REG - British Land Co PLC - Final Results- Part 3 <Origin Href="QuoteRef">BLND.L</Origin> - Part 1

British LandAnnouncement

16/05/2016 07:07

RNS Number : 2774Y
British Land Co PLC
16 May 2016
SUPPLEMENTARY TABLES
(Data includes Group's share of Joint Ventures and Funds)
Acquisitions and Disposals
From 1 April 2015
Price (Gross)
Price (BL Share)
Annual Passing Rent
Acquisitions 
Area
m
m
m2
Completed 
1 Sheldon Square
Offices
London
210
210
10
Hercules Unit Trust unit purchase1
Retail
Various
95
95
5
19-33 Liverpool Street
Offices
London
22
22
1
Chester, Broughton development land
Retail
North West
5
3
-
Teesside Leisure Park
Retail
North East
2
2
-
Total
334
332
16
1 Units purchased over the course of the period. 95m represents purchased GAV
2 BL share of net rent topped up for rent frees
From 1 April 2015
Price (Gross)
Price (BL Share)
Annual Passing Rent
Disposals
Area
m
m
m1
Completed 
Parkgate Shopping Park, Rotherham
Retail
Yorkshire
170
120
6
39 Victoria Street
Offices
London
139
139
5
Birstall Shopping Park, Leeds
Retail
Yorkshire
107
31
2
PREF - France & Portugal
Retail
Europe
67
43
4
Hatters Way, Luton & Hylton Riverside, Sunderland
Retail
Various
45
34
2
560 London Road, Camberley
Retail
South
38
38
2
Debenhams, Oxford
Retail
South
23
23
1
The Hempel Collection
Residential
London
20
20
-
Superstore disposals
Retail
Various
154
122
6
B&M, Daventry
Retail
Midlands
9
9
1
Bedford Street
Residential
London
4
4
-
Aldgate Place
Residential
London
1
1
-
Exchanged 
Aldgate Place
Residential
London
32
16
-
The Hempel Collection
Residential
London
18
18
-
Total
827
618
29
1 BL share of annualised rent topped up for rent frees
Gross Rental Income1,2
Accounting Basis m
12 mths to 31 March 2016
Annualised as at 31 March 2016
Group
JVs & Funds3
Total
Group
JVs & Funds3
Total
Regional
55
89
144
52
83
135
Local 
100
26
126
97
26
123
Multi-lets
155
115
270
149
109
258
Department Stores & Leisure
57
- 
57
56
-
56
Superstores
11
36
47
9
35
44
Solus/Other
21
- 
21
18
- 
18
Retail & Leisure
244
151
395
232
144
376
West End
125
- 
125
125
- 
125
City
5
114
119
5
119
124
Offices
130
114
244
130
119
249
Residential4
3
- 
3
3
- 
3
Offices & Residential
133
114
247
133
119
252
Canada Water
8
- 
8
8
- 
8
Total
385
265
650
373
263
636
Table shows UK total with previous classification provided on Company website at www.britishland.com/results
1 Excluding developments under construction and assets held for development 
2 Gross rental income will differ from annualised rents due to accounting adjustments for fixed & minimum contracted rental uplifts and lease incentives
3 Group's share of properties in joint ventures and funds including HUT at share
4 Stand-alone residential
Major Holdings
At 31 March 2016
BL Share
Sq ft
Rent
Occupancy
Lease
(excl. developments under construction)
%
'000
m pa1
rate %2
length yrs3
Broadgate
50 
4,724 
226 
99.3 
7.8 
Regent's Place
100 
1,590 
79 
98.7 
7.4 
Paddington Central
100 
806 
33 
99.8 
7.8 
Meadowhall Shopping Centre
50 
1,500 
80 
98.3 
6.9 
Sainsbury's Superstores4
50 
2,526 
56 
100.0 
14.0 
The Leadenhall Building
50 
603 
37 
97.8 
11.6 
Debenhams, Oxford Street
100 
363 
11 
100.0 
23.0 
Teesside Shopping Park
100 
569 
15 
99.1 
5.7 
Glasgow Fort Shopping Park
100 
510 
14 
94.2 
6.5 
Drake's Circus Shopping Centre
100 
570 
16 
98.4 
5.2 
1 Annualised EPRA contracted rent including 100% of Joint Ventures & Funds
2 Includes accommodation under offer or subject to asset management at 31 March 2016
3 Weighted average to first break
4 Comprises stand-alone assets/properties
Occupiers Representing over 0.5% of Total Contracted Rent
At 31 March 2016
% of total rent2
% of total rent2
UBS AG1
5.7 
New Look
0.9 
Tesco plc
5.6 
Vodafone
0.9 
Debenhams
5.3 
SportsDirect
0.9 
J Sainsbury Plc
4.6 
Aon Plc
0.8 
Kingfisher (B&Q)
2.6 
Asda Group
0.8 
HM Government
2.2 
Home Retail Group
0.8
Next plc
2.1 
JPMorgan
0.7 
Virgin Active
1.8 
Reed Smith
0.7 
Facebook 
1.7 
Hennes
0.7 
Spirit Group
1.6 
Deutsche Bank AG
0.7 
Alliance Boots
1.5 
JD Sports
0.7 
Wesfarmers
1.4
Mayer Brown
0.7 
Visa Inc
1.4 
Mothercare
0.7 
Dixons Carphone 
1.4 
ICAP Plc
0.6 
Marks & Spencer Plc
1.4 
Lend Lease
0.6 
Arcadia Group
1.3 
Carlson (TGI Friday's)
0.6 
Dentsu Aegis
1.3 
Pets at Home
0.5 
Herbert Smith
1.2 
Credit Agricole
0.5 
RBS
1.1 
Lewis Trust
0.5 
TJX Cos Inc (TK Maxx)
1.0 
Steinhoff
0.5 
Gazprom
1.0 
1 Rent contracted on both 5 Broadgate and 1-3 Finsbury Avenue/100 Liverpool Street lease whilst UBS move. 3.0% pro-forma for run off of UBS rent at 1-3 Finsbury Avenue/100 Liverpool Street. 
