Final Results - Part 1

RNS Number : 6172E

British Land Co PLC

14 May 2013

THE BRITISH LAND COMPANY PLC FULL YEAR RESULTS

An Active and Successful Year

Chris Grigg Chief Executive said "It's been a highly active and successful year and we have demonstrated our strategy in action in the broadest sense. Profits are up despite the significant level of recycling and at the property level we have continued to outperform. Our investment activity means the business is stronger going forward and our recent share placing gives us significant capacity to take advantage of the increasing opportunities we see coming to the market."

Good results in tough markets; continued outperformance vs IPD

· Underlying PBT¹ +1.9% to £274 million; IFRS PBT £260 million (FY 2011/12: £479 million)

· Portfolio valuation at £10.5 billion (+0.5%); UK +1.0% driven by developments (+12.2%) and asset management

· Continued outperformance vs IPD benchmarks: total returns +310 bps; capital returns +360 bps

· EPRA NAV¹ ahead at 596 pence per share, +0.2% increase over 12 months

· IFRS Net Assets at £5.7 billion (FY 2011/12: £5.1 billion)

· Quarterly dividend of 6.6 pence; bringing the full year to 26.4 pence (+1.1%)

Successful year operationally: performance continues to reflect strength of asset management

· 2.0 million sq ft of total letting activity; investment lettings/renewals 7.6% ahead of ERV

· Good demand for retail space: 1.1 million sq ft of lettings/renewals; investments 7.6% ahead of ERV; further 420,000 sq ft of space under offer post year end

· Continued our track record of attracting and retaining office occupiers: 778,000 sq ft of investment lettings/lease extensions 7.1% ahead of ERV

· UK occupancy 97.1% (reflecting recently completed developments); rents in administration remain low at 0.9% of total rent

Strong performance from highly profitable committed developments; replenishing the pipeline

· Over 300,000 sq ft of further pre-lets including 139,000 sq ft under offer at the year end: now 65% pre-let/under offer

· Terms agreed and documentation progressing well for a minimum of 95,000 sq ft pre-let with Amlin at The Leadenhall Building (now c50% pre-let/under offer)

· 106,000 sq ft pre-let/under offer at 10 Portman Square and Brock Street, Regent's Place significantly ahead of ERV with further interest at both developments

· Whiteley Shopping Centre retail scheme over 90% pre-let/under offer ahead of May opening

Active year recycling capital into higher growth opportunities: £1.6 billion of gross investment activity

· Completed or exchanged on £795 million of disposals on NIY of 5.3% including Ropemaker Place for £461 million net of costs

· Completed or exchanged on £544 million of acquisitions including the Clarges Estate and Ealing Broadway Shopping Centre on NIY of 6.3% for investment assets

Share placing provides capacity to take advantage of greater flow of attractive investments

· £266 million² of placing capacity already deployed on investment, focused on London and the South East

· Continue to see a significant pipeline of attractive investment opportunities

Income statement metrics	FY 2012/13	FY 2011/12	Change
Underlying profit before tax¹	£274m	£269m	1.9%
IFRS profit before tax	£260m	£479m
Diluted Underlying EPS¹	30.3p	29.7p	2.0%
Diluted EPS	31.5p	53.8p
Dividend per share	26.4p	26.1p	1.1%
Balance sheet metrics
Portfolio at valuation	£10,499m	£10,337m	0.5%³
EPRA Net Asset Value per share	596p	595p	0.2%
IFRS net assets	£5,687m	£5,104m
Loan to value ratio	40%	45%

¹See Note 1 to the condensed set of financial statements

² Includes acquisitions of the Wereldhave portfolio; The Hempel Hotel and 50% of Surrey Quays

³ Valuation movement during the period (after taking account of capital expenditure) of properties held at the balance sheet date, purchases and sales

Investor Conference Call

A presentation of the results will take place at 9.30am today, 14 May 2013, and will be broadcast live via webcast (www.britishland.com) and conference call. The details for the conference call are as follows:

UK Toll Free Number: 0800 279 5004

UK Number: +44 (0) 203 364 5381

Passcode: 2553345

A dial in replay will be available later in the day and the details are:

