REG - Land Sec. Group PLC - LS half-yearly results to 30 September 2014 <Origin Href="QuoteRef">LAND.L</Origin> - Part 4
11/11/2014 08:31
- Part 4: For the preceding part double click ID:nRSK6520Wc
(9.3)
Impairment release 6.1 - 6.1 - 6.1
Contract costs deferred - - - 0.8 0.8
At 31 March 2014 96.1 86.1 182.2 10.7 192.9
Capital expenditure 2.8 19.9 22.7 - 22.7
Capitalised interest 0.5 1.2 1.7 - 1.7
Impairment provision (0.6) - (0.6) - (0.6)
Contract costs deferred - - - 0.4 0.4
At 30 September 2014 98.8 107.2 206.0 11.1 217.1
The cumulative impairment provision at 30 September 2014 in respect of Development land and infrastructure was £98.7m (31
March 2014: £98.1m); and in respect of Residential was £0.3m (31 March 2014: £0.3m).
14. Capital structure 30 September 2014 31 March 2014
Group Adjustment for non-wholly owned subsidiaries (1) Joint ventures Combined Group Adjustment for non-wholly owned subsidiaries (1) Joint Combined
ventures
£m £m £m £m £m £m £m £m
Property portfolio
Market value of investment properties 11,747.6 (30.0) 1,456.4 13,174.0 10,288.8 (28.4) 1,599.0 11,859.4
Trading properties and long-term contracts 217.1 - 100.6 317.7 192.9 - 91.7 284.6
Non-current asset held for sale - - 264.3 264.3 - - - -
Total property portfolio (a) 11,964.7 (30.0) 1,821.3 13,756.0 10,481.7 (28.4) 1,690.7 12,144.0
Net debt
Borrowings 4,125.6 - 166.5 4,292.1 3,362.2 (0.1) 244.9 3,607.0
Monies held in restricted accounts and deposits (16.1) - - (16.1) (14.5) - - (14.5)
Cash and cash equivalents (2) (22.0) - (33.8) (55.8) (20.9) 0.1 (36.6) (57.4)
Fair value of interest-rate swaps 12.6 - - 12.6 3.7 - (0.1) 3.6
Net debt (b) 4,100.1 - 132.7 4,232.8 3,330.5 - 208.2 3,538.7
Less: Fair value of interest-rate swaps (12.6) - - (12.6) (3.7) - 0.1 (3.6)
Reverse bond exchange de-recognition (note 15) 402.7 - - 402.7 413.2 - - 413.2
Adjusted net debt (c) 4,490.2 - 132.7 4,622.9 3,740.0 - 208.3 3,948.3
Adjusted total equity
Total equity (d) 9,344.6 9,344.6 8,418.3 8,418.3
Fair value of interest-rate swaps 12.6 - - 12.6 3.7 - (0.1) 3.6
Reverse bond exchange de-recognition (note 15) (402.7) - - (402.7) (413.2) - - (413.2)
Adjusted total equity (e) 8,954.5 - - 8,954.5 8,008.8 - (0.1) 8,008.7
Gearing (b/d) 43.9% 45.3% 39.6% 42.0%
Adjusted gearing (c/e) 50.1% 51.6% 46.7% 49.3%
Group LTV (c/a) 37.5% 33.6% 35.7% 32.5%
Security Group LTV 39.9% 35.5%
Weighted average cost of debt 4.5% 4.5% 5.0% 5.0%
1. This represents the interest in X-Leisure which we do not own, but is consolidated in the Group numbers.
2. The cash and cash equivalents in respect of joint ventures includes £2.5m of cash in the Bristol Alliance
Partnership, which was classified as a non-current asset held for sale at 30 September 2014.
15. Borrowings 30 September 2014 31 March 2014
Secured/ Fixed/ Effective Nominal/ notional value£m Fair Book value£m Nominal/ notional value£m Fair Book value£m
unsecured floating interest rate% value£m value£m
Current borrowings
Sterling
5.253 per cent QAG Bond Secured Fixed 5.3 13.9 16.0 13.9 13.2 15.0 13.2
Bilateral facilities Secured Floating LIBOR + margin - - - 500.0 500.0 500.0
Total current borrowings 13.9 16.0 13.9 513.2 515.0 513.2
Non-current borrowings
Sterling
4.875 per cent MTN due 2019 Secured Fixed 5.0 400.0 435.7 398.4 400.0 441.1 398.2
5.425 per cent MTN due 2022 Secured Fixed 5.5 255.3 290.6 254.8 255.3 290.8 254.8
4.875 per cent MTN due 2025 Secured Fixed 4.9 300.0 339.6 298.0 300.0 332.6 297.9
5.391 per cent MTN due 2026 Secured Fixed 5.4 210.7 248.4 210.0 210.7 242.9 210.0
5.391 per cent MTN due 2027 Secured Fixed 5.4 608.4 721.4 606.3 608.6 703.3 606.4
5.376 per cent MTN due 2029 Secured Fixed 5.4 317.5 379.5 316.2 317.5 366.3 316.1
5.396 per cent MTN due 2032 Secured Fixed 5.4 322.7 390.8 321.0 322.7 375.1 321.0
5.125 per cent MTN due 2036 Secured Fixed 5.1 500.0 597.3 498.7 500.0 570.2 498.7
Bond exchange de-recognition adjustment (402.7) (413.2)
2,914.6 3,403.3 2,500.7 2,914.8 3,322.3 2,489.9
5.253 per cent QAG Bond Secured Fixed 5.3 297.0 342.5 297.0 304.0 346.0 304.0
Syndicated bank debt Secured Floating LIBOR + margin 480.0 480.0 480.0 15.0 15.0 15.0
Bilateral facilities Secured Floating LIBOR + margin 815.0 815.0 815.0 10.0 10.0 10.0
Amounts payable under finance leases Unsecured Fixed 7.2 19.0 26.0 19.0 30.1 43.0 30.1
Total non-current borrowings 4,525.6 5,066.8 4,111.7 3,273.9 3,736.3 2,849.0
Total borrowings 4,539.5 5,082.8 4,125.6 3,787.1 4,251.3 3,362.2
Reconciliation of the movement in borrowings Six months ended Year ended
30 September 2014 31 March 2014
£m £m
At the beginning of the period 3,362.2 3,751.4
Repayment of loans (6.5) (911.3)
Proceeds from new loans 770.0 500.0
Amortisation of finance fees 0.5 1.1
Amortisation of bond exchange de-recognition adjustment 10.5 19.6
Net movement in finance lease obligations (11.1) 1.4
At the end of the period 4,125.6 3,362.2
Fair values
The fair values of any floating rate financial liabilities are assumed to be equal to their nominal value, but adjusted for
the effect of exit fees payable on redemption. The fair values of the MTNs and the QAG Bond fall within Level 1, the
syndicated and bilateral facilities fall within Level 2, and the amounts payable under finance leases fall within Level 3,
as defined by IFRS 13.
Bond exchange de-recognition
On 3 November 2004, a debt refinancing was completed resulting in the Group exchanging all of its outstanding bond and
debenture debt for new MTNs with higher nominal values. The new MTNs did not meet the IAS 39 requirement to be
substantially different from the debt that they replaced. Consequently the book value of the new debt is reduced to the
book value of the original debt by the 'bond exchange de-recognition' adjustment which is then amortised to zero over the
life of the new MTNs. The amortisation is included in interest expense in the income statement.
Bilateral facilities and syndicated bank debt
In the six months ended 30 September 2014, the amounts drawn under the Group's bilateral facilities and syndicated bank
debt increased by £770m, primarily to fund the acquisition of Bluewater, Kent. To increase our financial headroom
following the acquisition, the £500m short-term bank facility in place at 31 March 2014 was cancelled and replaced with a
facility for the same amount expiring in September 2016. The Group incurred finance fees of £1.5m in connection with the
change to the facility.
16. Related party transactions
As disclosed in note 12, the Group has investments in a number of joint ventures. During the period, the Group has made
further loan advances to St. David's Limited Partnership of £78.3m, 20 Fenchurch Street Limited Partnership of £12.3m and
Nova, Victoria of £20.5m.
During the period, the Group recognised interest income of £6.7m from 20 Fenchurch Street Limited Partnership and £4.4m
from Nova, Victoria.
There have been no other significant related party transactions during the period that require disclosure under Section
4.2.8 (R) of the Disclosure and Transparency Rules or under IAS 34 Interim Financial Reporting.
17. Events after the reporting period
On 30 October 2014, the Group disposed of its interest in the Bristol Alliance Limited Partnership for consideration of
£267.8m. Contracts were exchanged for the sale in August 2014, but completion was conditional on receipt of EU merger
control notification. At 30 September 2014, the Group considered completion of the sale to be highly probable, therefore
the investment in the partnership with a carrying value of £264.3m was classified as a non-current asset held for sale.
On 31 October 2014, the Group disposed of its 50% interest in the Princesshay shopping centre and surrounding properties in
Exeter for consideration of £127.9m, and simultaneously acquired the remaining 50% interest in the Buchanan Partnership for
consideration of £137.5m. The consideration for both assets was broadly in line with their respective 30 September 2014
valuations.
18. Business combinations
On 24 June 2014, the Group acquired 100% of the ordinary share capital of Greenhithe Holdings Limited ("GHL") for a cash
consideration of £694.3m from Lend Lease Bluewater Limited. The Group incurred £2.7m of business combination costs in
connection with the transaction.
GHL owns, through its subsidiary undertakings, a 30% interest in Bluewater, a shopping centre in Kent, full asset
management rights for the centre and 110 acres of surrounding land.
The Group has accounted for the transaction in accordance with IFRS 3 'Business Combinations' and therefore applied
purchase accounting. The fair values of the assets and liabilities recognised are provisional due to the timing of the
transaction. On acquisition, the Group recognised an intangible asset of £30.0m, representing the estimated fair value of
the management rights for the centre, together with a corresponding deferred tax liability of £6.0m. The intangible asset
is being amortised over a period of 20 years.
Goodwill of £36.5m arose on the transaction, primarily representing the difference between the value of the investment
property attributed by our external valuers, and the consideration paid. The difference is largely due to prospective
purchasers' costs, which are deducted by the external valuer in determining the investment property value, as well as a
lower value being attributed to the 110 acres of surrounding land, where management felt it was appropriate to pay a
premium for the land on the basis of its long-term potential and its adjacency to the Group's land at Ebbsfleet. The Group
has considered whether this core element of the goodwill is recoverable, and has concluded that it is not. The purchasers'
costs could potentially be recovered if a future sale was structured through a corporate transaction, but the Group does
not consider there to be sufficient certainty to deem this element of the goodwill to be recoverable. Similarly, the
Group's longer term plans for the outer land and the potential synergies with the Group's existing holdings are at an early
stage, making the recoverable amount uncertain at this time. £30.5m of goodwill has therefore been written off to the
income statement in the period.
The remaining goodwill of £6.0m represents goodwill arising on the deferred tax liability. The deferred tax liability will
be released to the income statement as the intangible asset is amortised, and the corresponding element of the goodwill
will be tested for impairment. At 30 September 2014, the carrying value of both the deferred tax liability and the goodwill
was £5.9m.
The fair value of the assets and liabilities recognised at the date of acquisition is set out in the table below:
Fair value
£m
Assets
Investment property 635.8
Intangible asset 30.0
Cash 2.8
Trade and other receivables 7.7
Total assets 676.3
Liabilities
Trade and other payables (4.7)
Accruals and deferred income (7.8)
Deferred tax (6.0)
Total liabilities (18.5)
Net assets 657.8
Fair value of consideration paid 694.3
Goodwill recognised 36.5
Goodwill impairment 30.5
Business combination costs 2.7
Total loss on business combination recognised in the income statement 33.2
The fair value of trade and other receivables is £7.7m and includes trade receivables with a fair value of £6.7m. The gross
contractual amount for trade receivables due is £7.0m, of which £0.3m is expected to be irrecoverable.
The total loss recognised in the income statement in respect of the transaction is £33.2m, including £2.7m of business
combination costs.
Pro forma information
Since the date of acquisition, Bluewater has contributed £8.4m to the revenue of the Group and £4.5m to the profit after
tax for the period. If the acquisition had been made on 1 April 2014, revenue and profit after tax would have been higher
by £8.1m and £3.5m respectively.
In calculating the pro forma information, the results of the acquired entities for the period before acquisition have been
adjusted to reflect Land Securities' accounting policies and any fair value adjustments made on acquisition. The
information is provided for illustrative purposes only and is not necessarily indicative of the results of the combined
Group that would have occurred had the purchases actually been made at the beginning of the financial year, or indicative
of future results of the combined Group.
