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The like-for-like portfolio2

Open market value8 Valuation deficit1 Gross rental income Annual net rent9 Annual net estimated
rental value10
31/03/09
£m
31/03/08
£m
31/03/09
£m
31/03/09
%
31/03/09
£m
31/03/08
£m
31/03/09
£m
31/03/08
£m
31/03/09
£m
31/03/08
£m
Shopping centres and shops
Shopping centres and shops 1,883.8 2,951.1 (1,089.2) (36.8) 192.1 192.0 168.2 170.3 182.9 191.4
Central London shops 622.3 693.7 (77.8) (11.1) 35.0 32.2 35.9 30.2 39.5 38.2
2,506.1 3,644.8 (1,167.0) (31.9) 227.1 224.2 204.1 200.5 222.4 229.6
Retail warehouses
Retail warehouses and food stores 1,018.2 1,538.1 (543.5) (35.5) 79.5 76.6 81.3 80.1 87.1 91.5
Total retail 3,524.3 5,182.9 (1,710.5) (33.0) 306.6 300.8 285.4 280.6 309.5 321.1
London offices
West End 999.3 1,500.0 (511.4) (34.3) 85.7 84.9 80.8 80.8 79.0 104.6
City 414.9 670.9 (263.8) (38.9) 36.7 36.3 37.6 37.1 33.3 40.0
Mid-town 306.5 462.3 (147.4) (37.8) 25.5 24.1 26.2 25.5 25.5 31.4
Inner London 197.0 289.3 (92.5) (32.0) 16.8 15.8 17.2 16.2 17.5 18.8
Total London offices 1,917.7 2,922.5 (1,015.1) (35.6) 164.7 161.1 161.8 159.6 155.3 194.8
Rest of UK 42.1 67.1 (25.3) (37.4) 1.4 1.4 4.2 3.6 4.8 5.0
Total offices 1,959.8 2,989.6 (1,040.4) (35.7) 166.1 162.5 166.0 163.2 160.1 199.8
Other 223.8 295.2 (77.9) (26.1) 11.0 10.5 15.2 14.4 16.9 16.3
Like-for-like portfolio2 5,707.9 8,467.7 (2,828.8) (33.7) 483.7 473.8 466.6 458.2 486.5 537.2
Proposed developments3 361.8 662.7 (390.0) (52.3) 18.2 28.4 16.0 29.7 26.7 37.6
Completed developments4 1,352.7 1,782.1 (458.8) (26.4) 95.9 59.1 77.3 57.1 87.9 102.0
Acquisitions5 777.0 863.4 (322.5) (29.2) 66.3 46.5 63.3 55.2 69.9 68.2
Sales and restructured interests6 723.3 23.2 80.9 41.1 46.4
Development programme7 1,207.6 1,523.4 (743.6) (39.3) 40.1 24.4 32.4 9.6 141.4 137.5
Combined portfolio 9,407.0 14,022.6 (4,743.7) (34.2) 727.4 713.1 655.6 650.9 812.4 928.9
Properties treated as finance leases (8.0) (8.8)
Combined portfolio 719.4 704.3