Replay number: +44 (0) 203 427 0598

Passcode: 2553345

For Information Contact

Investor Relations

Sally Jones, British Land 020 7467 2942

Media

Pip Wood, British Land 020 7467 2838

Gordon Simpson, Finsbury Group/ 020 7251 3801

Guy Lamming, Finsbury Group

Forward-Looking Statements

This Report contains certain 'forward-looking' statements. Such statements reflect current views on, among other things, our markets, activities and prospects. Such 'forward-looking' statements can sometimes, but not always, be identified by their reference to a date or point in the future or the use of 'forward looking' terminology, including terms such as 'believes', 'estimates', 'anticipates', 'expects', 'forecasts', 'intends', 'plans', 'projects', 'goal', 'target', 'aim', 'may', 'will', 'would', 'could', 'should' or similar expressions or in each case their negative or variations or comparable terminology.

By their nature, forward-looking statements involve inherent risks and uncertainties because they relate to future events and circumstances which may or may not occur and may be beyond our ability to control or predict. Therefore they should be regarded with caution. Important factors that could cause actual results, performance or achievements of British Land to differ materially from any outcomes or results expressed or implied by such forward-looking statements include, among other things, general business and economic conditions globally, industry trends, competition, changes in government and other regulation, including in relation to the environment, health and safety and taxation (in particular, in respect of British Land's status as a Real Estate Investment Trust), labour relations and work stoppages, changes in political and economic stability, changes in occupier demand and tenant default and the availability and cost of finance. These and other risks are described in greater detail in the section of this Report headed "Our Principal Risks and Uncertainties". Such forward-looking statements should therefore be construed in light of such factors. Information contained in this Report relating to British Land or its share price, or the yield on its shares are not guarantees of, and should not be relied upon as an indicator of, future performance.

Any forward-looking statements made by or on behalf of British Land speak only as of the date they are made and no representation, assurance, guarantee or warranty is given in relation to them (whether by British Land or any of its associates, directors, officers, employees or advisers), including as to their completeness, accuracy or the basis on which they were prepared. Other than in accordance with our legal and regulatory obligations (including under the UK Financial Conduct Authority's Listing Rules and Disclosure Rules and Transparency Rules), British Land does not intend or undertake to update or revise forward-looking statements to reflect any changes in British Land's expectations with regard thereto or any changes in information, events, conditions or circumstances on which any such statement is based.

Notes to Editors:

About British Land

British Land is one of Europe's largest Real Estate Investment Trusts (REITs) with total assets, owned or managed, of £16.4 billion (British Land share £10.5 billion), as valued at 31 March 2013. Through our property and finance expertise we attract experienced partners to create properties and environments which are home to over 1,000 different organisations and receive over 300 million visits each year. Our property portfolio is focused on prime retail locations and London offices which attract high quality occupiers committed to long leases. Our occupancy rate of 96.8% and average lease length to first break of 10.7 years are among the highest of the major UK REITs.

Retail assets account for 60% of our portfolio, around 80% of which are located at prime out of town sites. Comprising around 29 million sq ft of retail space across 80 retail parks, 91 superstores, 17 shopping centres and 13 department stores, the retail portfolio is modern, flexible and adaptable to a wide range of formats. Our active asset management delivers space which is attractive and meets the needs of both retailers and consumers.

London offices, located in the City and West End, comprise 35% of the portfolio (which will rise to an estimated 38% on completion of current developments). Our 6 million sq ft of high quality office space includes Broadgate, the premier City office campus (50% share) and Regent's Place in the West End. Since 2010, we have committed £1.2 billion to create London's largest committed office development programme to deliver 2.3 million sq ft of high quality space by 2014, including a 700,000 sq ft building at 5 Broadgate, the 610,000 sq ft Leadenhall Building in London's insurance district and a 500,000 sq ft mixed office and residential scheme at Regent's Place in the West End.

Our size and substance demands a responsible approach to business and we focus on five areas which matter most to us and our key stakeholders: managing buildings efficiently; developing sustainable buildings; enhancing biodiversity; exceeding customers' expectations and focusing on local communities. We believe leadership on issues such as sustainability helps drive our performance and is core to our corporate vision of building the best REIT in Europe.

