting return of the Group over a three year vesting period. The Group expenses the estimated number of shares likely to vest over the three year period based on the market price at the date of grant. In the current year the charge was \u00a35.3 million (2024: \u00a33.5 million). The cost of acquiring the shares expected to vest under the LTIP of \u00a318.2 million has been charged to reserves this year (2024: \u00a32.5 million). Directors\u2019 emoluments are reflected in the table below. Directors received a salary supplement in lieu of pension contributions for the current and previous year. Details of the Directors\u2019 remuneration awards under the LTIP are given in the Remuneration Committee report on pages 137 to 138.
2025 2024
For the year to 31 March \u00a3m \u00a3m
Remuneration for management services
4.0
3.3
Entitlement to pension scheme contributions
0.1
0.1
4.1
3.4
The emoluments and benefits of the key management personnel of the Company, which comprise the Directors and certain members of the Senior Leadership Team, are set out in aggregate in the table below.
2025 2024
For the year to 31 March \u00a3m \u00a3m
Short term employee benefits
11.6
9.5
Share based payments
4.1
3.1
15.7
12.6
No disclosures have been made in accordance with IFRS 2 for share based payments to employees other than those in the Remuneration Committee report from page 123 on the basis of materiality. c) Staff numbers The average number of employees including Executive Directors during the year was:
2025 2024
Number Number
Property and administration
47
35
d) Auditor\u2019s remuneration
2025 2024
For the year to 31 March \u00a3000 \u00a3000
Audit services:
Audit of the Group and Company financial statements 572.0 580.0
Audit of the Company\u2019s subsidiaries 48.0 46.0
Other fees:
Audit related assurance services
95.0
50.0
Total fees for audit and other services
715.0
676.0
In addition to the above audit fees, \u00a324,700 (2024: \u00a323,500) was due to the Group\u2019s auditor in respect of the audit of its joint venture. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-418": { "value": "b) Staff costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Employee costs, including those of Directors, comprise the following:
Wages and salaries
15.7
11.7
Less staff costs capitalised in respect of development projects
(1.9)
(1.5)
13.8
10.2
Social security costs
1.2
0.9
Pension costs
0.4
0.3
Share based payment
5.3
3.5
20.7
14.9
The long term share incentive plan (\u2018LTIP\u2019) allows Executive Directors and eligible employees to receive an award of shares, held in trust, dependent on performance conditions based on the earnings per share, total shareholder return and total accounting return of the Group over a three year vesting period. The Group expenses the estimated number of shares likely to vest over the three year period based on the market price at the date of grant. In the current year the charge was \u00a35.3 million (2024: \u00a33.5 million). The cost of acquiring the shares expected to vest under the LTIP of \u00a318.2 million has been charged to reserves this year (2024: \u00a32.5 million). Directors\u2019 emoluments are reflected in the table below. Directors received a salary supplement in lieu of pension contributions for the current and previous year. Details of the Directors\u2019 remuneration awards under the LTIP are given in the Remuneration Committee report on pages 137 to 138.
2025 2024
For the year to 31 March \u00a3m \u00a3m
Remuneration for management services
4.0
3.3
Entitlement to pension scheme contributions
0.1
0.1
4.1
3.4
The emoluments and benefits of the key management personnel of the Company, which comprise the Directors and certain members of the Senior Leadership Team, are set out in aggregate in the table below.
2025 2024
For the year to 31 March \u00a3m \u00a3m
Short term employee benefits
11.6
9.5
Share based payments
4.1
3.1
15.7
12.6
No disclosures have been made in accordance with IFRS 2 for share based payments to employees other than those in the Remuneration Committee report from page 123 on the basis of materiality. c) Staff numbers The average number of employees including Executive Directors during the year was:
2025 2024
Number Number
Property and administration
47
35
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-419": { "value": "d) Auditor\u2019s remuneration
2025 2024
For the year to 31 March \u00a3000 \u00a3000
Audit services:
Audit of the Group and Company financial statements 572.0 580.0
Audit of the Company\u2019s subsidiaries 48.0 46.0
Other fees:
Audit related assurance services
95.0
50.0
Total fees for audit and other services
715.0
676.0
In addition to the above audit fees, \u00a324,700 (2024: \u00a323,500) was due to the Group\u2019s auditor in respect of the audit of its joint venture. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-388": { "value": "
5 Finance income and costs
a) Finance income
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
1.9
1.0
Interest receivable from interest rate derivatives
20.6
6.7
Interest receivable from forward funded developments
1.2
0.8
Total finance income
23.7
8.5
b) Finance costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
98.5
41.5
Unwinding of discount on fixed rate debt acquired
4.6
0.7
Amortisation of loan issue costs
4.3
2.0
Interest on lease and other liabilities
15.2
1.0
Commitment fees and other finance costs
5.3
2.9
Total borrowing costs
127.9
48.1
Less amounts capitalised on developments
(3.4)
(2.2)
Net borrowing costs
124.5
45.9
Fair value loss on derivative financial instruments
11.1
3.9
Total finance costs
135.6
49.8
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on
derivatives of \u00a311.1 million (2024: \u00a33.9 million) and the impact of the inflation volatility relating to the income strip in
the current year of \u00a33.7 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-461": { "value": "5 Finance income and costs a) Finance income
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
1.9
1.0
Interest receivable from interest rate derivatives
20.6
6.7
Interest receivable from forward funded developments
1.2
0.8
Total finance income
23.7
8.5
b) Finance costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
98.5
41.5
Unwinding of discount on fixed rate debt acquired
4.6
0.7
Amortisation of loan issue costs
4.3
2.0
Interest on lease and other liabilities
15.2
1.0
Commitment fees and other finance costs
5.3
2.9
Total borrowing costs
127.9
48.1
Less amounts capitalised on developments
(3.4)
(2.2)
Net borrowing costs
124.5
45.9
Fair value loss on derivative financial instruments
11.1
3.9
Total finance costs
135.6
49.8
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivatives of \u00a311.1 million (2024: \u00a33.9 million) and the impact of the inflation volatility relating to the income strip in the current year of \u00a33.7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-457": { "value": "5 Finance income and costs a) Finance income
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
1.9
1.0
Interest receivable from interest rate derivatives
20.6
6.7
Interest receivable from forward funded developments
1.2
0.8
Total finance income
23.7
8.5
b) Finance costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
98.5
41.5
Unwinding of discount on fixed rate debt acquired
4.6
0.7
Amortisation of loan issue costs
4.3
2.0
Interest on lease and other liabilities
15.2
1.0
Commitment fees and other finance costs
5.3
2.9
Total borrowing costs
127.9
48.1
Less amounts capitalised on developments
(3.4)
(2.2)
Net borrowing costs
124.5
45.9
Fair value loss on derivative financial instruments
11.1
3.9
Total finance costs
135.6
49.8
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivatives of \u00a311.1 million (2024: \u00a33.9 million) and the impact of the inflation volatility relating to the income strip in the current year of \u00a33.7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-447": { "value": "5 Finance income and costs a) Finance income
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
1.9
1.0
Interest receivable from interest rate derivatives
20.6
6.7
Interest receivable from forward funded developments
1.2
0.8
Total finance income
23.7
8.5
b) Finance costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
98.5
41.5
Unwinding of discount on fixed rate debt acquired
4.6
0.7
Amortisation of loan issue costs
4.3
2.0
Interest on lease and other liabilities
15.2
1.0
Commitment fees and other finance costs
5.3
2.9
Total borrowing costs
127.9
48.1
Less amounts capitalised on developments
(3.4)
(2.2)
Net borrowing costs
124.5
45.9
Fair value loss on derivative financial instruments
11.1
3.9
Total finance costs
135.6
49.8
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivatives of \u00a311.1 million (2024: \u00a33.9 million) and the impact of the inflation volatility relating to the income strip in the current year of \u00a33.7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-435": { "value": "5 Finance income and costs a) Finance income
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
1.9
1.0
Interest receivable from interest rate derivatives
20.6
6.7
Interest receivable from forward funded developments
1.2
0.8
Total finance income
23.7
8.5
b) Finance costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
98.5
41.5
Unwinding of discount on fixed rate debt acquired
4.6
0.7
Amortisation of loan issue costs
4.3
2.0
Interest on lease and other liabilities
15.2
1.0
Commitment fees and other finance costs
5.3
2.9
Total borrowing costs
127.9
48.1
Less amounts capitalised on developments
(3.4)
(2.2)
Net borrowing costs
124.5
45.9
Fair value loss on derivative financial instruments
11.1
3.9
Total finance costs
135.6
49.8
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivatives of \u00a311.1 million (2024: \u00a33.9 million) and the impact of the inflation volatility relating to the income strip in the current year of \u00a33.7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-420": { "value": "5 Finance income and costs a) Finance income
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
1.9
1.0
Interest receivable from interest rate derivatives
20.6
6.7
Interest receivable from forward funded developments
1.2
0.8
Total finance income
23.7
8.5
b) Finance costs
2025 2024
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
98.5
41.5
Unwinding of discount on fixed rate debt acquired
4.6
0.7
Amortisation of loan issue costs
4.3
2.0
Interest on lease and other liabilities
15.2
1.0
Commitment fees and other finance costs
5.3
2.9
Total borrowing costs
127.9
48.1
Less amounts capitalised on developments
(3.4)
(2.2)
Net borrowing costs
124.5
45.9
Fair value loss on derivative financial instruments
11.1
3.9
Total finance costs
135.6
49.8
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivatives of \u00a311.1 million (2024: \u00a33.9 million) and the impact of the inflation volatility relating to the income strip in the current year of \u00a33.7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-389": { "value": "
6 Taxation
2025 2024
For the year to 31 March \u00a3m \u00a3m
Current tax
UK corporation tax
0.9
(0.1)
German corporate income tax
0.6
0.1
Deferred tax
Deferred tax on German asset
0.7
0.1
Total tax charge
2.2
0.1
As the Group is a UK REIT, any profits and gains arising from its property rental business are exempt from UK
corporation tax and there is no provision for deferred tax arising on the revaluation of properties.
The UK corporation tax charge relates to tax arising on income attributable to the Group\u2019s non-controlling interest
and other residual tax. Following the merger with LXi, the Group has one German property and is subject to German
corporate income tax at an effective rate of 15.825%, which resulted in a tax charge of \u00a30.6 million in the year
(2024: \u00a30.1 million). An associated deferred tax liability was recognised on acquisition and the revaluation movement
of \u00a30.7 million has been reflected in the year along with a favourable currency movement of \u00a30.2 million, resulting in a
deferred tax liability of \u00a310.1 million at the year end (2024: \u00a39.6 million).
The reconciliation of the total tax charge in the year to the tax assessed on profits at the standard rate of corporation
tax in the UK is set out below.
2025 2024
For the year to 31 March \u00a3m \u00a3m
Profit before tax
352.8
120.0
Tax charge at the standard rate of corporation tax in the UK of 25% (2024: 25%)
88.2
30.0
Effects of:
Items not taxable
(20.7)
(0.2)
Share of post tax profits of joint ventures
(1.5)
\u2013
REIT exemption on income and gains
(63.5)
(29.4)
Other
(0.3)
(0.3)
Tax charge on profit
2.2
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-391": { "value": "
7 Dividends
2025 2024
For the year to 31 March \u00a3m \u00a3m
Ordinary dividends paid
2023
Third quarterly interim dividend
2.3p per share
\u2013
22.5
2023
Fourth quarterly interim dividend
2.6p per share
\u2013
25.5
2024
First quarterly interim dividend
2.4p per share
\u2013
26.1
2024
Second quarterly interim dividend
2.4p per share
\u2013
26.1
2024
Third quarterly interim dividend
2.4p per share
26.2
\u2013
2024
Fourth quarterly interim dividend
3.0p per share
61.1
\u2013
2025
First quarterly interim dividend
2.85p per share
58.1
\u2013
2025
Second quarterly interim dividend
2.85p per share
58.3
\u2013
203.7
100.2
Ordinary dividend payable
2025
Third quarterly interim dividend
3.0p per share
61.2
2025
Fourth quarterly interim dividend
3.3p per share
67.5
The Company paid its third quarterly interim dividend in respect of the financial year to 31 March 2025 of 3.0p per
share, wholly as a Property Income Distribution (\u2018PID\u2019), on 11 April 2025 to ordinary shareholders on the register at the
close of business on 7 March 2025.
The fourth quarterly interim dividend for 2025 of 3.3p per share, of which 1.5p is payable as a PID, will be payable
on 9 July 2025 to shareholders on the register at the close of business on 30 May 2025. A scrip dividend alternative
will be offered to shareholders as it was for the first three quarterly dividend payments. Neither dividend has been
included as a liability in these accounts. Both dividends will be recognised as an appropriation of retained earnings in
the year to 31 March 2026.