Total portfolio analysis

Open market value8 Valuation deficit1 Gross rental income Annual net rent9 Annual net estimated
rental value10
31/03/09
£m
31/03/08
£m
31/03/09
£m
31/03/09
%
31/03/09
£m
31/03/08
£m
31/03/09
£m
31/03/08
£m
31/03/09
£m
31/03/08
£m
Shopping centres and shops
Shopping centres and shops 2,587.6 3,987.3 (1,675.0) (39.7) 233.8 229.3 212.4 196.7 256.5 257.0
Central London shops 976.1 1,060.8 (125.9) (11.4) 45.7 48.0 47.4 40.4 86.6 73.0
3,563.7 5,048.1 (1,800.9) (33.9) 279.5 277.3 259.8 237.1 343.1 330.0
Retail warehouses
Retail warehouses and food stores 1,123.6 1,803.8 (603.7) (35.6) 95.0 96.2 87.7 93.9 96.1 108.1
Total retail 4,687.3 6,851.9 (2,404.6) (34.3) 374.5 373.5 347.5 331.0 439.2 438.1
London offices
West End 1,841.7 2,745.6 (849.9) (32.2) 141.0 126.5 132.7 124.0 126.7 185.8
City 732.7 1,155.5 (516.7) (41.7) 53.9 52.5 51.5 51.8 76.0 87.3
Mid-town 783.2 1,272.0 (463.2) (40.5) 62.4 52.1 40.6 50.4 66.5 88.9
Inner London 611.4 950.9 (267.7) (31.3) 48.8 51.0 30.3 35.1 50.5 65.5
Total London offices 3,969.0 6,124.0 (2,097.5) (35.7) 306.1 282.1 255.1 261.3 319.7 427.5
Rest of UK 51.1 79.6 (28.6) (34.4) 1.7 2.3 4.2 3.9 4.9 5.5
Total offices 4,020.1 6,203.6 (2,126.1) (35.7) 307.8 284.4 259.3 265.2 324.6 433.0
Other 699.6 967.1 (213.0) (23.4) 45.1 55.2 48.8 54.7 48.6 57.8
Combined portfolio 9,407.0 14,022.6 (4,743.7) (34.2) 727.4 713.1 655.6 650.9 812.4 928.9
Properties treated as finance leases (8.0) (8.8)
Combined portfolio 719.4 704.3
Represented by:
Investment portfolio 8,165.5 12,432.7 (4,113.4) (34.2) 649.7 646.9 569.1 582.7 693.5 807.6
Share of joint ventures 1,241.5 1,589.9 (630.3) (34.3) 77.7 66.2 86.5 68.2 118.9 121.3
Combined portfolio 9,407.0 14,022.6 (4,743.7) (34.2) 727.4 713.1 655.6 650.9 812.4 928.9

The like-for-like portfolio2

Gross income yield11 Equivalent yield12 Annual gross estimated
rental value13
Voids (by ERV)14 Lease length
at 31/03/0915
31/03/09
%
31/03/08
%
31/03/09
%
31/03/08
%
31/03/09
£m
31/03/08
£m
31/03/09
%
31/03/08
%
Median
years (i)
Mean
years (ii)
Shopping centres and shops
Shopping centres and shops 8.9 5.8 8.1 5.7 193.3 202.6 7.0 4.8 6.5 7.6
Central London shops 5.8 4.4 5.8 5.0 39.7 38.5 0.8 7.0 4.3 5.8
8.1 5.5 7.5 5.5 233.0 241.1 6.0 5.1 5.9 7.3
Retail warehouses
Retail warehouses and food stores 8.0 5.2 8.1 5.5 87.8 92.3 0.9 2.7 11.2 11.6
Total retail 8.1 5.4 7.7 5.5 320.8 333.4 4.6 4.5 7.5 8.6
London offices
West End 8.1 5.4 7.5 6.1 79.4 105.0 7.2 1.4 5.3 7.1
City 9.1 5.5 8.0 6.3 35.4 42.1 3.0 2.9 1.8 3.6
Mid-town 8.5 5.5 7.6 6.0 26.2 31.8 0.5 0.9 3.8 7.4
Inner London 8.7 5.6 8.4 7.6 17.5 18.8 1.9 1.5 4.9 5.7
Total London offices 8.4 5.5 7.7 6.1 158.5 197.7 4.6 1.7 4.0 6.2
Rest of UK 10.0 5.4 9.8 7.0 4.9 5.1 12.6 12.6 3.3 3.8
Total offices 8.5 5.5 7.8 6.2 163.4 202.8 4.8 1.9 4.0 6.1
Other 6.8 4.9 7.8 5.8 16.9 16.3 2.1 2.6 12.9 12.5
Like-for-like portfolio2 8.2 5.4 7.7 5.8 501.1 552.5 4.6 3.5 5.8 7.8
Proposed developments3 3.0 4.5 5.3 6.1 26.7 37.6 44.1 9.1 0.8 7.1
Completed developments4 5.8 3.2 6.7 5.9 89.8 103.0 1.0 3.6 12.5 12.9
Acquisitions5 8.1 6.4 7.2 6.2 70.4 68.5 7.3 6.1 9.6 9.8
Sales and restructured interests6 5.7 46.7 n/a n/a n/a n/a
Development programme7 3.1 0.6 7.5 5.4 146.7 138.4 n/a n/a n/a n/a
Combined portfolio 7.0 4.6 7.5 5.7 834.7 946.7 n/a n/a n/a n/a

