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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4.80 | -1.22% | 388.20 | 388.20 | 388.60 | 395.00 | 386.00 | 395.00 | 2,291,704 | 16:35:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Investment Trust | 418M | -1.04B | -1.1194 | -3.47 | 3.6B |
From Apr 2019 to Apr 2024
TIDMBLND
RNS Number : 6462W
British Land Co PLC
16 November 2017
SUPPLEMENTARY TABLES
(Data includes Group's share of Joint Ventures and Funds)
Hot Features
Premium
Since 1 April 2017 Price Price Annual
(100%) (BL Share) Passing
Rent
Acquisitions Sector GBPm GBPm GBPm(2)
------------------------------- ------- ------- ----------- --------
Completed
Tesco, Brislington -
Tesco exchange transaction(1) Retail 46 23 2
Harlech, Newport - Tesco
exchange transaction(1) Retail 41 20 1
10 - 40 The Broadway,
Ealing Retail 49 49 2
Total 136 92 5
---------------------------------------- ------- ----------- --------
(1) Part of a Tesco JV swap transaction resulting
in a net GBP73m disposal of superstore assets
(2) BL share of annualised rent topped up for rent
frees
Since 1 April 2017 Price Price Annual
(100%) (BL Share) Passing
Rent
Disposals Sector GBPm GBPm GBPm(6)
--------------------------- ------------ ------- ----------- --------
Completed
The Leadenhall Building(1) Offices 1,150 575 17
Superstores(2,3) Retail 428 242 15
B&Q, Bury & Grimsby(4) Retail 56 56 4
The Hempel Collection Residential 50 50 -
Exchanged
Clarges, Mayfair(5) Residential 66 66 -
The Hempel Collection Residential 2 2 -
Aldgate Place Residential 2 1 -
Total 1,754 992 36
----------------------------------------- ------- ----------- --------
(1) Exchanged during the year ended 31 March 2017
(2) Of which GBP116m (BL share) was part of a Tesco
JV swap transaction resulting in a net GBP73m disposal
of superstore assets
(3) Of which GBP21m of superstores exchanged in
period and completed post period end
(4) Exchanged in period and completed post period
end
(5) Exchanged post period end
(6) BL share of annualised rent topped up for rent
frees
Portfolio Valuation
by Sector
At 30 September Group JVs & Total H1 Change
2017 Funds
GBPm GBPm GBPm %(1) GBPm
Regional 1,121 1,866 2,987 0.1 2
Local 1,745 461 2,206 (0.9) (21)
Multi-let 2,866 2,327 5,193 (0.4) (19)
Department Stores
and Leisure 588 1 589 2.4 14
Superstores 130 315 445 0.8 5
Solus and Other 365 - 365 5.8 20
Retail 3,949 2,643 6,592 0.3 20
West End 4,137 - 4,137 3.2 128
City 113 2,269 2,382 1.7 50
Offices 4,250 2,269 6,519 2.6 178
Residential(2) 116 18 134 3.6 7
Offices and Residential 4,366 2,287 6,653 2.6 185
--------------------------- ------ ------- ------- ----- ----
Canada Water 270 - 270 (4.5) (13)
--------------------------- ------ ------- ------- ----- ----
Total 8,585 4,930 13,515 1.4 192
Standing Investments 7,827 4,587 12,414 1.2 157
Developments 758 343 1,101 3.3 35
--------------------------- ------ ------- ------- ----- ----
(1) 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
(2) Stand-alone residential
Retail Portfolio Valuation - Previous Classification Basis
------------------------------------------------------------------------------------------------------------
At 30 September 2017 Group JVs & Total H1 Change
Funds
GBPm GBPm GBPm %(1) GBPm
Shopping Parks 2,056 1,154 3,210 (0.1) (3)
Shopping Centres 1,175 1,169 2,344 0.2 4
Superstores 130 315 445 0.8 5
Department Stores 168 1 169 2.1 4
Leisure 420 4 424 2.5 10
---------
Retail & Leisure 3,949 2,643 6,592 0.3 20
------------------------------------------------ ------------ ------ ------------ ----------- ---------
(1) 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
Gross Rental Income(1)
---------------------------------------------------------------------------------------------------------
Accounting Basis GBPm 6 months to 30 September 2017 Annualised as at 30 September 2017
Group JVs & Total Group JVs & Total
Funds Funds
------------------------------ ---------- ---------- --------- ----------- ------------- ----------
Regional 31 44 75 59 87 146
Local 45 15 60 92 27 119
Multi-let 76 59 135 151 114 265
Department Stores and Leisure 23 - 23 38 - 38
Superstores 2 12 14 5 21 26
Solus and Other 10 - 10 21 - 21
Retail 111 71 182 215 135 350
------------------------------ ---------- ---------- --------- ----------- ------------- ----------