Further details can be found on the British Land website at www.britishland.com

CHIEF EXECUTIVE'S REVIEW

We have had an active and successful year, operationally and in terms of our investment and financing activities. The combination of our share placing and the sale of one of our major City offices, Ropemaker Place, increases our ability both to take advantage of a pipeline of attractive investment opportunities while completing our current development programme. We have already made good progress investing our placing capacity, investing £266 million in London focused properties including Ealing Broadway Shopping Centre. We were also delighted to sign a new long-term joint venture with Norges Bank Investment Management ("Norges"), one the world's largest sovereign wealth managers, at Meadowhall, which provides a strong platform for the management and growth of our largest retail asset.

Underlying profits and earnings per share for the year were ahead by 1.9% and 2.0% respectively despite the significant level of recycling during the year. Our Net Asset Value is up to 596 pence per share, slightly ahead of last year with performance in the year offsetting the dilutive impact of the placing. In line with previous announcements, the Board is proposing a final dividend of 6.6 pence, bringing the dividend for the full year to 26.4 pence, an increase of 1.1% contributing to a total accounting return of 4.6%. For the coming year, the dividend will be not less than 6.6 pence per quarter pending further investment of the placing proceeds.

While the UK property market overall remained tough, there was real divergence in performance which played to our strengths and favoured our portfolio. Higher quality properties continued to be resilient and London remained relatively strong across all sectors - offices, retail and residential - with strong levels of interest from international investors. Despite a tough occupational market in retail, there was an improvement in investment sentiment for more prime shopping centres and retail parks in the second half.

At the property level, we generated total returns of 6.3%, significantly outperforming the IPD benchmark on total and capital returns - by 310 bps and 360 bps respectively. Once again it was our actions and portfolio mix which drove our performance. Our committed development programme was a strong contributor generating a profit of £147 million in the year which, combined with asset management, more than offset the impact of slight yield expansion in UK Retail and further falls in the valuation of the PREF assets in Europe.

Across our portfolio, we signed 2 million sq ft of lettings and lease extensions with investment lettings signed on average 7.6% ahead of ERV with good levels of activity in both Retail and Offices despite slower occupational markets. Occupancy in the UK was 97.1% at the end of the year, 70 bps lower on a like-for-like basis including adjusting for the sale of Ropemaker and the completion of 199 Bishopsgate which is now included in the investment portfolio.

In UK Retail, the twin challenges of constrained consumer spending and the growth in online sales meant that conditions remained difficult. That said, although there was an increase in the number of administrations in the second half, the stronger retailers continue to trade relatively well and are still expanding. In this environment, it is even more important to have the right assets, the right approach and an ability to adapt in a fast changing environment. We were pleased recently to announce a long-term partnership agreement with BT to extend free wi-fi across our UK shopping centres and to work with them to find an outdoor solution for shopping parks. This will allow us to expand our digital platform and exploit technological innovations.

Our retail portfolio outperformed both the All Retail and the All Property benchmark total returns by 170 bps and 80 bps respectively. Our portfolio rental value was up and lettings overall continued to be agreed ahead of ERV in a market where rental values continued to fall. Our consistent trend of outperformance - our total returns have outperformed by 200 bps per annum over the past four years - reflects how we have structured our portfolio to ensure it remains relevant and attractive to today's retailers in a rapidly changing market. We have achieved this by investing in our existing estate through development and by asset recycling.

Offices had another good year reflecting our focus on London, our early call to invest in development and our shift towards the better performing West End market. In a market where occupier demand has been highly selective, we have successfully tapped into the pockets of demand in both the City and the West End. We signed 778,000 sq ft of investment lettings and lease extensions and have a further 34,000 sq ft of deals under offer. Our developments are progressing well. Since 1 April 2012, we have completed two projects and agreed or put under offer 200,000 sq ft of pre-lets. This includes a minimum of 95,000 sq ft to Amlin at The Leadenhall Building which will bring the percentage of the offices programme pre-let/under offer to 61%, up from 51% a year ago.

