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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| British Land Company Plc | LSE:BLND | London | Ordinary Share | GB0001367019 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.20 | 0.05% | 388.40 | 386.80 | 388.20 | 393.60 | 386.20 | 389.20 | 2,016,623 | 16:35:23 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Investment Trust | 418M | -1.04B | -1.1194 | -3.46 | 3.59B |
From Apr 2019 to Apr 2024
TIDMBLND
RNS Number : 2774Y
British Land Co PLC
16 May 2016
SUPPLEMENTARY TABLES
(Data includes Group's share of Joint Ventures and Funds)
Acquisitions and Disposals
Hot Features
Premium
From 1 April 2015 Price Price Annual
(Gross) (BL Share) Passing
Rent
Acquisitions Area GBPm GBPm GBPm(2)
---------------------- ------------ ---------- -------- ----------- --------
Completed
1 Sheldon Square Offices London 210 210 10
Hercules Unit Trust
unit purchase(1) Retail Various 95 95 5
19-33 Liverpool
Street Offices London 22 22 1
Chester, Broughton North
development land Retail West 5 3 -
Teesside Leisure North
Park Retail East 2 2 -
Total 334 332 16
------------------------------------------------ -------- ----------- --------
(1) Units purchased over the course
of the period. GBP95m represents
purchased GAV
(2) BL share of net rent topped up for rent frees
From 1 April 2015 Price Price Annual
(Gross) (BL Share) Passing
Rent
------------
Disposals Area GBPm GBPm GBPm(1)
---------------------- ------------ ---------- -------- ----------- --------
Completed
Parkgate Shopping
Park, Rotherham Retail Yorkshire 170 120 6
39 Victoria Street Offices London 139 139 5
Birstall Shopping
Park, Leeds Retail Yorkshire 107 31 2
PREF - France &
Portugal Retail Europe 67 43 4
Hatters Way, Luton
& Hylton Riverside,
Sunderland Retail Various 45 34 2
560 London Road,
Camberley Retail South 38 38 2
Debenhams, Oxford Retail South 23 23 1
The Hempel Collection Residential London 20 20 -
Superstore disposals Retail Various 154 122 6
B&M, Daventry Retail Midlands 9 9 1
Bedford Street Residential London 4 4 -
Aldgate Place Residential London 1 1 -
Exchanged
Aldgate Place Residential London 32 16 -
The Hempel Collection Residential London 18 18 -
Total 827 618 29
------------------------------------------------ -------- ----------- --------
(1) BL share of annualised rent
topped up for rent frees
Gross Rental Income(1,2)
----------------------------------------------------------------------------------------------------------------
Accounting Basis 12 mths to 31 March Annualised as at
GBPm 2016 31 March 2016
Group JVs & Total Group JVs & Total
Funds(3) Funds(3)
--------------------------------------- ---------- ----------------- --------- ------ --------- ----------
Regional 55 89 144 52 83 135
Local 100 26 126 97 26 123
Multi-lets 155 115 270 149 109 258
Department Stores
& Leisure 57 - 57 56 - 56
Superstores 11 36 47 9 35 44
Solus/Other 21 - 21 18 - 18
Retail & Leisure 244 151 395 232 144 376
--------------------------------------- ---------- ----------------- --------- ------ --------- ----------
West End 125 - 125 125 - 125
City 5 114 119 5 119 124
Offices 130 114 244 130 119 249
Residential(4) 3 - 3 3 - 3
Offices & Residential 133 114 247 133 119 252
--------------------------------------- ---------- ----------------- --------- ------ --------- ----------
Canada Water 8 - 8 8 - 8
--------------------------------------- ---------- ----------------- --------- ------ --------- ----------
Total 385 265 650 373 263 636
--------------------------------------- ---------- ----------------- --------- ------ --------- ----------
Table shows UK total with previous classification
provided on Company website at www.britishland.com/results
(1) Excluding developments under construction
and assets held for development
(2) Gross rental income will differ from annualised
rents due to accounting adjustments for fixed
& minimum contracted rental uplifts and lease
incentives
(3) Group's share of properties
in joint ventures and funds including
HUT at share
(4) Stand-alone residential
Major Holdings
----------------------------------------------------------------------------------
At 31 March 2016 BL Share Sq ft Rent Occupancy Lease
(excl. developments % '000 GBPm rate length
under construction) pa(1) %(2) yrs(3)
------------------------------------- -------- ----- ------ --------- -------
Broadgate 50 4,724 226 99.3 7.8
Regent's Place 100 1,590 79 98.7 7.4
Paddington Central 100 806 33 99.8 7.8
Meadowhall Shopping
Centre 50 1,500 80 98.3 6.9
Sainsbury's Superstores(4) 50 2,526 56 100.0 14.0
The Leadenhall Building 50 603 37 97.8 11.6
Debenhams, Oxford
Street 100 363 11 100.0 23.0
Teesside Shopping
Park 100 569 15 99.1 5.7
Glasgow Fort Shopping
Park 100 510 14 94.2 6.5
Drake's Circus Shopping
Centre 100 570 16 98.4 5.2
------------------------------------- -------- ----- ------ --------- -------
(1) Annualised EPRA contracted
rent including 100% of Joint
Ventures & Funds
(2) Includes accommodation under
offer or subject to asset management
at 31 March 2016
(3) Weighted average
to first break
(4) Comprises stand-alone
assets/properties
Occupiers Representing over 0.5% of Total Contracted
Rent
-------------------------------------------------------------------------------------
At 31 March 2016 % of % of
total total
rent(2) rent(2)
------------------------------------- --------- ------------------------ ---------
UBS AG(1) 5.7 New Look 0.9
Tesco plc 5.6 Vodafone 0.9
Debenhams 5.3 SportsDirect 0.9
J Sainsbury Plc 4.6 Aon Plc 0.8
Kingfisher (B&Q) 2.6 Asda Group 0.8
Home Retail
HM Government 2.2 Group 0.8
Next plc 2.1 JPMorgan 0.7
Virgin Active 1.8 Reed Smith 0.7
Facebook 1.7 Hennes 0.7
Deutsche Bank
Spirit Group 1.6 AG 0.7
Alliance Boots 1.5 JD Sports 0.7
Wesfarmers 1.4 Mayer Brown 0.7
Visa Inc 1.4 Mothercare 0.7
Dixons Carphone 1.4 ICAP Plc 0.6
Marks & Spencer Plc 1.4 Lend Lease 0.6
Carlson (TGI
Arcadia Group 1.3 Friday's) 0.6
Dentsu Aegis 1.3 Pets at Home 0.5
Herbert Smith 1.2 Credit Agricole 0.5
RBS 1.1 Lewis Trust 0.5
TJX Cos Inc (TK Maxx) 1.0 Steinhoff 0.5
Gazprom 1.0
------------------------------------- --------- ------------------------ ---------
(1) Rent contracted on both 5 Broadgate and
1-3 Finsbury Avenue/100 Liverpool Street lease
whilst UBS move. 3.0% pro-forma for run off
of UBS rent at 1-3 Finsbury Avenue/100 Liverpool
Street.