West End 65 - 65 134 - 134
City 3 60 63 5 81 86
Offices 68 60 128 139 81 220
Residential(2) 2 - 2 4 - 4
Offices and
Residential 70 60 130 143 81 224
------------------------------ ---------- ---------- --------- ----------- ------------- ----------
Canada Water 4 - 4 8 - 8
------------------------------ ---------- ---------- --------- ----------- ------------- ----------
Total 185 131 316 366 216 582
------------------------------ ---------- ---------- --------- ----------- ------------- ----------
(1) Gross rental income differs from annualised
rents due to accounting adjustments for fixed
& minimum contracted rental uplifts and lease
incentives
(2) Stand-alone residential
Portfolio Net Yields(1,2)
At 30 EPRA net EPRA topped Overall Net Net Net ERV Growth
September 2017 initial yield up net topped up equivalent equivalent reversionary %(5,) (6)
% initial yield net initial yield % yield yield %
%(3) yield %(4) movement
bps(6)
Regional 4.4 4.7 4.8 4.9 4 5.0 1.2
Local 5.1 5.3 5.4 5.5 11 5.6 1.1
Multi-let 4.7 5.0 5.0 5.2 7 5.2 1.1
Department
Stores and
Leisure 5.8 5.8 7.0 5.8 (11) 4.6 5.9
Superstores 5.8 5.8 5.8 5.5 (7) 5.3 (1.2)
Solus and
Other 5.3 5.3 5.3 5.4 16 4.2 (5.8)
Retail 4.9 5.1 5.3 5.3 5 5.1 1.0
-------------- ------------- ------------- ------------ ------------- ------------- -------------
West End 3.4 3.8 3.8 4.3 (11) 4.7 1.0
City 4.3 4.3 4.3 4.5 1 4.9 1.3
Offices 3.7 4.0 4.0 4.4 (6) 4.8 1.2
-------------- ------------- ------------- ------------ ------------- ------------- ------------- -------------
Canada Water 2.8 2.9 2.9 3.6 11 3.7 (1.1)
-------------- ------------- ------------- ------------ ------------- ------------- ------------- -------------
Total 4.3 4.6 4.7 4.8 - 5.0 1.0
-------------- ------------- ------------- ------------ ------------- ------------- ------------- -------------
(1) Including notional purchaser's costs
(2) Excluding committed developments, 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)
(5) As calculated by IPD; 6 months to 30 September 2017
(6) Excludes Euston Tower; as we move closer to tenant break in 2021, valuation now reflects
refurbishment assumption which, if included, would distort these movements
Total Property Return (as calculated by IPD)
---------------------------------------------------------------------
6 months to 30 Retail Offices Total
September 2017
% British IPD British IPD British IPD
Land Land Land
------------------------ ------- ---- ------- ---- ------- ----
Capital Return 0.3 0.9 2.9 2.2 1.5 2.6
- ERV Growth 1.0 0.5 1.2 0.6 1.0 1.0
- Yield Movement(1) 5 bps -6 -6 bps -10 0 bps -13
bps bps bps
Income Return 2.7 2.5 1.9 1.9 2.3 2.3
Total Property
Return 3.0 3.4 4.8 4.1 3.8 5.0
------------------------ ------- ---- ------- ---- ------- ----
(1) Net equivalent yield movement
Occupiers Representing over 0.5% of Total Contracted Rent
-------------------------------------------------------------------------------------------------------
At 30 September 2017 % of total rent % of total rent
---------------------------------------- ------------------- ------------------- -------------------
Tesco 4.6 New Look 1.0
J Sainsbury 4.3 Asda Group 1.0
UBS AG 3.6 Microsoft 1.0
Debenhams 3.5 Sports Direct 0.9
Kingfisher (B&Q) 3.0 Virgin Active 0.9
HM Government 2.8 Deutsche Bank 0.8
Next 2.5 JD Sports 0.8
Facebook 1.9 Reed Smith 0.8
Dentsu Aegis(1) 1.8 H&M 0.7
M&S 1.7 Mayer Brown 0.7
Spirit Group 1.7 Mothercare 0.7
Wesfarmers (Homebase/Bunnings) 1.6 TGI Fridays 0.6
Alliance Boots 1.6 River Island 0.6
Visa Inc 1.6 NEX Group 0.6
Dixons Carphone 1.5 Primark 0.6
Arcadia Group 1.4 Credit Agricole 0.6
Herbert Smith 1.3 Pets at Home 0.6
TK Maxx 1.2 Henderson 0.5
David Lloyd Leisure 1.1 Aramco 0.5
Gazprom 1.1 House of Fraser 0.5
Vodafone 1.1
---------------------------------------- ------------------- ------------------- -------------------
(1) Represents current occupation of 10 Triton Street covering 118,000 sq ft of space. Taking
into account their post period end letting of 310,000 sq ft at 1 Triton Square, % of contracted
rent would rise to 5.2%. As part of this new letting, Dentsu Aegis have an option to return
their existing space at 10 Triton Street in 2021. If this option is exercised, there is an
adjustment to the rent free period in respect of the letting at 1 Triton Square to compensate
British Land.
