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Key financial data

  6 months to 31 March 10 £000 6 months to 31 March 09 £000 Change %
Rent receivable 5,515 4,254 30%
Other income 158 361 (56%)
Total income 5,673 4,615 23%
Direct property costs* 227 233 (2%)
Investment advisory fee 1,125 1,069 5%
Overheads 325 349 (7%)
Total expenses* 1,677 1,650 2%
EBITDA** 3,996 2,965 35%
Finance income 8 293 (97%)
Finance costs 2,526 2,537 (1%)
Adjusted earnings** 1,478 721 105%
Revaluation 7,033 (3,684) 291%
Adjusted earning including revaluation** 8,511 (2,963) 387%

*Including property management fees
**Adjusted to exclude performance fee, goodwill and deferred tax not expected to crystallise

  As at 31 March 10
  £000 Pence per share
Gross assets excl cash 182,432 131
Debt 100,776 72.3
Cash 27,108 19.5
Net debt 73,668 52.9
Adjusted NAV* 94,945 68.2
Adjusted NAV plus debt benefit* 111,152 79.8
  As at 31 March 10 Restrictions / covenants
Adjusted gearing* 42% 75%
Debt service interest cover** 190% 140%
Loan to value** 66% 75%

*Adjusted to exclude goodwill and deferred tax not expected to crystallise
**Relate to £100 million Aviva loan only