(2) Includes the impact
of rent free incentives
Portfolio Valuation
-------------------------------------------------------------------------------------
At 31 March Group JVs & Total(1) Change
2016 Funds(1) %(2)
GBPm GBPm GBPm H1 H2 FY
----------------------------- ------ --------- -------- ------ ------ ---------
Regional 1,052 1,792 2,844 2.8 0.2 3.0
Local 1,893 485 2,378 1.5 1.1 2.6
Multi-lets 2,945 2,277 5,222 2.2 0.6 2.8
Department Stores
& Leisure 1,004 1 1,005 3.4 2.5 6.0
Superstores 153 628 781 (1.7) (0.5) (2.1)
Solus/Other 333 - 333 (0.1) (0.4) (0.5)
Retail & Leisure(3) 4,435 2,906 7,341 1.8 0.7 2.4
----------------------------- ------ --------- -------- ------ ------ ---------
West End 3,904 - 3,904 8.1 4.6 12.8
City 104 2,782 2,886 8.5 2.4 11.1
Offices 4,008 2,782 6,790 8.3 3.7 12.1
Residential(4) 173 61 234 6.7 (0.3) 5.7
Offices & Residential(3) 4,181 2,843 7,024 8.2 3.5 11.8
----------------------------- ------ --------- -------- ------ ------ ---------
Canada Water 283 - 283 2.6 (0.9) 1.7
----------------------------- ------ --------- -------- ------ ------ ---------
Total 8,899 5,749 14,648 4.7 2.0 6.7
Standing Investments 8,204 5,673 13,877 4.5 1.9 6.4
Developments 695 76 771 6.9 3.1 9.4
----------------------------- ------ --------- -------- ------ ------ ---------
Table with previous classification provided
on Company website at www.britishland.com/results
(1) Group's share of properties in joint ventures
and funds including HUT at ownership share
(2) Valuation movement during the period (after
taking account of capital expenditure) of properties
held at the balance sheet date, including developments
(classified by end use), purchases and sales
(3) Including committed developments
(4) Stand-alone residential
Retail Portfolio Valuation - Previous Classification
Basis
--------------------------------------------------------------------------------------------------------------
At 31 March Valuation(1) Change %(2) ERV Growth NEY Yield
2016 %(3) Compression
bps
GBPm H1 H2 FY H1 H2 FY H1 H2 FY
-------------- ------------- ------ -------- -------- ------- ------- ----------- ---- ----- -------
Shopping
Parks(4) 3,346 1.1 0.3 1.3 0.9 1.9 2.8 5 2 7
Shopping
Centres 2,205 3.8 0.9 4.7 2.0 1.9 3.9 14 5 18
Superstores 781 (1.6) (0.5) (2.1) (0.9) (0.3) (1.3) (5) 1 (6)
Department
Stores 606 2.9 3.0 6.0 - 0.3 0.3 12 13 25
Leisure 403 4.2 1.8 6.1 0.3 0.3 0.6 22 23 54
-------------- ------------- ------ -------- -------- ------- ------- ----------- ---- ----- -------
Retail &
Leisure(5) 7,341 1.8 0.7 2.4 0.9 1.5 2.4 8 5 13
-------------- ------------- ------ -------- -------- ------- ------- ----------- ---- ----- -------
(1) Group's share of properties in joint ventures
and funds including HUT at share
(2) Valuation movement during the period (after
taking account of capital expenditure) of properties
held at the balance sheet date, including developments
(classified by end use), purchases and sales
(3) As calculated by IPD
(4) Solus/Other assets under current
Retail segmentation previously included
in Shopping Parks
(5) Including committed
developments
Portfolio Weighting
------------------------------------------------------------------
At 31 March 2015 2016 2016 2016
(current) (current) (pro-forma(1)
)
% % GBPm %
Regional 20.2 19.4 2,844 19.0
Local 16.8 16.3 2,378 15.9
Multi-lets 37.0 35.7 5,222 34.9
Department Stores
& Leisure 7.1 6.9 1,005 6.7
Superstores 6.7 5.3 781 5.2
Solus/Other 2.8 2.3 333 2.2
Retail & Leisure 53.6 50.2 7,341 49.0
---------------------- ----- --------- --------- -------------
West End 23.9 26.6 3,904 28.0
City 18.8 19.7 2,886 19.3
Offices 42.7 46.3 6,790 47.3
Residential(2) 1.9 1.6 234 1.8
Offices & Residential 44.6 47.9 7,024 49.1
---------------------- ----- --------- --------- -------------
Canada Water 1.8 1.9 283 1.9
---------------------- ----- --------- --------- -------------
Total 100.0 100.0 14,648 100.0
---------------------- ----- --------- --------- -------------
London Weighting 55% 58% 8,490 59%
---------------------- ----- --------- --------- -------------
Table with previous classification provided
on Company website at www.britishland.com/results
(1) Pro forma for developments under construction
at estimated end value (as determined by the
Group's external valuers) and post period end
transactions
(2) Stand-alone residential
Portfolio Yield & ERV Movements(1)
-----------------------------------------------------------------------------------------------------------
At 31 March 2016 NEY(3) ERV Growth NEY Yield Compression
%(2) bps(3)
% H1 H2 FY H1 H2 FY
---------------------------- ---------------- -------- ------- ------- ----------- ----------- -----
Regional 4.8 1.7 1.8 3.5 11 4 15
Local 5.2 1.0 2.2 3.3 7 2 9
Multi-lets 5.0 1.4 2.0 3.4 9 3 12
Department Stores
& Leisure 5.1 0.2 0.2 0.4 19 17 37
Superstores 5.2 (0.9) (0.3) (1.3) (5) 1 (6)
Solus/Other 5.1 0.1 0.0 0.1 1 1 2
Retail & Leisure 5.0 0.9 1.5 2.4 8 5 13
---------------------------- ---------------- -------- ------- ------- ----------- ----------- -----
West End 4.4 4.1 5.6 9.9 24 3 28
City(4) 4.4 4.8 4.3 9.3 16 (4) 12
Offices 4.4 4.4 5.0 9.6 20 (0) 21
---------------------------- ---------------- -------- ------- ------- ----------- ----------- -----
Canada Water 3.2 0.2 0.2 0.5 11 1 13
---------------------------- ---------------- -------- ------- ------- ----------- ----------- -----
Total 4.7 2.3 3.0 5.3 13 3 17
---------------------------- ---------------- -------- ------- ------- ----------- ----------- -----
Table with previous classification provided
on Company website at www.britishland.com/results
