Debt facilities
Note – the figures below are updated twice a year at H1 and Year End.
| £m | £m | Maturity | |
|---|---|---|---|
| 6.5% secured bonds | 175.0 | March 2026 | |
| 1.875% green bonds | 350.0 | November 2031 | |
| 5.25% bonds | 250.0 | May 2032 | |
| 2.68% private placement notes | 55.0 | January 2026 | |
| 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 | 1,230.0 |
||
| Revolving credit facility | 100.0 | November 2027 | |
| Revolving credit facility | 450.0 | July 2029 | |
| Term loan | 82.5 | December 2026 | |
| Term loan | 82.5 | February 2027 | |
| Term loan | 100.0 | June 2028 | |
| Committed bank facilities | 815.0 | ||
| Other loans¹ | 20.0 | n/a | |
| Proforma total facilities following July 2025 refinancing activity | 2,065.0 |
¹No fixed repayment date
The maturity profile of these facilities is shown graphically below:
Proforma maturity profile of debt facilities²
²Proforma following July 2025 refinancing activity
The maturity profile of our drawn debt is shown below:
Proforma maturity profile of drawn debt³
³Proforma following July 2025 refinancing activity
Our net debt and key debt ratios are shown below:
Net debt
| Jun 2025
£m | Dec 2024 £m |
||
|---|---|---|---|
| Bank facilities | 307.0 | 293.0 |
|
| 6.5% secured bonds 2026 | 175.0 | 175.0 | |
| 1.875% green bonds 2031 | 350.0 | 350.0 | |
| 5.25% bonds 2032 | 250.0 | 0.0 | |
| 2.68% private placement notes 2026 | 55.0 | 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 | |
| Other loans | 20.0 | 20.0 |
|
| Acquired fair value of secured bonds less amortisation | 2.6 | 3.4 | |
| Unamortised discount on green bonds | (1.2) | (1.3) | |
| Unamortised discount on bonds | (1.3) | 0.0 | |
| Leasehold liabilities | 34.4 | 34.6 |
|
| Unamortised issue and arrangement costs | (6.1) | (6.0) | |
| Cash at bank excluding restricted cash | (30.6) | (15.4) | |
| Net debt | 1,554.8 | 1,482.7 |
Gearing and interest cover ratio
| Jun 2025 | Dec 2024 | ||
|---|---|---|---|
| EPRA loan-to-value ratio (%) | 30.5 | 29.9 | |
| NAV gearing (%) | 43.5 | 41.9 | |
| Net interest cover ratio¹ | 3.2x | 3.9x | |
| Net debt/EBITDA | 9.7x | 9.3x |
¹ Includes share of joint ventures for the period of shared ownership
Debt summary
| Jun 2025 £m | Dec 2024 £m | |
|---|---|---|
| Bank loans | ||
| Floating rate | 307.0 | 218.0 |
| Swapped | 0.0 | 75.0 |
| 307.0 | 293.0 | |
| Non-banking debt | ||
| Fixed rate secured bonds 2026 | 175.0 | 175.0 |
| Fixed rate green bonds 2031 | 350.0 | 350.0 |
| Fixed rate bonds 2031 | 250.0 | 0.0 |
| Fixed rate loan 2026 | 55.0 | 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 |
| Other loans | 20.0 | 20.0 |
| 1,250.0 | 1,175.0 | |
| Total debt (nominal values) | 1,557.0 | 1,468.0 |
| Hedging profile (%) | ||
| Fixed | 80 | 80 |
| Swaps | 0 | 5 |
| Floating | 20 | 15 |
| 100 | 100 | |
| Percentage of debt that is unsecured (%) | 89.0 | 88.0 |
| Percentage of non-bank debt (%) | 79.0 | 80.0 |
| Weighted average interest rate (%) - cash basis | 4.08 | 3.42 |
| Weighted average interest rate (%) - IFRS basis | 4.11 | 3.53 |
| Weighted average maturity of facilities (years) | 3.7 | 3.4 |
| Weighted average maturity of borrowings (years) | 4.5 | 4.0 |
| Unutilised facilities and cash | 604 | 487 |
| Uncharged properties | 4,807 | 4,665 |