What does "Premium and fees on redemption of MTN" mean?

[Irene H. Johnsen]

Hi!

So.. I'm new when it comes to REITs and I've been looking at some of the bigger REITs in the UK. I was reading the report from Landsec (https://landsec.com/sites/default/files/2018-06/Landsec_AR2018_web_ready_final.pdf) and I am trying to understand why they incurred so much expense. On table 19 (page 38) I see that one of their biggest expense was "Premium and fees on redemption of MTN". I know what MTN is but I'm not sure what they mean by "premium and fees on redemption"?. I just want to fully understand why their net income was so negative on this report. Thanks in advance!