![](https://investors.bpha.org.uk/wp-content/uploads/2018/08/A.SMY_BPHA2018FS1020_ret-e1606474498194.jpg)
Securing Our Future
bpha has had a continuous growth strategy since its incorporation in 1990.
Homes owned or managed at year end
![](https://investors.bpha.org.uk/wp-content/uploads/2023/06/Chart.jpg)
Development criteria
Strict development criteria is applied to all new projects to ensure each development enhances bpha’s financial strength.
- 35 year NPV and no terminal value
- Conservative development assumptions applied
- No capital appreciation assumed
- Asset value generated for charging of security must normally be greater than net development cost so that overall balance sheet capacity is enhanced
- IRR must achieve a hurdle rate set on basis of: long term cost of funds + margin + interest cover buffer + risk buffer