Intangible asset and deferred tax liability
The following table shows the movement in intangible assets, together with the associated deferred tax liability:
Goodwill Other intangible asset Total intangible asset Deferred tax liability
£m £m £m £m
At 1 April 2014 - - - -
Arising on business combination 36.5 30.0 66.5 (6.0)
Impairment of goodwill arising on acquisition (30.5) - (30.5) -
Amortisation of intangible asset - (0.4) (0.4) -
Unwind of deferred tax liability - - - 0.1
Impairment of goodwill on unwind of deferred tax liability (0.1) - (0.1) -
At 30 September 2014 5.9 29.6 35.5 (5.9)
Business analysis
Table 7: EPRA performance measures
30 September 2014
Definition for EPRA measure Notes Land SecuritiesMeasure EPRAMeasure
Adjusted earnings Recurring earnings from core operational activity (1) 8 £170.0m £159.5m
Adjusted earnings per share Adjusted earnings per weighted number of ordinary shares (1) 8 21.5p 20.2p
Adjusted diluted earnings per share Adjusted diluted earnings per weighted number of ordinary 8 21.4p 20.1p
shares (1)
Adjusted net assets Net asset value adjusted to exclude fair value movements on interest-rate swaps (2) 7 £8,954.5m £9,357.2m
Adjusted diluted net assets per share Adjusted diluted net assets per share (2) 7 1,129p 1,180p
Triple net assets Adjusted net assets amended to include the fair value of financial instruments and debt 7 £8,387.4m £8,387.4m
Diluted triple net assets per share Diluted triple net assets per share 7 1,058p 1,058p
Net initial yield (NIY) Annualised rental income less non-recoverable costs as a % of market value plus assumed purchasers' costs (3) 4.5% 4.7%
Topped-up NIY NIY adjusted for rent free periods (3) 4.9% 5.0%
Voids/ vacancy rate ERV of vacant space as a % of ERV of combined portfolio excluding the development programme (4) 2.6% 2.5%
Cost ratio Total costs as a percentage of gross rental income (including direct vacancy costs) (5) 17.7% 18.2%
Total costs as a percentage of gross rental income (excluding direct vacancy costs) (5) n/a 16.8%
Refer to notes 7, 8 and table 13 for further analysis.
1. EPRA adjusted earnings and EPRA adjusted earnings per share include the effect of bond exchange de-recognition
charges of £10.5m.
2. EPRA adjusted net assets and adjusted diluted net assets per share include the bond exchange de-recognition
adjustment of £402.7m.
3. Our NIY and Topped-up NIY relate to the combined portfolio, excluding properties in the development programme that
have not yet reached practical completion, and are calculated by our external valuers. EPRA NIY and EPRA Topped-up NIY
calculations are consistent with ours, but exclude the full development programme.
4. Our measure reflects voids in our like-for-like portfolio only. The EPRA measure reflects voids in the combined
portfolio excluding only the development programme.
5. The EPRA cost ratio is calculated based on gross rental income after rents payable, whereas our measure is based on
gross rental income before rents payable. We do not calculate a cost ratio excluding direct vacancy costs as we do not
consider this to be helpful.
Table 8: Reconciliation of net book value of the investment properties to the market value
As at 30 September 2014 As at 31 March 2014
Group Adjustment for proportionate share (1) Joint ventures Total Group Adjustment for proportionate share (1) Joint Total
(excl. joint ventures) (excl. joint ventures) ventures
£m £m £m £m £m £m £m £m
Net book value 11,279.3 (28.5) 1,434.1 12,684.9 9,847.7 (27.0) 1,569.9 11,390.4
Plus: tenant lease incentives 254.0 (0.3) 22.7 276.4 251.9 (0.2) 27.9 279.6
Less: head leases capitalised (19.0) - (0.4) (19.4) (30.1) 0.2 (3.0) (32.9)
Plus: properties treated as finance leases 233.3 (1.2) - 232.1 219.3 (1.4) 4.2 222.3
Market value 11,747.6 (30.0) 1,456.4 13,174.0 10,288.8 (28.4) 1,599.0 11,859.4
1. This represents the interest in X-Leisure which we do not own, but is consolidated in the Group numbers.
Table 9: Top 12 occupiers at 30 September 2014
% of Group rent (1)
Accor 4.7
Central Government (including Queen Anne's Gate, SW1) (2) 4.7
Deloitte 2.6
Primark 2.1
Arcadia Group 1.7
Boots 1.6
Bank of New York Mellon 1.4
Sainsbury's 1.4
Taylor Wessing 1.4
Next 1.3
Cineworld 1.2
M&S 1.2
25.3
1. On a proportionate basis.
2. Rent from Central Government excluding Queen Anne's Gate, SW1 is 0.1%.
Table 10: Development pipeline and trading property development schemes at 30 September 2014
Development pipeline
Developments after practical completion
62 Buckingham Gate, SW1 Office 100 259,400 68 358 18.8 May 2013 179 179
Retail 15,600 100
Bishop Centre, Taplow Retail 100 105,500 88 52 2.7 Jul 2014 35 38
Developments approved or in progress
20 Fenchurch Street, EC3 Office 50 673,700 90 395 21.7 Dec 2014 219 239
Retail 13,200 71
1 & 2 New Ludgate, EC4 Office 100 351,700 66 302 22.6 Apr 2015 196 257
Retail 29,600 -
The Zig Zag Building, SW1 (1) Office 100 188,700 33 195 16.0 Jul 2015 133 176
Retail 45,000 49
20 Eastbourne Terrace, W2 Office 100 92,700 - 36 5.3 Feb 2016 30 66
1 New Street Square, EC4 Office 100 266,200 - 68 15.9 Jun 2016 54 176
Retail 4,700 -
Nova, Victoria, SW1 - Phase I Office 50 480,300 - 156 20.0 Jul 2016 107 245
Retail 79,900 -
Oriana,W1 - Phase II Retail 50 72,300 64 58 3.1 Nov 2016 34 54
Residential 20,200 -
Developments let and transferred or sold
123 Victoria Street, SW1 (2) Office 100 200,100 100 282 14.2 Aug 2012 154 154
Retail 28,200 100
14.2
Aug 2012
154
154
Retail
28,200
100
1. Includes retail within Kings Gate, SW1.
2. Office refurbishment only. Figures provided are for the property as a whole including the retail element.
Where the property is not 100% owned, floor areas and letting status shown above represent the full scheme whereas all
other figures represent our proportionate share. Letting % is measured by ERV and shows letting status at 30 September
2014. Trading property development schemes are excluded from the development pipeline.
Total development cost
Refer to glossary for definition. Of the properties in the development pipeline at 30 September 2014, the only property on
which interest was capitalised on the land cost was Nova, Victoria, SW1 - Phase I. The figures for total development cost
include expenditure on the residential elements of Oriana, W1 - Phase II (£14.2m).
Net income/ ERV
Net income/ ERV represents net headline annual rent on let units plus net ERV at 30 September 2014 on unlet units.
Trading property development schemes
Kings Gate, SW1 Residential 100 108,600 100 85 Jul 2015 108 160
Nova, Victoria, SW1 - Phase I Residential 50 166,400 170 75 Apr 2016 75 138
Nova, Victoria, SW1 - Phase I
Residential
50
166,400
170
75
Apr 2016
75
138
Table 11: Combined portfolio value by location at 30 September 2014
Shopping centres and shops Retail warehouses Offices Hotels, leisure, residential Total
& other
% % % % %
Central, inner and outer London 19.5 0.2 37.1 4.0 60.8
South East and East 8.9 4.4 - 2.9 16.2
Midlands - 1.2 - 1.0 2.2
Wales and South West 3.3 0.5 - 0.3 4.1
North, North West, Yorkshire and Humberside 7.1 2.3 - 2.5 11.9
Scotland and Northern Ireland 3.2 1.0 - 0.6 4.8
Total 42.0 9.6 37.1 11.3 100.0
% figures calculated by reference to the combined portfolio value of £13.2bn.
