REG - British Land Co PLC - Final Results- Part 3 <Origin Href="QuoteRef">BLND.L</Origin> - Part 2
16/05/2016 07:07
- Part 2: For the preceding part double click ID:nRSP2774Ya
Annualised Rent & Estimated Rental Value (ERV)1
At 31 March 2016 Annualised rent ERV £m Average rent £psf
(valuation basis) £m2
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 No of Stores Valuation (BL share) Capital Value WALL to FB No of Stores Valuation (BL share) Capital Value WALL to FB No of Stores Valuation (BL share) Capital Value WALL
'000 SQ FT £m psf £m psf £m psf 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/ BL Share Current Value1 Cost To come2 End Value3 Sales Exchanged & Completed
Status
'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
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