REG - British Land Co PLC - Final Results - Part 3 <Origin Href="QuoteRef">BLND.L</Origin> - Part 10
15/07/2015 17:34
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27 18 62 107
Shopping centres 14 14 18 16 10 46 72
Superstores 15 5 4 9 15 24 48
Department stores - - - - - - -
Leisure - - 2 1 - 2 3
Retail & Leisure 48 36 50 53 43 134 230
West End 17 13 13 20 22 43 85
City 14 2 15 14 15 31 60
Offices 31 15 28 34 37 74 145
Total 79 51 78 87 80 208 375
Potential uplift at current ERV 4 1 1 2 1 6 9
Table shows UK total, excluding assets
held in Europe.
1 Excluding developments under
construction and assets held for
development
Rent Subject to Open Market Rent Review1
At 31 March 2015
2016
2017
2018
2019
2020
2016-18
2016-20
For period to 31 March
£m
£m
£m
£m
£m
£m
£m
Shopping parks
19
17
26
27
18
62
107
Shopping centres
14
14
18
16
10
46
72
Superstores
15
5
4
9
15
24
48
Department stores
-
-
-
-
-
-
-
Leisure
-
-
2
1
-
2
3
Retail & Leisure
48
36
50
53
43
134
230
West End
17
13
13
20
22
43
85
City
14
2
15
14
15
31
60
Offices
31
15
28
34
37
74
145
Total
79
51
78
87
80
208
375
Potential uplift at current ERV
4
1
1
2
1
6
9
Table shows UK total, excluding assets held in Europe.
1 Excluding developments under construction and assets held for development
Major Holdings
At 31 March 2015 BL Share Sq ft Rent Occupancy Lease
(excl. developments under construction) % '000 £m pa1 rate %2 length yrs3
Broadgate, London EC2 50 3,963 194 99.9 6.5
Regent's Place, London NW1 100 1,588 72 99.4 8.4
Meadowhall Shopping Centre, Sheffield 50 1,448 85 97.3 7.1
Paddington Central 100 608 24 99.5 9.2
Sainsbury's Superstores4 50 2,715 59 100.0 14.7
The Leadenhall Building 50 602 22 83.3 14.5
Debenhams, Oxford Street 100 363 11 100.0 24.0
Tesco Superstores4 64 1,238 27 100.0 14.8
Teeside Shopping Park, Stockton-on-Tees 100 417 15 96.6 7.1
Drake Circus Shopping Centre, Plymouth 100 414 16 96.0 5.6
1 Annualised contracted rent, topped up for rent free, including 100% of Joint Ventures & Funds
2 Includes accommodation under offer or subject to asset management
3 Weighted average to first break4 Comprises stand-alone assets/properties
Occupiers Representing over 0.5% of Total Contracted Rent
At 31 March 2015 % of total rent % of total rent
Tesco plc 6.5 Vodafone plc 0.9
Debenhams 5.7 Facebook 0.9
J Sainsbury plc 5.0 Aon Plc 0.9
HM Government 3.2 JPMorgan 0.8
UBS AG 3.0 Reed Smith 0.8
Kingfisher (B&Q) 2.6 H&M Hennes & Mauritz AB 0.8
Home Retail Group 2.6 Deutsche Bank AG 0.7
Next plc 2.5 Children's World Ltd (Mothercare) 0.7
Virgin Active 1.9 Gazprom 0.7
Spirit Group 1.6 JD Sports 0.7
Dixons Carphone 1.6 Mayer Brown 0.7
Alliance Boots 1.6 ICAP plc 0.6
Marks & Spencer Plc 1.5 Pets at Home 0.6
Arcadia Group 1.4 Steinhoff 0.6
Herbert Smith 1.3 Carlson (TGI Friday's) 0.6
Royal Bank of Scotland 1.1 Lewis Trust (River Island) 0.6
Aegis Group 1.1 Credit Agricole 0.6
TJX Cos Inc (TK Maxx) 1.0 Nokia Oyj 0.5
New Look 1.0 Henderson 0.5
SportsDirect 0.9 Santander 0.5
Asda Group 0.9 DFS 0.5
Acquisitions and Disposals
From 1 April 2014 Price (Gross) BL Share Annual Passing
Acquisitions Area £m £m Rent £m2
Completed
50% share of two Tesco JVs Retail Various 381 381 20
1 Sheldon Square Offices London 210 210 10
Hercules Unit Trust unit purchase1 Retail Various 169 169 10
Surrey Quays Leisure Park Retail London 135 135 2
Speke New Mersey Shopping Park3 Retail North West 93 59 4
Next, Ealing Broadway Retail London 5 5 0
Total 993 959 46
1 Units purchased over the course of the year. £169m represents purchased GAV
2 BL share of net rent topped up for rent frees3 Hercules Unit Trust increased ownership by 37.5%
From 1 April 2014 Price (Gross) BL Share Annual Passing
Disposals Area £m £m Rent £m1
Completed
50% share of Tesco Superstore JV Retail Various 352 352 18
Grenfell Island, Maidenhead Offices South East 90 90 6
Leamington Shopping Park Retail West Midlands 72 22 1
