THE TRAFFORD CENTRE LIMITED QUARTERLY REPORT. CASHFLOW STATEMENT AND MANAGEMENT COMMENTARY FOR THE PERIOD ENDING 30 June 2018
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1 THE TRAFFORD CENTRE LIMITED QUARTERLY REPORT CASHFLOW STATEMENT AND MANAGEMENT COMMENTARY FOR THE PERIOD ENDING 30 June ,000,000 Class A per cent. Secured Notes due ,000,000 Class B 7.03 per cent. Secured Notes due ,000,000 Class D per cent. Secured Notes due 2022 NOTES ISSUED 28 th FEBRUARY ,000,000 Class A3 Floating Rate Secured Notes Due 2038 NOTES ISSUED 27 th JUNE ,500,000 Class A3 Floating Rate Secured Notes Due ,000,000 Class B2 Floating Rate Secured Notes Due ,550,000 Class D1 (N) Floating Rate Secured Notes Due 2035 RESERVE NOTES ISSUED 30 TH JANUARY ,000,000 Class A4 Fixed Rate Bonds Due ,000,000 Class B3 Fixed Rate Bonds Due ,000,000 Class D3 Fixed Rate Bonds Due 2029 NOTES ISSUED 4 TH MARCH 2014 Note this Report may be accessed via the Intu Properties website as follows:
2 Website: And then click on the Quarterly Report to Noteholders on the right hand side The Trafford Centre Limited issues its Quarterly Management Report for the period 1 January 2018 to 30 June 2018 The Report Contents Include: o Cashflow Statement for The Trafford Centre Limited o Debt Service Cover Ratio o Analysis of Lease Expiration o Concentration of Lease Size o Lease Information on Major Tenants o Tenant Mix in the Centre and Analysis by Category o Report on Occupational Tenants
3 Class Original Face Value Opening Balance Amortisation Interest Closing Balance Class A2 due ,000, ,437, ,949, ,752, ,487, Class B due ,000, ,643, ,131, ,223, ,512, Class D2 due ,000, ,220, ,165, , ,055, Class A1(N) due 2015 * 76,500, Class A3 due 2038 * 108,000, ,000, , ,000, Sub Totals 694,500, ,300, ,245, ,340, ,054, * issued on 27th June 2005, Class A1 (N) now fully redeemed. QUARTERLY PAYMENT SCHEDULE Payment period 30 April 2018 to 30 July 2018 Payment Date 30 July 2018 The following notes were issued on 30th January 2006: Class Original Face Value Opening Balance Amortisation Interest Closing Balance Class A3 due ,500, ,500, , ,500, Class B2 due ,000, ,000, , ,000, Class D1(N) due ,550, ,054, , ,054, Sub Totals 170,050, ,554, , ,554, The following notes were issued on 4th March 2014: Class Original Face Value Opening Balance Amortisation Interest Closing Balance Class A4 due ,000, ,000, , ,000, Class B3 due ,000, ,000, , ,000, Class D3 due ,000, ,000, , ,000, Sub Totals 110,000, ,000, ,187, ,000, Grand Totals 974,550, ,854, ,245, ,088, ,609,005.65
4 CASHFLOW STATEMENT - THE TRAFFORD CENTRE LIMITED PERIOD : 1st July 2017 to 30th June 2018 Quarter ended Quarter ended Quarter ended Quarter ended Total 30/09/ /12/ /03/ /06/2018 INCOME '000 '000 '000 '000 '000 Rents 21,277 23,642 23,104 22,161 90,184 Turnover Rents (inc On Accounts) ,418 Service Charge Income 4,056 4,503 5,992 5,422 19,973 Advertising Income Interest Received Premiums Received Miscellaneous ,280 28,691 30,951 27, ,865 EXPENDITURE Interest & Bank Charges (11,584) (12,008) (11,831) (11,421) (46,844) Payroll Service Charge Costs (4,054) (5,068) (4,535) (5,681) (19,338) Property Overheads (877) (1,111) (495) (1,336) (3,819) Corporation Tax/REIT Entry fee Premiums Paid Miscellaneous Amortisation of notes (3,827) (3,827) (4,442) (6,246) (18,342) VAT (386) (456) (738) Capital Expenditure (131) (310) (93) (239) (773) (20,859) (22,323) (21,293) (25,379) (89,854) AMOUNTS FROM OPERATIONS 5,421 6,368 9,658 2,564 24,011 Dividends - Intergroup Transfer - (22,243) (6,366) (8,197) (36,806) NET INFLOW/(OUTFLOW) 5,421 (15,875) 3,292 (5,633) (12,795)
