Portfolio Highlights
| Valuation by sector |
Group £m |
Funds/JVs1 £m |
Total £m |
Portfolio % |
Uplift2 % |
|---|---|---|---|---|---|
| Retail | |||||
| Shopping centres | 2,001 | 480 | 2,481 | 16.9 | 4.2 |
| Superstores | 1,378 | 202 | 1,580 | 10.8 | 5.4 |
| Retail warehouses | 1,714 | 1,373 | 3,087 | 21.1 | 2.2 |
| Department stores | 680 | 135 | 815 | 5.6 | 8.1 |
| High street | 384 | 32 | 416 | 2.8 | 7.1 |
| All retail | 6,157 | 2,222 | 8,379 | 57.2 | 4.3 |
| Offices | |||||
| City | 3,908 | 214 | 4,122 | 28.1 | 6.0 |
| West End | 653 | 39 | 692 | 4.7 | 6.0 |
| Business parks & provincial | 261 | 9 | 270 | 1.9 | 9.3 |
| Development | 370 | 4 | 374 | 2.6 | 10.5 |
| All offices | 5,192 | 266 | 5,458 | 37.3 | 6.1 |
| Industrial and distribution | 169 | 73 | 242 | 1.6 | 1.4 |
| Residential | 302 | 1 | 303 | 2.1 | 1.3 |
| Leisure | 257 | 12 | 269 | 1.8 | 2.5 |
| Total | 12,077 | 2,574 | 14,651 | 100.0 | 4.9 |
- 1 Group's share of properties in Funds and Joint Ventures
- 2 including valuation movement in developments, purchases and capital expenditure, and excluding sales
Total assets under management £18.3 billion, including all of Funds and Joint Ventures.
| Current reversions (excluding developments) |
Annualised net rents1 £m |
Reversionary income2 (5 years) £m |
Current yield3 % |
Reversionary yield3 (5 years) % |
|---|---|---|---|---|
| Retail | ||||
| Shopping centres | 123 | 19 | 5.0 | 5.7 |
| Superstores | 83 | 2 | 5.3 | 5.4 |
| Retail warehouses | 129 | 34 | 4.5 | 5.7 |
| Department stores | 40 | 5 | 4.8 | 5.5 |
| High street | 21 | 2 | 5.2 | 5.6 |
| All retail | 396 | 62 | 4.9 | 5.6 |
| Offices | ||||
| City | 210 | 39 | 5.1 | 6.1 |
| West End | 36 | 3 | 5.2 | 5.6 |
| Business parks & provincial | 14 | 2 | 5.2 | 5.8 |
| All offices | 260 | 44 | 5.1 | 6.0 |
| Industrial and distribution | 11 | 1 | 5.6 | 6.0 |
| Residential | 14 | 0 | 4.6 | 4.6 |
| Leisure | 15 | 2 | 5.6 | 6.3 |
| Total | 696 | 1094 | 5.0 | 5.7 |
- 1 net rental income under IFRS will differ from annualised net rents which are cash based, due to accounting items such as spreading lease incentives and contracted future rental uplifts, as well as direct property costs
- 2 includes rent reviews, expiry of rent free periods, lease break/expiry and letting of vacant space at current estimated rental value (as determined by external valuers)
- 3 gross yield to British Land
- 4 £62 million (57%) contracted under expiry of rent free periods and minimum rental increases
| Long lease profile (excluding residential1 & developments) |
Weighted average lease term, years to first break |
Vacancy rate % |
|---|---|---|
| Retail | ||
| Shopping centres | 13.8 | 5.92 |
| Superstores | 21.5 | 0.0 |
| Retail warehouses | 14.8 | 3.42 |
| Department stores | 31.6 | 0.0 |
| High street | 12.9 | 0.6 |
| All retail | 17.5 | 3.22 |
| Offices | ||
| City | 11.6 | 5.2 |
| West End | 9.9 | 0.6 |
| Business parks & provincial | 8.2 | 1.8 |
| All offices | 11.2 | 4.3 |
| Industrial and distribution | 13.2 | 10.2 |
| Leisure | 27.5 | 0.4 |
| Total | 15.4 | 3.72 |
- 1 predominantly let on short leases
- 2 65% of vacancies in shopping centres and retail warehouses have been initiated by us under asset management projects, reducing the effective underlying vacancy rate for all retail to 1.1% and the total portfolio vacancy rate to 2.4%
| Security of income from 30 September 2005 |
% of income remaining (to first break) |
|---|---|
| 5 years | 99 |
| 10 years | 78 |
| 15 years | 56 |
- assumes no re-letting after first break or expiry, includes contracted rental increases
| Development programme |
Net area 000 sq ft1 |
Rent (est) pa £m |
Construction cost £m |
Cost to complete £m |
|---|---|---|---|---|
| Completed | 1,050 | 2.5 | 19.6 | |
| Committed | 1,198 | 40.0 | 337.3 | 203.8 |
| Development prospects | 4,833 | 158.6 | 1,377.0 | 1,327.0 |
- areas are shown at 100%
Data includes share of Funds and Joint Ventures, unless otherwise stated.