(1) Excluding developments under construction,
assets held for development and residential
assets
(2) As calculated
by IPD
(3) Including notional
purchaser's costs
(4) City ERV growth of 7.3% and West End ERV
growth of 9.1% on a like-for-like basis
Total Property Return (as calculated by IPD)
----------------------------------------------------------------------------
FY to 31 March Retail Offices Total
2016
% British IPD British IPD British IPD
Land Land Land
--------------------------- ------- ------ ------- ------ ------- ----
Capital Return 2.5 2.3 12.3 11.1 6.8 6.3
- ERV Growth 2.4 1.4 9.6 7.8 5.3 4.0
- Yield Compression(1) 13 bps 18 bps 21 bps 20 bps 17 bps 23
bps
Income Return 5.2 5.1 3.2 3.9 4.2 4.7
Total Property
Return 7.8 7.5 15.8 15.4 11.3 11.3
--------------------------- ------- ------ ------- ------ ------- ----
(1) Net equivalent yield movement
Portfolio Net Yields(1,2)
At 31 March 2016 EPRA EPRA Overall Net equivalent Net reversionary
net initial topped topped yield yield %
yield up net up net %
% initial initial
yield yield
%(3) %(4)
------------------ ------------ -------- -------- -------------- ----------------
Regional 4.3 4.4 4.5 4.8 4.8
Local 4.8 5.1 5.2 5.2 5.2
Multi-lets 4.5 4.7 4.8 5.0 5.0
Department Stores
& Leisure 4.7 4.8 6.4 5.1 4.0
Superstores 5.3 5.3 5.3 5.2 5.2
Solus/Other 5.6 5.6 5.6 5.1 4.7
Retail & Leisure 4.7 4.8 5.1 5.0 4.9
------------------ ------------ -------- -------- -------------- ----------------
West End 3.5 3.9 4.0 4.4 4.6
City 3.2 4.4 4.5 4.4 5.3
Offices 3.4 4.2 4.2 4.4 4.9
------------------ ------------ -------- -------- -------------- ----------------
Canada Water 2.8 2.8 2.8 3.2 3.4
------------------ ------------ -------- -------- -------------- ----------------
Total 4.1 4.5 4.7 4.7 4.9
------------------ ------------ -------- -------- -------------- ----------------
(1) Including notional purchaser's costs
(2) Excluding developments under construction,
assets held for development and residential assets
(3) Including rent contracted from expiry of
rent-free periods and fixed uplifts not in lieu
of rental growth
(4) Including fixed/minimum uplifts (excluded
from EPRA definition)
Portfolio Net Yields(1,2) - Previous Classification
basis
At 31 March 2016 EPRA EPRA Overall Net equivalent Net reversionary
net topped topped yield yield
initial up net up net % %
yield initial initial
% yield yield
%(3) %(4)
------------------- --------- --------- --------- --------------- -----------------
Shopping Parks 4.7 4.9 4.9 5.1 5.0
Shopping Centres 4.5 4.6 4.7 4.9 4.9
Superstores 5.3 5.3 5.3 5.2 5.2
Department Stores 3.9 3.9 5.6 4.2 3.5
Leisure 6.1 6.1 7.6 6.4 4.8
Retail & Leisure 4.7 4.8 5.1 5.0 4.9
------------------- --------- --------- --------- --------------- -----------------
(1) Including notional purchaser's costs
(2) Excluding developments under construction,
assets held for development and residential assets
(3) Including rent contracted from expiry of
rent-free periods and fixed uplifts not in lieu
of rental growth
(4) Including fixed/minimum uplifts (excluded
from EPRA definition)
Lease Length & Occupancy(1)
-------------------------------------------------------------------------------------------------
At 31 March 2016 Average lease Occupancy rate
length yrs %
To expiry To break Occupancy Occupancy
(underlying)(2)
------------------- ------------------------- -------- --------------- ----------------------
Regional 7.9 6.9 95.8 97.8
Local 8.7 7.5 98.9 99.6
Multi-lets 8.3 7.2 97.3 98.6
Department Stores
& Leisure 19.7 19.6 100.0 100.0
Superstores 14.2 13.8 100.0 100.0
Solus/Other 10.5 10.5 100.0 100.0
Retail & Leisure 10.6 9.8 98.0 99.0
------------------- ------------------------- -------- --------------- ----------------------
West End 9.5 7.5 97.8 98.1
City 10.2 8.3 98.4 99.1
Offices 9.8 7.9 98.1 98.6
------------------- ------------------------- -------- --------------- ----------------------
Canada Water 7.5 7.4 98.4 99.1
------------------- ------------------------- -------- --------------- ----------------------
Total 10.2 9.0 98.0 98.8
------------------- ------------------------- -------- --------------- ----------------------
Table with previous or IPD classification provided
on Company website at www.britishland.com/results
(1) Excluding developments under construction,
residential assets and assets held for development
(2) Including accommodation under offer or subject
to asset management
Annualised Rent & Estimated Rental Value (ERV)(1)
-------------------------------------------------------------------------------------------------
At 31 March 2016 Annualised rent ERV GBPm Average rent
(valuation GBPpsf
basis) GBPm(2)
-------------------
Group JVs Total Total Contracted(3) ERV
& Funds
------------------- --------------- -------- -------- --------------- ---------------- ----
Regional 54 84 138 155 32.8 35.9
Local 97 27 124 134 24.2 24.7
Multi-lets 151 111 262 289 28.0 29.7
Department Stores
& Leisure 51 - 51 44 15.3 13.1
Superstores 9 35 44 43 21.4 20.8
Solus/Other 18 - 18 16 18.8 16.0
Retail & Leisure 229 146 375 392 24.0 24.3
------------------- --------------- -------- -------- --------------- ---------------- ----
West End 125 - 125 165 51.5 60.6
City 5 94 99 162 50.0 60.3
Offices 130 94 224 327 51.0 60.4
Residential(4) 3 - 3 4
Offices &
Residential 133 94 227 331
------------------- --------------- -------- -------- --------------- ---------------- ----
Canada Water 8 - 8 9 18.7 21.6
------------------- --------------- -------- -------- --------------- ---------------- ----
Total 370 240 610 732 30.1 32.6
