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Last Trade - 21/02/20

Sector
Financials
Size
Large Cap
Market Cap £7.13bn
Enterprise Value £10.93bn
Revenue £748.0m
Position in Universe 128th / 1838

Land Sec. Group PLC - Half-yearly results - Part 5

Tue 14th November, 2017 7:00am
- Part 5: For the preceding part double click  ID:nRSN3778Wd 

   
 Investment portfolio                  13,008             12,628         (29)                (0.2%)                       299                    290                            605                554                523            673                650            
 Share of joint ventures               1,223              1,811          10                  0.9%                         28                     24                             45                 27                 47             65                 93             
 Combined Portfolio                    14,231             14,439         (19)                (0.1%)                       327                    314                            650                581                570            738                743            
                                                                                                                                                                                                                                                                                   
 
 
Table 21: Combined Portfolio analysis continued 
 
Like-for-like segmental analysis 
 
                              Gross estimated    Net initial yield(8)  Equivalent yield(9)  Voids (by ERV)(3)  
                              rental value(7)                                                                  
                              30 September 2017  31 March 2017         30 September 2017    31 March 2017      30 September 2017  31 March 2017  30 September 2017  31 March 2017  
                              £m                 £m                    %                    %                  %                  %              %                  %              
 Retail Portfolio                                                                                                                                                                  
 Shopping centres and shops   203                201                   4.3%                 4.3%               4.8%               4.8%           3.6%               4.0%           
 Retail parks                 52                 52                    5.5%                 5.5%               5.6%               5.6%           -                  -              
 Leisure and hotels           83                 82                    5.0%                 5.2%               5.4%               5.4%           0.7%               0.7%           
 Other                        2                  2                     2.4%                 3.8%               8.4%               8.3%           37.5%              33.3%          
 Total Retail Portfolio       340                337                   4.7%                 4.7%               5.1%               5.1%           2.6%               2.8%           
 London Portfolio                                                                                                                                                                  
 West End                     117                117                   4.1%                 4.0%               4.6%               4.6%           6.3%               6.4%           
 City                         40                 41                    4.2%                 4.2%               4.8%               4.8%           -                  -              
 Mid-town                     50                 50                    4.1%                 4.0%               4.5%               4.5%           0.6%               -              
 Inner London                 17                 17                    4.2%                 4.2%               4.9%               5.0%           -                  -              
 Total London offices         224                225                   4.1%                 4.0%               4.6%               4.6%           3.4%               3.3%           
 Central London shops         61                 61                    2.6%                 2.5%               4.1%               4.0%           2.1%               1.7%           
 Other                        1                  1                     1.1%                 0.9%               1.3%               1.3%           66.7%              33.3%          
 Total London Portfolio       286                287                   3.8%                 3.7%               4.5%               4.5%           3.3%               3.0%           
 Like-for-like portfolio(10)  626                624                   4.2%                 4.2%               4.8%               4.8%           2.9%               2.9%           
 Proposed developments(3)     -                  -                     -                    -                  n/a                n/a            n/a                n/a            
 Development programme(11)    37                 36                    0.1%                 -                  4.5%               4.5%           n/a                n/a            
 Completed developments(3)    64                 65                    0.5%                 0.3%               4.2%               4.2%           n/a                n/a            
 Acquisitions(12)             24                 -                     6.0%                 5.5%               6.0%               n/a            n/a                n/a            
 Sales(13)                    -                  31                    -                    3.2%               n/a                n/a            n/a                n/a            
 Combined Portfolio           751                756                   3.7%                 3.6%               4.7%               n/a            n/a                n/a            
                                                                                                                                                                                   
                                                                                                                                                                                   
 
 
Total portfolio analysis                                                                       Notes: 
 
