British Land Company PLC · LSE:BLND
British Land — H1 2013 Earnings Presentation
83 slides from British Land's earnings presentation, November 2012
Slide 1: Half Year Results Presentation
HALF YEAR RESULTS PRESENTATION HALF YEAR ENDED 30 SEPTEMBER 2012 www.britishland.com
Slide 2: Chris Grigg, Chief Executive
fv. British Land CHRIS GRIGG Chief Executive
Slide 3: Introduction
Introduction • Good results in a tough market • Income, profit dividend’s and NAV all ahead of prior year • Outperformed wider market by a material amount • All operating metrics remain strong • Successfully delivering against our strategy • Our actions are driving results • Building future growth i
Slide 4: Our Strategic Priorities
Our Strategic Priorities 1. Sustainable and growing income 2. Assets which protect and grow capital value 3. Creating incremental value 4. Controlling costs 5. Exploiting our scale and financial strength Sharpening our focus on income 4
Slide 5: Financial Highlights
Financial Highlights • 1.5% increase in the half year dividend to 13.2p • Portfolio valuation in line with 31 March 2012 at £10.4bn (UK +0.2%) HY to 30 September 2011 2012 Change Net Rental Income £269m £272m +1.1% Underlying PBT £132m £137m +3.8% Dividend per share 13.0p 13.2p +1.5% NAV per share 5
Slide 6: Strong operating performance
Strong operating performance • Occupancy remains high at 98.3%1 • Lettings ahead of ERV • Continued demand from a broad range of high quality occupiers HY to 30 September 2012 Retail Offices Total Total Leasing Activity – sq ft ‘000 1,570 547 2,117 Lettings/renewals vs ERV +3.1% +7.5% +4.5% Net Incr
Slide 7: Continued Property Level Outperformance
Continued Property Level Outperformance HY 30 September 2012 BL IPD Performance vs IPD Rental Value Growth 0.3% (0.1)% +40bps Capital Returns 0.3% (1.7)% +200bps Total Property Returns 2.8% 1.1% +170bps Strong operating metrics delivering performance 7
Slide 8: Crystallising Development Profits – Offices
Crystallising Development Profits – Offices • Around £50m profit in half year • Total profit delivered to date £216m • Significant profit still to come - £175m on valuers’ assumptions NEQ 10 PORTMAN SQ MARBLE ARCH HSE 5 BROADGATE LEADENHALL 39 VICTORIA ST 500,000 SQ FT 134,000 SQ FT 86,000 SQ FT 700
Slide 9: 2-14 Baker Street
2-14 Baker Street Transforming an outdated building 9
Slide 10: 10 Portman Square
10 Portman Square Becomes a sought after location 10
Slide 11: Successful Investment Activity
Successful Investment Activity • Building future growth – Clarges Estate, Eden Walk - £226m of acquisitions – £90m forward funding - Hereford • Selling more mature assets - £351m – Cambridge Beehive, several superstores • Realising cash – Reinvesting in current development programme - £118m CLARGES
Slide 12: Important Financing Activity
Important Financing Activity • Continue to secure financing at very competitive rates • Raised £917m of new financings since March • Includes £400m convertible with a 1.5% coupon • Cost of capital an important differentiator Exploiting our scale and financial strength 12
Slide 13: Meadowhall – An Important Asset for British Land
Meadowhall – An Important Asset for British Land • New partnership with Norges Meadowhall has been performing very well 13
Slide 14: Lucinda Bell, Finance Director
LUCINDA BELL Finance Director
Slide 15: Highlights
Highlights HY to 30 September 2011 2012 Change Net Rental Income £m 269 272 1.1% Underlying Profit £m 132 137 3.8% Net Asset Value per share p 591 596 0.8% Dividend per share p 13.0 13.2 1.5% Annual Total Accounting Return % 17.5% 5.3% Valuation performance % 2.2% 0.0% IPD Outperformance (Capital Re
Slide 16: Net Rental Income Growth
Net Rental Income Growth £m HY to 30 September 2011 269 Acquisitions 7 Disposals (3) Developments UK Retail 1.9% (1) UK Offices (0.4%) Like for like Total UK 1.2% 1 Other (1) HY to 30 September 2012 272 Strong like-for-like performance 16
Slide 17: Income Statement
Income Statement 2011 2012 Growth HY to 30 September £m £m % Net Rental Income 269 272 1.1% Fees & Other Income 8 8 Administrative Expenses (38) (39) Net Finance Costs (107) (104) Underlying PBT 132 137 3.8% Underlying EPS 14.6p 15.2p 4.1% Efficient operating model – net operating costs 15.1% of gro
Slide 18: Resilient Valuation Performance
Resilient Valuation Performance ERV EPRA IPD Capital Return Valuation Uplift Growth Topped-up NIY Outperformance HY to 30 Sept 2012 £m % % % (bps) UK Retail 5,947 (1.0) 0.0 5.6 +130 UK Offices 3,760 2.2 1.0 5.8 +330 Other 434 1.2 0.1 7.6 UK Total 10,141 0.2 0.3 5.7 +200 - of which Development 792 6.