------------------- --------------- -------- -------- --------------- ---------------- ----
Table with previous classification provided
on Company website at www.britishland.com/results
(1) Excluding developments under construction
and assets held for development
(2) Gross rents plus, where rent reviews are
outstanding, any increases to ERV (as determined
by the Group's external valuers), less any ground
rents payable under head leases, excludes contracted
rent subject to rent free and future uplift
(3) Annualised rent, plus rent subject
to rent free
(4) Stand-alone residential
Rent Subject to Open Market Rent Review(1)
-----------------------------------------------------------------------------
At 31 March 2016 2017 2018 2019 2020 2021 2017-19 2017-21
For period to GBPm GBPm GBPm GBPm GBPm GBPm GBPm
31 March
------------------ ---- --------------- ---- ---- ---- ------- -------
Regional 15 12 17 10 18 44 72
Local 11 24 21 12 11 56 79
Multi-lets 26 36 38 22 29 100 151
Department Stores - - - - - - -
& Leisure
Superstores 5 4 8 12 14 17 43
Solus/Other - 1 - - - 1 1
Retail & Leisure 31 41 46 34 43 118 195
------------------ ---- --------------- ---- ---- ---- ------- -------
West End 6 20 20 15 2 46 63
City 1 4 13 14 16 18 48
Offices 7 24 33 29 18 64 111
------------------ ---- --------------- ---- ---- ---- ------- -------
Canada Water - - - - - - -
------------------ ---- --------------- ---- ---- ---- ------- -------
Total 38 65 79 63 61 182 306
Potential uplift
at current ERV 1 2 4 2 1 7 10
------------------ ---- --------------- ---- ---- ---- ------- -------
Table with previous classification provided
on Company website at www.britishland.com/results
(1) Excluding developments under construction,
residential assets and assets held for development
Rent Subject to Lease Break or Expiry(1)
-------------------------------------------------------------------
At 31 March 2016 2017 2018 2019 2020 2021 2017-19 2017-21
For period to GBPm GBPm GBPm GBPm GBPm GBPm GBPm
31 March
------------------- ---- ---- ---- ---- ---- ------- -------
Regional 13 12 9 13 9 34 56
Local 9 6 8 11 9 23 43
Multi-lets 22 18 17 24 18 57 99
Department Stores
& Leisure - 1 - - - 1 1
Superstores - - - - - - -
Solus/Other 1 - - - 6 1 7
Retail & Leisure 23 19 17 24 24 59 107
------------------- ---- ---- ---- ---- ---- ------- -------
West End 10 8 10 4 19 28 51
City 17 3 17 14 8 37 59
Offices(2) 27 11 27 18 27 65 110
------------------- ---- ---- ---- ---- ---- ------- -------
Canada Water 1 - 1 - 1 2 3
------------------- ---- ---- ---- ---- ---- ------- -------
Total 51 30 45 42 52 126 220
------------------- ---- ---- ---- ---- ---- ------- -------
% of contracted
rent 7.3% 4.4% 6.5% 6.1% 7.6% 18.2% 31.9%
Potential uplift
at current ERV(3) 4 3 11 4 1 18 23
---- ------- -------
Table with previous classification provided
on Company website at www.britishland.com/results
(1) Excluding developments under construction
and assets held for development
(2) Based on office space only
(3) As determined by the Group's valuers, excluding
near term developments
Superstores
Stand-alone Superstores(1) In Multi-let assets Total Exposure(1,2,3)
(2)
------ ----------------------------------------------------------- -------------------------------------------------------- -------------------------------------------------------
Store N(o) Valuation Capital WALL N(o) Valuation Capital WALL N(o) Valuation Capital WALL
Size of (BL Value to of (BL Value to of (BL Value to
'000 Stores share) psf FB Stores share) psf FB Stores share) psf FB
SQ GBPm GBPm GBPm
FT
------ ---------- ------------ --------------- ---------------- ------------ --------------- ---------- ------------- ----------- --------------- ---------- -------------
>100 8 177 351 12.4 5 357 538 13.0 13 534 457 12.8
75-100 13 270 467 17.9 2 55 415 12.8 15 325 457 17.0
50-75 16 256 404 12.6 1 12 196 11.1 17 268 385 12.3
25-50 8 52 226 8.3 3 32 457 14.6 11 84 281 10.4
0-25 2 8 177 9.1 17 80 436 11.1 19 88 387 10.9
March
2016 47 763 383 13.9 28 536 482 12.7 75 1,299 419 13.5
------ ---------- ------------ --------------- ---------------- ------------ --------------- ---------- ------------- ----------- --------------- ---------- -------------
March
2015 57 924 395 14.5 29 529 491 13.9 86 1,453 426 14.4
------ ---------- ------------ --------------- ---------------- ------------ --------------- ---------- ------------- ----------- --------------- ---------- -------------
Geographical
Spread Gross Rent (BL Share) Lease Structure
-------------------------------- --------------- -------------------------------------------------------------------------- ---------------------------------------- -------------
London RPI and
& South 57% Tesco GBP37m Fixed 8%
Rest of
UK 43% Sainsburys GBP30m OMRR 92%
Other GBP5m
-------------------- ---------- --------------- -------------------------------- ------------- ---------- ------------- ----------- --------------- ---------- -------------
(1) Excludes GBP8m non-foodstore occupiers in superstore
led assets, and GBP10m Sainsburys Newquay, sold
post period end
(2) Excludes non food-format
stores e.g. Asda Living
(3) Excludes GBP101m of investments held for
trading comprising freehold reversions in a
pool of Sainsbury's Superstores
Recently Completed & Committed Developments
------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------
At 31 March Sector BL Sq PC Calendar Current Cost ERV Let Resi Resi
2016 Share ft Year Value to & Under End Sales
complete Offer Value Exchanged
& Completed
----------------------------------
% '000 GBPm GBPm(1) GBPm(2) GBPm GBPm GBPm
