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Key financial data

  12 months to 30 Sept 09 £000 12 months to 30 Sept 08 £000 Change %
Rent receivable 8,804 7,467 17.9
Other income 633 769 (17.7)
Total income* 9,437 8,236 14.6
Investment advisory fee 2,226 2,269 (1.9)
Other fees & expenses 1,080 1,661 (35.0)
Total expenses* 3,306 3,930 (15.9)
EBITDA** 6,131 4,306 42.4
Finance income 348 1,906 (81.7)
Finance costs 5,096 5,077 0.3
Adjusted earnings** 1,383 1,135 21.9
Revaluation impact*** (2,211) (17,888) 88.3
Adjusted earnings per share** 1.5p 1.4p 14.3

* Adjusted to exclude finance income and finance costs
** Adjusted to exclude performance fee, goodwill and deferred tax not expected to crystallise
*** Revaluation gain/loss and impairment provision

  At 30 Sept 09
  £000 Pence per share
Gross assets excl cash* 172,371 164.9
Debt 100,901 96.5
Cash 7,172 6.9
Net debt 93,729 89.7
Adjusted NAV* 64,839 62.0
Adjusted NAV plus debt benefit* 75,829 72.6
  At 30 Sept 09 Restrictions / covenants
Adjusted gearing* 56.9% 65%
Debt service interest cover** 193% 140%
Loan to value** 67.7% 75%

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