Debt facilities
Note – the figures below are updated twice a year at H1 and Year End.
| £m | £m | Maturity | |
|---|---|---|---|
| 1.875% green bonds | 350.0 | November 2031 | |
| 5.25% bonds | 250.0 | May 2032 | |
| 3.46% private placement notes | 30.0 | May 2028 | |
| 4.41% private placement notes | 25.0 | January 2029 | |
| 2.87% private placement notes | 93.0 | January 2029 | |
| 2.97% private placement notes | 50.0 | January 2031 | |
| 3.57% private placement notes | 75.0 | May 2031 | |
| 3.09% private placement notes | 52.0 | January 2034 | |
| 4.68% private placement notes | 75.0 | January 2034 | |
| Bonds and USPPs | 1,000.0 | ||
| Revolving credit facility | 100.0 | November 2027 | |
| Revolving credit facility | 450.0 | July 2030¹ | |
| Term loan | 82.5 | December 2027 | |
| Term loan | 82.5 | February 2028 | |
| Term loan | 100.0 | June 2028 | |
| Committed bank facilities | 815.0 | ||
| At 30 June 2026 | 1,815.0 | ||
| Revolving credit facility - arranged in July 2026 | 100.0 | July 2031 | |
| Total facilities | 1,915.0 |
¹Facility extended in July 2026
The maturity profile of these facilities is shown graphically below:
Proforma maturity profile of debt facilities²
²Includes new £100m RCF and extension of £450m RCF signed in July 2026
Our net debt and key debt ratios are shown below:
Net debt
| June 2026 £m | Dec 2025 £m | ||
|---|---|---|---|
| Bank facilities | 414.5 | 265.0 | |
| 6.5% secured bonds 2026 | 0.0 | 175.0 | |
| 1.875% green bonds 2031 | 350.0 | 350.0 | |
| 5.25% bonds 2032 | 250.0 | 250.0 | |
| 2.68% private placement notes 2026 | 0.0 | 55.0 | |
| 3.46% private placement notes 2028 | 30.0 | 30.0 | |
| 4.41% private placement notes 2029 | 25.0 | 25.0 | |
| 2.87% private placement notes 2029 | 93.0 | 93.0 | |
| 2.97% private placement notes 2031 | 50.0 | 50.0 | |
| 3.57% private placement notes 2031 | 75.0 | 75.0 | |
| 3.09% private placement notes 2034 | 52.0 | 52.0 | |
| 4.68% private placement notes 2034 | 75.0 | 75.0 | |
| Acquired fair value of secured bonds less amortisation | 0.0 | 1.8 | |
| Unamortised discount on green bonds | (1.0) | (1.1) | |
| Unamortised discount on bonds | (1.1) | (1.2) | |
| Leasehold liabilities | 53.0 | 41.0 | |
| Unamortised issue and arrangement costs | (6.7) | (7.9) | |
| Cash at bank excluding restricted cash | (80.8) | (77.2) | |
| Net debt | 1,377.9 | 1,450.4 |
Gearing and interest cover ratio
| June 2026 | Dec 2025 | ||
|---|---|---|---|
| EPRA loan-to-value ratio (%) | 28.8 | 29.4 | |
| NAV gearing (%) | 39.2 | 39.4 | |
| Net interest cover ratio | 3.0x | 3.1x | |
| Net debt/EBITDA | 8.6x | 8.8x |
Debt summary
| June 2026 £m | Dec 2025 £m | |
|---|---|---|
| Bank loans | ||
| Floating rate | 414.5 | 265.0 |
| Swapped | 0.0 | 0.0 |
| 414.5 | 265.0 | |
| Non-banking debt | ||
| Fixed rate secured bonds 2026 | 0.0 | 175.0 |
| Fixed rate green bonds 2031 | 350.0 | 350.0 |
| Fixed rate bonds 2031 | 250.0 | 250.0 |
| Fixed rate loan 2026 | 0.0 | 55.0 |
| Fixed rate loan 2028 | 30.0 | 30.0 |
| Fixed rate loan 2029 | 25.0 | 25.0 |
| Fixed rate loan 2029 | 93.0 | 93.0 |
| Fixed rate loan 2031 | 50.0 | 50.0 |
| Fixed rate loan 2031 | 75.0 | 75.0 |
| Fixed rate loan 2034 | 52.0 | 52.0 |
| Fixed rate loan 2034 | 75.0 | 75.0 |
| 1,000.0 | 1,230.0 | |
| Total debt (nominal values) | 1,414.5 | 1,495.0 |
| Hedging profile (%) | ||
| Fixed | 71 | 82 |
| Swaps | 0 | 0 |
| Floating | 29 | 18 |
| 100 | 100 | |
| Percentage of debt that is unsecured (%) | 100.0 | 88.0 |
| Percentage of non-bank debt (%) | 71.0 | 82.0 |
| Weighted average interest rate for the year (%) | 3.9 | 3.8 |
| Weighted average interest rate (%) | 3.86 | 4.06 |
| Weighted average maturity of facilities (years) | 4.0 | 4.0 |
| Weighted average maturity of borrowings (years) | 4.3 | 4.2 |
| Unutilised facilities and cash | 481 | 627 |
| Uncharged properties | 4,970 | 4,754 |