------ ---------- ---------- ---------------
5 Broadgate Offices 50 710 Completed 469 8 19.2 19.2 -
Yalding House Offices 100 29 Completed 37 1 1.9 - -
Whiteley Leisure,
Fareham Retail 50 57 Completed 12 1 0.6 0.6 -
Glasgow Fort,
M&S & Retail
Terrace Retail 75 112 Completed 35 3 2.0 1.7 -
Total Completed
in Period 908 553 13 23.7 21.5
---------------------------------- --------------- ---------------- ------------ --------------- ---------- ------------- --------------- ----------- ---------- -------------
4 Kingdom Street Offices 100 147 Q2 2017 81 64 9.5 - -
Mixed
Clarges Mayfair Use 100 192 Q4 2017 404 107 6.2 - 456 259
Glasgow Fort
(MSCP & Additional
retail / leisure
units) Retail 75 12 Q3 2016 2 5 0.4 0.2 -
The Hempel Phase
1 Residential 100 25 Q2 2016 26 2 - - 50 36
The Hempel Phase
2 Residential 100 32 Q3 2016 48 12 - - 72 8
Aldgate Place,
Phase 1 Residential 50 221 Q2 2016 44 14 - - 79 55
Total Under
Construction 629 605 204 16.1 0.2 657 358
---------------------------------- --------------- ---------------- ------------ --------------- ---------- ------------- --------------- ----------- ---------- -------------
Retail Capital
Expenditure
(3) 107
---------------------------------- --------------- ---------------- ------------ --------------- ---------- ------------- --------------- ----------- ---------- -------------
Data includes Group's share of properties in
Joint Ventures & Funds (except area which is
shown at 100%)
(1) From 1 April
2016
(2) Estimated headline rental value net
of rent payable under head leases (excluding
tenant incentives)
(3) Capex committed and underway within our investment
portfolio relating to leasing and asset management
Near term Pipeline
------------------------------------------------------------------------------------------------
At 31 March Sector BL Share Sq ft Start Total Status
2016 On Site Cost
(1)
-------------------------- --------------- ---------- -------- --------------
'000 GBPm
-------------------------- --------------- ---------- ------ -------- ----- --------------
100 Liverpool
Street Offices 50 520 2017 279 Consented
1 Triton Square
(2) Offices 100 217 2017 370 Pre-submission
1 Finsbury Avenue Offices 50 303 2017 150 Consented
5 Kingdom Street
(3) Offices 100 240 2017 228 Consented
Blossom Street, Mixed
Shoreditch Use 100 340 2017 256 Consented
Plymouth Leisure Retail 100 102 2016 41 Consented
New Mersey Shopping
Park, Speke
- Leisure Retail 66 66 2016 20 Consented
Crawley Homewares
Park Retail 100 52 2016 26 Consented
Aldgate Place,
Phase 2 Residential 50 145 2016 59 Consented
54 The Broadway,
Ealing Residential 100 34 2016 21 Consented
Total Near term 2,019 1,450
------------------------------------------- ---------- ------ -------- ----- --------------
Retail Capital
Expenditure
(4) 90
------------------------------------------- ---------- ------ -------- ----- --------------
(1) Total cost including site value. Excludes
notional interest as interest is capitalised
individually on each development at our capitalisation
rate
(2) Existing net areas,
scheme in early design
stages
(3) 210,000 sq ft of which
is consented
(4) Forecast capital commitments within our
investment portfolio over the next 2 years relating
to leasing & asset enhancement
Medium term Pipeline
-------------------------------------------------------------------
At 31 March Sector BL Share Sq ft Status
2016
'000
2 - 3 Finsbury
Avenue Offices 50 550 Submitted
Eden Walk Shopping Mixed
Centre, Kingston Use 50 562 Submitted
Canada Water Mixed
Masterplan (1) Use 100 5,500 Pre-submission
Forster Retail
Park, Bradford,
Phase 3 Retail 100 63 Consented
Meadowhall Leisure Retail 50 330 Pre-submission
Glasgow Fort
- Retail Extension Retail 75 60 Consented
Putney High
Street Residential 100 110 Consented
-------------------- ------------ -------- ----- --------------
Total Prospective 7,175
---------------------------------- -------- ----- --------------
(1) Assumed net area based on gross area of
up to 7m sq ft
Residential development programme
At 31 March Sq No. PC Date/ BL Current Cost End Sales
2016 Ft Market Status Share Value(1) To Value(3) Exchanged
Units come(2) & Completed
-------------
'000 % GBPm GBPm GBPm GBPm
------------- ---- ------- --------- --------- --------- ---------- ------------- ------------
Clarges
Mayfair(4) 103 34 Q4 2017 100 286 88 456 259
Mixed use 103 34 286 88 456 259
------------- ---- ------- --------- --------- --------- ---------- ------------- ------------
The Hempel
Phase
1 25 15 Q2 2016 100 26 2 50 36
The Hempel
Phase
2 32 18 Q3 2016 100 48 12 72 8
Aldgate Place
Phase 1 221 154 Q2 2016 50 44 14 79 55
Resi-led 278 187 118 28 201 99
------------- ---- ------- --------- --------- --------- ---------- ------------- ------------
Aldgate Place
Phase 2 145 Consented 50
54 The
Broadway,
Ealing 34 Consented 100
Near Term
prospective 179
------------- ---- ------- --------- --------- --------- ---------- ------------- ------------
Total
Committed
Residential 381 221 404 116 657 358
------------- ---- ------- --------- --------- --------- ---------- ------------- ------------
Data includes Group's share of properties in
Joint Ventures & Funds (except area which is
shown at 100%)
(1) Excluding completed sales
(2) From 1 April 2016. Cost to complete excludes
notional interest as interest is capitalised
individually on each development at our capitalisation
rate
(3) Includes
completed
units (GBP22.8m)
(4) Includes 9,500 sq ft of affordable housing
(11 units)
GLOSSARY