Slide 19: £917m Financings Raised on Competitive Terms
£917m Financings Raised on Competitive Terms New financings since Amount 1 April 2012 £m • £2.5bn of new financings Secured bank (Funds) 249 arranged in the last 18 months – Secured insurer (Funds) 125 ⅓ of the total debt book Sub Total (JVs and Funds) 374 Unsecured bank facilities 143 • Cash and un
Slide 20: Convertible Bond Issue
Convertible Bond Issue • £400m raised at a highly Debt Profile (Proportionally Consolidated) £5.1bn (as at 30 September 2012) competitive 1.5% coupon • 5 year term • 2.8 times oversubscribed • Conversion price at £6.93, representing a 31.25% premium USPP to share price at issue £0.5bn Well-timed fin
Slide 21: Sound Balance Sheet Metrics
Sound Balance Sheet Metrics Proportionally Consolidated 31 March 2012 30 Sept 2012 EPRA Net Debt £m 4,690 4,788 Loan to Value (LTV) 45.3% 46.0% Average Interest Rate 4.6% 4.4% Interest Cover 2.2x 2.3x Average maturity of drawn debt (years) 9.3 9.4 Group Loan to Value (LTV) 29.1% 31.5% Average Intere
Slide 22: Financing Costs
Financing Costs HY to 30 September 2012 £m • Interest payable on £5.1bn of Interest payable (115) gross debt at a WAIR of 4.4% Interest receivable 9 • £490m of additional capex on developments to come Interest capitalised 7 • c.£10m commitment and Commitment fees etc (5) arrangement fees per year (1
Slide 23: Rental Growth Potential
Rental Growth Potential Annualised Gross Rent As at 30 September 20121 Cash Flow Basis5 Accounting Basis £m £m Current (passing) rent 5281 Expiry of rent free periods2 51 5611 Fixed, minimum uplifts2,3 15 RPI uplifts2,4 8 8 Developments – pre-lets1 41 35 Developments – to let1 42 36 Rent review upli
Slide 24: Summary
Summary • Resilient cash flows and strong operational performance • Continued IPD outperformance • Continued access to flexible, low-cost capital • Continued recycling Our actions give us confidence in medium term income streams 24
Slide 25: Charles Maudsley, Head of Retail
Charles Maudsley Head of Retail
Slide 26: Robust Retail Performance
Robust Retail Performance • Continue to outperform the retail market • Total Returns – outperformed IPD All Retail by 130 bps • Operational metrics remain strong – Occupancy at 98.3% – Footfall outperformed benchmark by 300 bps Significant outperformance 26
Slide 27: Our Retail Approach
Our Retail Approach • Our approach is consumer-led • Portfolio aligned to range of high quality assets • Right environment where people want to shop and retailers can thrive EXPERIENTIAL SHOPPING CONVENIENCE SHOPPING FUNCTIONAL SHOPPING Our portfolio reflects the way consumers shop 27
Slide 28: Retailer Performance
Retailer Performance Retailer performance mixed but best retailers acclimatising 28
Slide 29: Retail Occupational and Investment Markets
Retail Occupational and Investment Markets • Some variability in rents and values • Polarisation remains the primary driver • Investment activity picked up Benchmark returns 1 yr 3 yrs Total Capital ERV Total Capital ERV % Return Return Growth Return Return Growth Prime 4.4 -0.7 1.3 12.5 6.8 1.0 Sec
Slide 30: Our Retail Performance
Our Retail Performance • Outperformed IPD retail capital returns by 130 bps: all sub-sectors outperformed • £300m leisure portfolio total returns at 4.1% HY Capital Return BL% IPD % Retail Parks (2.3) (3.0) Superstores 0.5 n/a Shopping Centres (0.3) (2.8) Department Stores (0.6) (1.2) UK Retail (1.0
Slide 31: Asset Management Initiatives
Asset Management Initiatives • 403,000 sq ft of lettings/renewals at 3.1% ahead of ERV • Market remains challenging: • Units in admin only 0.6%1, including JJB • Rent reviews settled at 1.1% pa ahead of previous rent Sq ft Annual Rent Increase in Rent Vs ERV Lettings/Renewals ‘000 £m £m % Retail Par
Slide 32: Retail Leasing Activity
Retail Leasing Activity • Over 70% of lettings in half year at or above ERV • Recent Lettings Include: LEVERAGING RELATIONSHIPS IMPROVING THE RETAIL OFFER EXPANDING LEISURE OFFER - NEW TRADING FORMATS Pipeline remains encouraging with c.380,000 sq ft under offer 32
Slide 33: Fort Kinnaird Shopping Park, Edinburgh
Fort Kinnaird Shopping Park, Edinburgh • Next expanded 38,000 sq ft store Leveraging Relationships • 60,000 sq ft pre-let to Debenhams, subject to planning • New Outfit flagship unit Improving the Retail Offer • Mamas & Papas and Smyths Toys new stores • Submitted planning for: Expanding Leisure – 2
Slide 34: Meadowhall
Meadowhall • Unique fundamentals enhanced by Capital Returns our active asset management % pa 10.1% – Improved environment – Upgraded the retail offer – 85 5.3% lettings in last 2 years 3.3% 3.1% – Redeveloped food court, increasing 1.8% dwell time • Extended catchment area and footfall +2.8% in hal
Slide 35: Retail Footfall
Retail Footfall BL Experian Performance vs Region HY % HY % Experian Midlands (0.5) (2.5) +200 bps North East 3.4 (4.1) +750 bps North West 0.6 (5.6) +620 bps Scotland 2.1 (2.5) +460 bps South East 1.1 (3.6) +470 bps South West (1.5) (2.0) +50 bps Wales (0.7) (2.0) +130 bps Yorkshire (0.9) 0.1 -100
Slide 36: Retail Pipeline
Retail Pipeline • Shortage of prime space Retail completions (millions sq ft pa net) 25 20 15 Forecast 10 5 0 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 Retail Warehouse Shopping Centre / Unit Shop Supermarket Source: PMA, Schroders. October 2012 Retail development at historic lows 36
Slide 37: Developing Opportunity
Developing Opportunity • 317,000 sq ft scheme anchored by Tesco, M&S, H&M and Next • Projected £90m+ NDV • Flexible experience focussed environment • Started construction in Jan 2012, already nearly 80% pre-let/under offer WHITELEY • 13 food and beverage units • £90m forward funding - 310,000 sq ft
Slide 38: Recycling Retail Assets
Recycling Retail Assets • Sold c. £330m on average 2% above valuation FOOD STORES RETAIL PARKS DEPT STORES & HIGH STREET 7 assets 9 assets 2 assets c. £120m c. £190m c. £20m £1.4m - £61.9m lot size £3.1m - £109.2m lot size £7.4m - £12.9m lot size 5.36% average yield 5.89% average yield 7.17% average
Slide 39: Retail Outlook
Retail Outlook • Market environment remains challenging • Potential short-term variability in performance • Our outperformance demonstrates benefits of diverse portfolio for consumers, retailers and investors Defensively positioned today: well positioned to outperform in future 39
Slide 40: Tim Roberts, Head of Offices
fv. British Land Tim Roberts Head of Offices
Slide 41: London Offices
London Offices • London focus again delivers strong performance • Conscious effort to grow our London portfolio weighting • West End acquisitions continue to improve subsector balance • £1.2bn development programme ahead of plan and maximising profits • High quality of assets and customer service me
Slide 42: Strong Half Year Office Performance
Strong Half Year Office Performance • Developments delivered 8.4% capital return • Investment portfolio showed 1.0% capital return • ERV growth 1.0% over 6 months • Yields stable at 5.8% NIY1 Capital Return BL % IPD % Performance vs IPD City 1.5 0.1 + 140 bps West End 3.6 2.6 + 100 bps All Offices 2
Slide 43: Maximising Development Profits
Maximising Development Profits Development Profits £m 175 192 188 192 216 167 133 65 March 2011 September 2011 March 2012 September 2012 Profit Taken Profit To Come Development contributed c.£50m of total £80m office half year uplift 43
Slide 44: Well Managed Development Programme
Well Managed Development Programme • Over last 2 years, development profits have grown significantly – Achieved 56% pre-lets on accretive terms – 97% now tendered within budget – Benefiting from increasing values • 28.2% pa capital return over last 2 years • Strong position for letting remaining spa
Slide 45: Investment Portfolio
Investment Portfolio BL IPD1 • Investment portfolio capital Occupancy rate 96.6% 88.8% return 1.0% • Added c.£25m uplift through asset Lease length 8.9 yrs 7.9 yrs management – 412,000 sq ft of lease extensions, Income expiring: 6.4% 40.2% extending leases on average by Sept 2012-15 9 years – Agreed
Slide 46: Herbert Smith, Exchange House
Herbert Smith, Exchange House • Lease extension on 237,000 sq ft at Exchange House with Herbert Smith • Extended 10 years to 2030 • Passing rent £54 psf (rent free 15 months) • Simultaneously extended F&C Asset Management on 54,000 sq ft • Improved lease length from 7.8 to 15.7 yrs • Positioned buil
Slide 47: Strong Record of Securing Income with Occupiers
Strong Record of Securing Income with Occupiers • Over last two years, 1.5m sq ft of % Office Income Expiry Profile: 2012 - 2015 lease extensions securing nearly £70m of rent pa • Adding value and extending income • Improved 3-year lease expiry profile – only 6.4% of rent 21.2 16.6 15.5 • Post Septe
Slide 48: Market Summary
Market Summary • London vacancy rate 6.2%2 London Office Investment since 20101 £28.8bn • Development pipeline remains New Overseas Investors £5.4bn 19% relatively modest • Take-up levels below average, Traditional Overseas Investors £13.3bn but demand remains for prime 46% accommodation • Prime yie
Slide 49: London Residential Development
London Residential Development • Over last 3 years, committed c.£250m NDV to residential development – Both mixed use and residential led schemes • Active recycling of capital Picture to be replaced • £126m already sold/pre-sold at 24% profit • Continue to invest in London residential but discipline
Slide 50: Clarges – Replenishing Opportunities
Clarges – Replenishing Opportunities THE CLARGES ESTATE Rare opportunity to buy an acre of freehold in Mayfair 50
Slide 51: Clarges – Development Opportunity
Clarges – Development Opportunity • Existing consent for 191,000 sq ft of office/residential scheme • Expect to submit planning on improved scheme early 2013 • Purchase underwritten by present day values: – Residential sales just over £3,000 psf – Office rents averaging £80 psf • Assumed sales and l