Table 12: Performance relative to IPD
Total property returns - period to 30 September 2014
Land Securities IPD (1)
% %
Retail - Shopping centres 8.3 9.3
- Retail warehouses 7.6 (2) 8.8
Central London shops 10.3 14.6
Central London offices 11.7 (3) 10.7
Total portfolio (4) 9.9 9.3
1. IPD Quarterly Universe
2. Including supermarkets
3. Including Inner London offices
4. Including leisure, hotel portfolio and other
Table 13: Combined portfolio analysis
Like-for-like segmental analysis
Market value (1) Valuation Rental income (3) Annualised rental income (4) Annualised netrent (5) Net estimated rental value (6)
movement (2)
30 September 2014 31 Surplus/ (deficit) Surplus/ (deficit) 30 September 2014 30 September 2013 30 September 2014 30 September 2014 31 30 September 2014 31
March 2014 March 2014 March 2014
£m £m £m % £m £m £m £m £m £m £m
Retail Portfolio
Shopping centres and shops 2,173.6 2,020.6 143.8 7.2% 72.8 69.8 141.8 135.4 135.2 137.2 135.4
Retail warehouses and food stores 1,161.9 1,105.2 44.1 4.0% 33.2 33.6 68.1 66.6 65.7 67.8 68.9
Leisure and hotels 711.2 679.3 31.4 4.6% 23.2 22.6 45.8 45.5 45.5 45.6 44.4
Other 35.2 29.8 5.1 17.2% 1.6 1.7 2.3 2.1 2.6 3.5 3.5
Total Retail 4,081.9 3,834.9 224.4 5.9% 130.8 127.7 258.0 249.6 249.0 254.1 252.2
London Portfolio
West End 1,666.5 1,550.6 109.1 7.3% 41.4 41.5 82.6 80.8 76.3 80.4 74.6
City 1,002.9 932.3 73.5 8.3% 20.7 21.1 42.1 46.2 45.3 51.4 50.7
Mid-town 1,029.8 941.7 88.9 11.0% 21.2 21.1 41.9 45.3 41.9 51.1 49.7
Inner London 348.7 316.2 18.9 9.0% 10.0 10.2 17.9 18.2 20.3 22.2 20.8
Total London offices 4,047.9 3,740.8 290.4 8.5% 93.3 93.9 184.5 190.5 183.8 205.1 195.8
Central London Shops 1,126.3 1,050.2 72.4 6.9% 24.1 20.6 45.4 45.9 45.7 57.3 56.4
Other 60.8 58.3 2.4 4.1% 1.0 0.6 0.6 0.6 0.6 0.8 0.8
Total London 5,235.0 4,849.3 365.2 8.1% 118.4 115.1 230.5 237.0 230.1 263.2 253.0
Like-for-like portfolio (10) 9,316.9 8,684.2 589.6 7.1% 249.2 242.8 488.5 486.6 479.1 517.3 505.2
Proposed developments (3) - - - - - - - - - - -
Completed developments (3) 955.5 894.6 61.1 7.2% 22.4 20.3 44.6 42.6 31.1 50.1 50.2
Acquisitions (11) 1,281.9 611.0 31.8 2.6% 30.1 13.6 74.5 71.9 44.1 78.1 44.2
Sales and restructured interests (12) - 146.7 - - 4.3 33.0 - - 14.2 - 11.0
Development programme (13) 1,619.7 1,255.6 197.7 14.0% 12.6 1.6 28.8 2.1 1.6 126.0 123.1
Combined portfolio 13,174.0 11,592.1 880.2 7.5% 318.6 311.3 636.4 603.2 570.1 771.5 733.7
Non-current asset held for sale (14) n/a 267.3 - - 9.4 8.7
Properties treated as finance leases (5.3) (5.4)
Combined portfolio 13,174.0 11,859.4 880.2 7.5% 322.7 314.6
Total portfolio analysis
30 September 2014 31 Surplus/ (deficit) Surplus/ (deficit) 30 September 2014 30 September 2013 30 September 2014 30 September 2014 31 30 September 2014 31
March 2014 March 2014 March 2014
£m £m £m % £m £m £m £m £m £m £m
Retail Portfolio
Shopping centres and shops 3,458.1 2,753.1 184.7 5.7% 99.7 104.3 201.5 195.4 175.1 206.1 181.5
Retail warehouses and food stores 1,266.8 1,210.4 51.7 4.3% 35.6 34.6 72.4 70.6 68.3 73.1 75.1
Leisure and hotels 1,329.2 1,261.9 64.3 5.2% 45.0 35.4 90.3 87.5 87.0 88.0 86.2
Other 35.1 36.8 5.1 17.0% 1.6 2.0 2.3 2.1 2.6 3.5 3.5
Total Retail 6,089.2 5,262.2 305.8 5.4% 181.9 176.3 366.5 355.6 333.0 370.7 346.3
London Portfolio
West End 2,563.7 2,312.8 182.3 7.9% 51.0 46.7 101.8 88.0 80.6 146.7 141.0
City 1,674.6 1,424.4 175.1 12.1% 27.8 21.1 58.5 46.2 45.3 94.1 90.6
Mid-town 1,097.3 989.6 99.0 11.4% 21.2 21.1 41.9 45.2 41.9 66.9 65.6
Inner London 348.7 316.2 18.9 9.0% 10.0 19.3 17.9 18.2 20.3 22.2 20.8
Total London offices 5,684.3 5,043.0 475.3 9.9% 110.0 108.2 220.1 197.6 188.1 329.9 318.0
Central London Shops 1,330.6 1,220.1 96.2 7.8% 25.7 26.2 49.0 49.2 48.4 69.9 68.4
Other 69.9 66.8 2.9 4.3% 1.0 0.6 0.8 0.8 0.6 1.0 1.0
Total London 7,084.8 6,329.9 574.4 9.4% 136.7 135.0 269.9 247.6 237.1 400.8 387.4
Combined portfolio 13,174.0 11,592.1 880.2 7.5% 318.6 311.1.3 636.4 603.2 570.1 771.5 733.7
Non-current asset held for sale (14) n/a 267.3 - - 9.4 8.7
Properties treated as finance leases (5.3) (5.4)
Combined portfolio 13,174.0 11,859.4 880.2 7.5% 322.7 314.6
Represented by:
Investment portfolio 11,717.6 10,260.4 787.3 7.5% 282.4 275.8 572.4 555.5 521.7 676.6 641.9
Share of joint ventures 1,456.4 1,599.0 92.9 6.9% 40.3 38.8 64.0 47.7 48.4 94.9 91.8
Combined portfolio 13,174.0 11,859.4 880.2 7.5% 322.7 314.6 636.4 603.2 570.1 771.5 733.7
Table 13: 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 2014 31 30 September 2014 31 30 September 2014 31 30 September 2014 31
March 2014 March 2014 March 2014 March 2014
£m £m % % % % % %
Retail Portfolio
Shopping centres and shops 145.8 143.8 5.3% 5.6% 5.5% 5.8% 3.0% 3.3%
Retail warehouses and food stores 68.4 69.6 5.4% 5.5% 5.5% 5.8% 1.0% 0.6%
Leisure and hotels 45.6 44.5 6.1% 6.3% 6.1% 6.3% 0.4% 0.4%
Other 3.5 3.5 3.9% 6.1% 8.5% 10.0% 28.6% 22.9%
Total Retail Portfolio 263.3 261.4 5.4% 5.7% 5.6% 5.9% 2.4% 2.3%
London Portfolio
West End 80.4 74.6 4.4% 4.7% 4.8% 5.0% 2.4% 2.0%
City 52.0 51.2 4.3% 4.6% 4.7% 5.0% - -
Mid-town 51.9 50.8 4.1% 4.0% 4.5% 4.9% 6.2% 3.3%
Inner London 22.2 20.8 4.6% 5.6% 5.5% 5.9% 8.6% 1.4%
Total London offices 206.5 197.4 4.3% 4.6% 4.8% 5.0% 3.4% 1.8%
Central London shops 57.8 56.9 3.7% 3.9% 4.6% 4.9% 0.3% 0.5%
Other 0.8 0.8 0.8 0.7 0.9 0.9 - -
Total London Portfolio 265.1 255.1 4.1% 4.4% 4.7% 4.9% 2.7% 1.5%
Like-for-like portfolio (10) 528.4 516.5 4.7% 5.0% 5.1% 5.4% 2.6% 1.9%
Proposed developments (3) - - - - n/a n/a n/a n/a
Completed developments (3) 50.1 50.2 4.2% 3.0% 4.9% 5.2% n/a n/a
Acquisitions (11) 78.2 44.3 4.9% 6.2% 5.4% n/a n/a n/a
Sales and restructured interests (12) - 12.5 - 7.7% n/a n/a n/a n/a
Development programme (13) 126.2 123.1 0.0% 0.0% 4.7% 5.0% n/a n/a
Combined portfolio (13) 782.9 746.6 4.5% 4.7% 5.1% n/a n/a n/a
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