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The address of the registered office is given on page 210. 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 86. 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 85. Having performed a detailed assessment, the Directors consider the going concern assumption for the 12 month period from signing these financial statements 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 70 to 84 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 and accumulated in the foreign currency translated reserve. Exchange differences recognised in this reserve are reclassified to profit or loss on disposal of the relevant foreign operation. 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 year end and the net income for the year was \u00a31= \u20ac1.14. 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 114 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. Whilst there are other inputs into the valuation of the property portfolio, these are not considered to be significant areas. 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. Management applied judgement to three corporate acquisitions made during the year and determined the following: \u2022 The acquisition of Highcroft Investments plc (\u2018Highcroft\u2019) was an asset acquisition rather than a business combination, as no processes or workforce were acquired and substantially all of the fair value of the net assets acquired was represented by investment properties; and \u2022 The acquisitions of Urban Logistics REIT Plc ('ULR') and Logistics Asset Management Newco Limited, which held the investment advisory contract for ULR, were both considered to be business combinations in accordance with IFRS 3 as in addition to the property portfolio and debt facilities acquired, a team of four employees, an investment advisory contract and all of its operating processes were transferred.
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 IAS 21
Lack of exchangeability
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 IFRS 9 and IFRS 7
Amendments to the classification and measurement of
financial instruments
Annual Improvements to IFRS Volume 11
Accounting Standards
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 Group is assessing the impact of IFRS 18 and expect it will significantly impact presentation and disclosure in
the financial statements including, but not limited to, profit or loss categorisation, aggregation and disaggregation
and management defined performance measures.
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 63 to 69. There has been no material impact identified on the financial reporting judgements 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. Climate risk forms part of the annual risk assessment undertaken by the Audit Committee on behalf of the Board. 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 performance of the Group\u2019s property rental business and aid the 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 or 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, pursuant to which was the obligation to pay rental
income equivalent to 30% of the annual rental income received from the tenant. The Group 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. Our German asset, acquired through LXi, is 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 year . 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-374": { "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 210. 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 86.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-3": { "value": "LondonMetric Property Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-368": { "value": "LondonMetric Property Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-369": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-371": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-372": { "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 85.
Having performed a detailed assessment, the Directors consider the going concern assumption for the 12 month
period from signing these financial statements 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 70 to 84 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-373": { "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 and accumulated in
the foreign currency translated reserve. Exchange differences recognised in this reserve are reclassified to profit
or loss on disposal of the relevant foreign operation. 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 year end and the net income for the year was \u00a31= \u20ac1.14.
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 114 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.
Whilst there are other inputs into the valuation of the property portfolio, these are not considered to be
significant areas.
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.
Management applied judgement to three corporate acquisitions made during the year and determined
the following:
\u2022 The acquisition of Highcroft Investments plc (\u2018Highcroft\u2019) was an asset acquisition rather than a business
combination, as no processes or workforce were acquired and substantially all of the fair value of the net
assets acquired was represented by investment properties; and
\u2022 The acquisitions of Urban Logistics REIT Plc ('ULR') and Logistics Asset Management Newco Limited, which
held the investment advisory contract for ULR, were both considered to be business combinations in
accordance with IFRS 3 as in addition to the property portfolio and debt facilities acquired, a team of four
employees, an investment advisory contract and all of its operating processes were transferred.
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 IAS 21
Lack of exchangeability
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 IFRS 9 and IFRS 7
Amendments to the classification and measurement of
financial instruments
Annual Improvements to IFRS Volume 11
Accounting Standards
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 Group is assessing the impact of IFRS 18 and expect it will significantly impact presentation and disclosure in the financial statements including, but not limited to, profit or loss categorisation, aggregation and disaggregation and management defined performance measures.
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 63 to 69. There has been no
material impact identified on the financial reporting judgements 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. Climate risk forms part of the annual risk assessment
undertaken by the Audit Committee on behalf of the Board.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-404": { "value": "The functional currency of the Company and the presentational currency of the Group is sterling. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-403": { "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 114 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. Whilst there are other inputs into the valuation of the property portfolio, these are not considered to be significant areas. 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. Management applied judgement to three corporate acquisitions made during the year and determined the following: \u2022 The acquisition of Highcroft Investments plc (\u2018Highcroft\u2019) was an asset acquisition rather than a business combination, as no processes or workforce were acquired and substantially all of the fair value of the net assets acquired was represented by investment properties; and \u2022 The acquisitions of Urban Logistics REIT Plc ('ULR') and Logistics Asset Management Newco Limited, which held the investment advisory contract for ULR, were both considered to be business combinations in accordance with IFRS 3 as in addition to the property portfolio and debt facilities acquired, a team of four employees, an investment advisory contract and all of its operating processes were transferred. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "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 IAS 21
Lack of exchangeability
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-408": { "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 IAS 21
Lack of exchangeability
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 IFRS 9 and IFRS 7
Amendments to the classification and measurement of
financial instruments
Annual Improvements to IFRS Volume 11
Accounting Standards
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 Group is assessing the impact of IFRS 18 and expect it will significantly impact presentation and disclosure in the financial statements including, but not limited to, profit or loss categorisation, aggregation and disaggregation and management defined performance measures. 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 63 to 69. There has been no material impact identified on the financial reporting judgements 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. Climate risk forms part of the annual risk assessment undertaken by the Audit Committee on behalf of the Board. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-429": { "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 IFRS 9 and IFRS 7
Amendments to the classification and measurement of
financial instruments
Annual Improvements to IFRS Volume 11
Accounting Standards
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-474": { "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 63 to 69. There has been no material impact identified on the financial reporting judgements 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. Climate risk forms part of the annual risk assessment undertaken by the Audit Committee on behalf of the Board. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-375": { "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 performance of the Group\u2019s property rental business and aid the 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-405": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-406": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-407": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-412": { "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 performance of the Group\u2019s property rental business and aid the 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-431": { "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:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-409": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-376": { "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 or 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-410": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-411": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-433": { "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, pursuant to which was the obligation to pay rental income equivalent to 30% of the annual rental income received from the tenant. The Group 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "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, pursuant to which was the obligation to pay rental income equivalent to 30% of the annual rental income received from the tenant. The Group 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-378": { "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, pursuant to which was the obligation to pay rental income equivalent to 30% of the annual rental income received from the tenant. The Group 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-456": { "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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-432": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-413": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-377": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-415": { "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.
Our German asset, acquired through LXi, is 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 year .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-379": { "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. Our German asset, acquired through LXi, is 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 year ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-380": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-381": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-382": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-383": { "value": "
2 Segmental information
a) Property value
2026 2025
As at 31 March \u00a3m \u00a3m
Logistics
4,023.7
2,837.9
Long income
3,471.7
3,159.7
Other\u00b9
81.0
125.9
Total portfolio\u00b2
7,576.4
6,123.5
Income strip gross up
237.1
231.0
Head lease assets
54.4
40.9
7,867.9
6,395.4
1 Other property assets include a retail park, four offices, a life science asset and trading property
2 Total portfolio includes trading assets of \u00a31.1 million (2025: \u00a31.1 million) and assets held for sale of \u00a347.8 million (2025: \u00a310.4 million)
b) Gross rental income
2026 2025
For the year to 31 March \u00a3m \u00a3m
Logistics
209.0
143.3
Long income
246.2
241.4
Other
6.5
10.8
461.7
395.5
c) Net rental income
2026 2025
For the year to 31 March \u00a3m \u00a3m
Logistics
204.8
141.3
Long income
244.0
239.1
Other
6.5
10.2
455.3
390.6
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-384": { "value": "
3 Revenue
2026 2025
For the year to 31 March \u00a3m \u00a3m
Gross rental income
461.7
395.5
Property management fees
0.9
1.0
Other income
2.0
0.2
Revenue
464.6
396.7
2026 2025
For the year to 31 March \u00a3m \u00a3m
Gross rental income
461.7
395.5
Cost of sales \u2013 property operating expenses
(6.4)
(4.9)
Net rental income
455.3
390.6
One tenant contributed more than 10% of gross rental income in the current year (2025: two tenants). 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-416": { "value": "3 Revenue
2026 2025
For the year to 31 March \u00a3m \u00a3m
Gross rental income
461.7
395.5
Property management fees
0.9
1.0
Other income
2.0
0.2
Revenue
464.6
396.7
2026 2025
For the year to 31 March \u00a3m \u00a3m
Gross rental income
461.7
395.5
Cost of sales \u2013 property operating expenses
(6.4)
(4.9)
Net rental income
455.3
390.6
One tenant contributed more than 10% of gross rental income in the current year (2025: two tenants). 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-385": { "value": "
4 Administrative costs
a) Total administrative costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Staff costs
22.7
20.7
Auditor\u2019s remuneration
1.0
0.7
Depreciation
1.0
0.6
Other administrative costs
5.5
5.1
30.2
27.1
b) Staff costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Employee costs, including those of Directors, comprise the following:
Wages and salaries
17.1
15.7
Less staff costs capitalised in respect of development projects
(2.0)
(1.9)
15.1
13.8
Social security costs
1.4
1.2
Pension costs
0.5
0.4
Share based payment
5.7
5.3
22.7
20.7
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 \u00a35.7 million (2025: \u00a35.3 million).
The cost of acquiring the shares expected to vest under the LTIP of \u00a33.1 million has been charged to reserves this
year (2025: \u00a318.2 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 142 to 144.
2026 2025
For the year to 31 March \u00a3m \u00a3m
Remuneration for management services
4.2
4.0
Entitlement to pension scheme contributions
0.1
0.1
4.3
4.1
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.
2026 2025
For the year to 31 March \u00a3m \u00a3m
Short term employee benefits
12.9
11.6
Share based payments
4.6
4.1
17.5
15.7
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 118 on the basis of materiality.
c) Staff numbers
The average number of employees including Executive Directors during the year was:
2026 2025
Number Number
Property and administration
53
47
d) Auditor\u2019s remuneration
2026 2025
For the year to 31 March \u00a3'000 \u00a3'000
Audit services:
Audit of the Group and Company financial statements
733.0
572.0
Audit of the Company\u2019s subsidiaries
50.1
48.0
Other fees:
Issuance of comfort letter for the EMTN programme
80.0
\u2013
Audit-related assurance services - Interim Review
103.8
95.0
Total fees for audit and other services
966.9
715.0
In addition, \u00a325,800 (2025: \u00a324,700) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-446": { "value": "4 Administrative costs a) Total administrative costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Staff costs
22.7
20.7
Auditor\u2019s remuneration
1.0
0.7
Depreciation
1.0
0.6
Other administrative costs
5.5
5.1
30.2
27.1
b) Staff costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Employee costs, including those of Directors, comprise the following:
Wages and salaries
17.1
15.7
Less staff costs capitalised in respect of development projects
(2.0)
(1.9)
15.1
13.8
Social security costs
1.4
1.2
Pension costs
0.5
0.4
Share based payment
5.7
5.3
22.7
20.7
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 \u00a35.7 million (2025: \u00a35.3 million). The cost of acquiring the shares expected to vest under the LTIP of \u00a33.1 million has been charged to reserves this year (2025: \u00a318.2 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 142 to 144.
2026 2025
For the year to 31 March \u00a3m \u00a3m
Remuneration for management services
4.2
4.0
Entitlement to pension scheme contributions
0.1
0.1
4.3
4.1
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.
