Operating and Financial Review
Highlights and Introduction
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Net Asset Value1 per share increased by 32% to 1486 pence Underlying pre-tax profit2 up 26% to £228 million Properties owned or managed up 33% to £18.5 billion *adjusted, diluted |
British Land has delivered outperformance to shareholders through exceptional growth and value creation over the year reviewed herein. This stems from the combination of an outstanding portfolio of prime assets and successful application of management effort in portfolio reshaping, leasing, development, asset management and financing.
At the same time, British Land is positioning itself for future success. The strategy presented 12 months ago is being implemented as promised. Our asset mix has been reshaped to promote future growth and refinancing has reduced costs and increased flexibility moving forward. Our acquisition of Pillar has gone well, enhancing shareholder value and helping to underpin the changes at British Land.
The investment property market has remained strong with growth based on robust fundamentals relative to other asset classes. However, this growth rate looks increasingly due to slow down.
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