Total portfolio analysis

Gross income yield11 Equivalent yield12
31/03/09
%
31/03/08
%
31/03/09
%
31/03/08
%
Shopping centres and shops
Shopping centres and shops 8.2 4.9 7.9 5.6
Central London shops 4.9 3.8 5.8 5.0
7.3 4.7 7.4 5.5
Retail warehouses
Retail warehouses and food stores 7.8 5.2 8.0 5.5
Total retail 7.4 4.8 7.5 5.5
London offices
West End 7.2 4.5 7.2 5.9
City 7.0 4.5 7.8 6.2
Mid-town 5.2 4.0 7.4 5.8
Inner London 5.0 3.7 7.7 7.6
Total London offices 6.4 4.3 7.4 6.0
Rest of UK 8.2 4.9 9.6 7.0
Total offices 6.5 4.3 7.4 6.0
Other 7.0 5.7 7.1 5.9
Combined portfolio 7.0 4.6 7.5 5.7
Represented by:
Investment portfolio 6.7 4.3 7.5 5.8
Share of joint ventures 8.6 7.5 7.2 5.4
Combined portfolio 7.0 4.6 7.5 5.7

Notes:

  1. The valuation deficit is stated after adjusting for the effect of SIC 15 under IFRS, but before restating for finance leases.
  2. The like-for-like portfolio includes all properties which have been in the portfolio since 1 April 2007 but excluding those which were acquired, sold or included in the development programme at any time during that period. Capital expenditure on refurbishments, acquisitions of headleases and similar capital expenditure has been allocated to the like-for-like portfolio in preparing this table. Changes in valuation from period-to-period reflect this capital expenditure as well as the disclosed valuation deficits.
  3. Proposed developments are properties which have not yet received final Board approval or are still subject to main planning conditions being satisfied.
  4. Completed developments represent those properties previously included in the development programme, which have been completed, let and removed from the development programme since 1 April 2007.
  5. Includes all properties acquired in the period since 1 April 2007.
  6. Includes all properties sold (other than directly out of the development programme), or where the ownership interest has been restructured, in the period since 1 April 2007.
  7. Ongoing developments are properties in the development programme. They exclude completed developments as defined in note 4 above. For the statutory accounts, Park House has been transferred back to Portfolio Management at 31 March 2009 following deferral of this scheme. For comparative purposes, Park House has been included in the development programme in the combined portfolio analysis and will be transferred on 1 April 2009.
  8. The open market value figures include the Group’s share of the various joint ventures.
  9. Annual net rent is annual cash rents at 31 March 2009 (including units in administration where leases have not yet been disclaimed) after deduction of ground rents. It excludes the value of voids and current rent-free periods.
  10. Annual net estimated rental value includes vacant space, rent-frees and future estimated rental values for properties in the development programme and is calculated after deducting expected ground rents.
  11. The gross income yield represents the annual cash net rent (including units in administration where leases have not yet been disclaimed) expressed as a percentage of the market value ignoring costs of purchase or sale.
  12. The net nominal equivalent yield has been calculated on the gross outlays for a purchase of the property (including purchase costs) and assuming that rent is received annually in arrears.
  13. Annual gross estimated rental value is calculated in the same way as net estimated rental value before the deduction of ground rents.
  14. Voids represent all unlet space in the properties, including voids where refurbishment work is being carried out and voids in respect of pre-development properties. Voids are calculated based on their gross estimated rental value as defined in note 13 above.
  15. The definition for the figures in each column is:
    1. Median is the number of years until half of income is subject to lease expiry/break clauses.
    2. Mean is the rent-weighted average remaining term on leases subject to lease expiry/ break clauses.