Major Holdings
------------------------------------------------------------------------------------------------------------
At 30 September 2017 BL Share Sq ft Rent Occupancy Lease
% '000 GBPm pa(1) rate %(2,4) Length
yrs(3,4)
---------------------------------------------- ----------------- ----- ---------- ----------- ---------
Broadgate 50 4,850 180 98.4 8.3
Regent's Place 100 1,740 75 97.2 7.7
Paddington Central 100 958 41 93.8 6.8
Meadowhall, Sheffield 50 1,500 85 97.8 6.7
Teesside, Stockton 100 569 17 95.5 5.5
Drake's Circus, Plymouth 100 1,082 20 97.9 8.8
Sainsbury's Superstores(5) 51 1,742 40 100.0 9.8
Ealing Broadway(6) 100 540 14 94.9 5.2
Glasgow Fort 77 510 21 99.0 6.2
10 Portman Square 100 134 10 100.0 7.6
---------------------------------------------- ----------------- ----- ---------- ----------- ---------
(1) Annualised EPRA contracted rent including 100% of Joint Ventures &
Funds
(2) Including accommodation under offer or subject to asset management
(3) Weighted average to first break
(4) Excludes committed and near term developments
(5) Comprises stand-alone stores
(6) Includes 10-40 The Broadway acquired during the period
Lease Length & Occupancy
-------------------------------------------------------------------------------------------------------
At 30 September 2017 Average lease length yrs Occupancy rate %(1)
To expiry To break EPRA Occupancy Occupancy(2)
--------------------------------------- -------------- ---------- ----------------- ---------------
Regional 7.9 6.8 96.9 97.4
Local 7.7 6.7 97.6 98.4
Multi-let 7.8 6.7 97.2 97.9
Department Stores and Leisure 16.9 16.9 99.7 99.7
Superstores 10.7 10.0 100.0 100.0
Solus and Other 12.1 12.0 100.0 100.0
Retail 9.2 8.3 97.7 98.3
--------------------------------------- -------------- ---------- ----------------- ---------------
West End 8.9 7.3 95.8 96.1
City 9.4 8.2 97.2 98.1
Offices 9.1 7.7 96.3 96.9
--------------------------------------- -------------- ---------- ----------------- ---------------
Canada Water 6.4 6.3 95.5 97.3
--------------------------------------- -------------- ---------- ----------------- ---------------
Total 9.1 8.0 97.1 97.6
--------------------------------------- -------------- ---------- ----------------- ---------------
(1) Space allocated to Storey is shown as occupied where there is a Storey tenant in place
otherwise it is shown as vacant. Offices occupancy would rise from 96.9% to 97.5% and total
occupancy would rise from 97.6% to 97.9% if Storey space were assumed to be fully let.