Slide 52: Increased Investment in West End
Increased Investment in West End MARBLE ARCH HOUSE 10 PORTMAN SQUARE 39 VICTORIA STREET CLARGES Good track record of acquisitions in West End 52
Slide 53: Strategic Shift to Balance City and West End
Strategic Shift to Balance City and West End • Right stock selection on West Office Value by Subsector1 End purchases over last 3 years – 16% pa total return since acquisition • Combined end value of c.£760m City West City West 75% 2009 End 56% 2012 End – Total anticipated profit of 25% 44% c.£140m
Slide 54: Summary
Summary • Focus on London continues to offer prospects for performance • Crystallising and growing profitability of development programme • Quality of our investment portfolio Remain positive about future prospects 54
Slide 55: Chris Grigg, Chief Executive
fv. British Land CHRIS GRIGG Chief Executive
Slide 56: Summary
Summary • Good results in a tough market – Outperformance – Strong operating metrics • Successfully delivering against our strategy • Our actions are driving results • Building more future growth into portfolio Real confidence in what we are doing and our future 56
Slide 57: Appendices
fv. British Land APPENDICES
Slide 58: Reconciliation of Underlying Profit Before Tax
Reconciliation of Underlying Profit Before Tax HY to 30 September 2011 2012 £m £m IFRS Profit before tax 331 109 Net valuation movement (includes disposals) (202) 13 Deferred and current taxation of joint ventures & funds 1 (3) Amortisation of intangible assets - 1 Capital financing costs 2 10 Non-r
Slide 59: Gross Rental Income – Sectoral
Gross Rental Income1 – Sectoral HY to 30 September 2012 Annualised as at 30 September 2012 (Accounting Basis) £m Group JVs & Funds Total Group JVs & Funds Total Retail parks 54 22 76 108 45 153 Superstores 4 32 36 8 62 70 Shopping centres 17 31 48 32 62 94 Department stores 16 - 16 31 - 31 UK Retail
Slide 60: Gross Rental Income
Gross Rental Income Annualised Gross Rental Income £m 31 March 2012 567 Acquisitions 3 Disposals (13)1 Development 6 Other (2) 30 September 20121 5611 1 Adjusted for acquisitions, disposals made post period end 60
Slide 61: Operating Costs Metric
Operating Costs Metric • Our measure of efficiency: HY to 30 September 2011 2012 £m £m • Controlling costs a strategic priority Property Outgoings 14 12 • No BL staff costs/overheads capitalised Administrative Expenses; Property related 23 23 • A key competitive advantage Corporate expenses 15 16 •
Slide 62: EPRA Balance Sheet (Proportional)
EPRA Balance Sheet (Proportional) £m March 2012 Group JVs & Funds Sept 2012 Total properties 10,337 5,466 4,922 10,388 Net debt (4,690) (2,460) (2,328) (4,788) Other net liabilities (266) (57) (151) (208) EPRA Net Assets 5,381 2,949 2,443 5,392 EPRA Diluted NAV per share 595p 596p Loan to Value – in
Slide 63: Reconciliation of EPRA NAV & NNNAV
Reconciliation of EPRA NAV & NNNAV 31 March 2012 30 Sept 2012 £m Pence £m Pence Balance sheet (IFRS) net assets 5,104 565 5,077 562 Deferred tax arising on revaluation movements 31 3 29 3 Mark to market on effective cash flow hedges and 189 21 229 25 related debt adjustments Adjust to fully diluted
Slide 64: Growth in EPRA Net Asset Value
Growth in EPRA Net Asset Value 15p 8p (6)p (3)p (13)p 595p 596p March Office Retail/Other Europe Underlying Dividends September 2012 Revaluation Revaluation Revaluation Profit 2012 64
Slide 65: Net Debt
Net Debt Group JVs & Funds Total HY at 30 September 2012 £m £m £m Gross debt3 2,759 2,436 5,195 Market value of derivatives 5 138 143 Cash & liquid investments (207) (114) (321) EPRA adjustments1 (97) (132) (229) Net debt (EPRA basis) 2,460 2,328 4,788 Average interest rate 4.0% 4.4% Interest cover2
Slide 66: Diverse Funding Profile – Principal Value of Gross Debt
Diverse Funding Profile – Principal Value of Gross Debt Group Prop. Consol (LTV: 31.5%) (LTV: 46.0%) £0.4bn £0.8bn £0.8bn Unsecured debt £0.8bn US Private Placements £0.5bn Debentures & loan notes Convertible Bonds £1.6bn Securitisations £1.0bn £1.0bn Other JV & Funds debt £0.5bn £0.4bn 66
Slide 67: Movement in Cash Flow
Movement in Cash Flow Group JVs & Funds Total HY to 30 September 2012 £m £m £m Net cash from operations 102 (24) 78 Investment acquisitions (47) - (47) Disposals 91 49 140 Development and other capital expenditure (93) (84) (177) Investment in and loans to JVs & Funds (182) 182 - Dividend paid (122)
Slide 68: Major Assets
Major Assets As at 30 September 2012 BL Share Sq ft Rent Occupancy Lease length (excluding developments) % ‘000 £m pa1 rate %2 yrs3 Broadgate, London EC2 50 4,009 174 94.7 8.1 Regent's Place, London NW1 100 1,210 49 96.9 8.4 Meadowhall Shopping Centre, Sheffield 50 1,374 82 98.8 9.1 Tesco Superstore
Slide 69: Top Customers
Top 20 Customers % of total rent % of total rent Tesco plc 7.0 Spirit Group 1.7 Sainsbury Group 6.0 Bank of Tokyo-Mitsubishi UFJ Ltd 1.6 Debenhams 4.2 Macquarie Group Limited 1.5 UBS AG 3.6 Asda Group 1.5 Home Retail Group 2.9 DSG International 1.4 Government 2.3 Herbert Smith 1.4 Kingfisher (B&Q) 2
Slide 70: Portfolio Valuation by Sector
Portfolio Valuation by Sector Group JVs & Funds Total Change As at 30 September 2012 £m £m1 £m %2 Retail parks 1,848 803 2,651 (2.3) Superstores 135 1,175 1,310 0.5 Shopping centres 470 1,086 1,556 (0.3) Department stores 430 - 430 (0.6) UK Retail 2,883 3,064 5,947 (1.0) Europe Retail - 247 247 (9.3
Slide 71: Portfolio Net Yields
Portfolio Net Yields1 EPRA topped- Overall topped- Net As at 30 September 2012 EPRA net initial up net initial up net initial reversionary Net equivalent 2 (excluding developments) yield % yield % yield%3 yield % yield % Retail parks 5.6 5.7 5.9 5.8 5.9 Superstores 5.1 5.1 5.1 5.0 5.1 Shopping centr
Slide 72: Lease Length and Occupancy
Lease Length and Occupancy As at 30 September 2012 Average lease length (yrs) Occupancy rate (%) (excluding developments) To expiry To break Occupancy Occupancy (overall)1 Retail parks 10.3 9.4 97.8 98.3 Superstores 15.7 15.7 100.0 100.0 Shopping centres 9.9 9.3 95.8 96.7 Department stores 29.1 25.5
Slide 73: Annualised Rent & Estimated Rental Value (ERV)
Annualised Rent & Estimated Rental Value (ERV) As at 30 September 2012 Annualised rents (valuation basis) £m1 ERV £m Average rent (£psf)2 (excluding developments) Group JVs & Funds Total Total Contracted ERV Retail parks 109 45 154 161 22.9 23.3 Superstores 8 62 70 70 21.4 21.3 Shopping centres 33 6
Slide 74: Contracted Rental Increases (Cash Flow Basis)