2 Includes the impact of rent free incentives
Portfolio Valuation
At 31 March 2016
Group
JVs &
Funds1
Total1
Change %
m
m
m
H1
H2
FY
Regional
1,052 
1,792 
2,844 
2.8 
0.2 
3.0 
Local
1,893 
485 
2,378 
1.5 
1.1 
2.6 
Multi-lets
2,945 
2,277 
5,222 
2.2 
0.6 
2.8 
Department Stores & Leisure
1,004 
1 
1,005 
3.4 
2.5 
6.0 
Superstores
153 
628 
781 
(1.7)
(0.5)
(2.1)
Solus/Other
333 
- 
333 
(0.1)
(0.4)
(0.5)
Retail & Leisure3
4,435 
2,906 
7,341 
1.8 
0.7 
2.4 
West End
3,904 
- 
3,904 
8.1 
4.6 
12.8 
City
104 
2,782 
2,886 
8.5 
2.4 
11.1 
Offices
4,008 
2,782 
6,790 
8.3 
3.7 
12.1 
Residential4
173 
61 
234 
6.7 
(0.3)
5.7 
Offices & Residential3
4,181 
2,843 
7,024 
8.2 
3.5 
11.8 
Canada Water
283 
- 
283 
2.6 
(0.9)
1.7 
Total
8,899 
5,749 
14,648 
4.7 
2.0 
6.7 
Standing Investments
8,204 
5,673 
13,877 
4.5 
1.9 
6.4 
Developments
695 
76 
771 
6.9 
3.1 
9.4 
Table with previous classification provided on Company website at www.britishland.com/results
1 Group's share of properties in joint ventures and funds including HUT at ownership share
2 Valuation movement during the period (after taking account of capital expenditure) of properties held at the balance sheet date, including developments (classified by end use), purchases and sales
 Including committed developments
4 Stand-alone residential
Retail Portfolio Valuation - Previous Classification Basis 
At 31 March 2016
Valuation1
Change %
ERV Growth %3
NEY Yield Compression bps
m
H1
H2
FY
H1
H2
FY
H1
H2
FY
Shopping Parks4
3,346 
1.1 
0.3 
1.3 
0.9 
1.9 
2.8 
5 
2 
7 
Shopping Centres
2,205 
3.8 
0.9 
4.7 
2.0 
1.9 
3.9 
14 
5 
18 
Superstores
781 
(1.6)
(0.5)
(2.1)
(0.9)
(0.3)
(1.3)
(5)
1 
(6)
Department Stores
606 
2.9 
3.0 
6.0 
- 
0.3 
0.3 
12 
13 
25 
Leisure
403 
4.2 
1.8 
6.1 
0.3 
0.3 
0.6 
22 
23 
54 
Retail & Leisure5
7,341 
1.8 
0.7 
2.4 
0.9 
1.5 
2.4 
8 
5 
13 
1 Group's share of properties in joint ventures and funds including HUT at share
2 Valuation movement during the period (after taking account of capital expenditure) of properties held at the balance sheet date, including developments (classified by end use), purchases and sales
3 As calculated by IPD 
4 Solus/Other assets under current Retail segmentation previously included in Shopping Parks
5 Including committed developments
Portfolio Weighting
At 31 March
2015
2016
2016
2016
(current)
(current)
(pro-forma1)
%
%
m
%
Regional 
20.2 
19.4 
2,844
19.0 
Local 
16.8 
16.3 
2,378
15.9 
Multi-lets
37.0 
35.7 
5,222
34.9 
Department Stores & Leisure
7.1 
6.9 
1,005
6.7 
Superstores
6.7 
5.3 
781
5.2 
Solus/Other
2.8 
2.3 
333
2.2 
Retail & Leisure
53.6 
50.2 
7,341
49.0 
West End
23.9 
26.6 
3,904
28.0 
City
18.8 
19.7 
2,886
19.3 
Offices
42.7 
46.3 
6,790
47.3 
Residential2
1.9 
1.6 
234
1.8 
Offices & Residential
44.6 
47.9 
7,024
49.1 
Canada Water
1.8 
1.9 
283
1.9 
Total
100.0 
100.0 
14,648
100.0 
London Weighting
55%
58%
8,490
59%
Table with previous classification provided on Company website at www.britishland.com/results
1 Pro forma for developments under construction at estimated end value (as determined by the Group's external valuers) and post period end transactions 
2 Stand-alone residential
Portfolio Yield & ERV Movements1
At 31 March 2016
NEY3
ERV Growth %2
NEY Yield Compression bps3
%
H1
H2
FY
H1
H2
FY
Regional 
4.8 
1.7 
1.8 
3.5 
11 
4 
15 
Local 
5.2 
1.0 
2.2 
3.3 
7 
2 
9 
Multi-lets
5.0 
1.4 
2.0 
3.4 
9 
3 
12 
Department Stores & Leisure
5.1 
0.2 
0.2 
0.4 
19 
17 
37 
Superstores
5.2 
(0.9)
(0.3)
(1.3)
(5)
1 
(6)
Solus/Other
5.1 
0.1 
0.0 
0.1 
1 
1 
2 
Retail & Leisure
5.0 
0.9 
1.5 
2.4 
8 
5 
13 
West End
4.4 
4.1 
5.6 
9.9 
24 
3 
28 
City4
4.4 
4.8 
4.3 
9.3 
16 
(4)
12 
Offices
4.4 
4.4 
5.0 
9.6 
20 
(0)
21 
Canada Water
3.2 
0.2
0.2
0.5
11
1
13
Total
4.7 
2.3 
3.0 
5.3 
13 
3 
17 
Table with previous classification provided on Company website at www.britishland.com/results