During the year, the Company issued 11.6 million ordinary shares under the terms of the Scrip Dividend Scheme,
which reduced the cash dividend payment by \u00a322.3 million to \u00a3181.4 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-390": { "value": "
8 Earnings and net assets per share
Adjusted earnings and net assets per share are calculated in accordance with the Best Practice Recommendations
(\u2018BPR\u2019) of the European Public Real Estate Association (\u2018EPRA\u2019). The EPRA earnings measure highlights the underlying
performance of the property rental business.
The basic earnings per share calculation uses the weighted average number of ordinary shares during the year and
excludes the average number of shares held by the Employee Benefit Trust for the year. The IFRS basic net asset value
per share calculation uses the number of shares in issue at the year end and excludes the actual number of shares
held by the Employee Benefit Trust at the year end. The fully diluted calculations assume that new shares are issued in
connection with the expected vesting of the Group\u2019s long term incentive plan.
Further EPRA performance measures are reflected in the Supplementary notes on pages 185 to 191.
a) EPRA earnings
EPRA earnings for the Group and its share of joint ventures is summarised in the Financial review and on a
proportionally consolidated basis in Supplementary note ii.
The reconciliation of EPRA earnings to IFRS reported profit is set out in the table below and in supplementary note ii
on a proportionally consolidated basis.
2025 2024
For the year to 31 March \u00a3m \u00a3m
EPRA earnings
268.0
121.6
Revaluation of property and investments
106.9
(7.5)
Fair value of derivatives
(11.1)
(3.9)
Loss on disposal
(13.0)
(7.4)
Impact of inflation volatility relating to the income strip
(3.7)
\u2013
Gain on acquisition
\u2013
49.4
Acquisition costs
\u2013
(29.8)
Deferred tax
(0.7)
(0.1)
JV and NCI share of revaluation of property
1.5
(3.6)
IFRS reported profit
347.9
118.7
b) Earnings per ordinary share attributable to equity shareholders
2025 2024
For the year to 31 March \u00a3m \u00a3m
Basic and diluted earnings
347.9
118.7
EPRA adjustments above
(79.9)
2.9
EPRA earnings
268.0
121.6
2025 2024
Number of Number of
shares shares
For the year to 31 March (millions) (millions)
Weighted ordinary share capital
2,044.2
1,119.5
Shares held in the Employee Benefit Trust
(4.5)
(2.5)
Weighted average number of ordinary shares \u2013 basic
2,039.7
1,117.0
Employee share schemes
6.2
4.7
Weighted average number of ordinary shares \u2013 fully diluted
2,045.9
1,121.7
Earnings per share
Basic
17.1p
10.6p
Diluted
17.0p
10.6p
EPRA earnings per share
Basic
13.1p
10.9p
Diluted
13.1p
10.8p
c) Net assets per share attributable to equity shareholders
The EPRA best practice recommendations for financial disclosures by public real estate companies include three
measures of net asset value: EPRA net tangible assets (\u2018NTA\u2019), EPRA net reinstatement value (\u2018NRV\u2019) and EPRA net
disposal value (\u2018NDV\u2019).
EPRA NTA is considered to be the most relevant measure for the Group. All three measures are calculated on a diluted
basis, which assumes that new shares are issued in connection with the expected vesting of the Group\u2019s long term
incentive plan.
EPRA net
EPRA net EPRA net reinstatement
tangible assets disposal value value
As at 31 March 2025 \u00a3m \u00a3m \u00a3m
Equity shareholders\u2019 funds
4,094.2
4,094.2
4,094.2
Deferred tax on fair value gains of investment property
0.5
\u2013
10.1
Fair value of Group derivatives
(23.7)
\u2013
(23.7)
Mark to market of fixed rate debt
\u2013
87.6
\u2013
Purchasers\u2019 costs\u00b9
\u2013
\u2013
418.6
EPRA net asset value
4,071.0
4,181.8
4,499.2
1 Estimated from the portfolio\u2019s external valuation which is stated net of purchasers\u2019 costs of 6.8%
EPRA net
EPRA net EPRA net reinstatement
tangible assets disposal value value
As at 31 March 2024 \u00a3m \u00a3m \u00a3m
Equity shareholders\u2019 funds
3,941.5
3,941.5
3,941.5
Deferred tax on fair value gains of investment property
9.6
\u2013
9.6
Fair value of Group derivatives
(32.6)
\u2013
(32.6)
Gain on business combinations as a result of deferred tax
(9.6)
\u2013
(9.6)
Mark to market of fixed rate debt
\u2013
86.0
\u2013
Purchasers\u2019 costs
\u2013
\u2013
408.2
EPRA net asset value
3,908.9
4,027.5
4,317.1
2025 2024
Number Number
of shares of shares
As at 31 March (millions) (millions)
Ordinary share capital
2,048.1
2,036.5
Shares held in Employee Benefit Trust
(10.5)
(2.6)
Number of ordinary shares \u2013 basic
2,037.6
2,033.9
Employee share schemes
6.4
4.8
Number of ordinary shares \u2013 fully diluted
2,044.0
2,038.7
IFRS net asset value per share
202.4p
195.2p
EPRA net tangible assets per share
199.2p
191.7p
EPRA net disposal value per share
204.6p
197.5p
EPRA net reinstatement value per share
220.1p
211.8p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-421": { "value": "8 Earnings and net assets per share Adjusted earnings and net assets per share are calculated in accordance with the Best Practice Recommendations (\u2018BPR\u2019) of the European Public Real Estate Association (\u2018EPRA\u2019). The EPRA earnings measure highlights the underlying performance of the property rental business. The basic earnings per share calculation uses the weighted average number of ordinary shares during the year and excludes the average number of shares held by the Employee Benefit Trust for the year. The IFRS basic net asset value per share calculation uses the number of shares in issue at the year end and excludes the actual number of shares held by the Employee Benefit Trust at the year end. The fully diluted calculations assume that new shares are issued in connection with the expected vesting of the Group\u2019s long term incentive plan. Further EPRA performance measures are reflected in the Supplementary notes on pages 185 to 191. a) EPRA earnings EPRA earnings for the Group and its share of joint ventures is summarised in the Financial review and on a proportionally consolidated basis in Supplementary note ii. The reconciliation of EPRA earnings to IFRS reported profit is set out in the table below and in supplementary note ii on a proportionally consolidated basis.
2025 2024
For the year to 31 March \u00a3m \u00a3m
EPRA earnings
268.0
121.6
Revaluation of property and investments
106.9
(7.5)
Fair value of derivatives
(11.1)
(3.9)
Loss on disposal
(13.0)
(7.4)
Impact of inflation volatility relating to the income strip
(3.7)
\u2013
Gain on acquisition
\u2013
49.4
Acquisition costs
\u2013
(29.8)
Deferred tax
(0.7)
(0.1)
JV and NCI share of revaluation of property
1.5
(3.6)
IFRS reported profit
347.9
118.7
b) Earnings per ordinary share attributable to equity shareholders
2025 2024
For the year to 31 March \u00a3m \u00a3m
Basic and diluted earnings
347.9
118.7
EPRA adjustments above
(79.9)
2.9
EPRA earnings
268.0
121.6
2025 2024
Number of Number of
shares shares
For the year to 31 March (millions) (millions)
Weighted ordinary share capital
2,044.2
1,119.5
Shares held in the Employee Benefit Trust
(4.5)
(2.5)
Weighted average number of ordinary shares \u2013 basic
2,039.7
1,117.0
Employee share schemes
6.2
4.7
Weighted average number of ordinary shares \u2013 fully diluted
2,045.9
1,121.7
Earnings per share
Basic
17.1p
10.6p
Diluted
17.0p
10.6p
EPRA earnings per share
Basic
13.1p
10.9p
Diluted
13.1p
10.8p
c) Net assets per share attributable to equity shareholders The EPRA best practice recommendations for financial disclosures by public real estate companies include three measures of net asset value: EPRA net tangible assets (\u2018NTA\u2019), EPRA net reinstatement value (\u2018NRV\u2019) and EPRA net disposal value (\u2018NDV\u2019). EPRA NTA is considered to be the most relevant measure for the Group. All three measures are calculated on a diluted basis, which assumes that new shares are issued in connection with the expected vesting of the Group\u2019s long term incentive plan.
EPRA net
EPRA net EPRA net reinstatement
tangible assets disposal value value
As at 31 March 2025 \u00a3m \u00a3m \u00a3m
Equity shareholders\u2019 funds
4,094.2
4,094.2
4,094.2
Deferred tax on fair value gains of investment property
0.5
\u2013
10.1
Fair value of Group derivatives
(23.7)
\u2013
(23.7)
Mark to market of fixed rate debt
\u2013
87.6
\u2013
Purchasers\u2019 costs\u00b9
\u2013
\u2013
418.6
EPRA net asset value
4,071.0
4,181.8
4,499.2
1 Estimated from the portfolio\u2019s external valuation which is stated net of purchasers\u2019 costs of 6.8%
EPRA net
EPRA net EPRA net reinstatement
tangible assets disposal value value
As at 31 March 2024 \u00a3m \u00a3m \u00a3m
Equity shareholders\u2019 funds
3,941.5
3,941.5
3,941.5
Deferred tax on fair value gains of investment property
9.6
\u2013
9.6
Fair value of Group derivatives
(32.6)
\u2013
(32.6)
Gain on business combinations as a result of deferred tax
(9.6)
\u2013
(9.6)
Mark to market of fixed rate debt
\u2013
86.0
\u2013
Purchasers\u2019 costs
\u2013
\u2013
408.2
EPRA net asset value
3,908.9
4,027.5
4,317.1
2025 2024
Number Number
of shares of shares
As at 31 March (millions) (millions)
Ordinary share capital
2,048.1
2,036.5
Shares held in Employee Benefit Trust
(10.5)
(2.6)
Number of ordinary shares \u2013 basic
2,037.6
2,033.9
Employee share schemes
6.4
4.8
Number of ordinary shares \u2013 fully diluted
2,044.0
2,038.7
IFRS net asset value per share
202.4p
195.2p
EPRA net tangible assets per share
199.2p
191.7p
EPRA net disposal value per share
204.6p
197.5p
EPRA net reinstatement value per share
220.1p
211.8p
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-392": { "value": "
9 Investment properties
a) Investment properties
Under 2025 Under 2024
Completed development Total Completed development Total
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening balance
6,146.4
38.2
6,184.6
2,905.2
32.6
2,937.8
Acquisitions
284.7
10.8
295.5
3,379.4
39.8
3,419.2
Capital expenditure
24.7
11.9
36.6
5.9
4.1
10.0
Disposals
(293.8)
(21.4)
(315.2)
(183.8)
\u2013
(183.8)
Property transfers\u00b9
17.0
(27.4)
(10.4)
28.7
(37.2)
(8.5)
Revaluation movement
97.8
3.2
101.0
(6.4)
(1.1)
(7.5)
Foreign currency
(2.9)
\u2013
(2.9)
0.8
\u2013
0.8
Movement in income
strip gross up
Movement in tenant
9.5
\u2013
9.5
\u2013
\u2013
\u2013
incentives and rent free
uplifts
44.2
0.1
44.3
16.6
\u2013
16.6
Property portfolio
6,327.6
15.4
6,343.0
6,146.4
38.2
6,184.6
Head lease assets
40.9
\u2013
40.9
47.6
\u2013
47.6
6,368.5
15.4
6,383.9
6,194.0
38.2
6,232.2
1 Properties totalling \u00a310.4 million (2024: \u00a38.5 million) have been transferred to current assets and separately disclosed as assets held for sale as reflected in
note 9b
Investment properties are stated at fair value as at 31 March 2025 based on external valuations performed by
professionally qualified and independent valuers CBRE Limited (\u2018CBRE\u2019), Savills (UK) Limited (\u2018Savills\u2019) and Knight
Frank LLP (\u2018Knight Frank\u2019). The valuations have been prepared in accordance with the RICS Valuation \u2013 Global
Standards 2025 on the basis of fair value as set out in note 1. There has been no change in the valuation technique in
the year. The total fees earned by each valuer from the Company represent less than 5% of their total UK revenues.
CBRE, Savills and Knight Frank have continuously been the signatory of valuations for the Company since October
2007, September 2010 and March 2024 respectively. A reconciliation of the total portfolio valuation to the valuers\u2019
reports is provided below:
2025 2024
As at 31 March
Note
\u00a3m \u00a3m
Property portfolio valuation
9a
6,343.0
6,184.6
Assets held for sale
9b
10.4
8.5
Less income strip gross up
(231.0)
(221.5)
Portfolio valuation from external valuation reports
6,122.4
5,971.6
As part of the LXi merger, the Group acquired a financial liability associated with the sale of a 65 year income strip of
Alton Towers and Thorpe Park in 2022 as set out in note 14a(ii). The income strip balance included within investment
properties represents the gross up of the asset values as the external valuation is based on net cash flows after
deducting income strip payments.
