Land Securities Group plc (LAND) Q4 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.097 Well, ladies and gentlemen, good morning and welcome to the presentation of Landsec's 00:00:05.097 -- 00:00:09.219 2024 full-year results. 00:00:09.262 -- 00:00:14.548 So, over the last three years, we have been focused on two clear strategic 00:00:14.548 -- 00:00:16.030 priorities. 00:00:16.030 -- 00:00:20.975 Firstly, increasing our investment in best-in-class assets where, through our competitive 00:00:20.975 -- 00:00:24.580 advantages, we can drive long-term growth. 00:00:24.580 -- 00:00:28.600 And secondly, preserving our balance sheet strength. 00:00:28.600 -- 00:00:32.946 So, including the sale of the hotel portfolio that we announced last week, we have now 00:00:32.946 -- 00:00:39.114 sold around 40 assets since late 2020, totalling some £3.1 billion. 00:00:39.114 -- 00:00:44.101 And the vast majority of these were long-term single-let assets where our ability to 00:00:44.101 -- 00:00:47.322 add further value was limited. 00:00:47.465 -- 00:00:52.492 And we've reinvested at accretive returns in a targeted number of our key places, 00:00:52.492 -- 00:00:57.203 such as Victoria, Piccadilly, Bluewater or Cardiff. 00:00:57.203 -- 00:01:02.431 And as a result of that, around 80% of our current portfolio is now concentrated in 00:01:02.431 -- 00:01:05.617 our 12 largest places. 00:01:05.617 -- 00:01:11.005 And as we continue to invest in shaping and curating these unique multi-let locations, 00:01:11.005 -- 00:01:16.871 we expect them to drive superior income returns and growth over time. 00:01:17.167 -- 00:01:22.715 At the same time, our proactive disposals mean that our capital base has remained strong 00:01:22.715 -- 00:01:28.042 and our 32% LTV is lower than it was two years ago before the rise in interest 00:01:28.042 -- 00:...