House of Fraser, Birmingham Retail Midlands 71 71 5
Nassica & Vista Alegre Retail Parks Europe Spain 70 46 4
Sainsbury's, Rugby Retail Midlands 59 30 2
Kingswood Retail Park, Hull Retail Yorkshire 58 58 3
Sainsbury's, Nottingham Retail Midlands 50 25 1
Sainsbury's, Cambridge Retail East Anglia 50 25 1
Green Lanes Shopping Centre, Barnstaple Retail South West 36 36 3
Sainsbury's, Cardiff (Thornhill) Retail Wales 35 17 1
Cwmbran Retail Park Retail Wales 32 32 2
Tesco, Ferndown Retail South West 29 15 1
52 Poland Street, W1 Offices London 26 26 1
Springfield Retail Park, Elgin Retail Scotland 23 23 1
103 Colmore Row, Birmingham Offices Midlands 15 15 -
Morrisons, Hounslow West Retail London 9 9 -
Residential Units Residential London 69 63 -
Other 20 11 -
Exchanged
Clarges Mayfair Residential Residential London 259 259 -
Aldgate Place Residential2 Residential London 79 40 -
The Hempel Residential London 8 8 -
Total 1,512 1,273 50
1 BL share of net rent topped up for rent frees2 Including £15m (BL share) of affordable units and £1m (BL share) of ground rents
Recently Completed & Committed Developments At 31
March 2015 Sector BL Share Sq ft PC Calendar Year
Current Value Cost to complete ERV Let & Under
Offer Resi End Value % '000 £m £m1,2 £m3 £m £m4 The
Leadenhall Building Offices 50 601 Completed 385 12
19.4 16.2 - Broadgate Circle Offices 50 42
Completed 23 1 1.2 1.0 - Old Market, Hereford
Retail 100 305 Completed 92 4 4.9 4.8 - Meadowhall
Surrounding Land Retail 50 22 Completed 9 - 0.4
0.4 - Fort Kinnaird, Edinburgh Retail 35 57
Completed 8 1 0.5 0.5 - Deepdale, Preston Retail
35 64 Completed 6 1 0.4 0.4 - Broughton Park,
Chester Retail 69 54 Completed 11 1 0.7 0.7 -
Total Completed in Period 1,145 534 20 27.5 24.0 -
5 Broadgate Offices 50 710 2015 399 23 19.2 19.2 -
Yalding House Offices 100 29 2015 21 6 1.6 - - 4
Kingdom Street Offices 100 147 2017 36 82 8.6 - -
Clarges Mayfair Mixed Use 100 192 2017 310 170 5.9
- 464 Whiteley Leisure, Fareham Retail 50 58 2015
8 2 0.6 0.5 - Glasgow Fort, M&S & Retail Terrace
Retail 69 112 2015 19 10 1.8 0.9 - The Hempel
Phase 15 Residential 100 25 2016 42 2 - - 51 The
Hempel Phase 2 Residential 100 40 2016 50 16 - -
81 Aldgate Place, Phase 16 Residential 50 221 2016
24 47 - - 80 Total Under Construction 1,534 909
358 37.7 20.6 676 Data includes Group's share of
properties in Joint Ventures & Funds (except area
which is shown at 100%) 1 From 1 April 2015 to
practical completion (PC)2 Cost to complete
excludes notional interest as interest is
capitalised individually on each development at our
capitalisation rate 3 Estimated headline rental
value net of rent payable under head leases
(excluding tenant incentives) 4 Residential
development of which £315m completed or exchanged
and a further £9m under offer 5 Previously Craven
Hill Gardens 6 End value excludes sale of hotel
site, receipts of £6m (BL Share)
£m
£m1,2
£m3
£m
£m4
The Leadenhall Building
Offices
50
601
Completed
385
12
19.4
16.2
-
Broadgate Circle
Offices
50
42
Completed
23
1
1.2
1.0
-
Old Market, Hereford
Retail
100
305
Completed
92
4
4.9
4.8
-
Meadowhall Surrounding Land
Retail
50
22
Completed
9
-
0.4
0.4
-
Fort Kinnaird, Edinburgh
Retail
35
57
Completed
8
1
0.5
0.5
-
Deepdale, Preston
Retail
35
64
Completed
6
1
0.4
0.4
-
Broughton Park, Chester
Retail
69
54
Completed
11
1
0.7
0.7
-
Total Completed in Period
1,145
534
20
27.5
24.0
-
5 Broadgate
Offices
50
710
2015
399
23
19.2
19.2
-
Yalding House
Offices
100
29
2015
21
6
1.6
-
-
4 Kingdom Street
Offices
100
147
2017
36
82
8.6
-
-
Clarges Mayfair
Mixed Use
100
192
2017
310
170
5.9
-
464
Whiteley Leisure, Fareham
Retail
50
58
2015
8
2
0.6
0.5
-
Glasgow Fort, M&S & Retail Terrace
Retail
69
112
2015
19
10
1.8
0.9
-
The Hempel Phase 15
Residential
100
25
2016
42
2
-
-
51
The Hempel Phase 2
Residential
100
40
2016
50
16
-
-
81