5 THE TRAFFORD CENTRE LIMITED - DSCR for the period ending 30 June 2018 Debt Service = any relevant 12 month period, aggregate of all interest charges..and principal repayments DSCR = for the relevant 12 calendar months of Rental Income and Advertising Income and earnings accrued on borrower accounts less any costs incurred in respect of the operation of the Property and not reimbursed by payment of Service Charges and tax Quarter ended Quarter ended Quarter ended Quarter ended Total 30/09/ /12/ /03/ /06/2018 '000 '000 '000 '000 '000 Rents 21,277 23,642 23,104 22,161 90,184 Turnover Rents (inc On Accounts) ,418 Advertising Income Costs not recovered via Service Charge Serice Charge under recovery 2 (565) 1,457 (259) 635 Other Costs Net Miscellanous income against cost Property Overheads (877) (1,111) (495) (1,336) (3,819) 21,349 22,512 25,921 20,926 90,708 Interest & Bank Charges 11,584 12,008 11,831 11,421 46,844 Amortisation of notes 3,827 3,827 4,442 6,246 18,342 Interest Received ,411 15,835 16,273 17,667 65,186 DSCR 1.39:1
6 Percentages Percentage ANALYSIS OF LEASE EXPIRATION (YEARS) Break not exercised Years weighted by rent 37.72% 41.14% 18.46% 1.64% 1.03% weighted by space 30.66% 28.19% 27.08% 13.37% 0.70% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Years weighted by rent weighted by space Break exercised Years weighted by rent 55.48% 29.40% 15.12% 0.00% 0.00% weighted by space 39.88% 21.23% 38.89% 0.00% 0.00% 60% 50% 40% 30% weighted by rent weighted by space 20% 10% 0% Years
7 CONCENTRATION OF LEASE SIZE (SQM) weighted by rent 5.41% 16.52% 23.78% 9.78% 6.95% 2.03% 16.52% 11.54% 7.47% weighted by space 0.86% 5.99% 10.83% 7.31% 4.68% 2.65% 19.63% 16.25% 31.80% LEASE INFORMATION ON MAJOR TENANTS Tenant Gross Lease Expiry Term Break Next Rent (trading name) Internal Option Review Area(m) Debenhams MSU 1 12,393 23rd June, yrs N/A 24-Jun-18 Topshop / Topman MSU 2 5,589 23rd June, yrs N/A 24-Jun-18 Selfridges MSU 3 18,294 24th Dec, yrs N/A 25-Dec-17 Boots MSU 4 5,075 10th March, yrs N/A 11-Mar-18 Marks & Spencer MSU 5 7,678 25th February yrs N/A 26-Feb-21 John Lewis Partnership MSU6 20,671 25th July yrs N/A 21-Feb-20 Next MSU8 3, November yrs N/A 26-Nov-17 W H Smith plc LSU th January yrs N/A 09-Jan-17 Redcastle Ltd t/a Dorothy Perkins LSU 16 1,174 23rd June, yrs N/A 24-Jun-13 Currys Digital LSU th May, yrs N/A 07-May-18 Victoria's Secrets Ltd LSU 14 1,063 7th March yrs N/A 08-Mar-18 MSU = Major space user LSU = Large space user
8 TENANT MIX IN THE CENTRE AND ANALYSIS BY CATEGORY Category of Tenant Floor Space occupied Number of Leases in each Category Percentage of Total Rent Anchor Tenant 46.37% % Banks 0.14% % Books/Cards 1.14% % Childrenswear 0.28% % Confectionery 0.23% % Electrical Computer retailers 1.49% % Gifts/Soft furnishing/furniture 0.23% % Health & Beauty 1.16% % Jewellers 1.63% % Ladieswear 4.01% % Menswear 1.96% % Mixed: Ladies & Menswear 10.51% % Opticians 0.28% % Outdoor Clothing/Equipment 0.19% % Phone retailers inc Mobiles 0.94% % Music Retailers 0.23% % Footwear 1.93% % Sportswear 0.91% % Toys 1.16% % Travel Agents 0.35% % Voids 2.87% % Kiosk (Food) 0.73% % Leisure 7.22% % Mall café 0.82% % Office 1.36% % Other 1.53% % Other Void 0.97% % Restaurant 9.36% % TOTALS % % Floor Space occupied, Number of Leases and Percentage of Total Rent are now based upon the Centre as a whole.
9 intu Trafford Centre Quarterly Report June 2018 Report on Occupational Tenants 1.0 New Lettings The Centre continues to thrive through active management, securing new high profile tenants and providing right size solutions for existing retailers. Exchanged K15: Haute Dolci. Exchanged on a new 10 year lease with 3 months rent free with new tenant brand. U26/27: Abercrombie & Fitch: Exchanged on a new 10 year lease with 5 month s rent free. U27A Eurochange: Exchanged on a new five year lease on newly created unit that was constructed by infill of existing fire escape. Land at Wilderspool Wood and Regent 13 Car Park: Exchanged on a five year lease with a tenant brand following previous tenant s administration Solicitors Instructed K9: Solicitors instructed on new 10 year lease with 3 months RF subject to gaining vacant possession from existing tenant. L9/10 Solicitors instructed on new 10 year lease with 3 months RF for tenants upsize. 2.0 Surrender & Relets Exchanged Land at Wilderspool Wood and Regent 13 Car Park: Exchanged on surrender of existing lease following tenant s administration and closure of the unit. Solicitors instructed U67 Solicitors instructed on surrender of existing lease to allow for tenant upsize into L9 &10 following service of tenant s break option will take effect in Oct U69 Solicitors instructed on surrender of existing lease to allow for tenant upsize into L9 & 10. L41 Solicitors instructed on surrender of existing lease to allow for tenant upsize into L9 & Lease Renewals & Reversionary Leases Exchanged U54/55 Exchanged on new 10 year lease renewal with 3 months rent credit to be applied following completion of tenant s shopfit. Solicitors instructed June 2018
10 4.0 Voids L28 The unit is being marketed for a suitable tenant. Temporary tenant in occupation until February 2019 L29A The unit is being marketed for a suitable tenant. Temporary tenant in occupation until Sep 2018 with another operator scheduled to take occupation on a back to back temporary basis for an additional 6 weeks. U52 The unit is being marketed for a suitable tenant. Temporary tenant in occupation until August L83/84 The unit is being marketed for a suitable tenant. Heads of terms due to be issued to prospective new tenant. L58A The unit is being marketed for a suitable tenant. 5.0 Assignments & Sublets 6.0 Administration & Liquidation LSU2 USC: tenant entered administration. 180k received as first and final dividend. The tenant lease has now transferred to The Crown Estate following the dissolution of the company. Awaiting disclaimer of the lease by The Crown. 7.0 Rent Reviews agreed rent reviews agreed rent reviews.2 notices served, total agreed rent reviews, 2 notices served, total agreed rent reviews, agreed rent reviews, 5 notices served, total agreed rent reviews. 8 notices served, total agreed rent reviews. 21 notices served, total agreed rent reviews. 59 notices served. Total Miscellaneous The ongoing management of peripheral property including smaller units, remote storage areas for tenants, ATMs and telecoms equipment continues with various new leases and renewals June 2018
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