2026 2025
For the year to 31 March \u00a3m \u00a3m
Short term employee benefits
12.9
11.6
Share based payments
4.6
4.1
17.5
15.7
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 118 on the basis of materiality. c) Staff numbers The average number of employees including Executive Directors during the year was:
2026 2025
Number Number
Property and administration
53
47
d) Auditor\u2019s remuneration
2026 2025
For the year to 31 March \u00a3'000 \u00a3'000
Audit services:
Audit of the Group and Company financial statements
733.0
572.0
Audit of the Company\u2019s subsidiaries
50.1
48.0
Other fees:
Issuance of comfort letter for the EMTN programme
80.0
\u2013
Audit-related assurance services - Interim Review
103.8
95.0
Total fees for audit and other services
966.9
715.0
In addition, \u00a325,800 (2025: \u00a324,700) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-434": { "value": "4 Administrative costs a) Total administrative costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Staff costs
22.7
20.7
Auditor\u2019s remuneration
1.0
0.7
Depreciation
1.0
0.6
Other administrative costs
5.5
5.1
30.2
27.1
b) Staff costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Employee costs, including those of Directors, comprise the following:
Wages and salaries
17.1
15.7
Less staff costs capitalised in respect of development projects
(2.0)
(1.9)
15.1
13.8
Social security costs
1.4
1.2
Pension costs
0.5
0.4
Share based payment
5.7
5.3
22.7
20.7
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 \u00a35.7 million (2025: \u00a35.3 million). The cost of acquiring the shares expected to vest under the LTIP of \u00a33.1 million has been charged to reserves this year (2025: \u00a318.2 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 142 to 144.
2026 2025
For the year to 31 March \u00a3m \u00a3m
Remuneration for management services
4.2
4.0
Entitlement to pension scheme contributions
0.1
0.1
4.3
4.1
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.
2026 2025
For the year to 31 March \u00a3m \u00a3m
Short term employee benefits
12.9
11.6
Share based payments
4.6
4.1
17.5
15.7
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 118 on the basis of materiality. c) Staff numbers The average number of employees including Executive Directors during the year was:
2026 2025
Number Number
Property and administration
53
47
d) Auditor\u2019s remuneration
2026 2025
For the year to 31 March \u00a3'000 \u00a3'000
Audit services:
Audit of the Group and Company financial statements
733.0
572.0
Audit of the Company\u2019s subsidiaries
50.1
48.0
Other fees:
Issuance of comfort letter for the EMTN programme
80.0
\u2013
Audit-related assurance services - Interim Review
103.8
95.0
Total fees for audit and other services
966.9
715.0
In addition, \u00a325,800 (2025: \u00a324,700) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-457": { "value": "
2026 2025
For the year to 31 March \u00a3m \u00a3m
Staff costs
22.7
20.7
Auditor\u2019s remuneration
1.0
0.7
Depreciation
1.0
0.6
Other administrative costs
5.5
5.1
30.2
27.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-417": { "value": "b) Staff costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Employee costs, including those of Directors, comprise the following:
Wages and salaries
17.1
15.7
Less staff costs capitalised in respect of development projects
(2.0)
(1.9)
15.1
13.8
Social security costs
1.4
1.2
Pension costs
0.5
0.4
Share based payment
5.7
5.3
22.7
20.7
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 \u00a35.7 million (2025: \u00a35.3 million). The cost of acquiring the shares expected to vest under the LTIP of \u00a33.1 million has been charged to reserves this year (2025: \u00a318.2 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 142 to 144.
2026 2025
For the year to 31 March \u00a3m \u00a3m
Remuneration for management services
4.2
4.0
Entitlement to pension scheme contributions
0.1
0.1
4.3
4.1
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.
2026 2025
For the year to 31 March \u00a3m \u00a3m
Short term employee benefits
12.9
11.6
Share based payments
4.6
4.1
17.5
15.7
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 118 on the basis of materiality. c) Staff numbers The average number of employees including Executive Directors during the year was:
2026 2025
Number Number
Property and administration
53
47
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-418": { "value": "d) Auditor\u2019s remuneration
2026 2025
For the year to 31 March \u00a3'000 \u00a3'000
Audit services:
Audit of the Group and Company financial statements
733.0
572.0
Audit of the Company\u2019s subsidiaries
50.1
48.0
Other fees:
Issuance of comfort letter for the EMTN programme
80.0
\u2013
Audit-related assurance services - Interim Review
103.8
95.0
Total fees for audit and other services
966.9
715.0
In addition, \u00a325,800 (2025: \u00a324,700) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-386": { "value": "
5 Finance income and costs
a) Finance income
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
2.4
1.9
Interest receivable from interest rate derivatives
13.2
20.6
Interest receivable from forward funded developments
2.4
1.2
Total finance income
18.0
23.7
b) Finance costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
115.1
98.5
Unwinding of discount on fixed rate debt acquired
5.9
4.6
Debt and hedging early close out costs
16.9
\u2013
Amortisation of loan issue costs
5.2
4.3
Interest on lease and other financial liabilities
17.5
15.2
Commitment fees and other finance costs
6.5
5.3
Total borrowing costs
167.1
127.9
Less amounts capitalised on developments
(3.5)
(3.4)
Net borrowing costs
163.6
124.5
Fair value loss on derivative financial instruments
9.7
11.1
Total finance costs
173.3
135.6
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair
value loss on derivatives of \u00a39.7 million (2025: \u00a311.1 million), debt and hedging early close out costs of
\u00a316.9 million (2025: \u00a3nil) and the impact of the inflation volatility relating to the income strip of \u00a34.8 million
(2025: \u00a33.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-462": { "value": "5 Finance income and costs a) Finance income
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
2.4
1.9
Interest receivable from interest rate derivatives
13.2
20.6
Interest receivable from forward funded developments
2.4
1.2
Total finance income
18.0
23.7
b) Finance costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
115.1
98.5
Unwinding of discount on fixed rate debt acquired
5.9
4.6
Debt and hedging early close out costs
16.9
\u2013
Amortisation of loan issue costs
5.2
4.3
Interest on lease and other financial liabilities
17.5
15.2
Commitment fees and other finance costs
6.5
5.3
Total borrowing costs
167.1
127.9
Less amounts capitalised on developments
(3.5)
(3.4)
Net borrowing costs
163.6
124.5
Fair value loss on derivative financial instruments
9.7
11.1
Total finance costs
173.3
135.6
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivatives of \u00a39.7 million (2025: \u00a311.1 million), debt and hedging early close out costs of \u00a316.9 million (2025: \u00a3nil) and the impact of the inflation volatility relating to the income strip of \u00a34.8 million (2025: \u00a33.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-458": { "value": "5 Finance income and costs a) Finance income
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
2.4
1.9
Interest receivable from interest rate derivatives
13.2
20.6
Interest receivable from forward funded developments
2.4
1.2
Total finance income
18.0
23.7
b) Finance costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
115.1
98.5
Unwinding of discount on fixed rate debt acquired
5.9
4.6
Debt and hedging early close out costs
16.9
\u2013
Amortisation of loan issue costs
5.2
4.3
Interest on lease and other financial liabilities
17.5
15.2
Commitment fees and other finance costs
6.5
5.3
Total borrowing costs
167.1
127.9
Less amounts capitalised on developments
(3.5)
(3.4)
Net borrowing costs
163.6
124.5
Fair value loss on derivative financial instruments
9.7
11.1
Total finance costs
173.3
135.6
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivatives of \u00a39.7 million (2025: \u00a311.1 million), debt and hedging early close out costs of \u00a316.9 million (2025: \u00a3nil) and the impact of the inflation volatility relating to the income strip of \u00a34.8 million (2025: \u00a33.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-447": { "value": "5 Finance income and costs a) Finance income
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
2.4
1.9
Interest receivable from interest rate derivatives
13.2
20.6
Interest receivable from forward funded developments
2.4
1.2
Total finance income
18.0
23.7
b) Finance costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
115.1
98.5
Unwinding of discount on fixed rate debt acquired
5.9
4.6
Debt and hedging early close out costs
16.9
\u2013
Amortisation of loan issue costs
5.2
4.3
Interest on lease and other financial liabilities
17.5
15.2
Commitment fees and other finance costs
6.5
5.3
Total borrowing costs
167.1
127.9
Less amounts capitalised on developments
(3.5)
(3.4)
Net borrowing costs
163.6
124.5
Fair value loss on derivative financial instruments
9.7
11.1
Total finance costs
173.3
135.6
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivatives of \u00a39.7 million (2025: \u00a311.1 million), debt and hedging early close out costs of \u00a316.9 million (2025: \u00a3nil) and the impact of the inflation volatility relating to the income strip of \u00a34.8 million (2025: \u00a33.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-435": { "value": "5 Finance income and costs a) Finance income
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
2.4
1.9
Interest receivable from interest rate derivatives
13.2
20.6
Interest receivable from forward funded developments
2.4
1.2
Total finance income
18.0
23.7
b) Finance costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
115.1
98.5
Unwinding of discount on fixed rate debt acquired
5.9
4.6
Debt and hedging early close out costs
16.9
\u2013
Amortisation of loan issue costs
5.2
4.3
Interest on lease and other financial liabilities
17.5
15.2
Commitment fees and other finance costs
6.5
5.3
Total borrowing costs
167.1
127.9
Less amounts capitalised on developments
(3.5)
(3.4)
Net borrowing costs
163.6
124.5
Fair value loss on derivative financial instruments
9.7
11.1
Total finance costs
173.3
135.6
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivatives of \u00a39.7 million (2025: \u00a311.1 million), debt and hedging early close out costs of \u00a316.9 million (2025: \u00a3nil) and the impact of the inflation volatility relating to the income strip of \u00a34.8 million (2025: \u00a33.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-419": { "value": "5 Finance income and costs a) Finance income
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest received on bank deposits
2.4
1.9
Interest receivable from interest rate derivatives
13.2
20.6
Interest receivable from forward funded developments
2.4
1.2
Total finance income
18.0
23.7
b) Finance costs
2026 2025
For the year to 31 March \u00a3m \u00a3m
Interest payable on bank loans
115.1
98.5
Unwinding of discount on fixed rate debt acquired
5.9
4.6
Debt and hedging early close out costs
16.9
\u2013
Amortisation of loan issue costs
5.2
4.3
Interest on lease and other financial liabilities
17.5
15.2
Commitment fees and other finance costs
6.5
5.3
Total borrowing costs
167.1
127.9
Less amounts capitalised on developments
(3.5)
(3.4)
Net borrowing costs
163.6
124.5
Fair value loss on derivative financial instruments
9.7
11.1
Total finance costs
173.3
135.6
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivatives of \u00a39.7 million (2025: \u00a311.1 million), debt and hedging early close out costs of \u00a316.9 million (2025: \u00a3nil) and the impact of the inflation volatility relating to the income strip of \u00a34.8 million (2025: \u00a33.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-387": { "value": "
6 Taxation
2026 2025
For the year to 31 March \u00a3m \u00a3m
Current tax
UK corporation tax
0.5
0.9
German corporate income tax
0.5
0.6
Deferred tax
Deferred tax on German asset
0.7
0.7
Total tax charge
1.7
2.2
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. 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 \u00a30.5 million in the year (2025: \u00a30.6 million).
An associated deferred tax liability is recognised and the revaluation movement of \u00a30.7 million has been
reflected in the year along with an adverse currency movement of \u00a30.5 million, resulting in a deferred tax liability
of \u00a311.3 million at the year end (2025: \u00a310.1 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.
2026 2025
For the year to 31 March \u00a3m \u00a3m
Profit before tax
297.1
352.8
Tax charge at the standard rate of corporation tax in the UK of 25% (2025: 25%)
74.3
88.2
Effects of:
Items not taxable
(2.4)
(20.7)
Share of post tax profits of joint ventures
(1.2)
(1.5)
REIT exemption on income and gains
(68.3)
(63.5)
Other
(0.7)
(0.3)
Tax charge on profit
1.7
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-388": { "value": "
7 Dividends
2026 2025
For the year to 31 March \u00a3m \u00a3m
Ordinary dividends paid
2024
Third quarterly interim dividend
2.4p per share
\u2013
26.2
2024
Fourth quarterly interim dividend
3.0p per share
\u2013
61.1
2025
First quarterly interim dividend
2.85p per share
\u2013
58.1
2025
Second quarterly interim dividend
2.85p per share
\u2013
58.3
2025
Third quarterly interim dividend
3.0p per share
61.2
\u2013
2025
Fourth quarterly interim dividend
3.3p per share
68.2
\u2013
2026
First quarterly interim dividend
3.05p per share
71.2
\u2013
2026
Second quarterly interim dividend
3.05p per share
71.2
\u2013
271.8
203.7
Ordinary dividend payable
2026
Third quarterly interim dividend
3.05p per share
71.2
2026
Fourth quarterly interim dividend
3.3p per share
77.0
The Company paid its third quarterly interim dividend in respect of the financial year to 31 March 2026 of 3.05p
per share, wholly as a Property Income Distribution (\u2018PID\u2019), on 17 April 2026 to ordinary shareholders on the
register at the close of business on 13 March 2026.
The fourth quarterly interim dividend for 2026 of 3.3p per share, of which 1.5p is payable as a PID, will be payable
on 9 July 2026 to shareholders on the register at the close of business on 5 June 2026. 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 2027.
During the year, the Company issued 14.2 million ordinary shares under the terms of the Scrip Dividend Scheme,
which reduced the cash dividend payment by \u00a326.5 million to \u00a3245.3 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-389": { "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 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 193 to 200.
a) EPRA earnings
EPRA earnings for the Group and its share of joint venture 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.
2026 2025
For the year to 31 March \u00a3m \u00a3m
EPRA earnings
305.3
268.0
Revaluation of property and investments
64.6
106.9
Fair value of derivatives
(9.7)
(11.1)
Loss on disposal
(19.0)
(13.0)
Impact of inflation volatility relating to the income strip
(4.8)
(3.7)
Debt and hedging early repayment costs
(16.9)
\u2013
Goodwill impairment
(9.6)
\u2013
Acquisition costs
(16.3)
\u2013
Deferred tax
(0.7)
(0.7)
JV and NCI share of adjustments
2.8
1.5
IFRS reported profit
295.7
347.9
b) Earnings per ordinary share attributable to equity shareholders
2026 2025
For the year to 31 March \u00a3m \u00a3m
Basic and diluted earnings
295.7
347.9
EPRA adjustments above
9.6
(79.9)
EPRA earnings
305.3
268.0
2026 2025
Number of Number of
shares shares
For the year to 31 March (millions) (millions)
Weighted ordinary share capital
2,278.9
2,044.2
Shares held in the Employee Benefit Trust
(9.6)
(4.5)
Weighted average number of ordinary shares \u2013 basic
2,269.3
2,039.7
Employee share schemes
7.9
6.2
Weighted average number of ordinary shares \u2013 fully diluted
2,277.2
2,045.9
Earnings per share
Basic
13.0p
17.1p
Diluted
13.0p
17.0p
EPRA earnings per share
Basic
13.5p
13.1p
Diluted
13.4p
13.1p
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
tangible disposal reinstatement
assets value value
As at 31 March 2026 \u00a3m \u00a3m \u00a3m
Equity shareholders\u2019 funds
4,714.3
4,714.3
4,714.3
Deferred tax on fair value gains of investment property
\u2013
\u2013
11.3
Fair value of Group derivatives
(16.2)
\u2013
(16.2)
Mark to market of fixed rate debt
\u2013
86.0
\u2013
Mark to market of public bond
\u2013
16.7
\u2013
Purchasers\u2019 costs\u00b9
\u2013
\u2013
518.2
EPRA net asset value
4,698.1
4,817.0
5,227.6
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
tangible disposal reinstatement
assets 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
1
\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%
2026 2025
Number of Number of
shares shares
As at 31 March (millions) (millions)
Ordinary share capital
2,344.4
2,048.1
Shares held in Employee Benefit Trust
(10.0)
(10.5)
Number of ordinary shares \u2013 basic
2,334.4
2,037.6
Employee share schemes
8.1
6.4
Number of ordinary shares \u2013 fully diluted
2,342.5
2,044.0
IFRS net asset value per share
202.7p
202.4p
EPRA net tangible assets per share
200.6p
199.2p
EPRA net disposal value per share
205.6p
204.6p
EPRA net reinstatement value per share
223.2p
220.1p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-420": { "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 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 193 to 200. a) EPRA earnings EPRA earnings for the Group and its share of joint venture 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.
2026 2025
For the year to 31 March \u00a3m \u00a3m
EPRA earnings
305.3
268.0
Revaluation of property and investments
64.6
106.9
Fair value of derivatives
(9.7)
(11.1)
Loss on disposal
(19.0)
(13.0)
Impact of inflation volatility relating to the income strip
(4.8)
(3.7)
Debt and hedging early repayment costs
(16.9)
\u2013
Goodwill impairment
(9.6)
\u2013
Acquisition costs
(16.3)
\u2013
Deferred tax
(0.7)
(0.7)
JV and NCI share of adjustments
2.8
1.5
IFRS reported profit
295.7
347.9
b) Earnings per ordinary share attributable to equity shareholders
2026 2025
For the year to 31 March \u00a3m \u00a3m
Basic and diluted earnings
295.7
347.9
EPRA adjustments above
9.6
(79.9)
EPRA earnings
305.3
268.0
2026 2025
Number of Number of
shares shares
For the year to 31 March (millions) (millions)
Weighted ordinary share capital
2,278.9
2,044.2
Shares held in the Employee Benefit Trust
(9.6)
(4.5)
Weighted average number of ordinary shares \u2013 basic
2,269.3
2,039.7
Employee share schemes
7.9
6.2
Weighted average number of ordinary shares \u2013 fully diluted
2,277.2
2,045.9
Earnings per share
Basic
13.0p
17.1p
Diluted
13.0p
17.0p
EPRA earnings per share
Basic
13.5p
13.1p
Diluted
13.4p
13.1p
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
tangible disposal reinstatement
assets value value
As at 31 March 2026 \u00a3m \u00a3m \u00a3m
Equity shareholders\u2019 funds
4,714.3
4,714.3
4,714.3
Deferred tax on fair value gains of investment property
\u2013
\u2013
11.3
Fair value of Group derivatives
(16.2)
\u2013
(16.2)
Mark to market of fixed rate debt
\u2013
86.0
\u2013
Mark to market of public bond
\u2013
16.7
\u2013
Purchasers\u2019 costs\u00b9
\u2013
\u2013
518.2
EPRA net asset value
4,698.1
4,817.0
5,227.6
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
tangible disposal reinstatement
assets 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
1
\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%
2026 2025
Number of Number of
shares shares
As at 31 March (millions) (millions)
Ordinary share capital
2,344.4
2,048.1
Shares held in Employee Benefit Trust
(10.0)
(10.5)
Number of ordinary shares \u2013 basic
2,334.4
2,037.6
Employee share schemes
8.1
6.4
Number of ordinary shares \u2013 fully diluted
2,342.5
2,044.0
IFRS net asset value per share
202.7p
202.4p
EPRA net tangible assets per share
200.6p
199.2p
EPRA net disposal value per share
205.6p
204.6p
EPRA net reinstatement value per share
223.2p
220.1p
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-390": { "value": "
9 Investment properties
a) Investment properties
Under 2026 Under 2025
Completed development Total Completed development Total
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening balance
6,327.6
15.4
6,343.0
6,146.4
38.2
6,184.6
Acquisitions
1,526.6
82.1
1,608.7
284.7
10.8
295.5
Capital expenditure
14.9
16.2
31.1
24.7
11.9
36.6
Disposals
(293.0)
\u2013
(293.0)
(293.8)
(21.4)
(315.2)
Property transfers\u00b9
(26.5)
(21.3)
(47.8)
17.0
(27.4)
(10.4)
Revaluation movement\u00b2
54.5
7.6
62.1
97.8
3.2
101.0
Foreign currency
5.8
\u2013
5.8
(2.9)
\u2013
(2.9)
Movement in income strip
gross up
2,3
6.1
\u2013
6.1
9.5
\u2013
9.5
and rent free uplifts
48.5
0.1
48.6
44.2
0.1
44.3
Property portfolio
7,664.5
100.1
7,764.6
6,327.6
15.4
6,343.0
Head lease assets
54.4
\u2013
54.4
40.9
\u2013
40.9
7,718.9
100.1
7,819.0
6,368.5
15.4
6,383.9
Movement in tenant incentives
1 Properties totalling \u00a347.8 million (2025: \u00a310.4 million) have been transferred to current assets and separately disclosed as assets held for sale as
reflected in note 9b
2 Revaluation and income strip movements are reflected together as profit on revaluation of investment properties in the income statement of
\u00a368.2 million (2025: \u00a3106.0 million)
3 Prior year movement of \u00a39.5 million comprises an adjustment of \u00a34.5 million to incorporate an inflation adjustment and a gross up of \u00a35.0 million
which is included in the income statement
Investment properties are stated at fair value as at 31 March 2026 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. 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.
A reconciliation of the total portfolio valuation to the valuers\u2019 reports is provided below:
2026 2025
As at 31 March
Note
\u00a3m \u00a3m
Property portfolio valuation
9a
7,764.6
6,343.0
Assets held for sale
9b
47.8
10.4
Less income strip gross up
(237.1)
(231.0)
Portfolio valuation from external valuation reports
7,575.3
6,122.4
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 \u00a36.1 million comprises a gross up 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 \u00a32.0 million (2025: \u00a31.9 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 \u00a31,332.3 million
(2025: \u00a31,169.8 million). Almost 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 2026 was \u00a36,850.4 million
(2025: \u00a35,484.0 million).
Included within the investment property valuation is \u00a3205.5 million (2025: \u00a3156.9 million) in respect of
unamortised lease incentives and rent free periods. The movement in the year reflects lease incentives paid of
\u00a31.4 million (2025: \u00a38.2 million) and rent free and amortisation movements of \u00a351.2 million (2025: \u00a347.9 million),
offset by incentives written off on disposal of \u00a34.0 million (2025: \u00a311.8 million).
Capital commitments have been entered into amounting to \u00a349.6 million (2025: \u00a3107.2 million) which have not
been provided for in the financial statements.
b) Assets held for sale
2026 2025
As at 31 March \u00a3m \u00a3m
Opening balance
10.4
8.5
Disposals
(10.4)
(8.5)
Property transfers
47.8
10.4
Closing balance
47.8
10.4
The valuation of freehold and leasehold property held for sale at 31 March 2026 was \u00a347.8 million
(2025: \u00a310.4 million), representing \u00a318.6 million logistics and \u00a329.2 million 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 Under Trading Fair value Weighted Weighted Weighted
split (note 2) development assets 2026\u00b9 Valuation average Range average Range average Range
Asset type \u00a3m \u00a3m \u00a3m \u00a3m technique (\u00a3 per sq ft) (\u00a3 per sq ft) % % % %
Logistics
4,023.7
(80.8)
\u2013
3,942.9
Yield capitalisation
9.52
1.80\u201337.10
5.0
1.7\u201310.1
6.2
3.1\u201321.7
Long income
3,471.7
(19.3)
\u2013
3,452.4
Yield capitalisation
19.43
1.10\u2013191.60
5.6
1.3\u201313.3
5.6
3.2\u201316.7
Other
81.0
\u2013
(1.1)
79.9
Yield capitalisation
14.32
5.70\u201370.10
5.6
4.6\u201310.6
8.5
5.3\u201311.2
Development
\u2013
100.1
\u2013
100.1
Residual
14.22
12.50\u201355.60
4.9
3.8\u20135.7
5.3
5.1\u20136.3
ERV
Net initial yield
Reversionary yield
Segmental Under Trading Fair value Weighted Weighted Weighted
split (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
1 As reflected in notes 2 and 9 and including assets held for sale of \u00a347.8 million (2025: \u00a310.4 million) but excluding trading properties classified as development of \u00a31.1 million (2025: \u00a31.1 million)
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 2026. The fair value at 31 March 2026 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.
ii) Sensitivity
A 5% increase or decrease in ERV would increase or decrease the fair value of the Group\u2019s investment properties
by \u00a3160.8 million or \u00a3164.9 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 \u00a3311.8 million or \u00a3334.1 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 \u00a3613.3 million
or \u00a3739.5 million respectively. The Directors consider these thresholds to be appropriate in order to demonstrate
a reasonable movement in the underlying significant estimates and their impact on the valuation of the property
portfolio based on historical movements and consider their presentation to be in line with market practice.
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; and
\u2022 Assumptions applied by the valuers such as ERVs and yields which are based on market observation and their
professional judgement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-391": { "value": "
10 Investment in joint ventures
At 31 March 2026, 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 2026, 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:
2026 2025
As at 31 March \u00a3m \u00a3m
Opening balance
71.9
69.2
Share of profit for the year
4.7
6.1
Distributions received\u00b9
(9.1)
(3.4)
67.5
71.9
1 Comprises profit distributions of \u00a36.3 million (2025: \u00a33.4 million) and repayment of partner loans of \u00a32.8 million (2025: \u00a3nil)
The Group\u2019s share of the profit after tax and net assets of MIPP is as follows:
Group Group
Total share Total share
2026 2026 2025 2025
Summarised income statement \u00a3m \u00a3m \u00a3m \u00a3m
Gross rental income
8.2
4.1
7.8
3.9
Property costs
(0.5)
(0.3)
(0.4)
(0.2)
Net rental income
7.7
3.8
7.4
3.7
Management fees
(1.1)
(0.5)
(1.1)
(0.6)
Revaluation gain
2.6
1.3
5.8
2.9
Profit on disposal
0.1
\u2013
\u2013
\u2013
Net finance income
0.1
0.1
0.1
0.1
Profit after tax
9.4
4.7
12.2
6.1
Group share of profit after tax
4.7
6.1
EPRA adjustments:
Revaluation gain
(2.6)
(1.3)
(5.8)
(2.9)
Profit on disposal
(0.1)
\u2013
\u2013
\u2013
EPRA earnings
6.7
3.4
6.4
3.2
Group share of EPRA earnings
3.4
3.2
Summarised balance sheet
Investment properties
131.2
65.5
139.8
69.9
Other current assets
0.4
0.2
0.5
0.2
Cash
6.0
3.0
5.5
2.8
Current liabilities
(2.5)
(1.2)
(2.1)
(1.0)
Net assets
135.1
67.5
143.7
71.9
Group share of net assets
67.5
71.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-421": { "value": "10 Investment in joint ventures At 31 March 2026, 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 2026, 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:
2026 2025
As at 31 March \u00a3m \u00a3m
Opening balance
71.9
69.2
Share of profit for the year
4.7
6.1
Distributions received\u00b9
(9.1)
(3.4)
67.5
71.9
1 Comprises profit distributions of \u00a36.3 million (2025: \u00a33.4 million) and repayment of partner loans of \u00a32.8 million (2025: \u00a3nil) The Group\u2019s share of the profit after tax and net assets of MIPP is as follows:
Group Group
Total share Total share
2026 2026 2025 2025
Summarised income statement \u00a3m \u00a3m \u00a3m \u00a3m
Gross rental income
8.2
4.1
7.8
3.9
Property costs
(0.5)
(0.3)
(0.4)
(0.2)
Net rental income
7.7
3.8
7.4
3.7
Management fees
(1.1)
(0.5)
(1.1)
(0.6)
Revaluation gain
2.6
1.3
5.8
2.9
Profit on disposal
0.1
\u2013
\u2013
\u2013
Net finance income
0.1
0.1
0.1
0.1
Profit after tax
9.4
4.7
12.2
6.1
Group share of profit after tax
4.7
6.1
EPRA adjustments:
Revaluation gain
(2.6)
(1.3)
(5.8)
(2.9)
Profit on disposal
(0.1)
\u2013
\u2013
\u2013
EPRA earnings
6.7
3.4
6.4
3.2
Group share of EPRA earnings
3.4
3.2
Summarised balance sheet
Investment properties
131.2
65.5
139.8
69.9
Other current assets
0.4
0.2
0.5
0.2
Cash
6.0
3.0
5.5
2.8
Current liabilities
(2.5)
(1.2)
(2.1)
(1.0)
Net assets
135.1
67.5
143.7
71.9
Group share of net assets
67.5
71.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-394": { "value": "
11 Trade and other receivables
2026 2025
As at 31 March \u00a3m \u00a3m
Trade receivables
10.1
3.6
Prepayments and accrued income
4.3
4.6
Other receivables
13.5
5.5
27.9
13.7
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 2026, trade receivables of \u00a32.2 million were overdue and considered at risk and have been provided
for in full (2025: \u00a31.4 million). In addition, an impairment provision based on the IFRS expected credit loss model
of \u00a36.0 million (2025: \u00a34.9 million) and a provision against tenant incentives of \u00a31.8 million (2025: \u00a31.4 million)
have been recognised. The impairment provision includes \u00a31.8 million acquired through the corporate acquisition
of ULR.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-460": { "value": "11 Trade and other receivables
2026 2025
As at 31 March \u00a3m \u00a3m
Trade receivables
10.1
3.6
Prepayments and accrued income
4.3
4.6
Other receivables
13.5
5.5
27.9
13.7
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 2026, trade receivables of \u00a32.2 million were overdue and considered at risk and have been provided for in full (2025: \u00a31.4 million). In addition, an impairment provision based on the IFRS expected credit loss model of \u00a36.0 million (2025: \u00a34.9 million) and a provision against tenant incentives of \u00a31.8 million (2025: \u00a31.4 million) have been recognised. The impairment provision includes \u00a31.8 million acquired through the corporate acquisition of ULR.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-449": { "value": "11 Trade and other receivables
2026 2025
As at 31 March \u00a3m \u00a3m
Trade receivables
10.1
3.6
Prepayments and accrued income
4.3
4.6
Other receivables
13.5
5.5
27.9
13.7
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 2026, trade receivables of \u00a32.2 million were overdue and considered at risk and have been provided for in full (2025: \u00a31.4 million). In addition, an impairment provision based on the IFRS expected credit loss model of \u00a36.0 million (2025: \u00a34.9 million) and a provision against tenant incentives of \u00a31.8 million (2025: \u00a31.4 million) have been recognised. The impairment provision includes \u00a31.8 million acquired through the corporate acquisition of ULR.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-437": { "value": "11 Trade and other receivables
2026 2025
As at 31 March \u00a3m \u00a3m
Trade receivables
10.1
3.6
Prepayments and accrued income
4.3
4.6
Other receivables
13.5
5.5
27.9
13.7
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 2026, trade receivables of \u00a32.2 million were overdue and considered at risk and have been provided for in full (2025: \u00a31.4 million). In addition, an impairment provision based on the IFRS expected credit loss model of \u00a36.0 million (2025: \u00a34.9 million) and a provision against tenant incentives of \u00a31.8 million (2025: \u00a31.4 million) have been recognised. The impairment provision includes \u00a31.8 million acquired through the corporate acquisition of ULR.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-424": { "value": "11 Trade and other receivables
2026 2025
As at 31 March \u00a3m \u00a3m
Trade receivables
10.1
3.6
Prepayments and accrued income
4.3
4.6
Other receivables
13.5
5.5
27.9
13.7
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 2026, trade receivables of \u00a32.2 million were overdue and considered at risk and have been provided for in full (2025: \u00a31.4 million). In addition, an impairment provision based on the IFRS expected credit loss model of \u00a36.0 million (2025: \u00a34.9 million) and a provision against tenant incentives of \u00a31.8 million (2025: \u00a31.4 million) have been recognised. The impairment provision includes \u00a31.8 million acquired through the corporate acquisition of ULR.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-392": { "value": "
12 Cash and cash equivalents
Cash and cash equivalents include \u00a355.8 million (2025: \u00a339.4 million) retained in restricted accounts which are
not readily available to the Group for day-to-day commercial purposes. Cash in rent accounts of \u00a332.6 million
was released following the next interest payment date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-422": { "value": "12 Cash and cash equivalents Cash and cash equivalents include \u00a355.8 million (2025: \u00a339.4 million) retained in restricted accounts which are not readily available to the Group for day-to-day commercial purposes. Cash in rent accounts of \u00a332.6 million was released following the next interest payment date.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-393": { "value": "
13 Trade and other payables
2026 2025
As at 31 March \u00a3m \u00a3m
Trade payables
10.1
3.7
Amounts payable on property acquisitions and disposals
2.4
1.8
Rent received in advance
93.0
63.1
Accrued interest
14.5
4.7
Tax liabilities
10.8
16.9
Other payables
28.1
31.5
Other accruals and deferred income
22.7
20.8
181.6
142.5
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-463": { "value": "13 Trade and other payables
2026 2025
As at 31 March \u00a3m \u00a3m
Trade payables
10.1
3.7
Amounts payable on property acquisitions and disposals
2.4
1.8
Rent received in advance
93.0
63.1
Accrued interest
14.5
4.7
Tax liabilities
10.8
16.9
Other payables
28.1
31.5
Other accruals and deferred income
22.7
20.8
181.6
142.5
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:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-459": { "value": "13 Trade and other payables
2026 2025
As at 31 March \u00a3m \u00a3m
Trade payables
10.1
3.7
Amounts payable on property acquisitions and disposals
2.4
1.8
Rent received in advance
93.0
63.1
Accrued interest
14.5
4.7
Tax liabilities
10.8
16.9
Other payables
28.1
31.5
Other accruals and deferred income
22.7
20.8
181.6
142.5
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-448": { "value": "13 Trade and other payables
2026 2025
As at 31 March \u00a3m \u00a3m
Trade payables
10.1
3.7
Amounts payable on property acquisitions and disposals
2.4
1.8
Rent received in advance
93.0
63.1
Accrued interest
14.5
4.7
Tax liabilities
10.8
16.9
Other payables
28.1
31.5
Other accruals and deferred income
22.7
20.8
181.6
142.5
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-436": { "value": "13 Trade and other payables
2026 2025
As at 31 March \u00a3m \u00a3m
Trade payables
10.1
3.7
Amounts payable on property acquisitions and disposals
2.4
1.8
Rent received in advance
93.0
63.1
Accrued interest
14.5
4.7
Tax liabilities
10.8
16.9
Other payables
28.1
31.5
Other accruals and deferred income
22.7
20.8
181.6
142.5
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-423": { "value": "13 Trade and other payables
2026 2025
As at 31 March \u00a3m \u00a3m
Trade payables
10.1
3.7
Amounts payable on property acquisitions and disposals
2.4
1.8
Rent received in advance
93.0
63.1
Accrued interest
14.5
4.7
Tax liabilities
10.8
16.9
Other payables
28.1
31.5
Other accruals and deferred income
22.7
20.8
181.6
142.5
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-395": { "value": "
14 Borrowings and financial instruments
a) Borrowings
i) Secured and unsecured loans
2026 2025
As at 31 March \u00a3m \u00a3m
Secured bank loans
533.5
799.3
Unsecured bank loans
2,418.8
1,273.9
2,952.3
2,073.2
Unamortised finance costs
(14.7)
(14.6)
2,937.6
2,058.6
Of the total borrowings of \u00a32,937.6 million, \u00a392.8 million are repayable within one year (2025: \u00a3347.7 million).
Floating Unamortised Weighted
Total debt rate Fixed rate fair value Total gross average
facility debt drawn debt drawn adjustments debt maturity
As at 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m (years)
Secured bank loans:
Rothesay (Mucklow)
60.0
\u2013
60.0
1.3
61.3
5.7
Canada Life (CTPT)
90.0
\u2013
90.0
(0.6)
89.4
0.6
Scottish Widows (LXi)
170.0
\u2013
170.0
(13.2)
156.8
7.7
Handelsbanken (Highcroft)
27.2
\u2013
27.2
(0.9)
26.3
2.7
Aviva (ULR)
210.0
\u2013
210.0
(10.3)
199.7
4.4
Unsecured bank loans:
Public bond 2025
500.0
\u2013
500.0
(1.2)
498.8
5.2
Revolving credit facilities 2026 (syndicate)
755.0
245.0
\u2013
\u2013
245.0
4.7
Revolving credit facilities 2026 (Lloyds)
150.0
145.0
\u2013
\u2013
145.0
4.6
Term loan 2025 (syndicate)
180.0
180.0
\u2013
\u2013
180.0
2.3
Term loan 2025 (CCB)
50.0
50.0
\u2013
\u2013
50.0
2.6
Term loans 2026 (syndicate)
545.0
545.0
\u2013
\u2013
545.0
2.5
Term loans 2026 (Lloyds)
50.0
50.0
\u2013
\u2013
50.0
2.5
Private placement 2016 (syndicate)
25.0
\u2013
25.0
\u2013
25.0
2.5
Private placement 2018 (syndicate)
150.0
\u2013
150.0
\u2013
150.0
4.8
Private placement 2021 (syndicate)
380.0
\u2013
380.0
\u2013
380.0
6.2
Private placement 2025 (syndicate)
150.0
\u2013
150.0
\u2013
150.0
5.1
3,492.2
1,215.0
1,762.2
(24.9)
2,952.3
4.4
Total debt drawn
2,977.2
Unamortised Weighted
Total debt Floating rate Fixed rate fair value Total gross average
facility debt drawn debt drawn adjustments debt maturity
As at 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m (years)
Secured bank loans:
Scottish Widows (Mucklow)
60.0
\u2013
60.0
1.5
61.5
6.7
Canada Life (CTPT)
90.0
\u2013
90.0
(1.7)
88.3
1.6
L&G (LXi)
62.5
\u2013
62.5
(0.2)
62.3
0.4
AIG (LXi)
286.2
\u2013
286.2
(0.8)
285.4
0.5
Scottish Widows (LXi)
170.0
\u2013
170.0
(14.9)
155.1
8.7
Canada Life (LXi)
148.0
\u2013
148.0
(1.3)
146.7
14.1
Unsecured bank loans:
Revolving credit facility 2021 (syndicate)
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 (syndicate)
275.0
135.0
\u2013
\u2013
135.0
2.6
Revolving credit facility 2024 (syndicate)
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 (syndicate)
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
Total drawn debt
2,090.6
The Group strengthened and diversified its financial position during the year through extensive refinancing of
secured, near term and expensive debt facilities. In total, the Group completed \u00a31.2 billion of new unsecured
debt arrangements, repaid \u00a31.1 billion existing facilities and refinanced \u00a31.5 billion unsecured revolving credit
facilities and term loans. Further details are set out in the Financial review.
Certain bank loans at 31 March 2026 are secured by fixed charges over Group investment properties with a
carrying value of \u00a31,660.7 million (2025: \u00a32,191.9 million).
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, entered into in 2022. The proceeds LXi received prior to our merger were matched with a corresponding financial liability and a 30% pay away of rent. The structure comprised selling the freehold of the properties to a UK institutional investor, with 999 year leases granted back, pursuant to which was the obligation to pay rental income equivalent to 30% of the annual rental income received from the tenant. The Group 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 2026, the total liability was \u00a3237.1 million based on amortised cost, with \u00a39.4 million being due in less than one year. For disclosure purposes, the fair value of the liability at 31 March 2026 was assessed by independent experts Chatham Financial to be \u00a3212.8 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 as interest payable on other financial liabilities and included 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 \u00a36.0 million (2025: \u00a34.9 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. 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 2026, the Group had cash reserves of \u00a3143.4 million (2025: \u00a381.2 million), of which \u00a355.8 million
was retained in restricted accounts, and available and undrawn bank loan facilities of \u00a3515.0 million
(2025: \u00a3831.1 million). Cash and cash equivalents were placed with financial institutions with A or better
credit ratings.
The following table shows the contractual maturity profile of the Group\u2019s loans, interest payments on 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.
One to Three
Less than three months to One to Two to More than
one month months one year two years five years five years Total
As at 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
10.1
20.5
184.2
509.4
1,746.0
1,027.3
3,497.5
Other financial liabilities
0.8
1.5
7.1
9.7
31.0
1,760.0
1,810.1
Derivative financial
instruments
(0.6)
(0.9)
(4.0)
(2.5)
(2.4)
\u2013
(10.4)
10.3
21.1
187.3
516.6
1,774.6
2,787.3
5,297.2
One to Three
Less than three months to One to Two to More than
one month 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
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 and currency risk relating to loans denominated in euros. There is a risk that future cash flows of a financial instrument will fluctuate because of changes in interest or currency 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 the year end, 99.8% of the Group\u2019s debt drawn was hedged, through fixed coupon debt arrangements and interest rate swaps and caps currently in place. The average interest rate payable by the Group on all bank borrowings at 31 March 2026, including the cost of amortising finance arrangement fees, was 4.0% (2025: 4.0%). A 1% increase or decrease in interest rates during the year would have decreased or increased the Group\u2019s annual profit before tax by \u00a32.7 million or \u00a33.2 million respectively. 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.
2026 2025
As at 31 March \u00a3m \u00a3m
Net debt
3,085.2
2,230.9
Shareholders\u2019 equity
4,714.3
4,094.2
7,799.5
6,325.1
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 \u00a31.6 million (2025: decrease or increase by \u00a31.5 million).
c) Financial instruments
i) Categories of financial instruments
Measured at
amortised cost
Measured at fair value
2026 2025 2026 2025
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Non current assets
Derivative financial instruments (see 14c (iii))
\u2013
\u2013
16.2
23.7
Current assets
Cash and cash equivalents (note 12)
143.4
81.2
\u2013
\u2013
Trade receivables (note 11)
10.1
3.6
\u2013
\u2013
Other receivables (note 11)
13.5
5.5
\u2013
\u2013
167.0
90.3
16.2
23.7
Non current liabilities
Borrowings (note 14a (i))
2,844.2
1,710.9
\u2013
\u2013
Other financial liabilities (note 14a (ii))
227.7
222.0
\u2013
\u2013
Lease liabilities (note 16)
54.8
40.8
\u2013
\u2013
Current liabilities
Borrowings (note 14a (i))
93.4
347.7
\u2013
\u2013
Other financial liabilities (note 14a (ii))
9.4
9.0
\u2013
\u2013
Lease liabilities (note 16)
0.8
0.7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
2.9
1.4
Trade payables (note 13)
10.1
3.7
\u2013
\u2013
Accrued interest (note 13)
14.5
4.7
\u2013
\u2013
3,254.9
2,339.5
2.9
1.4
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 2026 with the exception of
the Group\u2019s fixed rate debt and public bond.
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.
The adjustment required to measure the public bond at fair value is provided in note 8c. This is based on quoted market prices for the listed bond at the balance sheet date and represents a Level 1 fair value measurement in the hierarchy. 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 2026 are provided below:
As at 31 March
Average rate
Notional amount
Fair value
2026 2025 2026 2025 2026 2025
Interest rate swaps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
2.4
\u2013
101.3
\u2013
\u2013
\u2013
One to two years
2.8
2.4
365.0
97.1
5.6
(0.5)
Two to five years
3.1
3.1
350.0
725.0
10.3
15.5
2.9
3.0
816.3
822.1
15.9
15.0
As at 31 March
Average rate
Notional amount
Fair value
2026 2025 2026 2025 2026 2025
Interest rate caps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
2.0
\u2013
443.7
\u2013
0.3
\u2013
One to two years
\u2013
2.0
\u2013
441.8
\u2013
8.7
2.0
2.0
443.7
441.8
0.3
8.7
Total fair value
16.2
23.7
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-425": { "value": "14 Borrowings and financial instruments a) Borrowings i) Secured and unsecured loans
2026 2025
As at 31 March \u00a3m \u00a3m
Secured bank loans
533.5
799.3
Unsecured bank loans
2,418.8
1,273.9
2,952.3
2,073.2
Unamortised finance costs
(14.7)
(14.6)
2,937.6
2,058.6
Of the total borrowings of \u00a32,937.6 million, \u00a392.8 million are repayable within one year (2025: \u00a3347.7 million).
Floating Unamortised Weighted
Total debt rate Fixed rate fair value Total gross average
facility debt drawn debt drawn adjustments debt maturity
As at 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m (years)
Secured bank loans:
Rothesay (Mucklow)
60.0
\u2013
60.0
1.3
61.3
5.7
Canada Life (CTPT)
90.0
\u2013
90.0
(0.6)
89.4
0.6
Scottish Widows (LXi)
170.0
\u2013
170.0
(13.2)
156.8
7.7
Handelsbanken (Highcroft)
27.2
\u2013
27.2
(0.9)
26.3
2.7
Aviva (ULR)
210.0
\u2013
210.0
(10.3)
199.7
4.4
Unsecured bank loans:
Public bond 2025
500.0
\u2013
500.0
(1.2)
498.8
5.2
Revolving credit facilities 2026 (syndicate)
755.0
245.0
\u2013
\u2013
245.0
4.7
Revolving credit facilities 2026 (Lloyds)
150.0
145.0
\u2013
\u2013
145.0
4.6
Term loan 2025 (syndicate)
180.0
180.0
\u2013
\u2013
180.0
2.3
Term loan 2025 (CCB)
50.0
50.0
\u2013
\u2013
50.0
2.6
Term loans 2026 (syndicate)
545.0
545.0
\u2013
\u2013
545.0
2.5
Term loans 2026 (Lloyds)
50.0
50.0
\u2013
\u2013
50.0
2.5
Private placement 2016 (syndicate)
25.0
\u2013
25.0
\u2013
25.0
2.5
Private placement 2018 (syndicate)
150.0
\u2013
150.0
\u2013
150.0
4.8
Private placement 2021 (syndicate)
380.0
\u2013
380.0
\u2013
380.0
6.2
Private placement 2025 (syndicate)
150.0
\u2013
150.0
\u2013
150.0
5.1
3,492.2
1,215.0
1,762.2
(24.9)
2,952.3
4.4
Total debt drawn
2,977.2
Unamortised Weighted
Total debt Floating rate Fixed rate fair value Total gross average
facility debt drawn debt drawn adjustments debt maturity
As at 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m (years)
Secured bank loans:
Scottish Widows (Mucklow)
60.0
\u2013
60.0
1.5
61.5
6.7
Canada Life (CTPT)
90.0
\u2013
90.0
(1.7)
88.3
1.6
L&G (LXi)
62.5
\u2013
62.5
(0.2)
62.3
0.4
AIG (LXi)
286.2
\u2013
286.2
(0.8)
285.4
0.5
Scottish Widows (LXi)
170.0
\u2013
170.0
(14.9)
155.1
8.7
Canada Life (LXi)
148.0
\u2013
148.0
(1.3)
146.7
14.1
Unsecured bank loans:
Revolving credit facility 2021 (syndicate)
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 (syndicate)
275.0
135.0
\u2013
\u2013
135.0
2.6
Revolving credit facility 2024 (syndicate)
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 (syndicate)
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
Total drawn debt
2,090.6
The Group strengthened and diversified its financial position during the year through extensive refinancing of secured, near term and expensive debt facilities. In total, the Group completed \u00a31.2 billion of new unsecured debt arrangements, repaid \u00a31.1 billion existing facilities and refinanced \u00a31.5 billion unsecured revolving credit facilities and term loans. Further details are set out in the Financial review. Certain bank loans at 31 March 2026 are secured by fixed charges over Group investment properties with a carrying value of \u00a31,660.7 million (2025: \u00a32,191.9 million). 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, entered into in 2022. The proceeds LXi received prior to our merger were matched with a corresponding financial liability and a 30% pay away of rent. The structure comprised selling the freehold of the properties to a UK institutional investor, with 999 year leases granted back, pursuant to which was the obligation to pay rental income equivalent to 30% of the annual rental income received from the tenant. The Group 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 2026, the total liability was \u00a3237.1 million based on amortised cost, with \u00a39.4 million being due in less than one year. For disclosure purposes, the fair value of the liability at 31 March 2026 was assessed by independent experts Chatham Financial to be \u00a3212.8 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 as interest payable on other financial liabilities and included 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 \u00a36.0 million (2025: \u00a34.9 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. 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 2026, the Group had cash reserves of \u00a3143.4 million (2025: \u00a381.2 million), of which \u00a355.8 million was retained in restricted accounts, and available and undrawn bank loan facilities of \u00a3515.0 million (2025: \u00a3831.1 million). Cash and cash equivalents were placed with financial institutions with A or better credit ratings. The following table shows the contractual maturity profile of the Group\u2019s loans, interest payments on 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.
One to Three
Less than three months to One to Two to More than
one month months one year two years five years five years Total
As at 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
10.1
20.5
184.2
509.4
1,746.0
1,027.3
3,497.5
Other financial liabilities
0.8
1.5
7.1
9.7
31.0
1,760.0
1,810.1
Derivative financial
instruments
(0.6)
(0.9)
(4.0)
(2.5)
(2.4)
\u2013
(10.4)
10.3
21.1
187.3
516.6
1,774.6
2,787.3
5,297.2
One to Three
Less than three months to One to Two to More than
one month 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
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 and currency risk relating to loans denominated in euros. There is a risk that future cash flows of a financial instrument will fluctuate because of changes in interest or currency 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 the year end, 99.8% of the Group\u2019s debt drawn was hedged, through fixed coupon debt arrangements and interest rate swaps and caps currently in place. The average interest rate payable by the Group on all bank borrowings at 31 March 2026, including the cost of amortising finance arrangement fees, was 4.0% (2025: 4.0%). A 1% increase or decrease in interest rates during the year would have decreased or increased the Group\u2019s annual profit before tax by \u00a32.7 million or \u00a33.2 million respectively. 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.
2026 2025
As at 31 March \u00a3m \u00a3m
Net debt
3,085.2
2,230.9
Shareholders\u2019 equity
4,714.3
4,094.2
7,799.5
6,325.1
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 \u00a31.6 million (2025: decrease or increase by \u00a31.5 million). c) Financial instruments i) Categories of financial instruments
Measured at
amortised cost
Measured at fair value
2026 2025 2026 2025
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Non current assets
Derivative financial instruments (see 14c (iii))
\u2013
\u2013
16.2
23.7
Current assets
Cash and cash equivalents (note 12)
143.4
81.2
\u2013
\u2013
Trade receivables (note 11)
10.1
3.6
\u2013
\u2013
Other receivables (note 11)
13.5
5.5
\u2013
\u2013
167.0
90.3
16.2
23.7
Non current liabilities
Borrowings (note 14a (i))
2,844.2
1,710.9
\u2013
\u2013
Other financial liabilities (note 14a (ii))
227.7
222.0
\u2013
\u2013
Lease liabilities (note 16)
54.8
40.8
\u2013
\u2013
Current liabilities
Borrowings (note 14a (i))
93.4
347.7
\u2013
\u2013
Other financial liabilities (note 14a (ii))
9.4
9.0
\u2013
\u2013
Lease liabilities (note 16)
0.8
0.7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
2.9
1.4
Trade payables (note 13)
10.1
3.7
\u2013
\u2013
Accrued interest (note 13)
14.5
4.7
\u2013
\u2013
3,254.9
2,339.5
2.9
1.4
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 2026 with the exception of the Group\u2019s fixed rate debt and public bond. 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. The adjustment required to measure the public bond at fair value is provided in note 8c. This is based on quoted market prices for the listed bond at the balance sheet date and represents a Level 1 fair value measurement in the hierarchy. 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 2026 are provided below:
As at 31 March
Average rate
Notional amount
Fair value
2026 2025 2026 2025 2026 2025
Interest rate swaps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
2.4
\u2013
101.3
\u2013
\u2013
\u2013
One to two years
2.8
2.4
365.0
97.1
5.6
(0.5)
Two to five years
3.1
3.1
350.0
725.0
10.3
15.5
2.9
3.0
816.3
822.1
15.9
15.0
As at 31 March
Average rate
Notional amount
Fair value
2026 2025 2026 2025 2026 2025
Interest rate caps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
2.0
\u2013
443.7
\u2013
0.3
\u2013
One to two years
\u2013
2.0
\u2013
441.8
\u2013
8.7
2.0
2.0
443.7
441.8
0.3
8.7
Total fair value
16.2
23.7
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "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 \u00a36.0 million (2025: \u00a34.9 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. 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 2026, the Group had cash reserves of \u00a3143.4 million (2025: \u00a381.2 million), of which \u00a355.8 million was retained in restricted accounts, and available and undrawn bank loan facilities of \u00a3515.0 million (2025: \u00a3831.1 million). Cash and cash equivalents were placed with financial institutions with A or better credit ratings. The following table shows the contractual maturity profile of the Group\u2019s loans, interest payments on 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.
One to Three
Less than three months to One to Two to More than
one month months one year two years five years five years Total
As at 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
10.1
20.5
184.2
509.4
1,746.0
1,027.3
3,497.5
Other financial liabilities
0.8
1.5
7.1
9.7
31.0
1,760.0
1,810.1
Derivative financial
instruments
(0.6)
(0.9)
(4.0)
(2.5)
(2.4)
\u2013
(10.4)
10.3
21.1
187.3
516.6
1,774.6
2,787.3
5,297.2
One to Three
Less than three months to One to Two to More than
one month 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
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 and currency risk relating to loans denominated in euros. There is a risk that future cash flows of a financial instrument will fluctuate because of changes in interest or currency 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 the year end, 99.8% of the Group\u2019s debt drawn was hedged, through fixed coupon debt arrangements and interest rate swaps and caps currently in place. The average interest rate payable by the Group on all bank borrowings at 31 March 2026, including the cost of amortising finance arrangement fees, was 4.0% (2025: 4.0%). A 1% increase or decrease in interest rates during the year would have decreased or increased the Group\u2019s annual profit before tax by \u00a32.7 million or \u00a33.2 million respectively. 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.
2026 2025
As at 31 March \u00a3m \u00a3m
Net debt
3,085.2
2,230.9
Shareholders\u2019 equity
4,714.3
4,094.2
7,799.5
6,325.1
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 \u00a31.6 million (2025: decrease or increase by \u00a31.5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "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 \u00a36.0 million (2025: \u00a34.9 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-453": { "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. 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 2026, the Group had cash reserves of \u00a3143.4 million (2025: \u00a381.2 million), of which \u00a355.8 million was retained in restricted accounts, and available and undrawn bank loan facilities of \u00a3515.0 million (2025: \u00a3831.1 million). Cash and cash equivalents were placed with financial institutions with A or better credit ratings. The following table shows the contractual maturity profile of the Group\u2019s loans, interest payments on 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.
One to Three
Less than three months to One to Two to More than
one month months one year two years five years five years Total
As at 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
10.1
20.5
184.2
509.4
1,746.0
1,027.3
3,497.5
Other financial liabilities
0.8
1.5
7.1
9.7
31.0
1,760.0
1,810.1
Derivative financial
instruments
(0.6)
(0.9)
(4.0)
(2.5)
(2.4)
\u2013
(10.4)
10.3
21.1
187.3
516.6
1,774.6
2,787.3
5,297.2
One to Three
Less than three months to One to Two to More than
one month 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-451": { "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 and currency risk
relating to loans denominated in euros. There is a risk that future cash flows of a financial instrument will
fluctuate because of changes in interest or currency 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 the year end, 99.8% of the Group\u2019s debt drawn was hedged, through fixed coupon debt arrangements and
interest rate swaps and caps currently in place.
The average interest rate payable by the Group on all bank borrowings at 31 March 2026, including the cost
of amortising finance arrangement fees, was 4.0% (2025: 4.0%). A 1% increase or decrease in interest rates
during the year would have decreased or increased the Group\u2019s annual profit before tax by \u00a32.7 million or
\u00a33.2 million respectively.
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
\u00a31.6 million (2025: decrease or increase by \u00a31.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-452": { "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.
2026 2025
As at 31 March \u00a3m \u00a3m
Net debt
3,085.2
2,230.9
Shareholders\u2019 equity
4,714.3
4,094.2
7,799.5
6,325.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-461": { "value": "i) Categories of financial instruments
Measured at
amortised cost
Measured at fair value
2026 2025 2026 2025
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Non current assets
Derivative financial instruments (see 14c (iii))
\u2013
\u2013
16.2
23.7
Current assets
Cash and cash equivalents (note 12)
143.4
81.2
\u2013
\u2013
Trade receivables (note 11)
10.1
3.6
\u2013
\u2013
Other receivables (note 11)
13.5
5.5
\u2013
\u2013
167.0
90.3
16.2
23.7
Non current liabilities
Borrowings (note 14a (i))
2,844.2
1,710.9
\u2013
\u2013
Other financial liabilities (note 14a (ii))
227.7
222.0
\u2013
\u2013
Lease liabilities (note 16)
54.8
40.8
\u2013
\u2013
Current liabilities
Borrowings (note 14a (i))
93.4
347.7
\u2013
\u2013
Other financial liabilities (note 14a (ii))
9.4
9.0
\u2013
\u2013
Lease liabilities (note 16)
0.8
0.7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
2.9
1.4
Trade payables (note 13)
10.1
3.7
\u2013
\u2013
Accrued interest (note 13)
14.5
4.7
\u2013
\u2013
3,254.9
2,339.5
2.9
1.4
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 2026 with the exception of the Group\u2019s fixed rate debt and public bond. 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. The adjustment required to measure the public bond at fair value is provided in note 8c. This is based on quoted market prices for the listed bond at the balance sheet date and represents a Level 1 fair value measurement in the hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-455": { "value": "i) Categories of financial instruments
Measured at
amortised cost
Measured at fair value
2026 2025 2026 2025
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Non current assets
Derivative financial instruments (see 14c (iii))
\u2013
\u2013
16.2
23.7
Current assets
Cash and cash equivalents (note 12)
143.4
81.2
\u2013
\u2013
Trade receivables (note 11)
10.1
3.6
\u2013
\u2013
Other receivables (note 11)
13.5
5.5
\u2013
\u2013
167.0
90.3
16.2
23.7
Non current liabilities
Borrowings (note 14a (i))
2,844.2
1,710.9
\u2013
\u2013
Other financial liabilities (note 14a (ii))
227.7
222.0
\u2013
\u2013
Lease liabilities (note 16)
54.8
40.8
\u2013
\u2013
Current liabilities
Borrowings (note 14a (i))
93.4
347.7
\u2013
\u2013
Other financial liabilities (note 14a (ii))
9.4
9.0
\u2013
\u2013
Lease liabilities (note 16)
0.8
0.7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
2.9
1.4
Trade payables (note 13)
10.1
3.7
\u2013
\u2013
Accrued interest (note 13)
14.5
4.7
\u2013
\u2013
3,254.9
2,339.5
2.9
1.4
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 2026 with the exception of the Group\u2019s fixed rate debt and public bond. 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.
The adjustment required to measure the public bond at fair value is provided in note 8c. This is based on quoted
market prices for the listed bond at the balance sheet date and represents a Level 1 fair value measurement in
the hierarchy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-439": { "value": "i) Categories of financial instruments
Measured at
amortised cost
Measured at fair value
2026 2025 2026 2025
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Non current assets
Derivative financial instruments (see 14c (iii))
\u2013
\u2013
16.2
23.7
Current assets
Cash and cash equivalents (note 12)
143.4
81.2
\u2013
\u2013
Trade receivables (note 11)
10.1
3.6
\u2013
\u2013
Other receivables (note 11)
13.5
5.5
\u2013
\u2013
167.0
90.3
16.2
23.7
Non current liabilities
Borrowings (note 14a (i))
2,844.2
1,710.9
\u2013
\u2013
Other financial liabilities (note 14a (ii))
227.7
222.0
\u2013
\u2013
Lease liabilities (note 16)
54.8
40.8
\u2013
\u2013
Current liabilities
Borrowings (note 14a (i))
93.4
347.7
\u2013
\u2013
Other financial liabilities (note 14a (ii))
9.4
9.0
\u2013
\u2013
Lease liabilities (note 16)
0.8
0.7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
2.9
1.4
Trade payables (note 13)
10.1
3.7
\u2013
\u2013
Accrued interest (note 13)
14.5
4.7
\u2013
\u2013
3,254.9
2,339.5
2.9
1.4
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 2026 with the exception of the Group\u2019s fixed rate debt and public bond. 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. The adjustment required to measure the public bond at fair value is provided in note 8c. This is based on quoted market prices for the listed bond at the balance sheet date and represents a Level 1 fair value measurement in the hierarchy. 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 2026 are provided below:
As at 31 March
Average rate
Notional amount
Fair value
2026 2025 2026 2025 2026 2025
Interest rate swaps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
2.4
\u2013
101.3
\u2013
\u2013
\u2013
One to two years
2.8
2.4
365.0
97.1
5.6
(0.5)
Two to five years
3.1
3.1
350.0
725.0
10.3
15.5
2.9
3.0
816.3
822.1
15.9
15.0
As at 31 March
Average rate
Notional amount
Fair value
2026 2025 2026 2025 2026 2025
Interest rate caps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
2.0
\u2013
443.7
\u2013
0.3
\u2013
One to two years
\u2013
2.0
\u2013
441.8
\u2013
8.7
2.0
2.0
443.7
441.8
0.3
8.7
Total fair value
16.2
23.7
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-454": { "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 2026 are provided below:
As at 31 March
Average rate
Notional amount
Fair value
2026 2025 2026 2025 2026 2025
Interest rate swaps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
2.4
\u2013
101.3
\u2013
\u2013
\u2013
One to two years
2.8
2.4
365.0
97.1
5.6
(0.5)
Two to five years
3.1
3.1
350.0
725.0
10.3
15.5
2.9
3.0
816.3
822.1
15.9
15.0
As at 31 March
Average rate
Notional amount
Fair value
2026 2025 2026 2025 2026 2025
Interest rate caps \u2013 expiry % % \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
2.0
\u2013
443.7
\u2013
0.3
\u2013
One to two years
\u2013
2.0
\u2013
441.8
\u2013
8.7
2.0
2.0
443.7
441.8
0.3
8.7
Total fair value
16.2
23.7
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-396": { "value": "
15 Business combinations
a) Acquisition of Urban Logistics REIT Plc
On 23 June 2025, the Company acquired the entire issued share capital of Urban Logistics REIT Plc ('ULR').
The acquisition was implemented by way of a Scheme of Arrangement under Part 26 of the Companies Act and
was effected through the issue of 257.9 million new ordinary shares at 202.2p per share totalling \u00a3521.4 million,
and cash consideration of 42.8p per share totalling \u00a3196.7 million. The Group\u2019s existing shareholding in ULR was
valued at \u00a38.7 million on acquisition and was included as part of the consideration paid, which in aggregate was
\u00a3726.8 million.
The exchange ratio was based on an adjusted net tangible assets (\u2018NTA\u2019) to adjusted NTA approach, taking into
account the fair value of property and debt and the acquisition of Logistics Asset Management Newco Limited as
reflected in note 15b.
The fair value of the identifiable net assets acquired was \u00a3726.7 million as reflected in the table opposite.
The difference between the consideration paid and the fair value of net assets acquired of \u00a30.1 million has been
recognised as goodwill in the year and has been fully impaired as the future cash flows arising in the form of
rental income were fully incorporated into the fair value of the assets acquired.
Acquisition-related costs of \u00a316.0 million have been recognised separately in the income statement.
The fair value adjustments required under IFRS 3 are as follows:
\u2022 Borrowings \u2013 secured debt with a nominal value of \u00a3267.2 million was fair valued to \u00a3255.1 million, a
\u00a312.1 million reduction. The fair value adjustment is offset by \u00a33.9 million of unamortised issue costs
associated with debt which was derecognised on completion. The fair value adjustment will be amortised to
other finance costs over the remaining term of the debt facility.
\u2022 Trade debtors and receivables \u2013 an impairment provision of \u00a31.8 million was recognised on acquisition along
with other provisions against lease incentives and dilapidation income receivable of \u00a34.1 million. After these
adjustments, the amortised cost of trade debtors and receivables approximates to their fair value.
Acquisition of Urban Logistics REIT Plc
Book value Fair value Fair value Other Fair value
as at 23 June of fixed rate of prepaid fair value as at
2025 debt finance costs adjustments 23 June 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment properties
1
1,144.6
\u2013
\u2013
\u2013
1,144.6
Derivative financial instruments
1.2
\u2013
\u2013
\u2013
1.2
Trade and other receivables
18.3
\u2013
\u2013
(5.9)
12.4
Cash and cash equivalents
41.9
\u2013
\u2013
\u2013
41.9
Total assets
1,206.0
\u2013
\u2013
(5.9)
1,200.1
Trade and other payables
(22.3)
\u2013
\u2013
\u2013
(22.3)
Rent received in advance
(15.6)
\u2013
\u2013
\u2013
(15.6)
Borrowings
(437.2)
12.1
\u2013
\u2013
(425.1)
Prepaid finance costs
3.9
\u2013
(3.9)
\u2013
\u2013
Lease liabilities
(10.4)
\u2013
\u2013
\u2013
(10.4)
Total liabilities
(481.6)
12.1
(3.9)
\u2013
(473.4)
Fair value of net assets acquired
724.4
12.1
(3.9)
(5.9)
726.7
Issue of 257.9 million ordinary shares
521.4
Cash consideration paid
196.7
Shares held in Urban Logistics REIT Plc
8.7
Fair value of consideration paid
726.8
Goodwill recognised on acquisition and
subsequently impaired
0.1
1 Includes urban logistics warehouses of \u00a31,134.5 million and head lease assets of \u00a310.1 million
b) Acquisition of Logistics Asset Management Newco Limited
On 24 June 2025, alongside the acquisition noted in 15a above, we completed the acquisition of Logistics Asset
Management Newco Limited, which held the investment advisory contract for ULR, for total consideration of
\u00a38.1 million which included \u00a31.0 million of contingent consideration at fair value. The contingent consideration is
payable over two years and is based on growth in the LondonMetric average share price and aggregated rent roll.
The fair value of net assets acquired was \u00a30.1 million and the resulting goodwill generated on acquisition of
\u00a38.0 million has been fully impaired and recognised in the income statement. Additional transaction costs of
\u00a30.3 million have been recognised separately within the income statement.
c) Summary of ULR acquisition disclosures
Logistics Asset
Urban Logistics Management
REIT Plc Newco Limited Total
\u00a3m \u00a3m \u00a3m
Fair value of net assets acquired
726.7
0.1
726.8
Fair value of consideration paid:
Shares
521.4
\u2013
521.4
Cash
196.7
8.1
204.8
Shares held in Urban Logistics REIT Plc
8.7
\u2013
8.7
Total consideration paid
726.8
8.1
734.9
Goodwill recognised on acquisition and subsequently impaired
0.1
8.0
8.1
Acquisition costs recognised in the income statement
16.0
0.3
16.3
The cost of the ULR acquisition reflected in the Group cash flow statement of \u00a3162.2 million reflects cash
consideration paid of \u00a3204.8 million noted above less contingent consideration payable of \u00a31.0 million and less
cash acquired of \u00a341.9 million (as reflected in note 15a) and includes costs relating to the issuance of share capital
of \u00a30.3 million charged to equity.
The goodwill charge in the income statement of \u00a39.6 million reflects the goodwill recognised on acquisition
of ULR of \u00a38.1 million as noted in the table above and also additional contingent consideration of \u00a31.5 million
relating to the acquisition of LXi REIT Advisors Limited.
The acquisition of ULR has contributed \u00a354.6 million to gross rental income, \u00a342.9 million to EPRA earnings
and \u00a342.8 million to retained profit since acquisition. Had ULR been part of the Group since 1 April 2025, the
combined Group\u2019s gross rental income, EPRA earnings and retained profits for the year to 31 March 2026 would
have been \u00a3475.0 million, \u00a3311.8 million and \u00a3286.6 million respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-397": { "value": "
16 Leases
The Group\u2019s minimum lease rentals receivable under non cancellable leases, excluding joint ventures, are as follows:
2026 2025
As at 31 March \u00a3m \u00a3m
Less than one year
434.1
346.1
Between one and five years
1,608.1
1,354.3
Between six and ten years
1,736.3
1,562.8
Between 11 and 15 years
1,198.1
1,184.6
Between 16 and 20 years
827.4
790.0
Over 20 years
2,851.6
2,155.2
8,655.6
7,393.0
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 2026 2025
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
3.2
(2.4)
0.8
0.7
Between one and two years
3.2
(2.4)
0.8
0.7
Between two and five years
7.6
(6.9)
0.7
1.3
Over five years
230.1
(176.8)
53.3
38.8
244.1
(188.5)
55.6
41.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-398": { "value": "
17 Share capital
2026 2026 2025 2025
As at 31 March Number \u00a3m Number \u00a3m
Issued, called up and fully paid
Ordinary shares of 10p each
2,344,406,347
234.4
2,048,108,416
204.8
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 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
Issued on acquisition
282,075,415
28.2
\u2013
Issued under scrip share scheme
14,222,516
1.4
25.1
At 31 March 2026
2,344,406,347
234.4
451.0
The Company issued 24,210,964 ordinary shares as consideration for the acquisition of Highcroft Investments
plc on 21 May 2025 and 257,864,451 ordinary shares as consideration for the acquisition of Urban Logistics REIT
Plc on 23 June 2025, as set out in note 15. The share issues qualified for merger relief and the premium arising of
\u00a3540.3 million has been added to the merger relief reserve within other reserves.
The Company issued 14.2 million ordinary shares under the terms of its Scrip Dividend Scheme during the year.
Post year end in April, the Company issued a further 0.4 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 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
Shares issued under employee share schemes
(2,189,496)
(0.2)
Shares acquired by the Employee Benefit Trust
1,676,429
0.2
At 31 March 2026
9,959,415
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-426": { "value": "17 Share capital
2026 2026 2025 2025
As at 31 March Number \u00a3m Number \u00a3m
Issued, called up and fully paid
Ordinary shares of 10p each
2,344,406,347
234.4
2,048,108,416
204.8
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 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
Issued on acquisition
282,075,415
28.2
\u2013
Issued under scrip share scheme
14,222,516
1.4
25.1
At 31 March 2026
2,344,406,347
234.4
451.0
The Company issued 24,210,964 ordinary shares as consideration for the acquisition of Highcroft Investments plc on 21 May 2025 and 257,864,451 ordinary shares as consideration for the acquisition of Urban Logistics REIT Plc on 23 June 2025, as set out in note 15. The share issues qualified for merger relief and the premium arising of \u00a3540.3 million has been added to the merger relief reserve within other reserves. The Company issued 14.2 million ordinary shares under the terms of its Scrip Dividend Scheme during the year. Post year end in April, the Company issued a further 0.4 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 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
Shares issued under employee share schemes
(2,189,496)
(0.2)
Shares acquired by the Employee Benefit Trust
1,676,429
0.2
At 31 March 2026
9,959,415
1.0
18 Reserves The Group statement of changes in equity is shown on page 163. 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, LXi REIT plc, Highcroft
Investments plc and Urban Logistics 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 192.
Retained earnings
The cumulative profits and losses after the payment of dividends.
Other reserves
Foreign Foreign
Merger Employee currency 2026 Merger Employee currency 2025
relief Benefit exchange Total other relief Benefit exchange Total other
reserve Trust shares reserve reserves reserve Trust shares reserve reserves
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening
balance
2,337.5
(19.9)
0.1
2,317.7
2,337.5
(5.6)
0.5
2,332.4
Share issue on
acquisitions
540.3
\u2013
\u2013
540.3
\u2013
\u2013
\u2013
\u2013
Foreign currency
exchange
\u2013
\u2013
(0.6)
(0.6)
\u2013
\u2013
(0.4)
(0.4)
Employee share
schemes:
Purchase of
shares
\u2013
(3.1)
\u2013
(3.1)
\u2013
(18.2)
\u2013
(18.2)
Vesting of shares
\u2013
4.0
\u2013
4.0
\u2013
3.9
\u2013
3.9
Closing balance
2,877.8
(19.0)
(0.5)
2,858.3
2,337.5
(19.9)
0.1
2,317.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-399": { "value": "
18 Reserves
The Group statement of changes in equity is shown on page 163. 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, LXi REIT plc, Highcroft
Investments plc and Urban Logistics 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 192.
Retained earnings
The cumulative profits and losses after the payment of dividends.
Other reserves
Foreign Foreign
Merger Employee currency 2026 Merger Employee currency 2025
relief Benefit exchange Total other relief Benefit exchange Total other
reserve Trust shares reserve reserves reserve Trust shares reserve reserves
As at 31 March \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening
balance
2,337.5
(19.9)
0.1
2,317.7
2,337.5
(5.6)
0.5
2,332.4
Share issue on
acquisitions
540.3
\u2013
\u2013
540.3
\u2013
\u2013
\u2013
\u2013
Foreign currency
exchange
\u2013
\u2013
(0.6)
(0.6)
\u2013
\u2013
(0.4)
(0.4)
Employee share
schemes:
Purchase of
shares
\u2013
(3.1)
\u2013
(3.1)
\u2013
(18.2)
\u2013
(18.2)
Vesting of shares
\u2013
4.0
\u2013
4.0
\u2013
3.9
\u2013
3.9
Closing balance
2,877.8
(19.0)
(0.5)
2,858.3
2,337.5
(19.9)
0.1
2,317.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-427": { "value": "
19 Analysis of movement in net debt
Non cash movements
Debt issue and close Interest charge
Acquisition of out costs and foreign Fair value and unwinding
1 April 2025 Cash flows subsidiaries exchange movements of discount 31 March 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Secured and unsecured loans
2,073.2
415.9
451.2
6.1
\u2013
5.9
2,952.3
Derivative financial instruments
(23.7)
(1.0)
(1.2)
\u2013
9.7
\u2013
(16.2)
Unamortised finance costs
(14.6)
(5.3)
\u2013
5.2
\u2013
\u2013
(14.7)
Other finance costs
\u2013
(6.5)
\u2013
6.5
\u2013
\u2013
\u2013
Interest payable
4.7
(126.6)
4.4
16.9
\u2013
115.1
14.5
Other financial liabilities
231.0
(9.0)
\u2013
\u2013
\u2013
15.1
237.1
Lease liabilities
41.5
(3.7)
10.4
\u2013
5.0
2.4
55.6
Total liabilities from financing activities
2,312.1
263.8
464.8
34.7
14.7
138.5
3,228.6
Cash and cash equivalents
(81.2)
(62.2)
\u2013
\u2013
\u2013
\u2013
(143.4)
Net debt
2,230.9
201.6
464.8
34.7
14.7
138.5
3,085.2
Non cash movements
Interest charge
Debt issue costs and foreign Fair value and unwinding
1 April 2024 Cash flows exchange movements of discount 31 March 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Secured and unsecured loans
2,087.4
(16.7)
(2.1)
\u2013
4.6
2,073.2
Derivative financial instruments
(32.6)
(2.2)
\u2013
11.1
\u2013
(23.7)
Unamortised finance costs
(13.3)
(5.6)
4.3
\u2013
\u2013
(14.6)
Other finance costs
\u2013
(5.3)
5.3
\u2013
\u2013
\u2013
Interest payable
4.9
(98.7)
\u2013
\u2013
98.5
4.7
Other financial liabilities
221.5
(8.5)
\u2013
4.5
13.5
231.0
Lease liabilities
48.1
(1.6)
\u2013
(6.7)
1.7
41.5
Total liabilities from financing activities
2,316.0
(138.6)
7.5
8.9
118.3
2,312.1
Cash and cash equivalents
(111.9)
30.7
\u2013
\u2013
\u2013
(81.2)
Net debt
2,204.1
(107.9)
7.5
8.9
118.3
2,230.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-400": { "value": "19 Analysis of movement in net debt
Non cash movements
Debt issue and close Interest charge
Acquisition of out costs and foreign Fair value and unwinding
1 April 2025 Cash flows subsidiaries exchange movements of discount 31 March 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Secured and unsecured loans
2,073.2
415.9
451.2
6.1
\u2013
5.9
2,952.3
Derivative financial instruments
(23.7)
(1.0)
(1.2)
\u2013
9.7
\u2013
(16.2)
Unamortised finance costs
(14.6)
(5.3)
\u2013
5.2
\u2013
\u2013
(14.7)
Other finance costs
\u2013
(6.5)
\u2013
6.5
\u2013
\u2013
\u2013
Interest payable
4.7
(126.6)
4.4
16.9
\u2013
115.1
14.5
Other financial liabilities
231.0
(9.0)
\u2013
\u2013
\u2013
15.1
237.1
Lease liabilities
41.5
(3.7)
10.4
\u2013
5.0
2.4
55.6
Total liabilities from financing activities
2,312.1
263.8
464.8
34.7
14.7
138.5
3,228.6
Cash and cash equivalents
(81.2)
(62.2)
\u2013
\u2013
\u2013
\u2013
(143.4)
Net debt
2,230.9
201.6
464.8
34.7
14.7
138.5
3,085.2
Non cash movements
Interest charge
Debt issue costs and foreign Fair value and unwinding
1 April 2024 Cash flows exchange movements of discount 31 March 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Secured and unsecured loans
2,087.4
(16.7)
(2.1)
\u2013
4.6
2,073.2
Derivative financial instruments
(32.6)
(2.2)
\u2013
11.1
\u2013
(23.7)
Unamortised finance costs
(13.3)
(5.6)
4.3
\u2013
\u2013
(14.6)
Other finance costs
\u2013
(5.3)
5.3
\u2013
\u2013
\u2013
Interest payable
4.9
(98.7)
\u2013
\u2013
98.5
4.7
Other financial liabilities
221.5
(8.5)
\u2013
4.5
13.5
231.0
Lease liabilities
48.1
(1.6)
\u2013
(6.7)
1.7
41.5
Total liabilities from financing activities
2,316.0
(138.6)
7.5
8.9
118.3
2,312.1
Cash and cash equivalents
(111.9)
30.7
\u2013
\u2013
\u2013
(81.2)
Net debt
2,204.1
(107.9)
7.5
8.9
118.3
2,230.9
", "dimensions": { "concept": "londonmetric:DisclosureOfAnalysisOfMovementInNetDebt", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-401": { "value": "
20 Related party transactions
a) Joint arrangement
Management fees and distributions receivable from the Group\u2019s joint arrangement during the year were
as follows:
Management fees
Distributions
2026 2025 2026 2025
For the year to 31 March
Group interest
\u00a3m \u00a3m \u00a3m \u00a3m
Metric Income Plus Partnership
50%
1.1
1.1
6.3
3.4
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 \u00a317.2 million to the Company, which has been eliminated on consolidation.
As at the year end, the NCI\u2019s share of losses and net assets was \u00a30.3 million (2025: profit of \u00a32.7 million) and
\u00a318.6 million (2025: \u00a329.7 million) respectively. Distributions to the NCI in the year totalled \u00a310.8 million
(2025: \u00a31.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-428": { "value": "20 Related party transactions a) Joint arrangement Management fees and distributions receivable from the Group\u2019s joint arrangement during the year were as follows:
Management fees
Distributions
2026 2025 2026 2025
For the year to 31 March
Group interest
\u00a3m \u00a3m \u00a3m \u00a3m
Metric Income Plus Partnership
50%
1.1
1.1
6.3
3.4
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 \u00a317.2 million to the Company, which has been eliminated on consolidation. As at the year end, the NCI\u2019s share of losses and net assets was \u00a30.3 million (2025: profit of \u00a32.7 million) and \u00a318.6 million (2025: \u00a329.7 million) respectively. Distributions to the NCI in the year totalled \u00a310.8 million (2025: \u00a31.0 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "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 \u00a317.2 million to the Company, which has been eliminated on consolidation. As at the year end, the NCI\u2019s share of losses and net assets was \u00a30.3 million (2025: profit of \u00a32.7 million) and \u00a318.6 million (2025: \u00a329.7 million) respectively. Distributions to the NCI in the year totalled \u00a310.8 million (2025: \u00a31.0 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-402": { "value": "
21 Post balance sheet events
Post year end we have exchanged or completed asset acquisitions and sales for \u00a339.8 million and \u00a365.5 million
respectively, of which \u00a322.8 million of sales had exchanged in the year.
On 12 May 2026, a joint announcement was made under Rule 2.4 of the City Code on Takeovers and Mergers
regarding a proposed non-binding, indicative all-share offer by the Company and Schroder Real Estate
Investment Trust Limited (\u2018SREIT\u2019) for the entire issued and to be issued share capital of Picton Property Income
Limited (\u2018Picton\u2019).
Based on closing share prices on 11 May 2026, the proposed offer implied a value of approximately
\u00a3403.4 million for Picton's share capital. Under the proposed terms, the Company would acquire approximately
46% of Picton's gross asset value, with the remaining approximately 54% to be acquired by SREIT. No firm offer
has been made and there can be no certainty that a firm offer will be made.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-5": { "value": "One Curzon Street London W1J 5HB United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800OCERWWPQDURL87", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }