Portfolio Highlights
| Portfolio Valuation as at 30 September 2004 |
Group £m |
JVs † £m |
Total £m |
Portfolio % |
Uplift * % |
|---|---|---|---|---|---|
| Total | 9,844.4 | 1,221.5 | 11,065.9 | 100.0 | 3.8 |
| Offices | |||||
| City | 3,470.1 | 98.9 | 3,569.0 | 32.3 | 3.2 |
| West End | 683.4 | 38.7 | 722.1 | 6.5 | 3.6 |
| Business parks and Provincial | 240.1 | 8.8 | 248.9 | 2.2 | 3.0 |
| Development | 226.2 | 3.2 | 229.4 | 2.1 | 7.5 |
| All offices | 4,619.8 | 149.6 | 4,769.4 | 43.1 | 3.4 |
| Retail | |||||
| Shopping centres | 1,748.2 | 397.0 | 2,145.2 | 19.4 | 3.3 |
| Superstores | 1,263.8 | 181.0 | 1,444.8 | 13.1 | 0.7 |
| Retail warehouses | 1,258.5 | 262.0 | 1,520.5 | 13.7 | 9.0 |
| High street | 466.9 | 158.3 | 625.2 | 5.6 | 5.7 |
| Development | 17.0 | 2.2 | 19.2 | 0.2 | 1.1 |
| All retail | 4,754.4 | 1,000.5 | 5,754.9 | 52.0 | 4.3 |
| Industrial and distribution | 156.0 | 30.9 | 186.9 | 1.7 | 2.1 |
| Residential | 254.6 | 2.0 | 256.6 | 2.3 | 0.2 |
| Leisure | 59.6 | 12.7 | 72.3 | 0.7 | 9.5 |
| Other development | 25.8 | 25.8 | 0.2 | 14.1 | |
- † British Land's share
- * Including valuation movement in developments, purchases and capital expenditure, and excluding sales
Total assets under management £12.3 billion, including partners' shares of joint ventures.
| Current Reversions (excluding developments) |
Annualised Net Rents £m |
Reversionary income (5 years) £m |
Current yield % |
Reversionary yield (5 years) % |
|---|---|---|---|---|
| Total | 565.0 | 99.7 ‡ | 5.2 | 6.2 |
| Offices | ||||
| City | 177.4 | 59.2 | 5.0 | 6.6 |
| West End | 39.4 | 5.2 | 5.5 | 6.2 |
| Business parks and Provincial | 18.7 | (0.3) | 7.5 | 7.4 |
| All offices | 235.5 | 64.1 | 5.2 | 6.6 |
| Retail | ||||
| Shopping centres | 112.0 | 15.1 | 5.2 | 5.9 |
| Superstores | 79.4 | 3.2 | 5.5 | 5.7 |
| Retail warehouses | 75.3 | 10.6 | 5.0 | 5.7 |
| High street | 33.6 | 4.3 | 5.4 | 6.1 |
| All retail | 300.3 | 33.2 | 5.2 | 5.8 |
| Industrial and distribution | 10.4 | 1.9 | 5.6 | 6.6 |
| Residential | 14.2 | 0.1 | 5.5 | 5.5 |
| Leisure | 4.6 | 0.4 | 6.4 | 6.9 |
- ‡ £55.7 million contracted under expiry of rent free periods and minimum rental increases
| Long Lease Profile (excluding residential* and developments) |
Weighted average lease term | ||
| to expiry years |
to first break years |
Vacancy Rate % |
|
|---|---|---|---|
| Total | 16.9 | 15.7 | 4.6 † |
| Offices | |||
| City | 14.4 | 12.7 | 10.0 † |
| West End | 13.8 | 11.5 | 3.0 |
| Business parks and Provincial | 12.4 | 7.5 | 2.0 |
| All offices | 14.2 | 12.2 | 8.3 † |
| Retail | |||
| Shopping centres | 15.3 | 14.8 | 3.2 |
| Superstores | 22.0 | 22.0 | 0.0 |
| Retail warehouses | 16.8 | 16.4 | 1.1 |
| High street | 26.2 | 23.5 | 1.7 |
| All retail | 18.8 | 18.2 | 1.8 |
| Industrial and distribution | 14.8 | 13.6 | 9.9 |
| Leisure | 43.3 | 42.2 | 2.4 |
- Includes joint ventures
- * Predominantly let on short leases
- † Lettings achieved since 30 September 2004 at recently completed developments have reduced the City offices vacancy rate to 7.7% and the total vacancy rate to 3.9%
| Security of Income | % of income remaining at | |
| (from 30 September 2004) | expiry | first break |
|---|---|---|
| 5 years | 93.5 | 88.1 |
| 10 years | 79.1 | 69.2 |
| 15 years | 54.8 | 48.4 |
- Includes joint ventures
- Assumes no re-letting after first break or expiry
Tenant Risk Profile: 89% of rental income is rated at negligible, low and low/medium risk, by IPD using Experian Stress Score
| Development Programme |
|
Net area sq m |
Rent (est) pa |
Construction cost |
Cost to Complete |
|---|---|---|---|---|---|
| Completed | Total | 104,070 | £42.6m | £321.1m | |
| British Land Share | £41.6m | £316.6m | |||
| Committed | Total | 49,040 | £22.4m | £175.2m | £166.3m |
| British Land Share | £22.4m | £175.2m | £166.3m | ||
| Development prospects | Total | 586,980 | £161.3m | £1,276.8m | £1,245.3m |
| British Land Share | £157.0m | £1,250.4m | £1,219.0m | ||