 Gross estimated                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      1.    The market value figures are determined by the Group's external valuer.2.    The valuation movement is stated after adjusting for the effect of SIC15 under IFRS.3.    Refer to glossary for definition.4.    Annualised rental income is annual 'rental  
 rental value(7) Net initial yield(8) 30 September 2017 31 March 2017 30 September 2017 31 March 2017 £m £m % % Retail Portfolio Shopping centres and shops 242 219 4.2% 4.1% Retail parks 53 52 5.3% 5.5% Leisure and hotels 83 83 5.0% 5.2% Other 2 2 2.4% 3.8% Total Retail Portfolio 380 356 4.5% 4.5% London Portfolio West End 156 156 3.1% 3.0% City 64 89 2.5% 2.7% Mid-town 67 68 3.1% 3.0% Inner London 17 17 4.2% 4.2% Total London offices 304 330 3.0% 3.0% Central London shops 66 69 2.5% 2.4% Other 1 1 1.2% 0.9% Total London Portfolio 371 400 2.9% 2.9% Combined Portfolio 751 756 3.7% 3.6% Represented by: Investment portfolio 684 661 3.8% 3.7% Share of joint ventures 67 95 2.0% 2.4% Combined Portfolio 751 756 3.7% 3.6%   income' (as defined in the glossary) at the balance sheet date, except that car park and commercialisation income are included on a net basis (after deduction for operational outgoings). Annualised rental income includes temporary lettings.5.    Annualised 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      net rent is annual cash rent, after the deduction of ground rents, as at the balance sheet date. It is calculated with the same methodology as annualised rental income but is stated net of ground rent and before SIC15 adjustments.6.    Net estimated rental 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      value is gross estimated rental value, as defined in the glossary, after deducting expected ground rents.7.    Gross estimated rental value (ERV) - refer to glossary for definition. The figure for proposed developments relates to the existing buildings and 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      not the schemes proposed.8.    Net initial yield - refer to glossary for definition. This calculation includes all properties including those sites with no income.9.    Equivalent yield - refer to glossary for definition. Proposed developments are excluded 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      from the calculation of equivalent yield on the Combined Portfolio.10. The like-for-like portfolio - refer to glossary for definition. Capital expenditure on refurbishments, acquisitions of head leases and similar capital expenditure has been allocated to 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      the like-for-like portfolio in preparing this table.11. The development programme - refer to glossary for definition. Net initial yield figures are only calculated for properties in the development programme that have reached practical completion.12.      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Includes all properties acquired since 1 April 2016.13.  Includes all properties sold since 1 April 2016.                                                                                                                                                       
 
 
Gross estimated
rental value(7) 
 
Net initial yield(8) 
 
30 September 2017 
 
31 March 2017 
 
30 September 2017 
 
31 March 2017 
 
£m 
 
£m 
 
% 
 
% 
 
Retail Portfolio 
 
Shopping centres and shops 
 
242 
 
219 
 
4.2% 
 
4.1% 
 
Retail parks 
 
53 
 
52 
 
5.3% 
 
5.5% 
 
Leisure and hotels 
 
83 
 
83 
 
5.0% 
 
5.2% 
 
Other 
 
2 
 
2 
 
2.4% 
 
3.8% 
 
Total Retail Portfolio 
 
380 
 
356 
 
4.5% 
 
4.5% 
 
London Portfolio 
 
West End 
 
156 
 
156 
 
3.1% 
 
3.0% 
 
City 
 
64 
 
89 
 
2.5% 
 
2.7% 
 
Mid-town 
 
67 
 
68 
 
3.1% 
 
3.0% 
 
Inner London 
 
17 
 
17 
 
4.2% 
 
4.2% 
 
Total London offices 
 
304 
 
330 
 
3.0% 
 
3.0% 
 
Central London shops 
 
66 
 
69 
 
2.5% 
 
2.4% 
 
Other 
 
1 
 
1 
 
1.2% 
 
0.9% 
 
Total London Portfolio 
 
371 
 
400 
 
2.9% 
 
2.9% 
 
Combined Portfolio 
 
751 
 
756 
 
3.7% 
 
3.6% 
 
Represented by: 
 