1 Excluding developments under construction, assets held for development and residential assets
2 As calculated by IPD
3 Including notional purchaser's costs
4 City ERV growth of 7.3% and West End ERV growth of 9.1% on a like-for-like basis
Total Property Return (as calculated by IPD)
FY to 31 March 2016
Retail
Offices
Total
%
British Land
IPD
British Land
IPD
British Land
IPD
Capital Return
2.5 
2.3 
12.3 
11.1 
6.8 
6.3 
- ERV Growth
2.4 
1.4 
9.6 
7.8 
5.3 
4.0 
- Yield Compression1
13 bps
18 bps
21 bps
20 bps
17 bps
23 bps
Income Return
5.2 
5.1 
3.2 
3.9 
4.2 
4.7 
Total Property Return
7.8 
7.5 
15.8 
15.4 
11.3 
11.3 
1 Net equivalent yield movement
Portfolio Net Yields1,2
At 31 March 2016
EPRA net initial yield %
EPRA topped up net initial yield %3
Overall topped up net initial yield %4
Net equivalent yield %
Net reversionary yield %
Regional 
4.3 
4.4 
4.5 
4.8 
4.8 
Local 
4.8 
5.1 
5.2 
5.2 
5.2 
Multi-lets
4.5 
4.7 
4.8 
5.0 
5.0 
Department Stores & Leisure
4.7 
4.8 
6.4 
5.1 
4.0 
Superstores
5.3 
5.3 
5.3 
5.2 
5.2 
Solus/Other
5.6 
5.6 
5.6 
5.1 
4.7 
Retail & Leisure
4.7 
4.8 
5.1 
5.0 
4.9 
West End
3.5 
3.9 
4.0 
4.4 
4.6 
City
3.2 
4.4 
4.5 
4.4 
5.3 
Offices
3.4 
4.2 
4.2 
4.4 
4.9 
Canada Water
2.8 
2.8 
2.8 
3.2 
3.4 
Total
4.1 
4.5 
4.7 
4.7 
4.9 
1 Including notional purchaser's costs
2 Excluding developments under construction, assets held for development and residential assets
3 Including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of rental growth
4 Including fixed/minimum uplifts (excluded from EPRA definition)
Portfolio Net Yields1,2 - Previous Classification basis
At 31 March 2016
EPRA net initial yield %
EPRA topped up net initial yield %3
Overall topped up net initial yield %4
Net equivalent yield %
Net reversionary yield %
Shopping Parks
4.7 
4.9 
4.9 
5.1 
5.0 
Shopping Centres
4.5 
4.6 
4.7 
4.9 
4.9 
Superstores
5.3 
5.3 
5.3 
5.2 
5.2 
Department Stores
3.9 
3.9 
5.6 
4.2 
3.5 
Leisure
6.1 
6.1 
7.6 
6.4 
4.8 
Retail & Leisure
4.7 
4.8 
5.1 
5.0 
4.9 
1 Including notional purchaser's costs
2 Excluding developments under construction, assets held for development and residential assets
3 Including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of rental growth
4 Including fixed/minimum uplifts (excluded from EPRA definition)
Lease Length & Occupancy1
At 31 March 2016
Average lease length yrs
Occupancy rate %
To expiry
To break
Occupancy
Occupancy (underlying)2
Regional
7.9 
6.9 
95.8 
97.8 
Local 
8.7 
7.5 
98.9 
99.6 
Multi-lets
8.3 
7.2 
97.3 
98.6 
Department Stores & Leisure
19.7 
19.6 
100.0 
100.0 
Superstores
14.2 
13.8 
100.0 
100.0 
Solus/Other
10.5 
10.5 
100.0 
100.0 
Retail & Leisure
10.6 
9.8 
98.0 
99.0 
West End
9.5 
7.5 
97.8 
98.1 
City
10.2 
8.3 
98.4 
99.1 
Offices
9.8 
7.9 
98.1 
98.6 
Canada Water
7.5 
7.4 
98.4 
99.1 
Total
10.2 
9.0 
98.0 
98.8 
Table with previous or IPD classification provided on Company website at www.britishland.com/results
1 Excluding developments under construction, residential assets and assets held for development
2 Including accommodation under offer or subject to asset management
Annualised Rent & Estimated Rental Value (ERV)1
At 31 March 2016
Annualised rent
(valuation basis) m2
ERV m
Average rent psf
Group
JVs & Funds
Total
Total
Contracted3
ERV
Regional 
54
84
138
155
32.8
35.9
Local 
97
27
124
134
24.2
24.7
Multi-lets
151
111
262
289
28.0
29.7
Department Stores & Leisure
51
- 
51
44
15.3
13.1
Superstores
9
35
44
43
21.4
20.8
Solus/Other
18
- 
18
16
18.8
16.0
Retail & Leisure
229
146
375
392
24.0
24.3
West End
125
- 
125
165
51.5
60.6
City
5
94
99
162
50.0
60.3
Offices
130
94
224
327
51.0
60.4
Residential4
3
- 
3
4
Offices & Residential
133
94
227
331
Canada Water
8
- 
8
9
18.7
21.6
Total
370
240
610
732
30.1
32.6
Table with previous classification provided on Company website at www.britishland.com/results