Aldgate Place, Phase 16
Residential
50
221
2016
24
47
-
-
80
Total Under Construction
1,534
909
358
37.7
20.6
676
Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)
1 From 1 April 2015 to practical completion (PC)2 Cost to complete excludes notional interest as interest is capitalised
individually on each development at our capitalisation rate
3 Estimated headline rental value net of rent payable under head leases (excluding tenant incentives)
4 Residential development of which £315m completed or exchanged and a further £9m under offer
5 Previously Craven Hill Gardens
6 End value excludes sale of hotel site, receipts of £6m (BL Share)
Near-Term Pipeline
At 31 March 2015 Sector BL Share Sq ft Start On Site Total Cost2 Status
'000 £m
5 Kingdom Street1 Offices 100 240 2016 188 Consented
100 Liverpool Street Offices 50 517 2017 236 Consented3
Blossom Street, Shoreditch Mixed Use 100 347 2016 219 Submitted
Glasgow Fort (Restaurants & Additional Retail Unit) Retail 69 42 2015 12 Consented
Plymouth Leisure Retail 100 100 2016 36 Consented
New Mersey Shopping Park, Speke - Leisure Retail 61 66 2015 16 Submitted
Aldgate Place, Phase 2 Residential 50 145 2016 56 Consented
Crystal House, Ealing Broadway Residential 100 34 2016 18 Submitted
Total Near-Term 1,491 781
1 210,000 sq ft of which is consented
2 Total cost including site value. Excludes notional interest as interest is capitalised individually on each development at our capitalisation rate3 Post year end, the City of London Corporation's Planning Committee has resolved to grant planning permission
Medium-Term Pipeline
At 31 March 2015 Sector BL Share Sq ft Status
'000
Eden Walk Shopping Centre, Kingston Mixed Use 50 545 Pre-submission
Canada Water Masterplan1 Mixed Use 100 5,500 Pre-submission
1 - 3 Finsbury Avenue2 Offices 50 460 Pre-submission
Forster Retail Park, Bradford, Phase 3 Retail 100 60 Pre-submission
Meadowhall Land Retail 50 350 Pre-submission
Total Medium-Term 6,915
1 Assumed net area based on gross area of up to 7m sq ft
2 Existing net areas, scheme in early design stages
Residential development programme
At 31 March 2015 Sq Ft No. Market Units PC Date/ BL Share Mar 15 Value1 Cost To come2 End Value SalesExchanged & Completed
Status
'000 % £m £m £m £m
Clarges Mayfair3 103 34 2017 100 228 137 464 259
Mixed use 103 34 228 137 464 259
Bedford Street4 28 17 Completed 100 18 - 28 24
The Hempel Phase 1 25 15 2016 100 42 2 51 18
The Hempel Phase 2 40 19 2016 100 50 16 81 -
Aldgate Place Phase 1 221 154 2016 50 24 47 80 38
Residential-led 314 205 134 65 240 80
Aldgate Place Phase 2 145 Consented 50
Ealing, Crystal House 34 Submitted 100
Near Term prospective 179
Total Committed Residential 417 239 362 202 704 339
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 2015 to practical completion (PC). Cost to complete excludes notional interest as interest is capitalised individually on each development at our capitalisation rate
3 Includes 9,500 sq ft of affordable housing (11 units)
4 Includes 14,000 sq ft of retail space
Superstores
Stand-alone Superstores1 In Shopping Centres & Shopping Parks2 Total Exposure1,2,3
Store Size No of Stores Valuation (BL share) Capital Value WALL to FByrs No of Stores Valuation (BL share) Capital Value WALL to FByrs No of Stores Valuation (BL share) Capital Value WALL
'000 SQ FT £m psf £m psf £m psf to FByrs
>100 9 242 377 13.6 5 366 552 13.8 14 608 466 13.7
75-100 14 294 470 18.7 1 41 483 12.9 15 335 471 17.9
50-75 17 296 443 13.2 1 12 190 12.1 18 308 421 13.1
25-50 9 64 244 9.4 3 31 437 15.5 12 95 285 11.3
0-25 8 28 200 13.3 19 79 405 11.6 27 107 321 12.1
March 15 57 924 395 14.5 29 529 491 13.9 86 1,453 426 14.4
Sept 14 81 1,286 423 14.5 26 337 479 13.9 107 1,623 433 14.4
Geographical Spread Gross Rent (BL Share) Lease Structure
London & South 59% Tesco £4m RPI and Fixed 11%
Rest of UK 41% Sainsburys £3m OMRR 89%