Adjusted net debt is the Group net debt and the Group's share of joint venture and funds' net debt excludes the mark-to-market on effective cash flow hedges and related debt adjustments and non-controlling interests. A reconciliation between Group net debt and adjusted net debt is included in table A within the supplementary disclosures.
Annualised rent is the gross property rent receivable on a cash basis as at the reporting date. Additionally, it includes the external valuers' estimate of additional rent in respect of unsettled rent review, turnover rent and sundry income such as that from car parks and commercialisation, less any ground rents payable under head leases.
Assets under management is the full value of all assets owned and managed by British Land and includes 100% of the value of all joint ventures and funds.
BREEAM (Building Research Establishment Environmental Assessment Method) assesses the sustainability of buildings against a range of social and environmental criteria.
Capital return is calculated as the change in capital value of the UK portfolio, less any capital expenditure incurred, expressed as a percentage of capital employed (start value plus capital expenditure) over the period, as calculated by IPD. Capital returns are calculated monthly and indexed to provide a return over the relevant period.
Capped rents are rents subject to a maximum level of uplift at the specified rent reviews as agreed at the time of letting.
Collar rents are rents subject to a minimum level of uplift at the specified rent reviews as agreed at the time of letting.
Contracted rent is the annualised rent adjusting for the inclusion of rent subject to rent free periods.
Customer satisfaction includes consumers as well as occupiers who relate better to our focus on creating Places People Prefer. This includes exit survey data for consumer satisfaction in the retail business, as well as office and retail occupier satisfaction scores, and in future we aim to be able to further expand to include consumer satisfaction for other sectors
Developer's profit is the profit on cost estimated by the valuers that a developer would expect. The developer's profit is typically calculated by the valuers to be a percentage of the estimated total development costs, including land and notional finance costs.
Development uplift is the total increase in the value (after taking account of capital expenditure and capitalised interest) of properties held for development during the period. It also includes any developer's profit recognised by valuers in the period.
Development cost is the total cost of construction of a project to completion, excluding site values and finance costs (finance costs are assumed by the valuers at a notional rate of 5% per annum).
EPRA is the European Public Real Estate Association, the industry body for European REITs.
EPRA Cost Ratio (including direct vacancy costs) is the ratio of net overheads and operating expenses against gross rental income (with both amounts excluding ground rents payable). Net overheads and operating expenses relate to all administrative and operating expenses including the share of joint ventures' overheads and operating expenses, net of any service fees, recharges or other income specifically intended to cover overhead and property expenses.
EPRA Cost Ratio (excluding direct vacancy costs) is the ratio calculated above, but with direct vacancy costs removed from net overheads and operating expenses balance.
EPRA earnings is the IFRS profit after taxation attributable to shareholders of the Company excluding investment and development property revaluations, gains/losses on investing and trading property disposals, changes in the fair value of financial instruments and associated close-out costs and their related taxation. These items are presented in the capital and other column of the income statement. A reconciliation between profit attributable to shareholders of the Company and EPRA earnings is included in table B within the supplementary disclosures.
EPRA NAV per share is EPRA NAV divided by the diluted number of shares at the period end.
EPRA net assets (EPRA NAV) are a proportionally consolidated measure. They represent the IFRS net assets excluding the mark-to-market on effective cash flow hedges and related debt adjustments, the mark-to-market on the convertible bonds as well as deferred taxation on property and derivative valuations. They include the valuation surplus on trading properties and are adjusted for the dilutive impact of share options and the GBP400 million convertible bond maturing in 2017. A reconciliation between IFRS net assets and EPRA NAV is included in table B within the Supplementary Disclosures.
EPRA net initial yield is the annualised rents generated by the portfolio, after the deduction of an estimate of annual recurring irrecoverable property outgoings, expressed as a percentage of the portfolio valuation
(adding notional purchaser's costs), excluding development and residential properties.
EPRA NNNAV is the EPRA NAV adjusted to reflect the fair value of debt and derivatives and to include deferred taxation on revaluations.
EPRA Topped-Up Net Initial Yield is the current annualised rent, net of costs, topped-up for contracted uplifts, where these are not in lieu of rental growth, expressed as a percentage of capital value, after adding notional purchaser's costs (adding notional purchaser's costs), excluding development and residential properties.
EPRA vacancy rate is the estimated market rental value (ERV) of vacant space divided by ERV of the whole portfolio, excluding developments and residential property.