1 Excluding developments under construction and assets held for development
2 Gross rents plus, where rent reviews are outstanding, any increases to ERV (as determined by the Group's external valuers), less any ground rents payable under head leases, excludes contracted rent subject to rent free and future uplift
3 Annualised rent, plus rent subject to rent free
4 Stand-alone residential
Rent Subject to Open Market Rent Review1
At 31 March 2016
2017
2018
2019
2020
2021
2017-19
2017-21
For period to 31 March
m
m
m
m
m
m
m
Regional 
15 
12 
17 
10 
18 
44 
72 
Local 
11 
24 
21 
12 
11 
56 
79 
Multi-lets
26 
36 
38 
22 
29 
100 
151 
Department Stores & Leisure
- 
 - 
- 
- 
- 
- 
- 
Superstores
5 
4 
8 
12 
14 
17 
43 
Solus/Other
- 
1 
- 
- 
- 
1 
1 
Retail & Leisure
31 
41 
46 
34 
43 
118 
195 
West End
6 
20 
20 
15 
2 
46 
63 
City
1 
4 
13 
14 
16 
18 
48 
Offices
7 
24 
33 
29 
18 
64 
111 
Canada Water
- 
- 
- 
- 
- 
- 
- 
Total
38 
65 
79 
63 
61 
182 
306 
Potential uplift at current ERV
1 
2 
4 
2 
1 
7 
10 
Table with previous classification provided on Company website at www.britishland.com/results
1 Excluding developments under construction, residential assets and assets held for development
Rent Subject to Lease Break or Expiry1
At 31 March 2016
2017
2018
2019
2020
2021
2017-19
2017-21
For period to 31 March
m
m
m
m
m
m
m
Regional 
13 
12 
9 
13 
9 
34 
56 
Local 
9 
6 
8 
11 
9 
23 
43 
Multi-lets
22 
18 
17 
24 
18 
57 
99 
Department Stores & Leisure
- 
1 
- 
- 
- 
1 
1 
Superstores
- 
- 
- 
- 
- 
- 
- 
Solus/Other
1 
- 
- 
- 
6 
1 
7 
Retail & Leisure
23 
19 
17 
24 
24 
59 
107 
West End
10 
8 
10 
4 
19 
28 
51 
City
17 
3 
17 
14 
8 
37 
59 
Offices2
27 
11 
27 
18 
27 
65 
110 
Canada Water
1 
- 
1 
- 
1 
2 
3 
Total
51 
30 
45 
42 
52 
126 
220 
% of contracted rent
7.3%
4.4%
6.5%
6.1%
7.6%
18.2%
31.9%
Potential uplift at current ERV3
4 
3 
11 
4 
1 
18 
23 
Table with previous classification provided on Company website at www.britishland.com/results
1 Excluding developments under construction and assets held for development
2 Based on office space only
3 As determined by the Group's valuers, excluding near term developments
Superstores
Stand-alone Superstores1
In Multi-let assets 2
Total Exposure1,2,3
Store Size
'000 SQ FT
No of Stores
Valuation (BL share)
m
Capital Value
psf
WALL to FB
No of Stores
Valuation (BL share)
m
Capital Value
psf
WALL to FB
No of Stores
Valuation (BL share)
m
Capital Value
psf
WALL
to FB
>100
 8 
 177 
 351 
 12.4 
 5 
 357 
 538 
 13.0 
 13 
 534 
 457 
 12.8 
75-100
 13 
 270 
 467 
 17.9 
 2 
 55 
 415 
 12.8 
 15 
 325 
 457 
 17.0 
50-75
 16 
 256 
 404 
 12.6 
 1 
 12 
 196 
 11.1 
 17 
 268 
 385 
 12.3 
25-50
 8 
 52 
 226 
 8.3 
 3 
 32 
 457 
 14.6 
 11 
 84 
 281 
 10.4 
0-25
 2 
 8 
 177 
 9.1 
 17 
 80 
 436 
 11.1 
 19 
 88 
 387 
 10.9 
March 2016
 47 
 763 
 383 
 13.9 
 28 
 536 
 482 
 12.7 
 75 
 1,299 
 419 
 13.5 
March 2015
 57 
 924 
 395 
 14.5 
 29 
 529 
 491 
 13.9 
 86 
 1,453 
 426 
 14.4 
Geographical Spread
Gross Rent (BL Share)
Lease Structure
London & South
57%
Tesco
37m
RPI and Fixed
8%
Rest of UK
43%
Sainsburys
30m
OMRR
92%
Other
5m
1 Excludes 8m non-foodstore occupiers in superstore led assets, and 10m Sainsburys Newquay, sold post period end
2 Excludes non food-format stores e.g. Asda Living
3 Excludes 101m of investments held for trading comprising freehold reversions in a pool of Sainsbury's Superstores
Recently Completed & Committed Developments
At 31 March 2016
Sector
BL Share
Sq ft
PC Calendar Year
Current Value
Cost to complete
ERV
Let & Under Offer
Resi End Value
Resi Sales Exchanged & Completed
%
'000
m
m1
m2
m
m
m
5 Broadgate
Offices
50
710
Completed
469
8
19.2
19.2
- 
Yalding House
Offices
100
29
Completed
37
1
1.9
- 
- 
Whiteley Leisure, Fareham
Retail
50
57
