The following highlights are taken from the 2018/19 Report and Accounts.
On 7 March 2019, Annington announced that an agreement had been reached between Annington and the MoD in relation to the Service Family Accommodation Estate Site Review process.
Under this agreement, the MoD has committed to release a minimum of 3,500 properties over the next 7 years at a rate of 500 properties per annum.
Another key element is the clarification of how the Site Review process will operate, shortening the period of negotiation to two years, through the use of 27 representative sites to settle the future adjustments to market rent to be applied after the site review.
The carrying value of Group investment properties is £7.7 billion, up from £7.1 billion.
Rental income was £196.8 million (2018: £193.1 million).
Profit after taxation was £457.1 million (2018: loss after tax of £1,059.8 million), largely driven by the revaluation.
The Group sold 66 (2018: 121) properties and recognised £15.1 million (2018: £34.9 million) in sales income.
Annington is owned by the private equity firm Terra Firma Capital Partners.
In July 2017, Terra Firma refinanced Annington in a landmark c.£4b transaction that transformed Annington's capital stucture and gave Annington the balance sheet strength to build further scale in private rental accommodation via acquisitions and developments, including:
a £75 million portfolio of 207 homes from St Modwen
a £24m portfolio of 104 homes from Mill Group, and
a £23.5m portfolio of 73 homes from Taylor Wimpey