The movement in the year of \u00a39.5 million comprises an adjustment of \u00a34.5 million to the liability and corresponding
asset to incorporate an inflation assumption into future cash flows and a gross up of \u00a35.0 million which is included in
the income statement within the movement in revaluation of investment properties.
Completed properties include buildings that are occupied or are available for occupation. Properties under
development include land under development and investment property under construction. Internal staff costs of the
development team of \u00a31.9 million (2024: \u00a31.5 million) have been capitalised in the year, being directly attributable to
the development projects in progress.
Long term leasehold values included within investment properties amount to \u00a31,169.8 million (2024: \u00a31,144.5 million).
Over half relates to theme park assets which are let on 999 year leases. All other properties are freehold. The historical
cost of all of the Group\u2019s investment properties at 31 March 2025 was \u00a35,484.0 million (2024: \u00a35,469.3 million).
Included within the investment property valuation is \u00a3156.9 million (2024: \u00a3112.6 million) in respect of unamortised
lease incentives and rent free periods. The movement in the year reflects lease incentives paid of \u00a38.2 million
(2024: \u00a31.7 million) and rent free and amortisation movements of \u00a347.9 million (2024: \u00a317.4 million), offset by
incentives written off on disposal of \u00a311.8 million (2024: \u00a32.5 million).
Capital commitments have been entered into amounting to \u00a3107.2 million (2024: \u00a327.5 million) which have not been
provided for in the financial statements.
b) Assets held for sale
2025 2024
As at 31 March \u00a3m \u00a3m
Opening balance
8.5
19.8
Disposals
(8.5)
(19.8)
Property transfers
10.4
8.5
Closing balance
10.4
8.5
The valuation of freehold and leasehold property held for sale at 31 March 2025 was \u00a310.4 million (2024: \u00a38.5 million),
representing logistics and long income assets which are expected to complete within the next six months.
c) Valuation technique and quantitative information
ERV
Net initial yield
Reversionary yield
Segmental split Under Trading Fair value Weighted Weighted Weighted
(note 2) development assets 2025\u00b9 Valuation average Range average Range average Range
Asset type \u00a3m \u00a3m \u00a3m \u00a3m technique (\u00a3 per sq ft) (\u00a3 per sq ft) % % % %
Logistics
2,837.9
(6.2)
\u2013
2,831.7
Yield capitalisation
9.82
2.50\u201337.10
4.7
2.0\u201312.4
5.7
4.0\u201311.6
Long income
3,159.7
(9.2)
\u2013
3,150.5
Yield capitalisation
20.97
3.50\u2013191.60
5.5
1.3\u201313.4
4.2
3.0\u201330.1
Other
125.9
\u2013
(1.1)
124.8
Yield capitalisation
16.84
5.70\u201360.80
4.8
4.1\u201311.5
7.0
4.6\u201311.5
Development
\u2013
15.4
\u2013
15.4
Residual
26.40
22.50\u201355.60
5.7
5.5\u20135.7
5.8
5.7\u20136.7
ERV
Net initial yield
Reversionary yield
Segmental split Under Trading Fair value Weighted Weighted Weighted
(note 2) development assets 2024\u00b9 Valuation average Range average Range average Range
Asset type \u00a3m \u00a3m \u00a3m \u00a3m technique (\u00a3 per sq ft) (\u00a3 per sq ft) % % % %
Logistics
2,563.1
(6.0)
\u2013
2,557.1
Yield capitalisation
9.54
2.50\u201335.70
4.6
2.0\u201311.1
5.7
4.0\u201311.9
Long income
3,199.4
(16.9)
\u2013
3,182.5
Yield capitalisation
22.97
3.50\u2013191.60
5.8
3.3\u201351.9
5.6
3.0\u201345.2
Other
210.2
(15.3)
(1.1)
193.8
Yield capitalisation
12.15
5.70\u201360.80
5.9
3.8\u201319.1
7.5
4.7\u201324.6
Development
\u2013
38.2
\u2013
38.2
Residual
21.62
17.80\u201347.60
5.2
5.2\u20137.5
7.1
5.3\u20139.1
1 As reflected in notes 2 and 9 and including assets held for sale of \u00a310.4 million (2024: \u00a38.5 million) but excluding trading properties classified as development of \u00a31.1 million (2024: \u00a31.1 million)
ii) Sensitivity
A 5% increase or decrease in ERV would increase or decrease the fair value of the Group\u2019s investment properties by
\u00a3115.4 million or \u00a3114.3 million respectively.
An increase or decrease of 25bps to the equivalent yield would decrease or increase the fair value of the Group\u2019s
investment properties by \u00a3264.4 million or \u00a3289.9 million respectively. An increase or decrease of 50bps to the
equivalent yield would decrease or increase the fair value of the Group\u2019s investment properties by \u00a3507.6 million or
\u00a3607.3 million respectively.
There are interrelationships between the valuation inputs and they are primarily determined by market conditions.
The effect of an increase in more than one input could be to magnify the impact on the valuation. However, the
impact on the valuation could be offset by the interrelationship of two inputs moving in opposite directions, for
example an increase in rent may be offset by a decrease in occupancy, resulting in no net impact on the valuation.
iii) Process
The valuation reports produced by CBRE, Savills and Knight Frank are based on:
\u2022 Information provided by the Group, such as current rents, lease terms, capital expenditure and comparable sales
information, which is derived from the Group\u2019s financial and property management systems and is subject to the
Group\u2019s overall control environment
\u2022 Assumptions applied by the valuers such as ERVs and yields which are based on market observation and their
professional judgement
All of the Group\u2019s properties are categorised as Level 3 in the fair value hierarchy as defined by IFRS 13 fair value
measurement. There have been no transfers of properties between Levels 1, 2 and 3 during the year ended 31 March
2025. The fair value at 31 March 2025 represents the highest and best use of the properties. When considering the
highest and best use, the valuers will look at existing and potential uses which are viable.
i) Technique
The valuation techniques described below are consistent with IFRS 13 and use significant \u2018unobservable\u2019 inputs such as
Expected Rental Value (\u2018ERV\u2019) and yield. There have been no changes in valuation techniques since the prior year.
Yield capitalisation \u2013 for commercial investment properties, market rental values are capitalised with a market
capitalisation rate. The resulting valuations are cross-checked against the net initial yields and the fair market values per
square foot derived from recent market transactions.
Residual \u2013 for certain investment properties under development, the fair value of the property is calculated by
estimating the fair value of the completed property using the yield capitalisation technique less estimated costs to
completion and a risk premium which includes but is not limited to construction and letting risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-393": { "value": "
10 Investment in joint ventures
At 31 March 2025, the following principal property interest, being a jointly controlled entity, has been equity accounted
for in these financial statements:
Country of incorporation
or registration
1
Property sectors
Group share
Metric Income Plus Partnership (\u2018MIPP\u2019)
England
Long income
50.0%
1 The registered address is One Curzon Street, London, W1J 5HB
The principal activity is property investment into long income assets in the UK, which complements the Group\u2019s
operations and contributes to the achievement of its strategy.
At 31 March 2025, the freehold and leasehold investment properties were externally valued by CBRE. The movement
in the carrying value of joint venture interests in the year is summarised as follows:
2025 2024
As at 31 March \u00a3m \u00a3m
Opening balance
69.2
61.5
Investment in the year
\u2013
10.5
Share of profit/(loss) for the year
6.1
(0.1)
Distributions received
(3.4)
(2.7)
71.9
69.2
The Group\u2019s share of the profit/(loss) after tax and net assets of its joint ventures is as follows:
Group Group
Total share Total share
2025 2025 2024 2024
Summarised income statement \u00a3m \u00a3m \u00a3m \u00a3m
Gross rental income
7.8
3.9
8.5
4.3
Property costs
(0.4)
(0.2)
(0.1)
(0.1)
Net rental income
7.4
3.7
8.4
4.2
Administrative costs
\u2013
\u2013
(0.1)
\u2013
Management fees
(1.1)
(0.6)
(1.1)
(0.6)
Revaluation gain/(loss)
5.8
2.9
(7.5)
(3.7)
Net finance income
0.1
0.1
\u2013
\u2013
Profit/(loss) after tax
12.2
6.1
(0.3)
(0.1)
Group share of profit/(loss) after tax
6.1
(0.1)
EPRA adjustments:
Revaluation (gain)/loss
(5.8)
(2.9)
7.5
3.7
EPRA earnings
6.4
3.2
7.2
3.6
Group share of EPRA earnings
3.2
3.6
Summarised balance sheet
Investment properties
139.8
69.9
134.1
67.1
Other current assets
0.5
0.2
0.2
0.1
Cash
5.5
2.8
6.1
3.0
Current liabilities
(2.1)
(1.0)
(2.0)
(1.0)
Net assets
143.7
71.9
138.4
69.2
Group share of net assets
71.9
69.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-422": { "value": "10 Investment in joint ventures At 31 March 2025, the following principal property interest, being a jointly controlled entity, has been equity accounted for in these financial statements:
Country of incorporation
or registration
1
Property sectors
Group share
Metric Income Plus Partnership (\u2018MIPP\u2019)
England
Long income
50.0%
1 The registered address is One Curzon Street, London, W1J 5HB The principal activity is property investment into long income assets in the UK, which complements the Group\u2019s operations and contributes to the achievement of its strategy. At 31 March 2025, the freehold and leasehold investment properties were externally valued by CBRE. The movement in the carrying value of joint venture interests in the year is summarised as follows:
2025 2024
As at 31 March \u00a3m \u00a3m
Opening balance
69.2
61.5
Investment in the year
\u2013
10.5
Share of profit/(loss) for the year
6.1
(0.1)
Distributions received
(3.4)
(2.7)
71.9
69.2
The Group\u2019s share of the profit/(loss) after tax and net assets of its joint ventures is as follows:
Group Group
Total share Total share
2025 2025 2024 2024
Summarised income statement \u00a3m \u00a3m \u00a3m \u00a3m
Gross rental income
7.8
3.9
8.5
4.3
Property costs
(0.4)
(0.2)
(0.1)
(0.1)
Net rental income
7.4
3.7
8.4
4.2
Administrative costs
\u2013
\u2013
(0.1)
\u2013
Management fees
(1.1)
(0.6)
(1.1)
(0.6)
Revaluation gain/(loss)
5.8
2.9
(7.5)
(3.7)
Net finance income
0.1
0.1
\u2013
\u2013
Profit/(loss) after tax
12.2
6.1
(0.3)
(0.1)
Group share of profit/(loss) after tax
6.1
(0.1)
EPRA adjustments:
Revaluation (gain)/loss
(5.8)
(2.9)
7.5
3.7
EPRA earnings
6.4
3.2
7.2
3.6
Group share of EPRA earnings
3.2
3.6
Summarised balance sheet
Investment properties
139.8
69.9
134.1
67.1
Other current assets
0.5
0.2
0.2
0.1
Cash
5.5
2.8
6.1
3.0
Current liabilities
(2.1)
(1.0)
(2.0)
(1.0)
Net assets
143.7
71.9
138.4
69.2
Group share of net assets
71.9
69.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-394": { "value": "
11 Trade and other receivables
2025 2024
As at 31 March \u00a3m \u00a3m
Trade receivables
3.6
10.9
Prepayments and accrued income
4.6
3.9
Other receivables
5.5
6.6
13.7
21.4
All amounts fall due for payment in less than one year. Trade receivables comprise rental income which is due on
contractual payment days with no credit period.