Completed
12
1
0.6
0.6
- 
Glasgow Fort, M&S & Retail Terrace
Retail
75
112
Completed
35
3
2.0
1.7
- 
Total Completed in Period
908
553
13
23.7
21.5
4 Kingdom Street
Offices
100
147
Q2 2017
81
64
9.5
- 
- 
Clarges Mayfair
Mixed Use
100
192
Q4 2017
404
107
6.2
- 
456
259
Glasgow Fort (MSCP & Additional retail / leisure units)
Retail
75
12
Q3 2016
2
5
0.4
0.2
- 
The Hempel Phase 1
Residential
100
25
Q2 2016
26
2
- 
- 
50
36
The Hempel Phase 2
Residential
100
32
Q3 2016
48
12
- 
- 
72
8
Aldgate Place, Phase 1
Residential
50
221
Q2 2016
44
14
- 
- 
79
55
Total Under Construction
629
605
204
16.1
0.2
657
358
Retail Capital Expenditure 3
107
Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)
1 From 1 April 2016
2 Estimated headline rental value net of rent payable under head leases (excluding tenant incentives)
3 Capex committed and underway within our investment portfolio relating to leasing and asset management
Near term Pipeline
At 31 March 2016
Sector
BL Share
Sq ft
Start On Site
Total Cost 1
Status
'000
m
100 Liverpool Street
Offices
50
520
2017
279
Consented
1 Triton Square 2
Offices
100
217
2017
370
Pre-submission
1 Finsbury Avenue
Offices
50
303
2017
150
Consented
5 Kingdom Street 3
Offices
100
240
2017
228
Consented
Blossom Street, Shoreditch
Mixed Use
100
340
2017
256
Consented
Plymouth Leisure
Retail
100
102
2016
41
Consented
New Mersey Shopping Park, Speke - Leisure
Retail
66
66
2016
20
Consented
Crawley Homewares Park
Retail
100
52
2016
26
Consented
Aldgate Place, Phase 2
Residential
50
145
2016
59
Consented
54 The Broadway, Ealing
Residential
100
34
2016
21
Consented
Total Near term
2,019
1,450
Retail Capital Expenditure 4
90
1 Total cost including site value. Excludes notional interest as interest is capitalised individually on each development at our capitalisation rate
2 Existing net areas, scheme in early design stages
3 210,000 sq ft of which is consented
4 Forecast capital commitments within our investment portfolio over the next 2 years relating to leasing & asset enhancement
Medium term Pipeline
At 31 March 2016
Sector
BL Share
Sq ft
Status
'000
2 - 3 Finsbury Avenue
Offices
50
550
Submitted
Eden Walk Shopping Centre, Kingston
Mixed Use
50
562
Submitted
Canada Water Masterplan 1
Mixed Use
100
5,500
Pre-submission
Forster Retail Park, Bradford, Phase 3
Retail
100
63
Consented
Meadowhall Leisure
Retail
50
330
Pre-submission
Glasgow Fort - Retail Extension
Retail
75
60
Consented
Putney High Street
Residential
100
110
Consented
Total Prospective
7,175
1 Assumed net area based on gross area of up to 7m sq ft
Residential development programme
At 31 March 2016
Sq Ft
No. Market Units
PC Date/
Status
BL Share
Current Value1
Cost To come2
End Value3
Sales Exchanged & Completed
'000
%
m
m
m
m
Clarges Mayfair4
103
34
Q4 2017
100
286
 88 
 456 
259
Mixed use
103
34
286
 88 
 456 
259
The Hempel Phase 1
25
15
Q2 2016
100
26
 2 
 50 
36
The Hempel Phase 2
32
18
Q3 2016
100
48
 12 
 72 
8
Aldgate Place Phase 1
221
154
Q2 2016
50
44
 14 
 79 
55
Resi-led
278
187
118
 28 
 201 
99
Aldgate Place Phase 2
145
Consented
50
54 The Broadway, Ealing
34
Consented
100
Near Term prospective
179
Total Committed Residential
381
221
404
 116 
 657 
358
Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)
1 Excluding completed sales
2 From 1 April 2016. Cost to complete excludes notional interest as interest is capitalised individually on each development at our capitalisation rate
3 Includes completed units (22.8m)
4 Includes 9,500 sq ft of affordable housing (11 units)
GLOSSARY
Adjusted net debt is the Group net debt and the Group's share of joint venture and funds' net debt excludes the mark-to-market on effective cash flow hedges and related debt adjustments and non-controlling interests. A reconciliation between Group net debt and adjusted net debt is included in table A within the supplementary disclosures.