(2) Includes accommodation under offer or subject to asset management
Portfolio Weighting
--------------------------------------------------------------------------------------------------
At 30 September 2016 2017 2017 2017
(current) (current) (pro-forma(1) )
% % GBPm %
Regional 20.7 22.1 2,987 20.8
Local 16.3 16.3 2,206 15.4
Multi-let 37.0 38.4 5,193 36.2
Department Stores and Leisure 4.6 4.4 589 4.1
Superstores 4.9 3.3 445 3.1
Solus and Other 2.5 2.7 365 2.5
Retail 49.0 48.8 6,592 45.9
---------------------------------------- ------- ------------ ------------ -------------------
West End 27.8 30.6 4,137 32.2
City 19.8 17.6 2,382 19.1
Offices 47.6 48.2 6,519 51.3
Residential(2) 1.4 1.0 134 0.9
Offices and Residential 49.0 49.2 6,653 52.2
---------------------------------------- ------- ------------ ------------ -------------------
Canada Water 2.0 2.0 270 1.9
---------------------------------------- ------- ------------ ------------ -------------------
Total 100.0 100.0 13,515 100.0
---------------------------------------- ------- ------------ ------------ -------------------
Of which London 58% 57% 8,627 60%
---------------------------------------- ------- ------------ ------------ -------------------
(1) Pro forma for developments under construction and committed developments at estimated
end value (as determined by the Group's external valuers)
(2) Stand-alone residential
Annualised Rent & Estimated Rental Value (ERV)
--------------------------------------------------------------------------------------------------------------
At 30 September 2017 Annualised rent ERV GBPm Average rent GBPpsf
(valuation basis) GBPm(1)
----------------------------------------
Group JVs & Total Total Contracted(2) ERV
Funds
---------------------------------------- --------- --------- -------- ---------- ----------------- -----
Regional 61 86 147 166 31.5 33.7
Local 95 26 121 132 25.3 26.5
Multi-let 156 112 268 298 28.4 30.0
Department Stores and Leisure 36 - 36 29 14.8 12.0
Superstores 7 19 26 24 21.3 19.7
Solus and Other 21 - 21 16 20.1 16.0
Retail 220 131 351 367 24.9 25.2
---------------------------------------- --------- --------- -------- ---------- ----------------- -----
West End(3) 128 - 128 176 57.8 61.6
City(3) 5 89 94 108 51.1 57.2
Offices(3) 133 89 222 284 54.8 59.7
Residential(4) 5 - 5 4
Offices and Residential 138 89 227 288
---------------------------------------- --------- --------- -------- ---------- ----------------- -----
Canada Water 8 - 8 10 16.1 20.8
-----
Total 366 220 586 665 31.0 33.3
---------------------------------------- --------- --------- -------- ---------- ----------------- -----
(1) 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
(2) Annualised rent, plus rent subject to rent free
(3) GBPpsf metrics shown for office space only
(4) Stand-alone residential
Rent Subject to Open Market Rent Review
---------------------------------------------------------------------------------------------------------------
For period to 2018 2019 2020 2021 2022 2018-20 2018-22
31 March
At 30 September GBPm GBPm GBPm GBPm GBPm GBPm GBPm
2017
------------------- --------------- --------------- --------------- --------------- ---- ------- -------
Regional 7 17 11 17 14 35 66
Local 16 17 11 12 6 44 62
Multi-let 23 34 22 29 20 79 128
Department Stores - - - - - - -
and Leisure
Superstores 3 5 8 7 1 16 24
Solus and Other - - - - - - -
Retail and Leisure 26 39 30 36 21 95 152
------------------- --------------- --------------- --------------- --------------- ---- ------- -------
West End 12 27 15 10 9 54 73
City 2 13 4 9 - 19 28
Offices 14 40 19 19 9 73 101
------------------- --------------- --------------- --------------- --------------- ---- ------- -------
Canada Water 1 1 - - - 2 2
------------------- --------------- --------------- --------------- --------------- ---- ------- -------
Total 41 80 49 55 30 170 255
------------------- --------------- --------------- --------------- --------------- ---- ------- -------
Rent Subject to Lease Break or Expiry
------------------------------------------------------------------------------
For period to 2018 2019 2020 2021 2022 2018-20 2018-22
31 March
At 30 September GBPm GBPm GBPm GBPm GBPm GBPm GBPm
2017
------------------------------ ---- ---- ---- ---- ---- ------- -------
Regional 10 10 13 10 15 33 58
Local 7 8 10 9 12 25 46
Multi-let 17 18 23 19 27 58 104
Department Stores and Leisure - - - - - - -
Superstores - - - - - - -
Solus and Other - 1 - - - 1 1
Retail 17 19 23 19 27 59 105
------------------------------ ---- ---- ---- ---- ---- ------- -------
West End 2 4 4 17 21 10 48
City - 13 9 8 1 22 31
Offices 2 17 13 25 22 32 79
------------------------------ ---- ---- ---- ---- ---- ------- -------
Canada Water 1 1 1 1 - 3 4
Total 20 37 37 45 49 94 188
------------------------------ ---- ---- ---- ---- ---- ------- -------
% of contracted rent 3.2% 6.0% 6.0% 7.3% 8.0% 15.2% 30.5%
------------------------------ ---- ---- ---- ---- ---- ------- -------