At 31 March 2025, trade receivables of \u00a31.4 million were overdue and considered at risk and have been provided for
in full (2024: \u00a30.4 million). In addition, an impairment provision based on the IFRS expected credit loss model of
\u00a34.9 million (2024: \u00a31.4 million) and a provision against tenant incentives of \u00a31.4 million (2024: \u00a30.1 million) have
been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-458": { "value": "11 Trade and other receivables
2025 2024
As at 31 March \u00a3m \u00a3m
Trade receivables
3.6
10.9
Prepayments and accrued income
4.6
3.9
Other receivables
5.5
6.6
13.7
21.4
All amounts fall due for payment in less than one year. Trade receivables comprise rental income which is due on contractual payment days with no credit period. At 31 March 2025, trade receivables of \u00a31.4 million were overdue and considered at risk and have been provided for in full (2024: \u00a30.4 million). In addition, an impairment provision based on the IFRS expected credit loss model of \u00a34.9 million (2024: \u00a31.4 million) and a provision against tenant incentives of \u00a31.4 million (2024: \u00a30.1 million) have been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-448": { "value": "11 Trade and other receivables
2025 2024
As at 31 March \u00a3m \u00a3m
Trade receivables
3.6
10.9
Prepayments and accrued income
4.6
3.9
Other receivables
5.5
6.6
13.7
21.4
All amounts fall due for payment in less than one year. Trade receivables comprise rental income which is due on contractual payment days with no credit period. At 31 March 2025, trade receivables of \u00a31.4 million were overdue and considered at risk and have been provided for in full (2024: \u00a30.4 million). In addition, an impairment provision based on the IFRS expected credit loss model of \u00a34.9 million (2024: \u00a31.4 million) and a provision against tenant incentives of \u00a31.4 million (2024: \u00a30.1 million) have been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-436": { "value": "11 Trade and other receivables
2025 2024
As at 31 March \u00a3m \u00a3m
Trade receivables
3.6
10.9
Prepayments and accrued income
4.6
3.9
Other receivables
5.5
6.6
13.7
21.4
All amounts fall due for payment in less than one year. Trade receivables comprise rental income which is due on contractual payment days with no credit period. At 31 March 2025, trade receivables of \u00a31.4 million were overdue and considered at risk and have been provided for in full (2024: \u00a30.4 million). In addition, an impairment provision based on the IFRS expected credit loss model of \u00a34.9 million (2024: \u00a31.4 million) and a provision against tenant incentives of \u00a31.4 million (2024: \u00a30.1 million) have been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-423": { "value": "11 Trade and other receivables
2025 2024
As at 31 March \u00a3m \u00a3m
Trade receivables
3.6
10.9
Prepayments and accrued income
4.6
3.9
Other receivables
5.5
6.6
13.7
21.4
All amounts fall due for payment in less than one year. Trade receivables comprise rental income which is due on contractual payment days with no credit period. At 31 March 2025, trade receivables of \u00a31.4 million were overdue and considered at risk and have been provided for in full (2024: \u00a30.4 million). In addition, an impairment provision based on the IFRS expected credit loss model of \u00a34.9 million (2024: \u00a31.4 million) and a provision against tenant incentives of \u00a31.4 million (2024: \u00a30.1 million) have been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-395": { "value": "
12 Cash and cash equivalents
Cash and cash equivalents include \u00a339.4 million (2024: \u00a359.5 million) retained in restricted accounts which are not
readily available to the Group for day-to-day commercial purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-424": { "value": "12 Cash and cash equivalents Cash and cash equivalents include \u00a339.4 million (2024: \u00a359.5 million) retained in restricted accounts which are not readily available to the Group for day-to-day commercial purposes.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-396": { "value": "
13 Trade and other payables
2025 2024
As at 31 March \u00a3m \u00a3m
Trade payables
3.7
5.7
Amounts payable on property acquisitions and disposals
1.8
13.5
Rent received in advance
63.1
72.5
Accrued interest
4.7
4.9
Tax liabilities
16.9
19.0
Other payables
31.5
21.9
Other accruals and deferred income
20.8
18.3
142.5
155.8
The Group has financial risk management policies in place to ensure that all payables are settled within the required
credit timeframe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-459": { "value": "13 Trade and other payables
2025 2024
As at 31 March \u00a3m \u00a3m
Trade payables
3.7
5.7
Amounts payable on property acquisitions and disposals
1.8
13.5
Rent received in advance
63.1
72.5
Accrued interest
4.7
4.9
Tax liabilities
16.9
19.0
Other payables
31.5
21.9
Other accruals and deferred income
20.8
18.3
142.5
155.8
The Group has financial risk management policies in place to ensure that all payables are settled within the required credit timeframe.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-449": { "value": "13 Trade and other payables
2025 2024
As at 31 March \u00a3m \u00a3m
Trade payables
3.7
5.7
Amounts payable on property acquisitions and disposals
1.8
13.5
Rent received in advance
63.1
72.5
Accrued interest
4.7
4.9
Tax liabilities
16.9
19.0
Other payables
31.5
21.9
Other accruals and deferred income
20.8
18.3
142.5
155.8
The Group has financial risk management policies in place to ensure that all payables are settled within the required credit timeframe.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-437": { "value": "13 Trade and other payables
2025 2024
As at 31 March \u00a3m \u00a3m
Trade payables
3.7
5.7
Amounts payable on property acquisitions and disposals
1.8
13.5
Rent received in advance
63.1
72.5
Accrued interest
4.7
4.9
Tax liabilities
16.9
19.0
Other payables
31.5
21.9
Other accruals and deferred income
20.8
18.3
142.5
155.8
The Group has financial risk management policies in place to ensure that all payables are settled within the required credit timeframe.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-425": { "value": "13 Trade and other payables
2025 2024
As at 31 March \u00a3m \u00a3m
Trade payables
3.7
5.7
Amounts payable on property acquisitions and disposals
1.8
13.5
Rent received in advance
63.1
72.5
Accrued interest
4.7
4.9
Tax liabilities
16.9
19.0
Other payables
31.5
21.9
Other accruals and deferred income
20.8
18.3
142.5
155.8
The Group has financial risk management policies in place to ensure that all payables are settled within the required credit timeframe.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-397": { "value": "
14 Borrowings and financial instruments
a) Borrowings
i) Secured and unsecured loans
2025 2024
As at 31 March \u00a3m \u00a3m
Secured bank loans
799.3
798.2
Unsecured bank loans
1,273.9
1,289.2
2,073.2
2,087.4
Unamortised finance costs
(14.6)
(13.3)
2,058.6
2,074.1
Of the total borrowings of \u00a32,058.6 million, \u00a3347.7 million are repayable within one year (2024: \u00a343.5 million) and are
reflected separately in the balance sheet.
Unamortised Weighted
Total debt Floating rate Fixed rate fair value average
facility debt drawn debt drawn adjustments Total debt maturity
As at 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m (years)
Secured bank loans:
Scottish Widows fixed rate debt
(Mucklow)
60.0
\u2013
60.0
1.5
61.5
6.7
Canada Life fixed rate debt (CTPT)
90.0
\u2013
90.0
(1.7)
88.3
1.6
L & G fixed rate debt (LXi)
62.5
\u2013
62.5
(0.2)
62.3
0.4
AIG fixed rate debt (LXi)
286.2
\u2013
286.2
(0.8)
285.4
0.5
Scottish Widows fixed rate debt (LXi)
170.0
\u2013
170.0
(14.9)
155.1
8.7
Canada Life fixed rate debt (LXi)
148.0
\u2013
148.0
(1.3)
146.7
14.1
Unsecured bank loans:
Revolving credit facility 2021
225.0
145.0
\u2013
\u2013
145.0
1.1
Wells Fargo revolving credit facility
175.0
55.0
\u2013
\u2013
55.0
1.1
Revolving credit facility 2022
275.0
135.0
\u2013
\u2013
135.0
2.6
Revolving credit facility 2024
560.0
152.1
\u2013
\u2013
152.1
3.8
SMBC revolving credit facility 2025
175.0
91.8
\u2013
\u2013
91.8
4.7
Term loan 2024
140.0
140.0
\u2013
\u2013
140.0
1.8
Private placement 2016 (syndicate)
25.0
\u2013
25.0
\u2013
25.0
3.5
Private placement 2018 (syndicate)
150.0
\u2013
150.0
\u2013
150.0
5.8
Private placement 2021 (syndicate)
380.0
\u2013
380.0
\u2013
380.0
7.2
2,921.7
718.9
1,371.7
(17.4)
2,073.2
4.7
Unamortised Weighted
Total debt Floating rate Fixed rate fair value average
facility debt drawn debt drawn adjustments Total debt maturity
As at 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m (years)
Secured bank loans:
Scottish Widows fixed rate debt
(Mucklow)
60.0
\u2013
60.0
1.8
61.8
7.7
Canada Life fixed rate debt (CTPT)
90.0
\u2013
90.0
(2.7)
87.3
2.6
L & G fixed rate debt (LXi)
62.8
\u2013
62.8
(0.6)
62.2
1.4
AIG fixed rate debt (LXi)
289.3
\u2013
289.3
(2.3)
287.0
1.5
Scottish Widows fixed rate debt (LXi)
170.0
\u2013
170.0
(16.7)
153.3
9.7
Canada Life fixed rate debt (LXi)
148.0
\u2013
148.0
(1.4)
146.6
15.1
Unsecured bank loans:
Revolving credit facility 2021
(syndicate)
225.0
90.0
\u2013
\u2013
90.0
2.1
Wells Fargo revolving credit facility
175.0
55.0
\u2013
\u2013
55.0
2.1
Revolving credit facility 2022
(syndicate)
275.0
100.0
\u2013
\u2013
100.0
2.6
Revolving credit facility 2024
(syndicate)
560.0
309.2
\u2013
\u2013
309.2
3.8
Term loan 2024 (syndicate)
140.0
140.0
\u2013
\u2013
140.0
1.8
Private placement 2016 (syndicate)
65.0
\u2013
65.0
\u2013
65.0
2.0
Private placement 2018 (syndicate)
150.0
\u2013
150.0
\u2013
150.0
6.8
Private placement 2021 (syndicate)
380.0
\u2013
380.0
\u2013
380.0
8.2
2,790.1
694.2
1,415.1
(21.9)
2,087.4
5.4
Certain bank loans at 31 March 2025 are secured by fixed charges over Group investment properties with a carrying
value of \u00a32,191.9 million (2024: \u00a31,953.9 million). During the year, the Group repaid borrowings of \u00a340.0 million
relating to the 2016 Private Placement.
ii) Other financial liability
As part of the merger with LXi, the Group acquired a financial liability associated with the sale of a 65 year income
strip of Alton Towers and Thorpe Park in 2022. The structure comprised selling the freehold of the properties to a
UK institutional investor, with 999 year leases granted back to LXi pursuant to which was the obligation to pay rental
income equivalent to 30% of the annual rental income received from the tenant. LXi has the ability to acquire the
freehold back in 2087 for \u00a31. The financial obligations in relation to this transaction were fair valued on acquisition
using the prevailing market interest rate at \u00a3221.4 million. At 31 March 2025 the total liability was \u00a3231.0 million
based on amortised cost, with \u00a39.0 million being due in less than one year. For disclosure purposes, the fair value
of the liability at 31 March 2025 was assessed by independent experts Chatham Financial to be \u00a3211.9 million.
The corresponding gross up is reflected within investment properties in the balance sheet as the external valuation
of the assets is based on net cash flows after deducting income strip payments. The gross rental income receivable
from the tenant is reflected in the income statement within revenue and the 30% pay away is reflected within
finance costs.
b) Financial risk management
Financial risk factors
The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Group\u2019s financial performance. The Group\u2019s financial risk management
objectives are to minimise the effect of risks it is exposed to through its operations and the use of debt financing.
The principal financial risks to the Group and the policies it has in place to manage these risks are summarised below.
i) Credit risk
Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its
contractual obligations.
The Group\u2019s principal financial assets are cash balances and deposits and trade and other receivables. The Group\u2019s
credit risk is primarily attributable to its cash deposits and trade receivables.
The Group mitigates financial loss from tenant defaults by dealing with only creditworthy tenants. Trade receivables
are presented at amortised cost less a provision for specific overdue debts. A loss allowance for expected credit
losses is also provided for in the accounts and is low relative to the scale of the balance sheet at \u00a34.9 million
(2024: \u00a31.4 million) as reflected in note 11, and therefore the credit risk of trade receivables is considered to be low.
Cash is held in a diverse mix of institutions with investment grade credit ratings. The credit ratings of the banks are
monitored and changes are made where necessary to manage risk.
The credit risk on liquid funds and derivative financial instruments is limited due to the Group\u2019s policy of monitoring
counterparty exposures with a maximum exposure equal to the carrying amount of these instruments. The Group has
no significant concentration of credit risk, with exposure spread over a large number of counterparties.
ii) Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital and the finance charges and principal
repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due.
The Group actively maintains a mixture of long term and short term committed facilities that are designed to ensure
that the Group has sufficient available funds for operations. The Group\u2019s funding sources are diversified across a range
of banks and institutions. Weekly cash flow forecasts are prepared for the Senior Leadership Team to ensure sufficient
resources of cash and undrawn debt facilities are in place to meet liabilities as they fall due.
At 31 March 2025, the Group had cash reserves of \u00a381.2 million (2024: \u00a3111.9 million), of which \u00a339.4 million was
retained in restricted accounts, and available and undrawn bank loan facilities of \u00a3831.1 million (2024: \u00a3680.8 million).
The following table shows the contractual maturity profile of the Group\u2019s bank loans, interest payments on bank
loans, other financial liabilities and derivative financial instruments on an undiscounted cash flow basis and assuming
settlement on the earliest repayment date. Other liabilities as disclosed in note 14c(i) include trade payables and
accrued interest and are repayable within one year. The contractual maturity profile of lease liabilities disclosed in
the balance sheet is reflected in note 16.
