British Land Company Plc · LSE:BLND
British Land — H1 2003 Earnings Presentation
71 slides from British Land's earnings presentation, Nov 26, 2003
Slide 1: Interim Results 2003
INTERIM RESULTS 2003 26 November 2003
Slide 2: Agenda
Agenda • Property Review Bob Bowden • Financial Review Graham Roberts • REITs Nick Ritblat Interim Results for the half year ended 30 September 2003 2
Slide 3: Property Review
#v- British Land PROPERTY REVIEW
Slide 4: Key Messages
Key Messages • Portfolio valuation: up 0.2% • Rent reviews and lettings improve income by £18m pa • Sales: 11% above March valuation • Purchases: competition still strong • Development: on programme and on budget, planning gains • Predictions for the City office market: on track Interim Results for
Slide 5: Portfolio £9,649m: Up 0.2%
Portfolio £9,649m: Up 0.2% Stamp duty change: £120m 4.1 All Retail 3.0 Retail Development 3.7 Shops 3.5 Retail Warehouses 4.7 Supermarkets 4.2 Shopping Centres -3.9 All Offices -8.5 Office Development 2.0 Business Parks & Provincial 3.1 West End Offices -4.8 City Offices 1.7 Other % Change by sector
Slide 6: Weighted Contribution by Sector
Weighted Contribution by Sector 1.9 All Retail 0.0 Retail Development 0.1 Shops 0.4 Retail Warehouses 0.6 Supermarkets 0.8 Shopping Centres -1.8 All Offices -0.5 Office Development 0.0 Business Parks & Provincial 0.2 West End Offices -1.5 City Offices 0.1 Other 0.2 Total % Change as a % of total por
Slide 7: Sales: 11% above March Valuation
Sales: 11% above March Valuation £2.5bn1 of sales over the last 5 years: on average 3% above valuation Sales1 Gain over Valuation2 £m £m Completed in six months to Sept 2003 192 19 Completed / exchanged post Sept 2003 91 8 Total 283 27 1 Group and 100% of JVs. Including our share of JVs £160m of sal
Slide 8: Purchases: Competition Still Strong
Purchases: Competition Still Strong Six months to Sept 2003 • Purchases of only £17m1 including the head leasehold interest in Eastgate Centre, Basildon and 5 residential properties Post Sept 2003 • Purchase of other 50% interest in BL Universal from GUS for £120m based on NNNAV (portfolio of £761m
Slide 9: BLU: Other 50% bought at NNNAV
BLU: Other 50% bought at NNNAV • Since acquisition in 1997, the JV has repositioned its portfolio: 1997 Average Lot Size £0.9m (982 properties) 2003 Average Lot Size £7.5m (101 properties) Number £m Shops and Shopping Centre 82 330 Retail Warehouse Parks 9 238 Supermarkets 5 67 Offices 5 126 Total 1
Slide 10: Development: Steady Progress
Development: Steady Progress • Projects under construction: on budget, on time – Plantation Place (703,000 sq ft) and 10 Exchange Square (163,400 sq ft) • Planning gains – 84% of development prospects have detailed/outline planning consent • No new commitments • New schemes being progressed – Regent
Slide 11: Annualised Net Rents
Annualised Net Rents £m At 31 March 2003 545.8 Rent reviews, lettings and other rent changes 18.0 Effect of EBRD1 (19.0) Sales (6.5) Purchases 0.8 At 30 Sept 2003 539.1 1 EBRD: annualised net rents reduced by £18.975m due to rent free period until Nov 2006 Interim Results for the half year ended 30
Slide 12: Growing Income
Growing Income Sept 2003 Of which contracted £m £m Annualised net rents 539.11 539.1 Reversions, within 5 years 59.21 31.9 Committed developments 41.0 19.4 Total 639.3 590.4 Development prospects 103.4 1 EBRD: annualised net rents reduced and reversions increased by£18.975m due to rent free period u