Investment portfolio 
 
684 
 
661 
 
3.8% 
 
3.7% 
 
Share of joint ventures 
 
67 
 
95 
 
2.0% 
 
2.4% 
 
Combined Portfolio 
 
751 
 
756 
 
3.7% 
 
3.6% 
 
1.    The market value figures are determined by the Group's external valuer.2.    The valuation movement is stated after
adjusting for the effect of SIC15 under IFRS.3.    Refer to glossary for definition.4.    Annualised rental income is
annual 'rental income' (as defined in the glossary) at the balance sheet date, except that car park and commercialisation
income are included on a net basis (after deduction for operational outgoings). Annualised rental income includes temporary
lettings.5.    Annualised net rent is annual cash rent, after the deduction of ground rents, as at the balance sheet date.
It is calculated with the same methodology as annualised rental income but is stated net of ground rent and before SIC15
adjustments.6.    Net estimated rental value is gross estimated rental value, as defined in the glossary, after deducting
expected ground rents.7.    Gross estimated rental value (ERV) - refer to glossary for definition. The figure for proposed
developments relates to the existing buildings and not the schemes proposed.8.    Net initial yield - refer to glossary for
definition. This calculation includes all properties including those sites with no income.9.    Equivalent yield - refer to
glossary for definition. Proposed developments are excluded from the calculation of equivalent yield on the Combined
Portfolio.10. The like-for-like portfolio - refer to glossary for definition. Capital expenditure on refurbishments,
acquisitions of head leases and similar capital expenditure has been allocated to the like-for-like portfolio in preparing
this table.11. The development programme - refer to glossary for definition. Net initial yield figures are only calculated
for properties in the development programme that have reached practical completion.12.  Includes all properties acquired
since 1 April 2016.13.  Includes all properties sold since 1 April 2016. 
 
Table 22: Lease lengths 
 
                             Weighted average unexpired lease term at 30 September 2017  
                             Like-for-like portfolio                                     Like-for-like portfolio, completed developments and acquisitions  
                             Mean(1)                                                     Mean(1)                                                           
                             Years                                                       Years                                                             
 Retail Portfolio                                                                                                                                          
 Shopping centres and shops  6.5                                                         6.2                                                               
 Retail parks                7.3                                                         7.3                                                               
 Leisure and hotels          12.9                                                        12.9                                                              
 Other                       2.2                                                         2.2                                                               
 Total Retail Portfolio      7.9                                                         7.9                                                               
                                                                                                                                                           
 London Portfolio                                                                                                                                          
 West End                    8.0                                                         8.9                                                               
 City                        5.6                                                         9.2                                                               
 Mid-town                    9.0                                                         11.7                                                              
 Inner London                15.3                                                        15.3                                                              
 Total London offices        8.3                                                         9.9                                                               
 Central London shops        6.5                                                         6.8                                                               
 Other                       6.2                                                         6.2                                                               
 Total London Portfolio      8.1                                                         9.5                                                               
                                                                                                                                                           
 Combined Portfolio          8.2                                                         8.7                                                               
 
 
1.    Mean is the rent weighted average of the unexpired lease term across all leases (excluding short-term leases). Term
is defined as the earlier of tenant break or expiry. 
 
Table 23: Development pipeline financial summary 
 
                                                                   Cumulative movements on the development programme to 30 September 2017        Total scheme details(1)                                    
 Market value at start of scheme                                   Capital expenditure incurred to date                                          Capitalised interest to date  Valuation surplus/(deficit)  Disposals, SIC15 rent   Market value at 30 September 2017  Estimated total capital expenditure  Estimated total capitalised interest  Estimated total development cost(3)  Net Income/ ERV(4)  Valuation (deficit)/surplus for the six months ended 30 September 2017(2)  
                                                                                                                                                                                to date(2)                  and other adjustments                                                                                                                                                                                                                                                     
                                                                   £m                                                                            £m                            £m                           £m                      £m                                 £m                                   £m                                    £m                                   £m                  £m                                                                         £m   
 Developments let and transferred or sold                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 Shopping centres and shops                                        -                                                                             -                             -                            -                       -                                  -                                    -                                     -                                    -                   -                                                                          -    
 Retail parks                                                      -                                                                             -                             -                            -                       -                                  -                                    -                                     -                                    -                   -                                                                          -    
 London Portfolio                                                  123                                                                           166                           11                           238                     (20)                               518                                  115                                   11                                   249                 23                                                                         (2)  
                                                                   123                                                                           166                           11                           238                     (20)                               518                                  115                                   11                                   249                 23                                                                         (2)  
 Developments after practical completion, approved or in progress                                                                                                                                                                                                                                                                                                                                                                                                                          
 Shopping centres and shops                                        30                                                                            158                           11                           38                      3                                  240                                  171                                   11                                   212                 14                                                                         7    
 Retail parks                                                      6                                                                             3                             -                            4                       (1)                                12                                   23                                    1                                    30                  3                                                                          4    
 London Portfolio                                                  71                                                                            213                           33                           144                     (50)                               411                                  155                                   33                                   259                 20                                                                         11   
                                                                   107                                                                           374                           44                           186                     (48)                               663                                  349                                   45                                   501                 37                                                                         22   
                                                                                                                                                                                                                                                                                                            
                                                                   Movement on proposed developments for the six months ended 30 September 2017                                                                                                                                                             
 Proposed developments                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
 Shopping centres and shops                                        -                                                                             -                             -                            -                       -                                  -                                    -                                     -                                    -                   -                                                                          -    
 Retail parks                                                      -                                                                             -                             -                            -                       -                                  -                                    -                                     -                                    -                   -                                                                          -    
 London Portfolio                                                  73                                                                            18                            1                            18                      -                                  110                                  n/a                                   n/a                                  n/a                 n/a                                                                        18   
                                                                   73                                                                            18                            1                            18                      -                                  110                                  n/a                                   n/a                                  n/a                 n/a                                                                        18   
 
 
1.    Total scheme details exclude properties sold in the period. 
 
2.    Includes profit realised on the disposal of investment properties and any surplus or deficit on investment properties
transferred to trading. 
 
3.    Includes the property at its market value at the start of the financial year in which the property was added to the
development programme together with estimated capitalised interest. 
 
4.    Net headline annual rent on let units plus net ERV at 30 September 2017 on unlet units. 
 
Table 24: Reconciliation of segmental information note to statutory reporting 
 
The table below reconciles the Group's income statement to the segmental information note (note 3 to the financial
statements). The Group's income statement is prepared using the equity accounting method for joint ventures and includes
100% of the results of the Group's non-wholly owned subsidiaries. In contrast, the segmental information note is prepared
on a proportionately consolidated basis and excludes the non-wholly owned share of the Group's subsidiaries. This is
consistent with the financial information reviewed by management. 
 
                                                                                                                                      Six months ended 30 September 2017  
                                                                Group income statement£m  Jointventures(1)£m  Proportionate share of  Total£m                               Revenue      Capital and other items£m  
                                                                                                              earnings(2)£m                                                 profit£m                                
 Rental income                                                  300                       28                  (1)                     327                                   327          -                          
 Finance lease interest                                         4                         -                   -                       4                                     4            -                          
 Gross rental income (before rents payable)                     304                       28                  (1)                     331                                   331          -                          
 Rents payable                                                  (5)                       (1)                 -                       (6)                                   (6)          -                          
 Gross rental income (after rents payable)                      299                       27                  (1)                     325                                   325          -                          
 Service charge income                                          46                        4                   -                       50                                    50           -                          
 Service charge expense                                         (49)                      (6)                 -                       (55)                                  (55)         -                          
 Net service charge expense                                     (3)                       (2)                 -                       (5)                                   (5)          -                          
 Other property related income                                  16                        2                   -                       18                                    18           -                          
 Direct property expenditure                                    (30)                      (5)                 -                       (35)                                  (35)         -                          
 Net rental income                                              282                       22                  (1)                     303                                   303          -                          
 Indirect property expenditure                                  (39)                      (1)                 -                       (40)                                  (40)         -                          
 Other income                                                   1                         -                   -                       1                                     1            -                          
                                                                244                       21                  (1)                     264                                   264          -                          
                                                                                                                                                                                                                    
 Profit on disposal of investment properties                    1                         1                   -                       2                                     -            2                          
 Profit on disposal of investment in joint venture              66                        -                   -                       66                                    -            66                         
 Net (deficit)/surplus on revaluation of investment properties  (29)                      10                  -                       (19)                                  -            (19)                       
 Movement in impairment of trading properties                   1                         (2)                 -                       (1)                                   -            (1)                        
 Profit on disposal of trading properties                       7                         9                   -                       16                                    -            16                         
 Other                                                          (1)                       -                   1                       -                                     -            -                          
 Operating profit                                               289                       39                  -                       328                                   264          64                         
 Finance income                                                 24                        -                   -                       24                                    19           5                          
 Finance expense                                                (369)                     (16)                -                       (385)                                 (80)         (305)                      
 Share of post-tax profit from joint ventures                   23                        (23)                -                       -                                     -            -                          
 Loss before tax                                                (33)                      -                   -                       (33)                                  203          (236)                      
 Taxation                                                       (1)                       -                   -                       (1)                                   -            (1)                        
 Loss for the period                                            (34)                      -                   -                       (34)                                  203          (237)                      
 
 
1.    Reallocation of the share of post-tax profit from joint ventures reported in the Group income statement to the
individual line items reported in the segmental information note. 
 
2.    Removal of the non-wholly owned share of results of the Group's subsidiaries. The non-wholly owned subsidiaries are
consolidated at 100% in the Group's income statement, but only the Group's share is included in revenue profit reported in
the segmental information note. 
 
                                                                                                                                      Six months ended 30 September 2016  
                                                                Group income statement£m  Jointventures(1)£m  Proportionate share of  Total£m                               Revenue      Capital and other items£m  
                                                                                                              earnings(2)£m                                                 profit£m                                
 Rental income                                                  290                       24                  -                       314                                   314          -                          
 Finance lease interest                                         5                         -                   -                       5                                     5            -                          
 Gross rental income (before rents payable)                     295                       24                  -                       319                                   319          -                          
 Rents payable                                                  (5)                       -                   -                       (5)                                   (5)          -                          
 Gross rental income (after rents payable)                      290                       24                  -                       314                                   314          -                          
 Service charge income                                          43                        4                   -                       47                                    47           -                          
 Service charge expense                                         (44)                      (5)                 -                       (49)                                  (49)         -                          
 Net service charge expense                                     (1)                       (1)                 -                       (2)                                   (2)          -                          
 Other property related income                                  14                        1                   -                       15                                    15           -                          
 Direct property expenditure                                    (26)                      (3)                 -                       (29)                                  (29)         -                          
 Net rental income                                              277                       21                  -                       298                                   298          -                          
 Indirect property expenditure                                  (37)                      -                   -                       (37)                                  (37)         -                          
 Other income                                                   1                         -                   -                       1                                     1            -                          
                                                                241                       21                  -                       262                                   262          -                          
                                                                                                                                                                                                                    
 Profit on disposal of investment properties                    9                         2                   -                       11                                    -            11                         
 Loss on disposal of investment in joint venture                (2)                       -                   -                       (2)                                   -            (2)                        
 Net (deficit)/surplus on revaluation of investment properties  (278)                     18                  -                       (260)                                 -            (260)                      
 Movement in impairment of trading properties                   10                        -                   -                       10                                    -            10                         
 Profit on disposal of trading properties                       2                         -                   -                       2                                     -            2                          
 Head office relocation                                         2                         -                   -                       2                                     -            2                          
 Other                                                          (1)                       -                   -                       (1)                                   -            (1)                        
 Operating profit                                               (17)                      41                  -                       24                                    262          (238)                      
 Finance income                                                 18                        -                   -                       18                                    18           -                          
 Finance expense                                                (129)                     (8)                 -                       (137)                                 (87)         (50)                       
 Share of profit from joint ventures                            33                        (33)                -                       -                                     -            -                          
 Loss before tax                                                (95)                      -                   -                       (95)                                  193          (288)                      
 Taxation                                                       (1)                       -                   -                       (1)                                   -            (1)                        
 Loss for the period                                            (96)                      -                   -                       (96)                                  193          (289)                      
 
 
1.    Reallocation of the share of post-tax profit from joint ventures reported in the Group income statement to the
individual line items reported in the segmental information note. 
 
2.    Removal of the non-wholly owned share of results of the Group's subsidiaries. The non-wholly owned subsidiaries are
consolidated at 100% in the Group's income statement, but only the Group's share is included in revenue profit reported in
the segmental information note. 
 
Table 25: Acquisitions, disposals and capital expenditure 
 
                                                                Six months ended 30 September 2017  Six months ended 30 September 2016  
                                                                Group (excl. joint ventures)£m      Joint ventures£m                    Adjustment for proportionate share(1)£m  Combined Portfolio£m  Combined Portfolio£m  
 Investment properties                                                                                                                                                                                                       
 Net book value at the beginning of the period                  12,144                              1,763                               (34)                                     13,873                13,954                
 Acquisitions                                                   348                                 -                                   -                                        348                   14                    
 Transfer from trading properties                               1                                   1                                   -                                        2                     -                     
 Capital expenditure                                            55                                  47                                  (1)                                      101                   152                   
 Capitalised interest                                           1                                   3                                   -                                        4                     12                    
 Disposals                                                      (17)                                (612)                               -                                        (629)                 (53)                  
 Net movement in finance leases                                 -                                   -                                   -                                        -                     15                    
 Net (deficit)/surplus on revaluation of investment properties  (29)                                10                                  -                                        (19)                  (260)                 
 Net book value at the end of the period                        12,503                              1,212                               (35)                                     13,680                13,834                
                                                                                                                                                                                                                             
 Profit on disposal of investment properties                    1                                   1                                   -                                        2                     11                    
                                                                                                                                                                                                                             
                                                                                                                                                                                                                             
 Trading properties                                                                                                                                                                                                          
 Net book value at the beginning of the period                  122                                 124                                 -                                        246                   281                   
 Capital expenditure                                            11                                  3                                   -                                        14                    27                    
 Capitalised interest                                           -                                   -                                   -                                        -                     2                     
 Disposals                                                      (22)                                (47)                                -                                        (69)                  (27)                  
 Transfer to investment properties                              (1)                                 (1)                                 -                                        (2)                   -                     
 Movement in impairment                                         1                                   (2)                                 -                                        (1)                   10                    
 Net book value at the end of the period                        111                                 77                                  -                                        188                   293                   
                                                                                                                                                                                                                             
 Profit on disposal of trading properties                       7                                   9                                   -                                        16                    2                     
                                                                                                                                                                                                                             
                                                                                                                                                                                                                             
 Investment in joint ventures                                                                                                                                                                                                
 Profit/(loss) on disposal of investment in joint venture       66                                  -                                   -                                        66                    (2)                   
 
 
 Acquisitions, development and refurbishment expenditure       £m   £m   
 Acquisitions of investment properties                         348  14   
 Capital expenditure -  investment properties                  56   116  
 Development capital expenditure - investment properties       45   36   
 Capital expenditure - trading properties                      12   10   
 Development capital expenditure -  trading properties         2    17   
 Acquisitions, development and refurbishment expenditure       463  193  
                                                                         
                                                                         
 Disposals                                                     £m   £m   
 Net book value - investment property disposals                629  53   
 Net book value - trading property disposals                   69   27   
 Net book value - other net assets of joint venture disposals  46   -    
 Profit on disposal - investment properties                    2    11   
 Profit on disposal - trading properties                       16   2    
 Profit/(loss) on disposal - investment in joint venture       66   (2)  
 Other                                                         2    -    
 Total disposal proceeds                                       830  91   
 
 
1.    This represents the interest in X-Leisure which we do not own, but which is consolidated in the Group numbers. 
 
Investor information 
 
1. Company website: landsec.com 
 
The Group's half-yearly and annual reports to shareholders, results announcements and presentations, are available to view
and download from the Company's website. The website also provides details of the Company's current share price, the latest
news about the Group, its properties and operations, and details of future events and how to obtain further information. 
 
2. Registrar: Equiniti Group PLC 
 
Enquiries concerning shareholdings, dividends and changes in personal details should be referred to the Company's
registrar, Equiniti Group PLC (Equiniti), in the first instance. They can be contacted using the details below: 
 
Telephone: 
 
-    0371 384 2128 (from the UK) 
 
-    +44 121 415 7049 (from outside the UK) 
 
-    Lines are open from 08:30 to 17:30, Monday to Friday, excluding UK public holidays. 
 
Correspondence address: 
 
Equiniti Group PLC 
 
Aspect House 
 
Spencer Road 
 
Lancing 
 
West Sussex 
 
BN99 6DA 
 
Information on how to manage your shareholding can be found at https://help.shareview.co.uk. If you are not able to find
the answer to your question within the general Help information page, a personal enquiry can be sent directly through
Equiniti's secure e-form on their website. Please note that you will be asked to provide your name, address, shareholder
reference number and a valid e-mail address. Alternatively, shareholders can view and manage their shareholding through the
Landsec share portal which is hosted by Equiniti - simply visit https://portfolio.shareview.co.uk and follow the
registration instructions. 
 
3. Shareholder enquiries 
 
If you have an enquiry about the Company's business or about something affecting you as a shareholder (other than queries
which are dealt with by the Registrar), please email Investor Relations (see details in 8. below). 
 
4. Share dealing services: shareview.co.uk 
 
The Company's shares can be traded through most banks, building societies and stockbrokers. They can also be traded through
Equiniti. To use their service, shareholders should contact Equiniti: 0345 603 7037 from the UK. Lines are open Monday to
Friday 8:00am to 4:30pm for dealing and until 6:00pm for enquiries, excluding UK public holidays. 
 
5. 2017/18 second quarterly dividend 
 
The Board has declared a second quarterly dividend for the year ending 31 March 2018 of 9.85p per ordinary share will be
paid on 5 January 2018 to shareholders registered at the close of business on 1 December 2017. This will be paid wholly as
an ordinary dividend. Together with the first quarterly dividend of 9.85p already paid on 6 October 2017 wholly as a
Property Income Distribution (PID), the first half dividend will be 19.7p per ordinary share (six months ended 30 September
2016: 17.9p). 
 
6. Dividend related services 
 
-    Dividend payments to UK shareholders - Dividend Mandates 
 
We recommend that dividends are paid directly into a nominated bank or building society account through the Bankers
Automated Clearing System (BACS). This service provides cleared funds on the dividend payment date, is more secure than
sending a cheque by post and avoids the inconvenience of paying each dividend by cheque. This arrangement is only available
in respect of dividends paid in sterling. 
 
-    Dividend payments to overseas shareholders - International Payment Service 
 
For international shareholders who would prefer to receive payment of their dividends in local currency and directly into
their local bank account, an Overseas Payment Service (OPS) is available. This can be more convenient and effective than
otherwise receiving dividend payments by sterling cheque or into a UK bank account. 
 
The OPS service is available from Equiniti who, in partnership with Citibank, may be able to convert sterling dividends
into your local currency at competitive rates and either arrange for those funds to be sent to you by currency draft or
credited to your bank account directly. 
 
-    Dividend Reinvestment Plan (DRIP) 
 
A DRIP is available from Equiniti. This facility provides an opportunity by which shareholders can conveniently and easily
increase their holding in the Company by using their cash dividends to buy more shares. Participation in the DRIP will mean
that your dividend payments will be reinvested in the Company's shares and these will be purchased on your behalf in the
market on, or as soon as practical after, the dividend payment date. 
 
You may only participate in the DRIP if you are resident in the European Economic Area, Channel Islands or Isle of Man. 
 
For further information (including terms and conditions) and to register for any of these dividend-related services, simply
visit www.shareview.co.uk. 
 
7. Financial reporting calendar 
 
                                   2018          
 Financial year end                31 March      
 Preliminary results announcement  15 May        
                                                 
 Half-yearly results announcement  13 November*  
                                                 
 
 
* Provisional date only 
 
8. Investor relations enquiries 
 
For investor relations enquiries, please contact Edward Thacker, Head of Investor Relations at Landsec, by telephone on +44
(0)20 7413 9000 or by email at enquiries@landsec.com. 
 
Glossary 
 
Adjusted earnings per share (Adjusted EPS) 
 
Earnings per share based on revenue profit after related tax. 
 
Adjusted net assets per share 
 
Net assets per share adjusted to remove the effect of the de-recognition of the 2004 bond exchange and cumulative fair
value movements on interest-rate swaps and similar instruments. 
 
Adjusted net debt 
 
Net debt excluding cumulative fair value movements on interest-rate swaps, the adjustment arising from the de-recognition
of the bond exchange and amounts payable under finance leases. It generally includes the net debt of subsidiaries and joint
ventures on a proportionate basis. 
 
Book value 
 
The amount at which assets and liabilities are reported in the financial statements. 
 
BREEAM 
 
Building Research Establishment's Environmental Assessment Method. 
 
Combined Portfolio 
 
The Combined Portfolio comprises the investment properties of the Group's subsidiaries, on a proportionately consolidated
basis when not 

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