Less than One to Three months to One to Two to More than
one month three months one year two years five years five years Total
As at 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
8.9
16.2
411.7
494.0
758.8
804.4
2,494.0
Other financial liabilities
0.7
1.5
6.8
9.2
29.0
1,324.6
1,371.8
Derivative financial
instruments
(1.4)
(2.8)
(12.6)
(9.6)
(4.9)
(5.5)
(36.8)
8.2
14.9
405.9
493.6
782.9
2,123.5
3,829.0
Less than One to Three months to One to Two to More than
one month three months one year two years five years five years Total
As at 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
9.3
17.1
118.6
578.4
987.7
879.2
2,590.3
Other financial liabilities
0.7
1.4
6.5
8.7
26.8
719.5
763.6
Derivative financial
instruments
(1.8)
(3.7)
(16.4)
(20.7)
(7.0)
\u2013
(49.6)
8.2
14.8
108.7
566.4
1,007.5
1,598.7
3,304.3
iii) Market risk \u2013 interest rate risk
The Group is exposed to interest rate risk from the use of debt financing at a variable rate. It is the risk that future cash
flows of a financial instrument will fluctuate because of changes in interest rates.
The Group uses interest rate derivatives and fixed rates to manage its interest rate exposure and hedge future interest
rate risk for the term of the loan. Although the Board accepts that this policy neither protects the Group entirely from
the risk of paying rates in excess of current market rates nor eliminates fully the cash flow risk associated with interest
payments, it considers that it achieves an appropriate balance of exposure to these risks.
At 31 March 2025, all of the Group\u2019s debt drawn was hedged, through fixed coupon debt arrangements and interest
rate swaps, swaptions and caps. The average interest rate payable by the Group on all bank borrowings at 31 March
2025 including the cost of amortising finance arrangement fees, was 4.0% (2024: 3.9%). A 1% increase or decrease in
interest rates during the year would have increased or decreased the Group\u2019s annual profit before tax by \u00a31.3 million.
iv) Capital risk management
The Group\u2019s objectives when maintaining capital are to safeguard the entity\u2019s ability to continue as a going concern
so that it can provide returns to shareholders and as such it seeks to maintain an appropriate mix of debt and equity.
The capital structure of the Group consists of debt, which includes long term borrowings and undrawn debt facilities,
and equity comprising issued capital, reserves and retained earnings. The Group balances its overall capital structure
through the payment of dividends and new share issues as well as the issue of new debt or the redemption of
existing debt.
The Group seeks to maintain an efficient capital structure with a balance of debt and equity as shown in the
table below.
2025 2024
As at 31 March \u00a3m \u00a3m
Net debt
2,230.9
2,204.1
Shareholders\u2019 equity
4,094.2
3,941.5
6,325.1
6,145.6
v) Foreign currency exchange risk
The Group prepares its financial statements in sterling. However, the Group is subject to foreign currency exchange
risk as it has assets and liabilities denominated in euros. A 10% increase or decrease in closing sterling rates against the
euro would decrease or increase net assets by \u00a31.5 million (2024: increase or decrease by \u00a33.9 million).
c) Financial instruments
i) Categories of financial instruments
Measured at amortised cost
Measured at fair value
2025 2024 2025 2024
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Non current assets
Derivative financial instruments (see 14c (iii))
\u2013
\u2013
23.7
32.6
Current assets
Cash and cash equivalents (note 12)
81.2
111.9
\u2013
\u2013
Trade receivables (note 11)
3.6
10.9
\u2013
\u2013
Other receivables (note 11)
5.5
6.6
\u2013
\u2013
90.3
129.4
23.7
32.6
Non current liabilities
Borrowings (note 14a (i))
1,710.9
2,030.6
\u2013
\u2013
Other financial liabilities (note 14a (ii))
222.0
212.9
\u2013
\u2013
Lease liabilities (note 16)
40.8
47.0
\u2013
\u2013
Current liabilities
Borrowings (note 14a (i))
347.7
43.5
\u2013
\u2013
Other financial liabilities (note 14a (ii))
9.0
8.6
\u2013
\u2013
Lease liabilities (note 16)
0.7
1.1
\u2013
\u2013
Contingent consideration (note 15b)
\u2013
\u2013
1.4
1.5
Trade payables (note 13)
3.7
5.7
\u2013
\u2013
Accrued interest (note 13)
4.7
4.9
\u2013
\u2013
2,339.5
2,354.3
1.4
1.5
ii) Fair values
To the extent financial assets and liabilities are not carried at fair value in the consolidated balance sheet, the Directors
are of the opinion that book value approximates to fair value at 31 March 2025 with the exception of the Group\u2019s fixed
rate debt. The adjustment required to measure the fixed rate debt at fair value is provided in note 8c. This is measured
by Chatham Financial using the equity method which discounts the difference between the remaining contractual and
market debt service payments at an equity discount rate and represents Level 2 in the hierarchy table.
iii) Derivative financial instruments
Details of the fair value of the Company and Group\u2019s derivative financial instruments that were in place at 31 March
2025 are provided below:
As at 31 March
Average rate
Notional amount
Fair value
2025 2024 2025 2024 2025 2024
Interest rate swaps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
One to two years
2.4
\u2013
97.1
\u2013
(0.5)
\u2013
Two to five years
3.1
3.1
725.0
375.0
15.5
10.8
3.0
3.1
822.1
375.0
15.0
10.8
As at 31 March
Average rate
Notional amount
Fair value
2025 2024 2025 2024 2025 2024
Interest rate caps\u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
\u2013
2.5
\u2013
60.0
\u2013
1.1
One to two years
2.0
\u2013
441.8
\u2013
8.7
\u2013
Two to five years
\u2013
2.5
\u2013
550.0
\u2013
20.7
2.0
2.5
441.8
610.0
8.7
21.8
Total fair value
23.7
32.6
All derivative financial instruments are interest rate derivatives and are carried at fair value following a valuation by
Chatham Financial. In accordance with accounting standards, fair value is estimated by calculating the present value
of future cash flows, using appropriate market discount rates. For all derivative financial instruments this equates
to a Level 2 fair value measurement as defined by IFRS 13 Fair Value Measurement. The valuation therefore does
not reflect the cost or gain to the Group of cancelling its interest rate protection at the balance sheet date, which is
generally a marginally higher cost (or smaller gain) than a market valuation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-438": { "value": "b) Financial risk management Financial risk factors The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group\u2019s financial risk management objectives are to minimise the effect of risks it is exposed to through its operations and the use of debt financing. The principal financial risks to the Group and the policies it has in place to manage these risks are summarised below. i) Credit risk Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations. The Group\u2019s principal financial assets are cash balances and deposits and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its cash deposits and trade receivables. The Group mitigates financial loss from tenant defaults by dealing with only creditworthy tenants. Trade receivables are presented at amortised cost less a provision for specific overdue debts. A loss allowance for expected credit losses is also provided for in the accounts and is low relative to the scale of the balance sheet at \u00a34.9 million (2024: \u00a31.4 million) as reflected in note 11, and therefore the credit risk of trade receivables is considered to be low. Cash is held in a diverse mix of institutions with investment grade credit ratings. The credit ratings of the banks are monitored and changes are made where necessary to manage risk. The credit risk on liquid funds and derivative financial instruments is limited due to the Group\u2019s policy of monitoring counterparty exposures with a maximum exposure equal to the carrying amount of these instruments. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties. ii) Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group actively maintains a mixture of long term and short term committed facilities that are designed to ensure that the Group has sufficient available funds for operations. The Group\u2019s funding sources are diversified across a range of banks and institutions. Weekly cash flow forecasts are prepared for the Senior Leadership Team to ensure sufficient resources of cash and undrawn debt facilities are in place to meet liabilities as they fall due. At 31 March 2025, the Group had cash reserves of \u00a381.2 million (2024: \u00a3111.9 million), of which \u00a339.4 million was retained in restricted accounts, and available and undrawn bank loan facilities of \u00a3831.1 million (2024: \u00a3680.8 million). The following table shows the contractual maturity profile of the Group\u2019s bank loans, interest payments on bank loans, other financial liabilities and derivative financial instruments on an undiscounted cash flow basis and assuming settlement on the earliest repayment date. Other liabilities as disclosed in note 14c(i) include trade payables and accrued interest and are repayable within one year. The contractual maturity profile of lease liabilities disclosed in the balance sheet is reflected in note 16.
Less than One to Three months to One to Two to More than
one month three months one year two years five years five years Total
As at 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
8.9
16.2
411.7
494.0
758.8
804.4
2,494.0
Other financial liabilities
0.7
1.5
6.8
9.2
29.0
1,324.6
1,371.8
Derivative financial
instruments
(1.4)
(2.8)
(12.6)
(9.6)
(4.9)
(5.5)
(36.8)
8.2
14.9
405.9
493.6
782.9
2,123.5
3,829.0
Less than One to Three months to One to Two to More than
one month three months one year two years five years five years Total
As at 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
9.3
17.1
118.6
578.4
987.7
879.2
2,590.3
Other financial liabilities
0.7
1.4
6.5
8.7
26.8
719.5
763.6
Derivative financial
instruments
(1.8)
(3.7)
(16.4)
(20.7)
(7.0)
\u2013
(49.6)
8.2
14.8
108.7
566.4
1,007.5
1,598.7
3,304.3
iii) Market risk \u2013 interest rate risk The Group is exposed to interest rate risk from the use of debt financing at a variable rate. It is the risk that future cash flows of a financial instrument will fluctuate because of changes in interest rates. The Group uses interest rate derivatives and fixed rates to manage its interest rate exposure and hedge future interest rate risk for the term of the loan. Although the Board accepts that this policy neither protects the Group entirely from the risk of paying rates in excess of current market rates nor eliminates fully the cash flow risk associated with interest payments, it considers that it achieves an appropriate balance of exposure to these risks. At 31 March 2025, all of the Group\u2019s debt drawn was hedged, through fixed coupon debt arrangements and interest rate swaps, swaptions and caps. The average interest rate payable by the Group on all bank borrowings at 31 March 2025 including the cost of amortising finance arrangement fees, was 4.0% (2024: 3.9%). A 1% increase or decrease in interest rates during the year would have increased or decreased the Group\u2019s annual profit before tax by \u00a31.3 million. iv) Capital risk management The Group\u2019s objectives when maintaining capital are to safeguard the entity\u2019s ability to continue as a going concern so that it can provide returns to shareholders and as such it seeks to maintain an appropriate mix of debt and equity. The capital structure of the Group consists of debt, which includes long term borrowings and undrawn debt facilities, and equity comprising issued capital, reserves and retained earnings. The Group balances its overall capital structure through the payment of dividends and new share issues as well as the issue of new debt or the redemption of existing debt. The Group seeks to maintain an efficient capital structure with a balance of debt and equity as shown in the table below.
2025 2024
As at 31 March \u00a3m \u00a3m
Net debt
2,230.9
2,204.1
Shareholders\u2019 equity
4,094.2
3,941.5
6,325.1
6,145.6
v) Foreign currency exchange risk The Group prepares its financial statements in sterling. However, the Group is subject to foreign currency exchange risk as it has assets and liabilities denominated in euros. A 10% increase or decrease in closing sterling rates against the euro would decrease or increase net assets by \u00a31.5 million (2024: increase or decrease by \u00a33.9 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-450": { "value": "i) Credit risk Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations. The Group\u2019s principal financial assets are cash balances and deposits and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its cash deposits and trade receivables. The Group mitigates financial loss from tenant defaults by dealing with only creditworthy tenants. Trade receivables are presented at amortised cost less a provision for specific overdue debts. A loss allowance for expected credit losses is also provided for in the accounts and is low relative to the scale of the balance sheet at \u00a34.9 million (2024: \u00a31.4 million) as reflected in note 11, and therefore the credit risk of trade receivables is considered to be low. Cash is held in a diverse mix of institutions with investment grade credit ratings. The credit ratings of the banks are monitored and changes are made where necessary to manage risk. The credit risk on liquid funds and derivative financial instruments is limited due to the Group\u2019s policy of monitoring counterparty exposures with a maximum exposure equal to the carrying amount of these instruments. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-451": { "value": "ii) Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group actively maintains a mixture of long term and short term committed facilities that are designed to ensure that the Group has sufficient available funds for operations. The Group\u2019s funding sources are diversified across a range of banks and institutions. Weekly cash flow forecasts are prepared for the Senior Leadership Team to ensure sufficient resources of cash and undrawn debt facilities are in place to meet liabilities as they fall due. At 31 March 2025, the Group had cash reserves of \u00a381.2 million (2024: \u00a3111.9 million), of which \u00a339.4 million was retained in restricted accounts, and available and undrawn bank loan facilities of \u00a3831.1 million (2024: \u00a3680.8 million). The following table shows the contractual maturity profile of the Group\u2019s bank loans, interest payments on bank loans, other financial liabilities and derivative financial instruments on an undiscounted cash flow basis and assuming settlement on the earliest repayment date. Other liabilities as disclosed in note 14c(i) include trade payables and accrued interest and are repayable within one year. The contractual maturity profile of lease liabilities disclosed in the balance sheet is reflected in note 16.