Slide 13: Broadgate £2,665m: down 4.6%
Broadgate £2,665m: down 4.6% Sept 2003 March 2003 Valuation £2,665m £2,784m - Change % (4.6)% (6.0)% Initial yield 6.0% 5.9% Estimated rental value £psf £40.00 £45.80 - Change % (12.7)% (16.7%) Average passing rent £psf £46.641 £45.75 Total passing rent £170m1 £169m Weighted average lease term to ex
Slide 14: Broadgate Income Underpins Valuation
Broadgate Income Underpins Valuation 180 160 140 120 Income £m pa 100 80 60 40 20 - EBRD 2000 2001 2002 2003 2004 2005 2006 2007 2008 Year ending 31 March Like for like: excluding 1 Appold Street acquired in March 2003 Interim Results for the half year ended 30 September 2003 14
Slide 15: Broadgate Committed Income
Broadgate Committed Income % of income remaining at 5 yrs 10 yrs 15 yrs (to first break assuming no re-letting) 96% 72% 51% 180 160 140 120 100 £m pa 80 60 40 20 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 As at 30 Sept Lease expiries / leases sub
Slide 16: Regent's Place £529m: up 4.4%
Regent’s Place £529m: up 4.4% Sept 2003 March 2003 Valuation £529m £505m Change % 4.4% (1.0)% Equivalent yield 6.24% 6.22% Estimated rental value £psf £17.50 – £43.50 £18.50 - £43.50 Average passing rent £psf £31.27 £29.10 Total passing rent £28.8m £17.7m Weighted average lease term to expiry 17.1yr
Slide 17: Meadowhall £1,350m: up 3.4%
Meadowhall £1,350m: up 3.4% Sept 2003 March 2003 Valuation £1,350m £1,300m Change 3.4% 1.3% Equivalent yield 5.43%1 5.44% Total estimated rental value pa £74.7m £74.7m Total passing rent pa £69.9m £68.0m Weighted average lease term to expiry 18.6yrs 18.9yrs Weighted average lease term to first break
Slide 18: Meadowhall: Uplifts to Passing Rent
Meadowhall: Uplifts to Passing Rent Tenant Vacating New Tenant Warner Bros Build a Bear Warner Bros Mama’s & Papa’s Ice Warner Bros Woolworths JJB Sports Massarella Blacks Cromwells O’Neill / Evans Fox’s Music Faith West One Bank Starbucks (3 units) Old Rent New Rent Increase New Lettings1 £3.37m £4
Slide 19: Refurbishment of Oasis Foodcourt
Refurbishment of Oasis Foodcourt £8.65m refurbishment 400 additional seats 1,400 total seating c.40% of customers use Oasis Interim Results for the half year ended 30 September 2003 19
Slide 20: Meadowhall Average Party Spend Up
Meadowhall Average Party Spend Up 120 + 9.5% + 1.6% + 10.0% + 2.1% + 4.9% + 5.4% 100 80 £ 60 40 20 0 April May June July Aug Sept 2002 Survey 2003 Survey Interim Results for the half year ended 30 September 2003 20
Slide 21: Meadowhall Visitor Numbers: up 1.9%
Meadowhall Visitor Numbers: up 1.9% 2,250 - 0.9% - 1.8% + 0.7% 2,025 + 7.4% + 6.6% + 0.6% 1,800 1,575 Vistor numbers '000 1,350 1,125 900 675 450 225 0 April May June July Aug Sept 2002 2003 Annual Visitor Numbers to Sept 2003: 24.4m Interim Results for the half year ended 30 September 2003 21
Slide 22: Supermarkets £1,320m: up 4.7%
Supermarkets £1,320m: up 4.7% Sept 2003 March 2003 Number of supermarkets 89 93 Valuation £1,320m £1,268m Change 4.7% 11.0% Initial yield 6.0% 6.3% Estimated rental value £ psf £8.50 - £25.40 £8.50 - £22.50 Average rent £ psf £18.76 £18.61 Weighted average lease term to expiry 22.0yrs 22.5yrs Weight
Slide 23: Superstores: now 95% of total supermarkets value
Superstores: now 95% of total supermarkets value < 25,000 sq ft1 > 25,000 sq ft1 Total Number 23 66 89 Valuation £59m £1,261m £1,320m Sq ft 0.3m 4.6m 4.9m Average capital value psf £176 £320 £310 Average rent psf £12.75 £19.21 £18.76 Highest ERV psf £13.75 £25.40 £25.40 Average store size sq ft 15,0
Slide 24: Retail Warehouses £1,104m: up 3.5%
Retail Warehouses £1,104m: up 3.5% Sept 2003 March 2003 Number of retail warehouses 68 69 Valuation £1,104m £1,065m Change 3.5% 11.7% Initial yield 5.9% 5.8% Reversionary yield 6.6% 6.8% Average estimated rental value £ psf £16.63 £16.44 Average passing rent £ psf £15.03 £14.31 Weighted average leas
Slide 25: Property Market Outlook
#v- British Land PROPERTY MARKET OUTLOOK
Slide 26: City Market Forecast
City Market Forecast End of Year Vacancy Rate Total Supply sq ft Take Up sq ft Forecast (Sept 2003) Forecast (March 2003) Year 2003 Start 9.0m New completions 2003 3.1m Estimated 2nd hand releases 2.9m Total vacancy 2003 15.0m 2.8m 14.3% 12.6% Year 2004 Start 12.2m New completions 1.4m Estimated 2nd
Slide 27: City Market: Nominal Prime Rent vs Vacancy Rate
City Market: Nominal Prime Rent vs Vacancy Rate 20 80 18 70 16 60 Prime Rent £ per Sq Ft 14 50 % Vacancy 12 10 40 8 30 6 20 4 10 2 BL Forecast 0 0 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 E 2004 E 2005 E 2006 E Vacancy Rate (left-hand axis)
Slide 28: City Market: Increase in Q3 Active Demand
City Market: Increase in Q3 Active Demand Demand sq ft Active Potential Total Increase in Q3 vs Q2 1.0m 0.8m 1.8m % Increase 30% 39% 33% 5 4 3 m Sq ft 2 1 0 Q1 Q2 Q3 Active Potential Source: Jones Lang LaSalle See Appendix page 56 for detailed list of major named active requirements Interim Results
Slide 29: City Market: Weekly Viewings Up
Number of Weekly Viewings 0 5 10 15 20 25 07-Mar 14-Mar 21-Mar Source: ATIS Weatheralls 28-Mar 04-Apr 11-Apr 18-Apr 25-Apr 02-May 09-May 16-May 23-May 30-May 06-Jun 13-Jun 20-Jun Week Ending 27-Jun 04-Jul 11-Jul 18-Jul 25-Jul City Market: Weekly Viewings Up Interim Results for the half year ended 30
Slide 30: City Market: Employment Projected to Rise
City Market: Employment Projected to Rise 350 Trendline 330 310 Number of City Jobs ('000) 290 270 250 230 210 190 170 1991 1993 1995 1996 1997 1998 1999 2000 2001 2002 2003 E 2004 E 2005 E 2006 E 2007 E Source: centre for economics and business research (cebr) 2003 (Actual and Forecast 2003 – 2007)
Slide 31: Central London: Strong Investment Market
Central London: Strong Investment Market 2003 Q1 – Q3 2002 2001 2000 £4.4bn £6.9bn £7.9bn £7.9bn £1.6bn of sales completed/under offer since Q3 Average turnover last ten years: £4.9bn Source: Jones Lang LaSalle Interim Results for the half year ended 30 September 2003 31
Slide 32: Central London: Broad Investor Base
Central London: Broad Investor Base Q1 – Q3 2003 UK £2.0bn Owner- Overseas £2.4bn Occupiers & Others Total £4.4bn 13% Property Companies 32% Private Investors 29% Institutions 26% Source: Jones Lang LaSalle Interim Results for the half year ended 30 September 2003 32
Slide 33: Central London: Acquisition Yields since March
Central London: Acquisition Yields since March Property Purchaser Lease expiry Price Yield Tower Place, Tower Hill DB Real Estate 25 yrs £225m 5.60% 39-42 New Bond Street Private Irish Multi-let £33m 5.60% 22 Hanover Square SWIP 5 yrs £54m 5.67% 27/30 Finsbury Square DEGI 19 yrs £97m 5.80% 42/49 Hig
Slide 34: Retail Sales Remain Robust
Retail Sales Remain Robust • Retail sales have continued to grow but at a slower rate: – Unemployment in the UK remains low – Historically low interest rates 3 months to Oct 2003 +3.7% 2002 +4.2% • Out of town retail sales projected to grow by 6% pa 2002 – 20071, taking an increasing share of total
Slide 35: Well Positioned
Well Positioned • Projected Income Growth + £100m pa1 • Long Leases 16 yrs to first break • Low Vacancy 2.4% • Balance 49% Retail: 46% Offices • Strong tenant base 92%Negligible, Low and Low / Medium Risk2 • Development - can be fast-tracked 1 Further income from reversions of £59m pa and committed
Slide 36: Financial Review
#v- British Land FINANCIAL REVIEW
Slide 37: Key Messages
Key Messages • Underlying profits up 5% • Pre-tax profits increased 33% driven by asset sales • Strong operating cash flow • Progressive dividend growth: up 8% • New financings Interim Results for the half year ended 30 September 2003 37
Slide 38: Strong Earnings Growth
Strong Earnings Growth Sept 2003 Sept 2002 Profit before tax £87.1m £65.3m + 33.4% Underlying profit before tax1 £65.2m £62.2m + 4.8% Earnings per share2 15.5p 10.5p + 47.6% Dividend per share 4.43p 4.10p + 8.0% 1 Before asset disposals 2 Adjusted, diluted Interim Results for the half year ended 30
Slide 39: Underlying Profits: Up 4.8%
Underlying Profits: Up 4.8% Sept 2003 Sept 2002 Profit before tax 87.1 65.3 + 33.4% Less: Profit on property trading 6.0 - Less: Disposal of fixed assets 15.9 3.1 Underlying profit before tax 65.2 62.2 + 4.8% Weighted contribution to underlying profit growth: Net rental income + 2.9% Net interest pa
Slide 40: Net Rental Income: up £1.8m
Net Rental Income: up £1.8m Rent reviews & new lettings £12.1m Lease incentives1 -£5.3m Purchases £10.4m Sales and other -£15.4m Total £1.8m 1 In accordance with UITF 28, including EBRD Interim Results for the half year ended 30 September 2003 40
Slide 41: Low Tax Rate: 13.2%
Low Tax Rate: 13.2% Gross Tax £m £m Tax on profit for the period at 30% 87.1 26.1 Losses (revenue and capital) (10.4) Capital allowances (2.3) Other (including prior year items) (2.4) Corporation tax charge 11.0 Deferred tax charge 0.5 Tax charge 11.5 13.2% Interim Results for the half year ended 30
Slide 42: Strong Operating Cash Flow
Strong Operating Cash Flow Sept 2003 £m Net cash inflow from operating activities 206.4 Dividends received 1.6 Net Interest (141.1) Taxation paid (1.0) Net cash inflow from operating activities 65.9 after interest and taxation Operating cash flow per share 13.5p Operating cash flow per share – year
Slide 43: Interim Dividend 4.43p: up 8%
Interim Dividend 4.43p: up 8% Dividend growth supported by: 15 • Strong underlying income 12 • £31.9m of contracted further income pence per share from investment portfolio 9 • Security of income 6 91%1 remaining in 5 years 71%1 remaining in 10 years 3 • 22 years of consistent dividend growth 0 1999
Slide 44: Proforma Gearing: BLU Acquisition
Proforma Gearing: BLU Acquisition Sept 2003 £m Proforma for BLU £m Group properties1 8,279 9,040 Share of JV properties1 1,370 990 Total properties 9,649 10,030 Group net debt (4,344) (4,848) Share of JV net debt (635) (465) Total net debt (4,979) (5,313) Net assets 4,362 4,362 Operational Gearing –
Slide 45: Reconciliation of Net Asset Value
Reconciliation of Net Asset Value £m1 Pence per Share1 At 31 March 2003 4,471 860 Revaluation surpluses, net of UITF 28 5 1 Retained profit 54 10 Shares (5) 1 Other (10) (2) At 30 Sept 2003 4,515 870 +1.2% 1 Adjusted, diluted Interim Results for the half year ended 30 September 2003 45
Slide 46: Disciplined Financial Management
Disciplined Financial Management Long-term Cash Flows Flexibility Hedging Headroom Interim Results for the half year ended 30 September 2003 46
Slide 47: Debt: Long and Cheap
Debt: Long and Cheap Weighted average debt maturity 18 years Weighted average interest cost 6.3% % of debt at fixed or capped rates 83% Cash and undrawn bank facilities £872m Repayable Sept 2003 Within 5 years (net of cash and deposits) £1,107m 25% Over 5 years (including Irredeemable Convertible Bo
Slide 48: Accessing a Flexible Pool of Finance
Accessing a Flexible Pool of Finance £6.2bn Gross Finance Availability £0.8bn Undrawn Securitisations - Group Convertible Bond - Group US Private Placements - Group Debentures - Group Debentures - JVs Drawn Bank Facilities - Group Undrawn Bank Facilities - Group Drawn Bank Facilities - JVs As at 30
Slide 49: Long-Term Income Profile
Long-Term Income Profile Assuming no rental value growth As at 30 Sept 2003 800 700 600 500 £m 400 300 200 100 0 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Annualised net rents less lease expiries (to first break) Lease expiries / leases subject to first break - re-let Reversionary
Slide 50: REITs
=| 4 British Lahd REITS
Slide 51: UK REIT's
UK REIT’s We believe the introduction of tax transparent listable property vehicles will release pent-up demand for property • Two Stage Process? • What’s the impact on British Land? Interim Results for the half year ended 30 September 2003 51
Slide 52: Appendix
#v- British Land APPENDIX
Slide 53: City Market: Supply
City Market: Supply Grade A Grade B and C Total Grade A Total Sq ft Sq ft Sq ft Vacancy Vacancy Q1 2003 3.6m 5.4m 9.0m 4.3% 10.8% Q2 2003 4.7m 5.8m 10.5m 5.6% 12.6% Q3 2003 6.1m 5.7m 11.8m 7.2% 13.9% Highest vacancy rate March 1993: 18.7% Average vacancy rate over last ten years 8.8% Source: Jones L
Slide 54: City Market: Development
City Market: Development Q3 2003 Q1 2003 Speculative development (Under Construction) 2.4m sq ft 4.1m sq ft Completion due Total sq ft Total sq ft 2003 0.9m 3.1m 2004 1.4m 1.0m 2005 0.1m - Total 2.4m 4.1m Source: Jones Lang LaSalle Interim Results for the half year ended 30 September 2003 54
Slide 55: City Market: Take Up
City Market: Take Up Total sq ft Grade A sq ft Grade A as % of Total Q4 2002 1.15m 0.91m 79% Q1 2003 0.87m 0.43m 49% Q2 2003 0.82m 0.57m 70% Q3 2003 0.64m 0.50m 78% Year to Q3 2003 3.48m 2.41m 69% Year to Q3 2002 2.66m 1.50m 56% Year to Q3 2001 7.74m 5.29m 68% Year to Q3 2000 8.32m 5.20m 63% Average
Slide 56: Active Demand: Major Named Requirements Q3 2003
Active Demand: Major Named Requirements Q3 2003 Tenant Business Sector Max Sq ft IPC Media Software Houses & Data Processing 350,000 Norton Rose Legal 300,000 S J Berwin Legal 200,000 Amgen Other Manufacturing 200,000 Lawrence Graham Legal 150,000 BP Amoco (Under Offer) Extraction & Energy 140,000 R
Slide 57: Portfolio Valuation
Portfolio Valuation £m % Change %1 Offices: City 3,058.5 (4.8) West End 671.7 3.1 Business parks and Provincial 178.1 2.0 Development 519.7 (8.5) All Offices 4,428.0 45.9 (3.9) Retail: Shopping Centres 1,906.0 4.2 Supermarkets 1,319.8 4.7 Retail Warehouses 1,103.5 3.5 Shops 387.5 3.7 Development 20.