Annualised rent is the gross property rent receivable on a cash basis as at the reporting date. Additionally, it includes the external valuers' estimate of additional rent in respect of unsettled rent review, turnover rent and sundry income such as that from car parks and commercialisation, less any ground rents payable under head leases.
Assets under management is the full value of all assets owned and managed by British Land and includes 100% of the value of all joint ventures and funds.
BREEAM (Building Research Establishment Environmental Assessment Method) assesses the sustainability of buildings against a range of social and environmental criteria.
Capital return is calculated as the change in capital value of the UK portfolio, less any capital expenditure incurred, expressed as a percentage of capital employed (start value plus capital expenditure) over the period, as calculated by IPD. Capital returns are calculated monthly and indexed to provide a return over the relevant period.
Capped rents are rents subject to a maximum level of uplift at the specified rent reviews as agreed at the time of letting.
Collar rents are rents subject to a minimum level of uplift at the specified rent reviews as agreed at the time of letting.
Contracted rent is the annualised rent adjusting for the inclusion of rent subject to rent free periods.
Customer satisfaction includes consumers as well as occupiers who relate better to our focus on creating Places People Prefer. This includes exit survey data for consumer satisfaction in the retail business, as well as office and retail occupier satisfaction scores, and in future we aim to be able to further expand to include consumer satisfaction for other sectors
Developer's profit is the profit on cost estimated by the valuers that a developer would expect. The developer's profit is typically calculated by the valuers to be a percentage of the estimated total development costs, including land and notional finance costs.
Development uplift is the total increase in the value (after taking account of capital expenditure and capitalised interest) of properties held for development during the period. It also includes any developer's profit recognised by valuers in the period.
Development cost is the total cost of construction of a project to completion, excluding site values and finance costs (finance costs are assumed by the valuers at a notional rate of 5% per annum).
EPRA is the European Public Real Estate Association, the industry body for European REITs.
EPRA Cost Ratio (including direct vacancy costs) is the ratio of net overheads and operating expenses against gross rental income (with both amounts excluding ground rents payable). Net overheads and operating expenses relate to all administrative and operating expenses including the share of joint ventures' overheads and operating expenses, net of any service fees, recharges or other income specifically intended to cover overhead and property expenses.
EPRA Cost Ratio (excluding direct vacancy costs) is the ratio calculated above, but with direct vacancy costs removed from net overheads and operating expenses balance.
EPRA earnings is the IFRS profit after taxation attributable to shareholders of the Company excluding investment and development property revaluations, gains/losses on investing and trading property disposals, changes in the fair value of financial instruments and associated close-out costs and their related taxation. These items are presented in the capital and other column of the income statement. A reconciliation between profit attributable to shareholders of the Company and EPRA earnings is included in table B within the supplementary disclosures.
EPRA NAV per share is EPRA NAV divided by the diluted number of shares at the period end.
EPRA net assets (EPRA NAV)are a proportionally consolidated measure. They represent the IFRS net assets excluding the mark-to-market on effective cash flow hedges and related debt adjustments, the mark-to-market on the convertible bonds as well as deferred taxation on property and derivative valuations. They include the valuation surplus on trading properties and are adjusted for the dilutive impact of share options and the 400 million convertible bond maturing in 2017. A reconciliation between IFRS net assets and EPRA NAV is included in table B within the Supplementary Disclosures.
EPRA net initial yield is the annualised rents generated by the portfolio, after the deduction of an estimate of annual recurring irrecoverable property outgoings, expressed as a percentage of the portfolio valuation
(adding notional purchaser's costs), excluding development and residential properties.
EPRA NNNAV is the EPRA NAV adjusted to reflect the fair value of debt and derivatives and to include deferred taxation on revaluations.
EPRA Topped-Up Net Initial Yield is the current annualised rent, net of costs, topped-up for contracted uplifts, where these are not in lieu of rental growth, expressed as a percentage of capital value, after adding notional purchaser's costs (adding notional purchaser's costs), excluding development and residential properties.
EPRA vacancy rate is the estimated market rental value (ERV) of vacant space divided by ERV of the whole portfolio, excluding developments and residential property. 
Estimated Rental Value (ERV) is the external valuers' opinion as to the open market rent which, on the date of valuation, could reasonably be expected to be obtained on a new letting or rent review of a property.
ERV growth is the change in ERV over a period on the standing investment properties expressed as a percentage of the ERV at the start of the period. ERV growth is calculated monthly and compounded for the period subject to measurement, as calculated by IPD.
Fair value movement is accounting adjustment to change the book value of an asset or liability to its market value.
Footfall is the annualised number of visitors entering our assets.
Footfall growth movement in footfall against the same period in the prior year, on properties owned throughout both comparable periods, aggregated at 100% share.
Gross investment activity as measured by our share of acquisitions, sales and investment in committed development.
Gross rental income is the gross accounting rent receivable (quoted either for the period or on an annualised basis) prepared under IFRS which requires that rental income from fixed / minimum guaranteed rent reviews and tenant incentives is spread on a straight-line basis over the entire lease to first break. This can result in income being recognised ahead of cash flow.