Less than One to Three months to One to Two to More than
one month three months one year two years five years five years Total
As at 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
8.9
16.2
411.7
494.0
758.8
804.4
2,494.0
Other financial liabilities
0.7
1.5
6.8
9.2
29.0
1,324.6
1,371.8
Derivative financial
instruments
(1.4)
(2.8)
(12.6)
(9.6)
(4.9)
(5.5)
(36.8)
8.2
14.9
405.9
493.6
782.9
2,123.5
3,829.0
Less than One to Three months to One to Two to More than
one month three months one year two years five years five years Total
As at 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
9.3
17.1
118.6
578.4
987.7
879.2
2,590.3
Other financial liabilities
0.7
1.4
6.5
8.7
26.8
719.5
763.6
Derivative financial
instruments
(1.8)
(3.7)
(16.4)
(20.7)
(7.0)
\u2013
(49.6)
8.2
14.8
108.7
566.4
1,007.5
1,598.7
3,304.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-452": { "value": "iii) Market risk \u2013 interest rate risk The Group is exposed to interest rate risk from the use of debt financing at a variable rate. It is the risk that future cash flows of a financial instrument will fluctuate because of changes in interest rates. The Group uses interest rate derivatives and fixed rates to manage its interest rate exposure and hedge future interest rate risk for the term of the loan. Although the Board accepts that this policy neither protects the Group entirely from the risk of paying rates in excess of current market rates nor eliminates fully the cash flow risk associated with interest payments, it considers that it achieves an appropriate balance of exposure to these risks. At 31 March 2025, all of the Group\u2019s debt drawn was hedged, through fixed coupon debt arrangements and interest rate swaps, swaptions and caps. The average interest rate payable by the Group on all bank borrowings at 31 March 2025 including the cost of amortising finance arrangement fees, was 4.0% (2024: 3.9%). A 1% increase or decrease in interest rates during the year would have increased or decreased the Group\u2019s annual profit before tax by \u00a31.3 million. v) Foreign currency exchange risk The Group prepares its financial statements in sterling. However, the Group is subject to foreign currency exchange risk as it has assets and liabilities denominated in euros. A 10% increase or decrease in closing sterling rates against the euro would decrease or increase net assets by \u00a31.5 million (2024: increase or decrease by \u00a33.9 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-453": { "value": "iv) Capital risk management The Group\u2019s objectives when maintaining capital are to safeguard the entity\u2019s ability to continue as a going concern so that it can provide returns to shareholders and as such it seeks to maintain an appropriate mix of debt and equity. The capital structure of the Group consists of debt, which includes long term borrowings and undrawn debt facilities, and equity comprising issued capital, reserves and retained earnings. The Group balances its overall capital structure through the payment of dividends and new share issues as well as the issue of new debt or the redemption of existing debt. The Group seeks to maintain an efficient capital structure with a balance of debt and equity as shown in the table below.
2025 2024
As at 31 March \u00a3m \u00a3m
Net debt
2,230.9
2,204.1
Shareholders\u2019 equity
4,094.2
3,941.5
6,325.1
6,145.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-426": { "value": "c) Financial instruments i) Categories of financial instruments
Measured at amortised cost
Measured at fair value
2025 2024 2025 2024
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Non current assets
Derivative financial instruments (see 14c (iii))
\u2013
\u2013
23.7
32.6
Current assets
Cash and cash equivalents (note 12)
81.2
111.9
\u2013
\u2013
Trade receivables (note 11)
3.6
10.9
\u2013
\u2013
Other receivables (note 11)
5.5
6.6
\u2013
\u2013
90.3
129.4
23.7
32.6
Non current liabilities
Borrowings (note 14a (i))
1,710.9
2,030.6
\u2013
\u2013
Other financial liabilities (note 14a (ii))
222.0
212.9
\u2013
\u2013
Lease liabilities (note 16)
40.8
47.0
\u2013
\u2013
Current liabilities
Borrowings (note 14a (i))
347.7
43.5
\u2013
\u2013
Other financial liabilities (note 14a (ii))
9.0
8.6
\u2013
\u2013
Lease liabilities (note 16)
0.7
1.1
\u2013
\u2013
Contingent consideration (note 15b)
\u2013
\u2013
1.4
1.5
Trade payables (note 13)
3.7
5.7
\u2013
\u2013
Accrued interest (note 13)
4.7
4.9
\u2013
\u2013
2,339.5
2,354.3
1.4
1.5
ii) Fair values To the extent financial assets and liabilities are not carried at fair value in the consolidated balance sheet, the Directors are of the opinion that book value approximates to fair value at 31 March 2025 with the exception of the Group\u2019s fixed rate debt. The adjustment required to measure the fixed rate debt at fair value is provided in note 8c. This is measured by Chatham Financial using the equity method which discounts the difference between the remaining contractual and market debt service payments at an equity discount rate and represents Level 2 in the hierarchy table. iii) Derivative financial instruments Details of the fair value of the Company and Group\u2019s derivative financial instruments that were in place at 31 March 2025 are provided below:
As at 31 March
Average rate
Notional amount
Fair value
2025 2024 2025 2024 2025 2024
Interest rate swaps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
One to two years
2.4
\u2013
97.1
\u2013
(0.5)
\u2013
Two to five years
3.1
3.1
725.0
375.0
15.5
10.8
3.0
3.1
822.1
375.0
15.0
10.8
As at 31 March
Average rate
Notional amount
Fair value
2025 2024 2025 2024 2025 2024
Interest rate caps\u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
\u2013
2.5
\u2013
60.0
\u2013
1.1
One to two years
2.0
\u2013
441.8
\u2013
8.7
\u2013
Two to five years
\u2013
2.5
\u2013
550.0
\u2013
20.7
2.0
2.5
441.8
610.0
8.7
21.8
Total fair value
23.7
32.6
All derivative financial instruments are interest rate derivatives and are carried at fair value following a valuation by Chatham Financial. In accordance with accounting standards, fair value is estimated by calculating the present value of future cash flows, using appropriate market discount rates. For all derivative financial instruments this equates to a Level 2 fair value measurement as defined by IFRS 13 Fair Value Measurement. The valuation therefore does not reflect the cost or gain to the Group of cancelling its interest rate protection at the balance sheet date, which is generally a marginally higher cost (or smaller gain) than a market valuation.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-460": { "value": "i) Categories of financial instruments
Measured at amortised cost
Measured at fair value
2025 2024 2025 2024
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Non current assets
Derivative financial instruments (see 14c (iii))
\u2013
\u2013
23.7
32.6
Current assets
Cash and cash equivalents (note 12)
81.2
111.9
\u2013
\u2013
Trade receivables (note 11)
3.6
10.9
\u2013
\u2013
Other receivables (note 11)
5.5
6.6
\u2013
\u2013
90.3
129.4
23.7
32.6
Non current liabilities
Borrowings (note 14a (i))
1,710.9
2,030.6
\u2013
\u2013
Other financial liabilities (note 14a (ii))
222.0
212.9
\u2013
\u2013
Lease liabilities (note 16)
40.8
47.0
\u2013
\u2013
Current liabilities
Borrowings (note 14a (i))
347.7
43.5
\u2013
\u2013
Other financial liabilities (note 14a (ii))
9.0
8.6
\u2013
\u2013
Lease liabilities (note 16)
0.7
1.1
\u2013
\u2013
Contingent consideration (note 15b)
\u2013
\u2013
1.4
1.5
Trade payables (note 13)
3.7
5.7
\u2013
\u2013
Accrued interest (note 13)
4.7
4.9
\u2013
\u2013
2,339.5
2,354.3
1.4
1.5
ii) Fair values To the extent financial assets and liabilities are not carried at fair value in the consolidated balance sheet, the Directors are of the opinion that book value approximates to fair value at 31 March 2025 with the exception of the Group\u2019s fixed rate debt. The adjustment required to measure the fixed rate debt at fair value is provided in note 8c. This is measured by Chatham Financial using the equity method which discounts the difference between the remaining contractual and market debt service payments at an equity discount rate and represents Level 2 in the hierarchy table. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-454": { "value": "i) Categories of financial instruments
Measured at amortised cost
Measured at fair value
2025 2024 2025 2024
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Non current assets
Derivative financial instruments (see 14c (iii))
\u2013
\u2013
23.7
32.6
Current assets
Cash and cash equivalents (note 12)
81.2
111.9
\u2013
\u2013
Trade receivables (note 11)
3.6
10.9
\u2013
\u2013
Other receivables (note 11)
5.5
6.6
\u2013
\u2013
90.3
129.4
23.7
32.6
Non current liabilities
Borrowings (note 14a (i))
1,710.9
2,030.6
\u2013
\u2013
Other financial liabilities (note 14a (ii))
222.0
212.9
\u2013
\u2013
Lease liabilities (note 16)
40.8
47.0
\u2013
\u2013
Current liabilities
Borrowings (note 14a (i))
347.7
43.5
\u2013
\u2013
Other financial liabilities (note 14a (ii))
9.0
8.6
\u2013
\u2013
Lease liabilities (note 16)
0.7
1.1
\u2013
\u2013
Contingent consideration (note 15b)
\u2013
\u2013
1.4
1.5
Trade payables (note 13)
3.7
5.7
\u2013
\u2013
Accrued interest (note 13)
4.7
4.9
\u2013
\u2013
2,339.5
2,354.3
1.4
1.5
ii) Fair values To the extent financial assets and liabilities are not carried at fair value in the consolidated balance sheet, the Directors are of the opinion that book value approximates to fair value at 31 March 2025 with the exception of the Group\u2019s fixed rate debt. The adjustment required to measure the fixed rate debt at fair value is provided in note 8c. This is measured by Chatham Financial using the equity method which discounts the difference between the remaining contractual and market debt service payments at an equity discount rate and represents Level 2 in the hierarchy table. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-439": { "value": "i) Categories of financial instruments
Measured at amortised cost
Measured at fair value
2025 2024 2025 2024
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Non current assets
Derivative financial instruments (see 14c (iii))
\u2013
\u2013
23.7
32.6
Current assets
Cash and cash equivalents (note 12)
81.2
111.9
\u2013
\u2013
Trade receivables (note 11)
3.6
10.9
\u2013
\u2013
Other receivables (note 11)
5.5
6.6
\u2013
\u2013
90.3
129.4
23.7
32.6
Non current liabilities
Borrowings (note 14a (i))
1,710.9
2,030.6
\u2013
\u2013
Other financial liabilities (note 14a (ii))
222.0
212.9
\u2013
\u2013
Lease liabilities (note 16)
40.8
47.0
\u2013
\u2013
Current liabilities
Borrowings (note 14a (i))
347.7
43.5
\u2013
\u2013
Other financial liabilities (note 14a (ii))
9.0
8.6
\u2013
\u2013
Lease liabilities (note 16)
0.7
1.1
\u2013
\u2013
Contingent consideration (note 15b)
\u2013
\u2013
1.4
1.5
Trade payables (note 13)
3.7
5.7
\u2013
\u2013
Accrued interest (note 13)
4.7
4.9
\u2013
\u2013
2,339.5
2,354.3
1.4
1.5
ii) Fair values To the extent financial assets and liabilities are not carried at fair value in the consolidated balance sheet, the Directors are of the opinion that book value approximates to fair value at 31 March 2025 with the exception of the Group\u2019s fixed rate debt. The adjustment required to measure the fixed rate debt at fair value is provided in note 8c. This is measured by Chatham Financial using the equity method which discounts the difference between the remaining contractual and market debt service payments at an equity discount rate and represents Level 2 in the hierarchy table. iii) Derivative financial instruments Details of the fair value of the Company and Group\u2019s derivative financial instruments that were in place at 31 March 2025 are provided below:
As at 31 March
Average rate
Notional amount
Fair value
2025 2024 2025 2024 2025 2024
Interest rate swaps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
One to two years
2.4
\u2013
97.1
\u2013
(0.5)
\u2013
Two to five years
3.1
3.1
725.0
375.0
15.5
10.8
3.0
3.1
822.1
375.0
15.0
10.8
As at 31 March
Average rate
Notional amount
Fair value
2025 2024 2025 2024 2025 2024
Interest rate caps\u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
\u2013
2.5
\u2013
60.0
\u2013
1.1
One to two years
2.0
\u2013
441.8
\u2013
8.7
\u2013
Two to five years
\u2013
2.5
\u2013
550.0
\u2013
20.7
2.0
2.5
441.8
610.0
8.7
21.8
Total fair value
23.7
32.6
All derivative financial instruments are interest rate derivatives and are carried at fair value following a valuation by Chatham Financial. In accordance with accounting standards, fair value is estimated by calculating the present value of future cash flows, using appropriate market discount rates. For all derivative financial instruments this equates to a Level 2 fair value measurement as defined by IFRS 13 Fair Value Measurement. The valuation therefore does not reflect the cost or gain to the Group of cancelling its interest rate protection at the balance sheet date, which is generally a marginally higher cost (or smaller gain) than a market valuation.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-455": { "value": "iii) Derivative financial instruments Details of the fair value of the Company and Group\u2019s derivative financial instruments that were in place at 31 March 2025 are provided below:
As at 31 March
Average rate
Notional amount
Fair value
2025 2024 2025 2024 2025 2024
Interest rate swaps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
One to two years
2.4
\u2013
97.1
\u2013
(0.5)
\u2013
Two to five years
3.1
3.1
725.0
375.0
15.5
10.8
3.0
3.1
822.1
375.0
15.0
10.8
As at 31 March
Average rate
Notional amount
Fair value
2025 2024 2025 2024 2025 2024
Interest rate caps\u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
\u2013
2.5
\u2013
60.0
\u2013
1.1
One to two years
2.0
\u2013
441.8
\u2013
8.7
\u2013
Two to five years
\u2013
2.5
\u2013
550.0
\u2013
20.7
2.0
2.5
441.8
610.0
8.7
21.8
Total fair value
23.7
32.6
All derivative financial instruments are interest rate derivatives and are carried at fair value following a valuation by Chatham Financial. In accordance with accounting standards, fair value is estimated by calculating the present value of future cash flows, using appropriate market discount rates. For all derivative financial instruments this equates to a Level 2 fair value measurement as defined by IFRS 13 Fair Value Measurement. The valuation therefore does not reflect the cost or gain to the Group of cancelling its interest rate protection at the balance sheet date, which is generally a marginally higher cost (or smaller gain) than a market valuation.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-398": { "value": "
15 Business combinations
a) Acquisition of LXi Limited (formerly LXi REIT plc)
On 5 March 2024, the Company acquired the entire issued share capital of LXi Limited (formerly LXi REIT plc), a
closed-ended investment company listed on the premium listing segment of the Official List. The acquisition was
implemented by way of a Scheme of Arrangement under Part 26 of the Companies Act which became effective on
5 March 2024 and constituted a reverse takeover pursuant to the Listing Rules due to its size. LXi shares were delisted
and trading ceased the following morning. The merger brought together two real estate companies, with assets
aligned to structurally supported sectors with high barriers to entry and income security, creating the UK\u2019s leading Triple
Net Lease REIT.
