British Land Company PLC

Operating segments

The Group allocates resources to properties it expects to perform over the medium term. The segmental analysis below, as required by IFRS 8, follows the information provided to the Chief Operating Decision Maker and reflects the two principal sectors in which the Group is currently invested - offices and retail. The relevant revenue, net rental income, assets and capital expenditure are set out below:

	Offices			Retail			Other			Total
	2009 £m	2008 £m		2009 £m	2008 £m		2009 £m	2008 £m		2009 £m	2008 £m
Revenue	278	317		268	366		26	32		572	715
Net rental income	230	230		206	314		17	17		453	561
Segment assets	3,572	5,506		3,012	6,235		976	907		7,560	12,648
Capital expenditure	383	537		170	105		12	17		565	659

Revenue is derived from the rental of buildings, fund management and performance fees and investments. Corporate costs, including administrative and interest expenses, are not allocated to the segments shown, therefore a sectoral profit or loss is not disclosed. Segment assets include the Group's investment in Funds and Joint Ventures. No customer exceeds 10% of the Group's revenues.