Group is The British Land Company PLC and its subsidiaries and excludes its share of joint ventures and funds (where not treated as a subsidiary) on a line-by-line basis (i.e. not proportionally consolidated).
Headline rent is the contracted gross rent receivable which becomes payable after all the tenant incentives in the letting have expired.
IFRS are the International Financial Reporting Standards as adopted by the European Union.
Income return is calculated as net income expressed as a percentage of capital employed over the period, as calculated by IPD. Income returns are calculated monthly and indexed to provide a return over the relevant period.
Interest cover is the number of times net interest payable is covered by Underlying Profit before net interest payable and taxation.
IPD is Investment Property Databank Ltd which produces an independent benchmark of property returns and British Land UK portfolio returns.
Lettings and lease renewals are compared both to the previous passing rent as at the start of the financial year and the ERV immediately prior to letting. Both comparisons are made on a net effective basis.
Letting performance against ERV comparison of achieved letting terms on long term lettings and renewals against valuation assumptions on like for like space, calculated on a net effective basis, aggregated at 100% share.
Leverage see loan to value (LTV).
Like-for-like rental income growth is the growth in net rental income on properties owned throughout the current and previous periods under review. This growth rate includes revenue recognition and lease accounting adjustments but excludes properties held for development in either period and properties with guaranteed rent reviews.
Loan to value (LTV) is the ratio of principal value of gross debt less cash, short term deposits and liquid investments to the aggregate value of properties and investments.
Managed portfolio consists of multi-let properties where we have control of facilities and utilities management.
Mark-to-market is the difference between the book value of an asset or liability and its
market value.
Managed portfolio consists of multi-let properties where we have control of facilities and utilities management.
Multi-channel retailing is the use of a variety of channels in a customer's shopping experience, including research, before a purchase. Such channels include: retail stores, online stores, mobile stores, mobile app stores, telephone sales and any other method of transacting with a customer. Transacting includes browsing, buying, returning as well as pre- and post-sale service.
Net Development Value is the estimated end value of a development project as determined by the external valuers for when the building is completed and fully let (taking into account tenant incentives and notional purchaser's costs). It is based on the valuers view on ERVs, yields, letting voids and tenant incentives.
Net effective rent is the contracted gross rent receivable taking into account any rent-free period or other tenant incentives. The incentives are treated as a cost-to-rent and spread over the lease to the earliest termination date.
Net equivalent yield is the weighted average income return (after adding notional purchaser's costs) a property will produce based upon the timing of the income received. In accordance with usual practice, the equivalent yields (as determined by the external valuers) assume rent is received annually in arrears.
Net Initial Yield is the current annualised rent, net of costs, expressed as a percentage of capital value, after adding notional purchaser's costs.
Net rental income is the rental income receivable in the period after payment of direct property outgoings which typically comprise ground rents payable under head leases, void costs, net service charge expenses and other direct irrecoverable property expenses. Net rental income is quoted on an accounting basis.
Net rental income will differ from annualised net cash rents and passing rent due to the effects of income from rent reviews, net property outgoings and accounting adjustments for fixed and minimum contracted rent reviews and lease incentives.
Net reversionary yield is the anticipated yield to which the initial yield will rise (or fall) once the rent reaches the estimated rental value.
Occupancy rate is the estimated rental value of let units as a percentage of the total estimated rental value of the portfolio, excluding development and residential properties. It includes accommodation under offer, subject to asset management (where they have been taken back for refurbishment and are not available to let as at the balance sheet date) or occupied by the Group.
Omni-channel retailing is the evolution of multi-channel retailing, but is concentrated more on a seamless approach to the consumer experience through all available shopping channels i.e. mobile internet devices, computers, bricks and mortar, television, radio, direct mail, catalogue, etc.
Over rented is the term used to describe when the contracted rent is above the estimated rental value (ERV).
Overall 'topped-up' net initial yield is the EPRA Net 'topped-up' Initial Yield, adding all contracted uplifts to the annualised rents.
Passing rent is the gross rent, less any ground rent payable under head leases.
Property Income Distributions (PIDs) are profits distributed to shareholders which are subject to tax in the hands of the shareholders as property income. PIDs are normally paid net of withholding tax currently at 20% which the REIT pays to the tax authorities on behalf of the shareholder. Certain types of shareholder (i.e. pension funds) are tax exempt and receive PIDs without withholding tax. REITs also pay out normal dividends, called non-PIDs, which are taxed in the same way as dividends received from non REIT companies; these are not subject to withholding tax and for UK individual shareholders qualify for the tax free dividend allowance.
Portfolio valuation is reported by the Group's external valuers. In accordance with usual practice, they report valuations net, after the deduction of the notional purchaser's costs, including stamp duty land tax, agent and legal fees.
Proportionally consolidated measures include the Group's share of joint ventures and funds and exclude non-controlling interests in the Group's subsidiaries.
Rack rented is the term used to describe when the contracted rent is in line with the estimated rental value (ERV), implying a nil reversion.
Rent-free period see Tenant (or lease) incentives.