The all share acquisition was effected through the issue of 943 million new ordinary shares at 185.8p per share,
representing the closing share price on 5 March 2024 and totalling \u00a31,752.0 million as consideration paid.
The exchange ratio of 0.55 LondonMetric shares for every LXi ordinary share held, was based on an adjusted net
tangible assets (\u2018NTA\u2019) to adjusted NTA approach, taking into account the fair value of debt and derivatives, potential
liabilities in respect of German taxation and the acquisition of LXi\u2019s investments advisor as reflected in note 15b.
The fair value of the identifiable net assets acquired was \u00a31,828.9 million as reflected in the table opposite.
The difference between the consideration paid and the fair value of net assets acquired represents a price discount of
\u00a376.9 million, which was recognised in the Group income statement last year as a gain on business combination.
The price discount was largely a result of the fair value adjustments incorporated into the exchange ratio, as well as the
Company\u2019s share price on acquisition of 185.8p trading at a discount to its 30 September 2023 net asset value upon
which the deal was based of 199.6p per share. Acquisition related costs of \u00a328.5 million were recognised separately in
the income statement.
Acquisition of LXi Limited (formerly LXi REIT plc)
Book value Fair value of Fair value of Fair value of Other
as at fixed rate financial Fair value of prepaid fair value Fair value as at
5 March 2024 debt instruments tax liabilities finance costs adjustments 5 March 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment
properties
3,135.5
\u2013
(33.5)
\u2013
\u2013
\u2013
3,102.0
Right of use assets
39.0
\u2013
\u2013
\u2013
\u2013
2.2
41.2
Property, plant and
equipment
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Derivative financial
25.4
\u2013
\u2013
\u2013
\u2013
\u2013
25.4
instruments
Trade and other
receivables
10.3
\u2013
\u2013
\u2013
\u2013
(0.7)
9.6
Cash and cash
equivalents
73.2
\u2013
\u2013
\u2013
\u2013
\u2013
73.2
Total assets
3,283.5
\u2013
(33.5)
\u2013
\u2013
1.5
3,251.5
Trade and other
payables
(48.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(48.1)
Borrowings
(1,104.3)
21.2
\u2013
\u2013
\u2013
\u2013
(1,083.1)
Prepaid finance costs
22.9
\u2013
\u2013
\u2013
(22.9)
\u2013
\u2013
Other financial
liabilities
(254.9)
\u2013
33.5
\u2013
\u2013
\u2013
(221.4)
Lease liabilities
(39.0)
\u2013
\u2013
\u2013
\u2013
(2.2)
(41.2)
Current tax liabilities
(23.5)
\u2013
\u2013
4.3
\u2013
\u2013
(19.2)
Deferred tax liabilities
\u2013
\u2013
\u2013
(9.6)
\u2013
\u2013
(9.6)
Total liabilities
(1,446.9)
21.2
33.5
(5.3)
(22.9)
(2.2)
(1,422.6)
Fair value of net
assets acquired
1,836.6
21.2
\u2013
(5.3)
(22.9)
(0.7)
1,828.9
Fair value of
consideration paid
1,752.0
Gain on business
combination
76.9
b) Acquisition of LXi REIT Advisors Limited
On 6 March 2024, alongside the acquisition noted in 15a above, we completed the acquisition of the LXi group\u2019s
investment advisor for a total consideration of \u00a326.8 million which included \u00a31.5 million of contingent consideration at
fair value. The contingent consideration is payable over four years and is based on growth in the LondonMetric share
price, capped at \u00a31 million per annum or \u00a34 million in aggregate.
The fair value of net liabilities acquired was \u00a30.7 million and the resulting goodwill generated on acquisition of
\u00a327.5 million was fully impaired to the income statement and offset against the gain on business combination noted
in 15a above. Additional transaction costs of \u00a31.3 million were recognised separately within the income statement
last year.
c) Summary of LXi acquisition disclosures
LXi Limited
(formerly LXi LXi REIT
REIT plc) Advisors Ltd Total
\u00a3m \u00a3m \u00a3m
Fair value of net assets/(liabilities) acquired
1,828.9
(0.7)
1,828.2
Fair value of consideration paid:
Shares
1,752.0
\u2013
1,752.0
Cash
\u2013
26.8
26.8
Total consideration paid
1,752.0
26.8
1,778.8
Gain/(loss) on business combination
76.9
(27.5)
49.4
Acquisition costs
28.5
1.3
29.8
The cost of the LXi acquisition reflected in the Group cash flow statement last year of \u00a347.3 million reflected the cash
acquired of \u00a373.2 million (as reflected in note 15a) less cash consideration paid of \u00a325.9 million. This reflected the total
cash consideration noted above of \u00a326.8 million less contingent consideration payable of \u00a31.5 million and included
acquisition costs of \u00a30.6 million charged to reserves.
There has been no change in the overall fair value of LXi Limited assets or LXi REIT Advisors Limited liabilities acquired
in the year to 31 March 2025 and therefore no change in the resulting gain or loss on the business combinations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-399": { "value": "
16 Leases
The Group\u2019s minimum lease rentals receivable under non cancellable leases, excluding joint ventures, are as follows:
2025 2024
As at 31 March \u00a3m \u00a3m
Less than one year
346.1
332.3
Between one and five years
1,354.3
1,287.7
Between six and ten years
1,562.8
1,529.2
Between 11 and 15 years
1,184.6
1,287.9
Between 16 and 20 years
790.0
877.7
Over 20 years
2,155.2
2,270.3
7,393.0
7,585.1
In accordance with IFRS 16, the Group has recognised a right of use asset for its head office lease and other head lease
obligations. The Group\u2019s minimum lease payments are due as follows:
Present value of Present value of
Undiscounted minimum lease minimum lease
minimum lease payments payments
payments Interest 2025 2024
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
2.4
(1.7)
0.7
1.1
Between one and two years
2.4
(1.7)
0.7
0.8
Between two and five years
6.2
(4.9)
1.3
2.3
Over five years
168.3
(129.5)
38.8
43.9
179.3
(137.8)
41.5
48.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-400": { "value": "
17 Share capital
2025 2025 2024 2024
As at 31 March Number \u00a3m Number \u00a3m
Issued, called up and fully paid
Ordinary shares of 10p each
2,048,108,416
204.8
2,036,519,647
203.7
The movement in the share capital and share premium of the Company during the current and previous year is
summarised below.
Ordinary shares Ordinary shares Share premium
Share capital issued, called up and fully paid Number \u00a3m \u00a3m
At 31 March 2023
982,646,261
98.3
395.5
Issued on acquisition
1,048,579,674
104.9
\u2013
Issued under scrip share scheme
5,293,712
0.5
9.2
At 31 March 2024
2,036,519,647
203.7
404.7
Issued under scrip share scheme
11,588,769
1.1
21.2
At 31 March 2025
2,048,108,416
204.8
425.9
The Company issued 11.6 million ordinary shares under the terms of its Scrip Dividend Scheme during the year.
Post year end in April, the Company issued a further 7.1 million ordinary shares under the terms of its Scrip
Dividend Scheme.
The movement in the shares held by the Employee Benefit Trust in the current and previous year is summarised in the
table below.
Ordinary shares Ordinary shares
Shares held by the Employee Benefit Trust Number \u00a3m
At 31 March 2023
2,942,592
0.3
Shares issued under employee share schemes
(1,791,027)
(0.2)
Shares acquired by the Employee Benefit Trust
1,437,642
0.2
At 31 March 2024
2,589,207
0.3
Shares issued under employee share schemes
(1,968,850)
(0.2)
Shares acquired by the Employee Benefit Trust
9,852,125
0.9
At 31 March 2025
10,472,482
1.0
In June 2024, 1,968,850 ordinary shares in the Company that were granted to certain Directors and employees under
the Company\u2019s Long Term Incentive Plan in 2021 vested. The average share price on vesting was 194.7p.
As at 31 March 2025, the Company\u2019s Employee Benefit Trust held 10,472,482 shares in the Company to satisfy awards
under the Company\u2019s Long Term Incentive Plan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-427": { "value": "17 Share capital
2025 2025 2024 2024
As at 31 March Number \u00a3m Number \u00a3m
Issued, called up and fully paid
Ordinary shares of 10p each
2,048,108,416
204.8
2,036,519,647
203.7
The movement in the share capital and share premium of the Company during the current and previous year is summarised below.
Ordinary shares Ordinary shares Share premium
Share capital issued, called up and fully paid Number \u00a3m \u00a3m
At 31 March 2023
982,646,261
98.3
395.5
Issued on acquisition
1,048,579,674
104.9
\u2013
Issued under scrip share scheme
5,293,712
0.5
9.2
At 31 March 2024
2,036,519,647
203.7
404.7
Issued under scrip share scheme
11,588,769
1.1
21.2
At 31 March 2025
2,048,108,416
204.8
425.9
The Company issued 11.6 million ordinary shares under the terms of its Scrip Dividend Scheme during the year. Post year end in April, the Company issued a further 7.1 million ordinary shares under the terms of its Scrip Dividend Scheme. The movement in the shares held by the Employee Benefit Trust in the current and previous year is summarised in the table below.
Ordinary shares Ordinary shares
Shares held by the Employee Benefit Trust Number \u00a3m
At 31 March 2023
2,942,592
0.3
Shares issued under employee share schemes
(1,791,027)
(0.2)
Shares acquired by the Employee Benefit Trust
1,437,642
0.2
At 31 March 2024
2,589,207
0.3
Shares issued under employee share schemes
(1,968,850)
(0.2)
Shares acquired by the Employee Benefit Trust
9,852,125
0.9
At 31 March 2025
10,472,482
1.0
In June 2024, 1,968,850 ordinary shares in the Company that were granted to certain Directors and employees under the Company\u2019s Long Term Incentive Plan in 2021 vested. The average share price on vesting was 194.7p. As at 31 March 2025, the Company\u2019s Employee Benefit Trust held 10,472,482 shares in the Company to satisfy awards under the Company\u2019s Long Term Incentive Plan. 18 Reserves The Group statement of changes in equity is shown on page 156. The nature and purpose of each reserve within equity is described below:
Share capital
The nominal value of shares issued.
Share premium
The premium paid for new ordinary shares issued above the nominal value.
Capital redemption reserve
Amounts transferred from share capital on redemption of issued ordinary shares.
Other reserve
A reserve relating to the application of merger relief in the acquisition of LondonMetric
Management Limited, Metric Property Investments Plc, A&J Mucklow Group Plc,
CT Property Trust Limited and LXi REIT plc by the Company, the cost of shares held
in trust to provide for the Company\u2019s future obligations under share award schemes
and a foreign currency exchange reserve.
A breakdown of other reserves is provided for the Group below and for the Company
on page 184.
Retained earnings
The cumulative profits and losses after the payment of dividends.
Other reserves
Foreign Foreign
Merger Employee currency 2025 Merger Employee currency 2024
relief Benefit Trust exchange Total other relief Benefit Trust exchange Total other
reserve shares reserve reserves reserve shares reserve reserves
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening balance
2,337.5
(5.6)
0.5
2,332.4
497.4
(7.1)
\u2013
490.3
Share issue on
acquisitions
\u2013
\u2013
\u2013
\u2013
1,840.1
\u2013
\u2013
1,840.1
Foreign currency
exchange
\u2013
\u2013
(0.4)
(0.4)
\u2013
\u2013
0.5
0.5
Employee share
schemes:
Purchase of
shares
\u2013
(18.2)
\u2013
(18.2)
\u2013
(2.5)
\u2013
(2.5)
Vesting of shares
\u2013
3.9
\u2013
3.9
\u2013
4.0
\u2013
4.0
Closing balance
2,337.5
(19.9)
0.1
2,317.7
2,337.5
(5.6)
0.5
2,332.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-401": { "value": "18 Reserves The Group statement of changes in equity is shown on page 156. The nature and purpose of each reserve within equity is described below:
Share capital
The nominal value of shares issued.
Share premium
The premium paid for new ordinary shares issued above the nominal value.
Capital redemption reserve
Amounts transferred from share capital on redemption of issued ordinary shares.
Other reserve
A reserve relating to the application of merger relief in the acquisition of LondonMetric
Management Limited, Metric Property Investments Plc, A&J Mucklow Group Plc,
CT Property Trust Limited and LXi REIT plc by the Company, the cost of shares held
in trust to provide for the Company\u2019s future obligations under share award schemes
and a foreign currency exchange reserve.
A breakdown of other reserves is provided for the Group below and for the Company
on page 184.
Retained earnings
The cumulative profits and losses after the payment of dividends.
Other reserves
Foreign Foreign
Merger Employee currency 2025 Merger Employee currency 2024
relief Benefit Trust exchange Total other relief Benefit Trust exchange Total other
reserve shares reserve reserves reserve shares reserve reserves
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening balance
2,337.5
(5.6)
0.5
2,332.4
497.4
(7.1)
\u2013
490.3
Share issue on
acquisitions
\u2013
\u2013
\u2013
\u2013
1,840.1
\u2013
\u2013
1,840.1
Foreign currency
exchange
\u2013
\u2013
(0.4)
(0.4)
\u2013
\u2013
0.5
0.5
Employee share
schemes:
Purchase of
shares
\u2013
(18.2)
\u2013
(18.2)
\u2013
(2.5)
\u2013
(2.5)
Vesting of shares
\u2013
3.9
\u2013
3.9
\u2013
4.0
\u2013
4.0
Closing balance
2,337.5
(19.9)
0.1
2,317.7
2,337.5
(5.6)
0.5
2,332.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-402": { "value": "
19 Analysis of movement in net debt
Non cash movements
Interest charge
Financing Other Debt issue costs and Fair value and unwinding
1 April 2024 cash flows cash flows foreign exchange movements of discount 31 March 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
2,087.4
(16.7)
\u2013
(2.1)
\u2013
4.6
2,073.2
Derivative financial instruments
(32.6)
(2.2)
\u2013
\u2013
11.1
\u2013
(23.7)
Unamortised finance costs
(13.3)
(5.6)
\u2013
4.3
\u2013
\u2013
(14.6)
Other finance costs
\u2013
(5.3)
\u2013
5.3
\u2013
\u2013
\u2013
Interest payable
4.9
(98.7)
\u2013
\u2013
\u2013
98.5
4.7
Other financial liabilities
221.5
(8.5)
\u2013
\u2013
4.5
13.5
231.0
Lease liabilities
48.1
(1.6)
\u2013
\u2013
(6.7)
1.7
41.5
Total liabilities from financing activities
2,316.0
(138.6)
\u2013
7.5
8.9
118.3
2,312.1
Cash and cash equivalents
(111.9)
\u2013
30.7
\u2013
\u2013
\u2013
(81.2)
Net debt
2,204.1
(138.6)
30.7
7.5
8.9
118.3
2,230.9
Non cash movements
Interest charge
Financing Other Acquisition of Debt issue costs and Fair value and unwinding
1 April 2023 cash flows cash flows subsidiaries foreign exchange movements of discount 31 March 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
1,017.0
(100.0)
\u2013
1,169.7
\u2013
\u2013
0.7
2,087.4
Derivative financial instruments
(11.1)
\u2013
\u2013
(25.4)
\u2013
3.9
\u2013
(32.6)
Unamortised finance costs
(7.2)
(7.7)
\u2013
(0.4)
2.0
\u2013
\u2013
(13.3)
Other finance costs
\u2013
(2.9)
\u2013
\u2013
2.9
\u2013
\u2013
\u2013
Interest payable
1.5
(43.6)
\u2013
5.2
0.3
\u2013
41.5
4.9
Other financial liabilities
\u2013
(0.6)
\u2013
221.4
\u2013
\u2013
0.7
221.5
Lease liabilities
7.1
(0.5)
\u2013
41.2
\u2013
\u2013
0.3
48.1
Total liabilities from financing activities
1,007.3
(155.3)
\u2013
1,411.7
5.2
3.9
43.2
2,316.0
Cash and cash equivalents
(32.6)
\u2013
(79.3)
\u2013
\u2013
\u2013
\u2013
(111.9)
Net debt
974.7
(155.3)
(79.3)
1,411.7
5.2
3.9
43.2
2,204.1
", "dimensions": { "concept": "londonmetric:DisclosureOfAnalysisOfMovementInNetDebt", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-428": { "value": "19 Analysis of movement in net debt
Non cash movements
Interest charge
Financing Other Debt issue costs and Fair value and unwinding
1 April 2024 cash flows cash flows foreign exchange movements of discount 31 March 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
2,087.4
(16.7)
\u2013
(2.1)
\u2013
4.6
2,073.2
Derivative financial instruments
(32.6)
(2.2)
\u2013
\u2013
11.1
\u2013
(23.7)
Unamortised finance costs
(13.3)
(5.6)
\u2013
4.3
\u2013
\u2013
(14.6)
Other finance costs
\u2013
(5.3)
\u2013
5.3
\u2013
\u2013
\u2013
Interest payable
4.9
(98.7)
\u2013
\u2013
\u2013
98.5
4.7
Other financial liabilities
221.5
(8.5)
\u2013
\u2013
4.5
13.5
231.0
Lease liabilities
48.1
(1.6)
\u2013
\u2013
(6.7)
1.7
41.5
Total liabilities from financing activities
2,316.0
(138.6)
\u2013
7.5
8.9
118.3
2,312.1
Cash and cash equivalents
(111.9)
\u2013
30.7
\u2013
\u2013
\u2013
(81.2)
Net debt
2,204.1
(138.6)
30.7
7.5
8.9
118.3
2,230.9
Non cash movements
Interest charge
Financing Other Acquisition of Debt issue costs and Fair value and unwinding
1 April 2023 cash flows cash flows subsidiaries foreign exchange movements of discount 31 March 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
1,017.0
(100.0)
\u2013
1,169.7
\u2013
\u2013
0.7
2,087.4
Derivative financial instruments
(11.1)
\u2013
\u2013
(25.4)
\u2013
3.9
\u2013
(32.6)
Unamortised finance costs
(7.2)
(7.7)
\u2013
(0.4)
2.0
\u2013
\u2013
(13.3)
Other finance costs
\u2013
(2.9)
\u2013
\u2013
2.9
\u2013
\u2013
\u2013
Interest payable
1.5
(43.6)
\u2013
5.2
0.3
\u2013
41.5
4.9
Other financial liabilities
\u2013
(0.6)
\u2013
221.4
\u2013
\u2013
0.7
221.5
Lease liabilities
7.1
(0.5)
\u2013
41.2
\u2013
\u2013
0.3
48.1
Total liabilities from financing activities
1,007.3
(155.3)
\u2013
1,411.7
5.2
3.9
43.2
2,316.0
Cash and cash equivalents
(32.6)
\u2013
(79.3)
\u2013
\u2013
\u2013
\u2013
(111.9)
Net debt
974.7
(155.3)
(79.3)
1,411.7
5.2
3.9
43.2
2,204.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-403": { "value": "
20 Related party transactions
a) Joint arrangements
Management fees and distributions receivable from the Group\u2019s joint arrangements during the year were as follows:
Management fees
Distributions
2025 2024 2025 2024
For the year to 31 March
Group interest
\u00a3m \u00a3m \u00a3m \u00a3m
Metric Income Plus Partnership
50%
1.1
1.1
3.4
2.7
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated
on consolidation.
b) Non-controlling interest
The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding in LMP Retail Warehouse JV Holdings
Limited, which owns a portfolio of retail assets.
The Group\u2019s interest in LMP Retail Warehouse JV Holdings Limited is 69%, requiring it to consolidate the results and
net assets of its subsidiary in these financial statements and reflect the non-controlling share as a deduction in the
consolidated income statement and consolidated balance sheet. At the year end, LMP Retail Warehouse JV Holdings
Limited owed \u00a328.8 million to the Company, which has been eliminated on consolidation.
As at the year end, the NCI\u2019s share of profits and net assets was \u00a32.7 million (2024: \u00a31.2 million) and \u00a329.7 million
(2024: \u00a328 million) respectively. Distributions to the NCI in the year totalled \u00a31.0 million (2024: \u00a31.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-429": { "value": "20 Related party transactions a) Joint arrangements Management fees and distributions receivable from the Group\u2019s joint arrangements during the year were as follows:
Management fees
Distributions
2025 2024 2025 2024
For the year to 31 March
Group interest
\u00a3m \u00a3m \u00a3m \u00a3m
Metric Income Plus Partnership
50%
1.1
1.1
3.4
2.7
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation. b) Non-controlling interest The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding in LMP Retail Warehouse JV Holdings Limited, which owns a portfolio of retail assets. The Group\u2019s interest in LMP Retail Warehouse JV Holdings Limited is 69%, requiring it to consolidate the results and net assets of its subsidiary in these financial statements and reflect the non-controlling share as a deduction in the consolidated income statement and consolidated balance sheet. At the year end, LMP Retail Warehouse JV Holdings Limited owed \u00a328.8 million to the Company, which has been eliminated on consolidation. As at the year end, the NCI\u2019s share of profits and net assets was \u00a32.7 million (2024: \u00a31.2 million) and \u00a329.7 million (2024: \u00a328 million) respectively. Distributions to the NCI in the year totalled \u00a31.0 million (2024: \u00a31.1 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-440": { "value": "b) Non-controlling interest The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding in LMP Retail Warehouse JV Holdings Limited, which owns a portfolio of retail assets. The Group\u2019s interest in LMP Retail Warehouse JV Holdings Limited is 69%, requiring it to consolidate the results and net assets of its subsidiary in these financial statements and reflect the non-controlling share as a deduction in the consolidated income statement and consolidated balance sheet. At the year end, LMP Retail Warehouse JV Holdings Limited owed \u00a328.8 million to the Company, which has been eliminated on consolidation. As at the year end, the NCI\u2019s share of profits and net assets was \u00a32.7 million (2024: \u00a31.2 million) and \u00a329.7 million (2024: \u00a328 million) respectively. Distributions to the NCI in the year totalled \u00a31.0 million (2024: \u00a31.1 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-404": { "value": "
21 Post balance sheet events
Post period end we have exchanged or completed asset acquisitions and sales for \u00a314.7 million and \u00a365.0 million
respectively, of which \u00a32.0 million sales had exchanged in the year.
On 27 March 2025, we announced that we had reached agreement with Highcroft Investments Plc on the terms of an
all share offer to acquire the entire issued share capital for approximately \u00a343.8 million, by way of a court sanctioned
scheme of arrangement. The acquisition was approved by c.97% of shareholders who voted on 15 May 2025.
On 9 May 2025, we were pleased to announce that we had reached agreement with the board of Urban Logistics
REIT on the terms of a recommended cash and share offer pursuant to which we will acquire the entire issued share
capital of the company for approximately \u00a3698.9 million. Urban Logistics REIT has a highly complementary logistics
platform, and we believe the combined Group will benefit from further increased scale, granularity of income and
synergies to drive superior earnings growth which underpins our progressive dividend policy.
Post period end, we completed two debt facilities for \u00a3350 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-5": { "value": "One Curzon Street London W1J 5HB United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }