Corporate Strategy
Highlights
Chairman's Statement
Financial Review
Portfolio Analysis
Property Review
Market Commentary
Auditors Review
Profit and Loss Account
Balance Sheet
Primary Statements
Cash Flow Statement
Notes to the Financial Statements
About the Report
Portfolio Analysis
as at 30 September 2003
Portfolio Valuation by Use Group JVs+ Total Portfolio Change*
  £m £m £m % %
Offices          
City 2,831.0 227.5 3,058.5 31.7 (4.8)
West End 634.2 37.5 671.7 7.0 3.1
Business parks & Provincial 106.8 71.3 178.1 1.8 2.0
Development 505.1 14.6 519.7 5.4 (8.5)
All offices 4,077.1 350.9 4,428.0 45.9 (3.9)
 
Retail          
Shopping centres 1,785.7 120.3 1,906.0 19.8 4.2
Supermarkets 1,109.9 209.9 1,319.8 13.7 4.7
Retail warehouses 770.6 332.9 1,103.5 11.4 3.5
Shops 92.9 294.6 387.5 4.0 3.7
Development 19.9 0.8 20.7 0.2 3.0
All retail 3,779.0 958.5 4,737.5 49.1 4.1
 
Industrial and distribution 142.4 18.1 160.5 1.7 3.2
Residential 217.6 4.2 221.8 2.3 0.6
Leisure 62.6 29.6 92.2 0.9 1.6
Other development   9.1 9.1 0.1 1.3
Total 8,278.7 1,370.4 9,649.1 100 0.2
+ British Land’s share
* After adjustment for purchases, sales and capital expenditure

Total funds under British Land property management over £11 billion including partners’ shares of joint ventures.

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Portfolio Valuation by Location    
  Total Portfolio
  £m %
London    
City 3,525.1 36.5
West End 722.2 7.5
Greater London 471.0 4.9
  4,718.3 48.9
 
South East England 1,064.0 11.0
Wales and South West England 508.1 5.3
Midlands and East Anglia 785.1 8.1
North of England 2,151.9 22.3
Scotland and Northern Ireland 382.1 4.0
Republic of Ireland 39.6 0.4
 
  4,930.8 51.1
Total 9,649.1 100
Portfolio Analysis by Value
as at 30 September 2003
  Sector %
Shopping centres 20
Supermarkets 14
Retail warehouses 11
Shops 4
  Total Retail 49
 
Offices 41
Office Development 5
  Total Offices 46
 
Industrial and distribution,
Leisure & Residential
5

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