Slide 58: Portfolio Analysis
Portfolio Analysis 49% : Retail 46% : Offices 80% : Out of Town 95% : Central London West End Offices Shopping Centres 7% 20% (Meadowhall 14%) City Offices 32% (Broadgate 28%) Supermarkets 14% Business Parks Retail Warehouses and Provincial Office 11% Shops Other Developments Offices 4% 5% 2% 5% Int
Slide 59: Investment Activity
Investment Activity Total BL Share Number1 Six months ended 30 Sept 2003 £m £m Sales 192 160 36 Purchases 17 14 2 1 Excluding residential units Interim Results for the half year ended 30 September 2003 59
Slide 60: BL Universal: Principal Properties
BL Universal: Principal Properties Retail Warehouse Parks (£238m, 9 holdings) Offices (£126m, 5 holdings) The Beehive Centre, Cambridge 133 Houndsditch, London Westgate Retail Park, Wakefield Microsoft Campus, Thames Valley Park, Reading (50% share) Castle Vale Retail Park, Birmingham Time Out, Tott
Slide 61: Development Programme Summary
Development Programme Summary Net Area Construction Cost to Rent1 Sq ft Cost £m complete £m £m Completed projects Total 0.1m 5 - 1 BL Share 5 - 1 Committed projects Total 0.9m 313 109 41 BL Share 313 109 41 Development prospects Total 3.9m 762 732 114 BL Share 687 661 103 Total 4.8m 1,075 841 155 BL
Slide 62: Committed Developments
Committed Developments All progressing within budget and on-time - expected to complete Q2 2004 Projects Date1 Sq ft Construction cost Rent2 Pre-let 1 Plantation Place Apr 04 539,800 £199.9m £26.5m £19.4m 2 Plantation Place Jun 04 163,200 £59.7m £7.2m - 10 Exchange Square Apr 04 163,400 £53.2m £7.3m
Slide 63: Development Prospects
Development Prospects Major Projects Planning Sector Sq ft 201 Bishopsgate, EC2 Detailed City office 746,600 51 Lime Street, EC3 Detailed City office 534,100 Ludgate West, EC4 Detailed City office 126,000 Regent’s Place, NW1 – North East Quadrant - West End office 368,600 York House, W1 Detailed Wes
Slide 64: Reversionary Income
Reversionary Income Investment portfolio is reversionary by 11% Annualised Reversion1 Reversionary (excluding developments) net rents £m £m net yield1 Offices: City 182.8 21.2 6.7% West End 38.8 7.9 7.0% Business parks and Provincial 15.2 0.6 8.9% All Offices 236.8 29.7 6.8% Retail: Shopping Centres
Slide 65: Long Lease Profile
Long Lease Profile Weighted average lease term, years1 To expiry To first break To first break (Mean) (Mean) (Median) Total Portfolio 17.0 15.7 15.8 Offices: City 14.1 12.0 13.3 West End 13.9 11.7 9.2 Business parks and Provincial 12.8 8.4 5.3 All Offices 13.9 11.7 13.3 Retail: Shopping Centres 16.3
Slide 66: Low Vacancy
Low Vacancy Vacancy rate1 As a % of total portfolio ERV Offices: City 2.2% 0.7% West End 9.4% 0.7% Business parks and Provincial 3.0% 0.1% All Offices 3.6% 1.5% Retail: Shopping Centres 3.0% 0.6% Supermarkets - - Retail Warehouses 0.7% 0.1% Shops 0.9% 0.1% All Retail 1.5% 0.8% Other: 4.0% 0.1% Total
Slide 67: Strong Tenant Base
Strong Tenant Base Top 30 tenants represent c.60% of total rental income Top 30 tenants by rental income (as at 30 Sept 2003)1 1. J Sainsbury 11. Government 21. ABN Amro 2. U B S 12. A M P 22. Denton Wilde Sapte 3. Tesco 13. Credit Lyonnais/Credit Agricole 23. Bank One 4. EBRD 14. Bhs/Arcadia Group
Slide 68: Broadgate Rent Reviews
Broadgate Rent Reviews • 4 rent reviews settled on 450,200 sq ft: overall increase in income of £1.1m Building Tenant Sq ft New Rent psf Old Rent psf 1 Finsbury Avenue UBS 262,400 £45.11 £45.11 2 Finsbury Avenue UBS 100,500 £45.00 £43.64 3 Finsbury Avenue Henderson 73,300 £46.00 £32.80 199 Bishopsga
Slide 69: Long Term Debt Maturity Profile
Long Term Debt Maturity Profile: 18 years 600 500 400 £m 300 200 100 0 Irredeemable 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Year ending 30 Sept Securitised debt Debentures Converti
Slide 70: Long Term Income Profile
Long Term Income Profile • Annualised net rents of £539.1 million at 30 Sept 2003 are shown to decrease on the first to occur of lease expiry or tenant’s break. Annualised net rents have been reduced by £18.975m pa to reflect the cash flow effect of EBRD’s 3 years and 5 months nil rent period until
Slide 71: Source
Source The information has been extracted largely from the Interim Announcement for the half year ended 30 September 2003. General property market data has been extracted from Jones Lang LaSalle and other agents reports. Figures include our share of joint ventures, unless otherwise stated. Adjusted,