Committed Developments
--------------------------------------------------------------------------------------------------------------------
At 30 September Sector BL Share 100% sq ft PC Calendar Current Cost to ERV Let & Under
17 Year Value come Offer
--------------- ------------
% '000 GBPm GBPm(1) GBPm(2) GBPm
--------------- ---------- --------- ---------- ------------ ------------ ------------ -------- ------------
Clarges Mayfair
- Retail &
Residential(3) Mixed Use 100 104 Q4 2017 402 26 0.8 -
100 Liverpool
Street Office 50 522 Q4 2019 132 136 18.8 5.1
1 Triton
Square(4) Office 100 366 Q4 2020 182 196 23.1 21.8
1 Finsbury
Avenue Office 50 288 Q1 2019 85 32 7.8 2.2
Speke (Leisure) Retail 67 66 Q3 2018 9 8 1.1 0.9
Plymouth
(Leisure) Retail 100 107 Q4 2019 - 48 3.1 1.5
--------------- ---------- --------- ---------- ------------ ------------ ------------ -------- ------------
Total Committed 1,453 810 446 54.7 31.5
--------------------------- --------- ---------- ------------ ------------ ------------ -------- ------------
Retail Capex(5) 79
--------------------------- --------- ---------- ------------ ------------ ------------ -------- ------------
(1) From 1 October 2017. Cost to come excludes notional interest as interest is capitalised
individually on each development at our capitalisation rate
(2) Estimated headline rental value net of rent payable under head leases (excluding tenant
incentives)
(3) Current value includes units exchanged and not completed of GBP278m. Further sales of
GBP66m exchanged post period end.
(4) ERV let & under offer of GBP21.8m represents space taken by Dentsu Aegis. As part of this
letting, Dentsu Aegis have an option to return their existing space at 10 Triton Street in
2021. If this option is exercised, there is an adjustment to the rent free period in respect
of the letting at 1 Triton Square to compensate British Land
(5) Capex committed and underway within our investment portfolio relating to leasing and asset
management
Near Term Development Pipeline
----------------------------------------------------------------------------------------------------------------------
At 30 Sector BL Share 100% Expected Current Cost to ERV Let & Planning
September 17 sq ft Start On Value Come Under Status
Site Offer
------------ -------- --------------
% '000 GBPm GBPm(1) GBPm(2) GBPm
------------ -------- --------- ------ ----------- ----------- ----------- ------- ----------- --------------
135
Bishopsgate Office 50 325 Q4 2017 89 49 9.1 4.4 Consented
Gateway
Building Leisure 100 105 Q3 2018 7 105 6.0 - Res to Grant
Bradford
(Leisure) Retail 100 49 Q3 2018 1 16 0.9 - Pre-submission
Teesside
(Leisure) Retail 100 83 Q3 2018 34 48 4.6 - Res to Grant
Total Near-Term 562 131 218 20.6 4.4
---------------------- --------- ------ ----------- ----------- ----------- ------- ----------- --------------
Retail Capex (3) 95
---------------------- --------- ------ ----------- ----------- ----------- ------- ----------- --------------
(1) From 1 October 2017. Cost to come excludes notional interest as interest is capitalised
individually on each development at our capitalisation rate
(2) Estimated headline rental value net of rent payable under head leases (excluding tenant
incentives)
(3) Forecast capital commitments within our investment portfolio over the next 12 months relating
to leasing and asset enhancement
Medium Term Development Pipeline
-----------------------------------------------------------------------------------------------
At 30 September 17 Sector BL Share 100% Planning Status
% Sq ft
----------------------------------------------- ------------------- ------------ -------------------
'000
----------------------------------------------- ------------------- ------------ ----------- -------------------
2-3 Finsbury Avenue Office 50 563 Resolution to Grant
1-2 Broadgate Office 50 471 Pre-submission
Blossom Street Office 100 340 Consented
5 Kingdom Street(1) Office 100 332 Consented
Meadowhall (Leisure) Retail 50 330 Resolution to Grant
Peterborough (Leisure) Retail 100 204 Submitted
Ealing - 10-40 The Broadway Retail 100 298 Pre-submission
Aldgate Place Phase 2 Residential 50 145 Consented
Eden Walk Retail & Residential Mixed Use 50 533 Consented
Total Medium Term excl. Canada Water 3,216
Canada Water - Phase 1(2) Mixed Use 100 1,835 Pre-submission
----------------------------------------------- ------------------- ------------ ----------- -------------------
(1) Planning consent for previous 240,000 sq ft scheme
(2) Canada Water site covers 5.5m sq ft in total based on net area based on gross area of
up to 7m sq ft
GLOSSARY
Adjusted net debt is the Group net debt and the Group's share of joint venture and funds' net debt excluding 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 reviews, 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 assets owned by 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 portfolio, less any capex 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.
Contracted rent is the annualised rent adjusting for the inclusion of rent subject to rent free periods.
Customer satisfaction combines survey results on overall experience ratings from decision makers, property directors, store managers and visitors across our retail and office businesses.
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 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).
Development uplift is the total increase in the value (after taking account of capex and capitalised interest) of properties held for development during the period. It also includes any developer's profit recognised by valuers in the period.
Dividend yield is calculated as dividends per share expressed as a percentage of EPRA NAV per share.
EPRA is the European Public Real Estate Association, the industry body for European REITs.
EPRA cost ratio (including direct vacancy costs) is a proportionally consolidated measure of 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, 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 the 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 asset value (EPRA NAV) is a proportionally consolidated measure, representing 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. It includes the valuation surplus on trading properties and is adjusted for the dilutive impact of share options. 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 occupancy rate is the ERV of occupied space divided by ERV of the whole portfolio, excluding developments and residential property.
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 (adding notional purchasers costs).
EPRA vacancy rate is the 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 of 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 the accounting adjustment to change the book value of an asset or liability to its market value.
Footfall is the estimated annualised number of visitors entering our assets.
Footfall growth is the like-for-like movement in footfall against the same period in the prior year, on properties owned throughout both comparable periods, aggregated at British Land's ownership share for each asset.
Gross investment activity as measured by our share of acquisitions, sales and capital expectations on investments and 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 financing costs are covered by underlying profit before net financing costs and taxation.
IPD is a brand of real estate indices, owned by MSCI, which produce independent benchmarks 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. 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 British Land's ownership share for each asset.
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 incentive adjustments but excludes properties held for development in either period and lease accounting adjustments related to fixed and minimum 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.
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, collecting, 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 when the building is completed and fully let (taking into account tenant incentives and notional purchaser's costs). It is based on the valuer's 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 (NEY) is the time weighted average return (after adding notional purchasers costs) that a property will produce. In accordance with usual practice, the equivalent yield (as determined by the external valuers) assume rent is received annually in arrears.
Net initial yield (NIY) 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 (NRY) 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 measurement date) or occupied by the Group.
Omni-channel retailing seeks to provide the customer with a seamless shopping experience across channels, including stores, online and mobile. This empowers customers to switch between channels during the shopper journey according to their preferences. For example, they can use mobile in-store to research or make a purchase, buy online and collect in-store, or they can buy in-store and initiate a return online.
Over rented is the term used to describe when the contracted rent is above the estimated rental value.
Overall 'topped-up' net initial yield (TUNIY) is the EPRA 'topped-up' net 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 (e.g. 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 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, implying 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 is the like-for-like movement in retailer in-store sales against the same period in the prior year, on occupiers providing sales data throughout both comparable periods, aggregated at British Land's ownership share for each asset.
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 Financial services such as
and 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 change in rent estimated by the external valuers, where the passing rent is different to the estimated rental value. The increase or decrease of rent arises on rent reviews and letting of vacant space or re letting of expiries.
Scrip dividend For certain periods, 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 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.
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 capex 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 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 rent 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 period.
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 capex, 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 is calculated by multiplying each tranche of Group debt by the remaining period to its maturity, with the sum of the results being 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 on cost is the estimated annual rent of a 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 net equivalent yield of a property asset, or like-for-like portfolio, over a given period, weighted by net capital value.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LFFEILELELID
(END) Dow Jones Newswires
November 16, 2017 02:01 ET (07:01 GMT)
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