REITs are property companies that allow people and organisations to invest in commercial property and receive benefits as if they directly owned the properties themselves. The rental income, after costs is passed directly to shareholders in the form of dividends. In the UK REITs are required to distribute at least 90% of their tax exempt property income to shareholders as dividends. As a result, over time, a significant proportion of the total return for shareholders is likely to come from dividends. The effect is that taxation is moved from the corporate level to the investor level as investors are liable for tax as if they owned the property directly. British Land became a REIT in January 2007
Rent reviews take place at intervals agreed in the lease (typically every five years) and their purpose is usually to adjust the rent to the current market level at the review date. For upwards-only rent reviews, the rent will either remain at the same level or increase (if market rents have increased) at the review date.
Rents with fixed and minimum uplifts are either where rents are subject to contracted uplifts at a level agreed at the time of letting; or where the rent is subject to an agreed minimum level of uplift at the specified rent review.
Retailer sales growth movement in retailer sales against the same period in the prior year, on occupiers providing sales data throughout both comparable periods, aggregated at 100% share.
Retail planning consents are separated between A1, A2 and A3 - as set out in The Town and Country Planning (Use Classes) Order. Within the A1 category, Open A1 permission allows for the majority of types of retail including fashion to be accommodated, while Restricted A1 permission places limits on the types of retail that can operate (for example, a restriction that only bulky goods operators are allowed to trade at that site).
Class
Description
Use for all/any of the following purposes
A1
Shops
Shops, retail warehouses, hairdressers, undertakers, travel and ticket agencies, post offices, pet shops, sandwich bars, showrooms, domestic hire shops dry cleaners, funeral directors and internet cafes.
A2
Financial and professional services
Financial services such as banks and building societies, professional services (other than health and medical services) and including estate and employment agencies. It does not include betting offices or pay day loan shops - these are now classed as "sui generis" uses.
A3
Restaurants and cafes
For the sale of food and drink for consumption on the premises - restaurants, snack bars and cafes.
D2
Assembly and leisure
Cinemas, music and concert halls, bingo and dance halls (but not night clubs), swimming baths, skating rinks, gymnasiums or areas for indoor or outdoor sports and recreations.
Reversion is the increase in rent estimated by the external valuers, where the passing rent is below the estimated rental value. The increases to rent arise on rent reviews and letting of vacant space or re letting of expiries.
Scrip dividend British Land offers its shareholders the opportunity to receive dividends in the form of shares instead of cash. This is known as a Scrip dividend.
Standing investments are assets which are directly held and not in the course of, or held for development.
Tenant (or lease) incentives are incentives offered to occupiers to enter into a lease. Typically this will be an initial rent-free period, or a cash contribution to fit-out. Under accounting rules the value of lease incentives is amortised through the income statement on a straight-line basis to the earliest lease termination date.
TMT stands for technology, media and telecommunications.
The residual site value of a development is calculated as the estimated (net) development value, less development profit, all development construction costs, finance costs (assumed at a notional rate) of a project to completion and notional site acquisition costs. The residual is determined to be the current site value.
Topping out is a traditional construction ceremony to mark the occasion when the structure of the building reaches the highest point.
Total property return is calculated as the change in capital value, less any capital expenditure incurred, plus net income, expressed as a percentage of capital employed over the period, as calculated by IPD. Total property returns are calculated monthly and indexed to provide a return over the relevant period.
Total return (total accounting return) is the growth in EPRA NAV per share plus dividends paid, and this can be expressed as a percentage of EPRA NAV per share at the beginning of the period.
Total Shareholder Return is the growth in value of a shareholding over a specified period, assuming dividends are reinvested to purchase additional units of stock.
Total Tax Contribution is a more comprehensive view of tax contributions than the accountancy-defined tax figure quoted in most financial statements. It comprises taxes and levies paid directly, as well as taxes collected from others which we administered.
Turnover rents is where all or a portion of the rent is linked to the sales or turnover of the occupier.
Under rented is the term used to describe when the contracted rent is below the estimated rental value (ERV), implying a positive reversion.
Underlying earnings per share (EPS) consists of Underlying Profit after tax divided by the diluted weighted average number of shares in issue during the period.
Underlying Profit is the pre-tax EPRA earnings measure with additional Company adjustments.
No Company adjustments were made in either the current or prior year.
Valuation uplift is the increase in the portfolio valuation and sales receipts of properties sold during the period, net of capital expenditure, capitalised interest and development team costs, and transaction costs incurred, expressed as a percentage of the portfolio valuation at the start of the period plus net capital expenditure, capitalised interest and development team costs, and transaction costs.
Virtual freehold represents a long leasehold tenure for a period of up to 999 years. A 'peppercorn', or nominal, rent is paid annually.
Weighted average debt maturity - each tranche of Group debt is multiplied by the remaining period to its maturity and the sum of the results is divided by total Group debt in issue at the period end.
Weighted average interest rate is the Group loan interest and net derivative costs per annum at the period end, divided by total Group debt in issue at the period end.
Weighted average unexpired lease term is the average lease term remaining to first break, or expiry, across the portfolio weighted by contracted rental income (including rent-frees). The calculation excludes residential leases and properties allocated as developments.
Yield compression occurs when the net equivalent yield of a property decreases, measured in basis points.
Yield on cost is the estimated annual rent of the completed development divided by the total cost of development including site value and notional finance costs to the point of assumed rent commencement, expressed as a percentage return.
Yield shift is a movement (usually expressed in bps) in the yield of a property asset, or like-for-like portfolio, over a given period. Yield compression is a commonly-used term for a reduction in yields.

This information is provided by RNS
The company news service from the London Stock Exchange
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