Estimated Rental Value (ERV) is the external valuers' opinion as to the open market rent which, on the date of valuation, could reasonably be expected to be obtained on a new letting or rent review of a property.
ERV growth is the change in ERV over a period on the standing investment properties expressed as a percentage of the ERV at the start of the period. ERV growth is calculated monthly and compounded for the period subject to measurement, as calculated by IPD.
Fair value movement is accounting adjustment to change the book value of an asset or liability to its market value.
Footfall is the annualised number of visitors entering our assets.
Footfall growth movement in footfall against the same period in the prior year, on properties owned throughout both comparable periods, aggregated at 100% share.
Gross investment activity as measured by our share of acquisitions, sales and investment in committed development.
Gross rental income is the gross accounting rent receivable (quoted either for the period or on an annualised basis) prepared under IFRS which requires that rental income from fixed / minimum guaranteed rent reviews and tenant incentives is spread on a straight-line basis over the entire lease to first break. This can result in income being recognised ahead of cash flow.
Group is The British Land Company PLC and its subsidiaries and excludes its share of joint ventures and funds (where not treated as a subsidiary) on a line-by-line basis (i.e. not proportionally consolidated).
Headline rent is the contracted gross rent receivable which becomes payable after all the tenant incentives in the letting have expired.
IFRS are the International Financial Reporting Standards as adopted by the European Union.
Income return is calculated as net income expressed as a percentage of capital employed over the period, as calculated by IPD. Income returns are calculated monthly and indexed to provide a return over the relevant period.
Interest cover is the number of times net interest payable is covered by Underlying Profit before net interest payable and taxation.
IPD is Investment Property Databank Ltd which produces an independent benchmark of property returns and British Land UK portfolio returns.
Lettings and lease renewals are compared both to the previous passing rent as at the start of the financial year and the ERV immediately prior to letting. Both comparisons are made on a net effective basis.
Letting performance against ERV comparison of achieved letting terms on long term lettings and renewals against valuation assumptions on like for like space, calculated on a net effective basis, aggregated at 100% share.
Leverage see loan to value (LTV).
Like-for-like rental income growth is the growth in net rental income on properties owned throughout the current and previous periods under review. This growth rate includes revenue recognition and lease accounting adjustments but excludes properties held for development in either period and properties with guaranteed rent reviews.
Loan to value (LTV) is the ratio of principal value of gross debt less cash, short term deposits and liquid investments to the aggregate value of properties and investments.
Managed portfolio consists of multi-let properties where we have control of facilities and utilities management.
Mark-to-market is the difference between the book value of an asset or liability and its
market value.
Managed portfolio consists of multi-let properties where we have control of facilities and utilities management.
Multi-channel retailing is the use of a variety of channels in a customer's shopping experience, including research, before a purchase. Such channels include: retail stores, online stores, mobile stores, mobile app stores, telephone sales and any other method of transacting with a customer. Transacting includes browsing, buying, returning as well as pre- and post-sale service.
Net Development Value is the estimated end value of a development project as determined by the external valuers for when the building is completed and fully let (taking into account tenant incentives and notional purchaser's costs). It is based on the valuers view on ERVs, yields, letting voids and tenant incentives.
Net effective rent is the contracted gross rent receivable taking into account any rent-free period or other tenant incentives. The incentives are treated as a cost-to-rent and spread over the lease to the earliest termination date.
Net equivalent yield is the weighted average income return (after adding notional purchaser's costs) a property will produce based upon the timing of the income received. In accordance with usual practice, the equivalent yields (as determined by the external valuers) assume rent is received annually in arrears.
Net Initial Yield is the current annualised rent, net of costs, expressed as a percentage of capital value, after adding notional purchaser's costs.
Net rental income is the rental income receivable in the period after payment of direct property outgoings which typically comprise ground rents payable under head leases, void costs, net service charge expenses and other direct irrecoverable property expenses. Net rental income is quoted on an accounting basis.
Net rental income will differ from annualised net cash rents and passing rent due to the effects of income from rent reviews, net property outgoings and accounting adjustments for fixed and minimum contracted rent reviews and lease incentives.
Net reversionary yield is the anticipated yield to which the initial yield will rise (or fall) once the rent reaches the estimated rental value.
Occupancy rate is the estimated rental value of let units as a percentage of the total estimated rental value of the portfolio, excluding development and residential properties. It includes accommodation under offer, subject to asset management (where they have been taken back for refurbishment and are not available to let as at the balance sheet date) or occupied by the Group.
Omni-channel retailing is the evolution of multi-channel retailing, but is concentrated more on a seamless approach to the consumer experience through all available shopping channels i.e. mobile internet devices, computers, bricks and mortar, television, radio, direct mail, catalogue, etc.
Over rented is the term used to describe when the contracted rent is above the estimated rental value (ERV).
Overall 'topped-up' net initial yield is the EPRA Net 'topped-up' Initial Yield, adding all contracted uplifts to the annualised rents.
Passing rent is the gross rent, less any ground rent payable under head leases.
Property Income Distributions (PIDs) are profits distributed to shareholders which are subject to tax in the hands of the shareholders as property income. PIDs are normally paid net of withholding tax currently at 20% which the REIT pays to the tax authorities on behalf of the shareholder. Certain types of shareholder (i.e. pension funds) are tax exempt and receive PIDs without withholding tax. REITs also pay out normal dividends, called non-PIDs, which are taxed in the same way as dividends received from non REIT companies; these are not subject to withholding tax and for UK individual shareholders qualify for the tax free dividend allowance.
Portfolio valuation is reported by the Group's external valuers. In accordance with usual practice, they report valuations net, after the deduction of the notional purchaser's costs, including stamp duty land tax, agent and legal fees.
Proportionally consolidated measures include the Group's share of joint ventures and funds and exclude non-controlling interests in the Group's subsidiaries.
Rack rented is the term used to describe when the contracted rent is in line with the estimated rental value (ERV), implying a nil reversion.