Other £7m
1 Excludes £10m non-foodstore occupiers in superstore led assets
2 Excludes non food-format stores e.g. Asda Living
3 Excludes £99m of investments held for trading comprising freehold reversions in a pool of Sainsbury's Superstores
GLOSSARY
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 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 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 satisfactionour definition of customer satisfaction has this year been expanded to include consumers as well as
occupiers, to better relate to our focus on creating Places People Prefer. This year we have included exit survey data for
consumer satisfaction in the retail business (FY2014-15 vs FY2013-14), 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 5.5% 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 profit after taxation excluding investment and development property revaluations and gains/losses on
disposals, changes in the fair value of financial instruments and associated close-out costs and their related taxation.
EPRA NAV per share is EPRA NAV divided by the diluted number of shares at the period end.
EPRA net assets (EPRA NAV) are the balance sheet net assets excluding the mark-to-market on effective cash flow hedges and
related debt adjustments and deferred taxation on revaluations.
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 allowing for notional purchaser's
costs.
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. This is the inverse of the occupancy rate.
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.
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 (calculated on a weighted basis).
Gearing see loan to value (LTV).
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.
Like-for-like 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. Like-for-like ERV growth is calculated monthly and compounded for the period subject
to measurement, as calculated by IPD.
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.
Mark-to-market is the difference between the book value of an asset or liability and its market value.
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 rent-frees.
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 allowing for 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 allowing
for 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 properties. It includes accommodation under offer or subject to asset management (where
they have been taken back for refurbishment and are not available to let as at the balance sheet date).
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.
Portfolio valuation movement is the increase in value of the portfolio of properties held at the balance sheet date and net
sales receipts of those sold during the period, expressed as a percentage of the capital value at the start of the period
plus net capital expenditure, capitalised interest and transaction costs.
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. Property companies also pay out normal dividends, called non-PIDs, which are treated as
normal dividends and are not subject to withholding tax.
Property 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.
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.
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.
Retail planning consentsare 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 any type of retail 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 (see below).
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 nightclubs), 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 arises on rent reviews and lettings.
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 investmentsare assets which are directly held and not in the course of 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.
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