Contracted Rental Increases (Cash Flow Basis) FY to 30 September (£m pa) (excluding developments) 2013 2014 2015 2016 2017 2013-15 2013-17 Expiry of rent free periods - Standing portfolio 35 16 - - - 51 51 Expiry of rent free periods - Development pre-lets - 4 4 28 5 8 41 Fixed uplifts (EPRA basis)
Slide 75: Rent Subject to Open Market Rent Review
Rent Subject to Open Market Rent Review FY to 30 September (£m) 2013 2014 2015 2016 2017 2013-15 2013-17 Retail parks 28 20 18 26 17 66 109 Superstores 3 9 24 13 4 36 53 Shopping centres 9 9 15 12 12 33 57 Department stores 1 - - 5 - 1 6 UK Retail 41 38 57 56 33 136 225 Europe Retail - - - - - - - A
Slide 76: Rent Subject to Lease Break or Expiry
Rent Subject to Lease Break or Expiry As at 30 September (£m) 2013 2014 2015 2016 2017 2013-15 2013-17 Retail parks 5 4 8 7 9 17 33 Superstores - - - - - - - Shopping centres 8 3 5 7 10 16 33 Department stores - - - - - - - UK Retail 13 7 13 14 19 33 66 Europe Retail 4 3 3 2 4 10 16 All Retail 17 10
Slide 77: Rent Resetting to Market
Rent Resetting to Market FY to 30 September (£m pa) 2013 2014 2015 2016 2017 2013-15 2013-17 Income expiring – existing portfolio 23 12 21 35 42 56 133 Speculative developments – City - 13 - - - 13 13 Speculative developments – West End 22 4 - - - 26 26 Speculative developments – Retail - - 3 - - 3
Slide 78: Estimated Future Development Rental Income
Estimated Future Development Rental Income (Accounting basis) PC Gross rental income (Accounting basis)3 £m – 12 mths As at 30 September 2012 Calendar Year Sept 13 Sept 14 Sept 15 Sept 16 Sept 17 5 Broadgate Q4 2014 Contracted 14 17 17 The Leadenhall Building Q2 2014 Contracted 1 5 5 5 Non-contracte
Slide 79: Committed Developments
Committed Developments PC Current Cost to Notional Resi End BL Share Sq ft Calendar Value complete interest ERV Pre-let Value 1 1,2 % '000 Year £m £m £m £m3 £m £m4 5 Broadgate 50 700 Q4 2014 139 123 22 19.2 19.2 - The Leadenhall Building 50 610 Q2 2014 121 104 17 18.6 5.6 - NEQ, Regents Place5 100 5
Slide 80: Prospective Developments
Prospective Developments As at 30 September 2012 Sector BL Share % Sq ft '000 Colmore Row, Birmingham Office 100 284 Detailed planning consent Glasgow Fort Retail 41 170 Detailed planning consent Surrey Quays Retail 50 100 Detailed planning consent Fort Kinnaird, Edinburgh Retail 21 110 Planning sub
Slide 81: Estimated Future Development Spend and Capitalised Interest
Estimated Future Development Spend and Capitalised Interest PC Prelet ERV Cost to complete £m (excluding notional interest) – Six months As at 30 September 2012 Calendar Year £m Mar 13 Sept 13 Mar 14 Sept 14 Mar 15 Sept 15 10 Portman Square Q2 2013 2.1 16 7 2 NEQ, Regent’s Place Q2 2013 9.4 50 13 4
Slide 82: Illustrative Unrealised Office Development Profits
Illustrative Unrealised Office Development Profits Unrealised profit illustration1 Average Valuation Yield (£m) +75bps +50bps +25bps 5.34% (25bps) (50bps) (75bps) -10% (31) 14 63 119 182 250 327 -5% (8) 39 89 147 211 281 360 £59 16 63 115 175 240 312 392 2 Estimated Rental Value 5% 51 100 154 215 28
Slide 83: Disclaimer
Disclaimer The information contained in this presentation has been extracted largely from the Half Year Results Announcement for the year ended 30 September 2012. This presentation may contain certain “forward-looking” statements. By their nature, forward-looking statements involve risk and uncertai