Rent-free period see Tenant (or lease) incentives.
REITs are property companies that allow people and organisations to invest in commercial property and receive benefits as if they directly owned the properties themselves. The rental income, after costs is passed directly to shareholders in the form of dividends. In the UK REITs are required to distribute at least 90% of their tax exempt property income to shareholders as dividends. As a result, over time, a significant proportion of the total return for shareholders is likely to come from dividends. The effect is that taxation is moved from the corporate level to the investor level as investors are liable for tax as if they owned the property directly. British Land became a REIT in January 2007
Rent reviews take place at intervals agreed in the lease (typically every five years) and their purpose is usually to adjust the rent to the current market level at the review date. For upwards-only rent reviews, the rent will either remain at the same level or increase (if market rents have increased) at the review date.
Rents with fixed and minimum uplifts are either where rents are subject to contracted uplifts at a level agreed at the time of letting; or where the rent is subject to an agreed minimum level of uplift at the specified rent review.
Retailer sales growth movement in retailer sales against the same period in the prior year, on occupiers providing sales data throughout both comparable periods, aggregated at 100% share.
Retail planning consents are separated between A1, A2 and A3 - as set out in The Town and Country Planning (Use Classes) Order. Within the A1 category, Open A1 permission allows for the majority of types of retail including fashion to be accommodated, while Restricted A1 permission places limits on the types of retail that can operate (for example, a restriction that only bulky goods operators are allowed to trade at that site).
Class Description Use for all/any of the following
purposes
------ -------------- ----------------------------------------
A1 Shops Shops, retail warehouses, hairdressers,
undertakers, travel and ticket
agencies, post offices, pet
shops, sandwich bars, showrooms,
domestic hire shops dry cleaners,
funeral directors and internet
cafes.
------ -------------- ----------------------------------------
A2 Financial and Financial services such as
professional banks and building societies,
services professional services (other
than health and medical services)
and including estate and employment
agencies. It does not include
betting offices or pay day
loan shops - these are now
classed as "sui generis" uses.
------ -------------- ----------------------------------------
A3 Restaurants For the sale of food and drink
and cafes for consumption on the premises
- restaurants, snack bars and
cafes.
------ -------------- ----------------------------------------
D2 Assembly and Cinemas, music and concert
leisure halls, bingo and dance halls
(but not night clubs), swimming
baths, skating rinks, gymnasiums
or areas for indoor or outdoor
sports and recreations.
------ -------------- ----------------------------------------
Reversion is the increase in rent estimated by the external valuers, where the passing rent is below the estimated rental value. The increases to rent arise on rent reviews and letting of vacant space or re letting of expiries.
Scrip dividend British Land offers its shareholders the opportunity to receive dividends in the form of shares instead of cash. This is known as a Scrip dividend.
Standing investments are assets which are directly held and not in the course of, or held for development.
Tenant (or lease) incentives are incentives offered to occupiers to enter into a lease. Typically this will be an initial rent-free period, or a cash contribution to fit-out. Under accounting rules the value of lease incentives is amortised through the income statement on a straight-line basis to the earliest lease termination date.
TMT stands for technology, media and telecommunications.
The residual site value of a development is calculated as the estimated (net) development value, less development profit, all development construction costs, finance costs (assumed at a notional rate) of a project to completion and notional site acquisition costs. The residual is determined to be the current site value.
Topping out is a traditional construction ceremony to mark the occasion when the structure of the building reaches the highest point.
Total property return is calculated as the change in capital value, less any capital expenditure incurred, plus net income, expressed as a percentage of capital employed over the period, as calculated by IPD. Total property returns are calculated monthly and indexed to provide a return over the relevant period.
Total return (total accounting return) is the growth in EPRA NAV per share plus dividends paid, and this can be expressed as a percentage of EPRA NAV per share at the beginning of the period.
Total Shareholder Return is the growth in value of a shareholding over a specified period, assuming dividends are reinvested to purchase additional units of stock.
Total Tax Contribution is a more comprehensive view of tax contributions than the accountancy-defined tax figure quoted in most financial statements. It comprises taxes and levies paid directly, as well as taxes collected from others which we administered.
Turnover rents is where all or a portion of the rent is linked to the sales or turnover of the occupier.
Under rented is the term used to describe when the contracted rent is below the estimated rental value (ERV), implying a positive reversion.
Underlying earnings per share (EPS) consists of Underlying Profit after tax divided by the diluted weighted average number of shares in issue during the period.
Underlying Profit is the pre-tax EPRA earnings measure with additional Company adjustments.
No Company adjustments were made in either the current or prior year.
Valuation uplift is the increase in the portfolio valuation and sales receipts of properties sold during the period, net of capital expenditure, capitalised interest and development team costs, and transaction costs incurred, expressed as a percentage of the portfolio valuation at the start of the period plus net capital expenditure, capitalised interest and development team costs, and transaction costs.
Virtual freehold represents a long leasehold tenure for a period of up to 999 years. A 'peppercorn', or nominal, rent is paid annually.
Weighted average debt maturity - each tranche of Group debt is multiplied by the remaining period to its maturity and the sum of the results is divided by total Group debt in issue at the period end.
Weighted average interest rate is the Group loan interest and net derivative costs per annum at the period end, divided by total Group debt in issue at the period end.
Weighted average unexpired lease term is the average lease term remaining to first break, or expiry, across the portfolio weighted by contracted rental income (including rent-frees). The calculation excludes residential leases and properties allocated as developments.
Yield compression occurs when the net equivalent yield of a property decreases, measured in basis points.
Yield on cost is the estimated annual rent of the completed development divided by the total cost of development including site value and notional finance costs to the point of assumed rent commencement, expressed as a percentage return.
Yield shift is a movement (usually expressed in bps) in the yield of a property asset, or like-for-like portfolio, over a given period. Yield compression is a commonly-used term for a reduction in yields.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR AIMMTMBTBTBF
(END) Dow Jones Newswires
May 16, 2016 02:01 ET (06:01 GMT)
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