Our gross investment activity during the year as measured by our share of acquisitions, sales and investment in development was £1.6 billion - so we have been highly active. Our continued process of recycling capital into higher growth opportunities means our UK portfolio is now 55% in London and the South East. We have also reached a tipping point, where we have more of our office portfolio in the West End than the City which compares to a 35:65 split three years ago. We sold £795 million of properties at an average NIY of 5.3% and made £544 million of acquisitions in our core sectors at a NIY of 6.3% on income generating assets. We invested £324 million of capital into our highly attractive committed development programme on an anticipated yield on cost of 8.8%.

Our access to low cost financing is an important competitive advantage, reducing our cost of capital and allowing us to exploit attractive investment opportunities both in developments and standing investments. Since the beginning of the year, we have raised £1.7 billion (BL share £1.5 billion) of new finance which includes our £493 million equity placing, a £400 million convertible bond with a coupon of 1.5% and a new £290 million revolving credit facility which was agreed last week.

Outlook

Our results show we are executing successfully against a clear strategy - delivering good results in today's tough markets at the same time as increasing the growth potential of the business through our investment activity. Although we continue to be cautious about the overall economic environment, we believe our core business will be resilient as we benefit from our focus on the better performing markets in London and the South East and on high quality retail around the UK. In addition, ongoing recycling, notably our recent sale of Ropemaker Place, along with our successful equity placing increases our capacity to take advantage of a pipeline of attractive investment opportunities while completing our current development programme and staying comfortably within our stated gearing range. We have already made good progress investing our placing capacity and we are pleased with progress on current opportunities under review. We remain confident in our ability to generate superior growth and returns going forward.

Chris Grigg

Chief Executive

BUSINESS REVIEW

PORTFOLIO REVIEW

Highlights

· Highly active year with £1.9 billion (BL share £1.6 billion) of gross investment activity

· 55% of UK portfolio now in London and the South East

· Office portfolio - more weighted to the West End than the City for the first time (West End 52%)

· £795 million of disposals; 4.5% above March 2012 valuation

· £544 million of acquisitions; average NIY of 6.3% on income producing properties; mainly in London and the South East

· 2.0 million sq ft of leasing activity; investment lettings and renewals 7.6% ahead of ERV

· 2.6 million sq ft of rent reviews, 5.1% ahead of previous passing rent

· Good progress on development pre-lets with over 300,000 sq ft of space agreed/under offer during the year; now 65% pre-let/under offer delivering £49 million of annual rent

Investment Activity

Investment activity was significant during the year, reflecting a more active period for acquisitions and disposals and on-going investment in the Group's committed development programme. The gross value of investment activity during the year, as measured by our share of acquisitions, disposals and capital investment in developments was £1.6 billion.

Institutional demand for high quality property remains strong both from international and domestic institutions. We are taking advantage of this demand by selectively disposing of more mature assets to reinvest the capital in higher returning opportunities. The most significant disposal during the year was the sale of Ropemaker Place, our 594,000 sq ft City office, but we have also sold smaller ex-growth or non-strategic assets, mainly in retail. Our acquisition focus has been on both income-producing assets which have medium and/or longer-term asset management and potential development opportunities. Most of the acquisitions were in London and the South East, which is in line with our strategy of increasing our exposure to these regions.

We remain positive on the outlook for development returns and so are replenishing our pipeline of potential development projects with the aim of maintaining our development exposure around current levels, but not exceeding 15% of our gross assets. We expect to commit to a number of new projects which are currently in our prospective pipeline and will also look to acquire further properties with development potential.

There was a modest increase in the weighting of the Offices portfolio relative to Retail during the year. This shift partly reflects our investment activity, but the increase in office weighting also comes despite the sale of Ropemaker Place, reflecting both continued investment in, and the underlying strength of the Offices portfolio. Our London Offices portfolio is 52% in the West End compared to 35% three years ago and London and the South East now accounts for 55% of our UK portfolio.

Portfolio Weighting
At 31 March	2012	2013	2013
%		(current)	(pro-forma¹)
Retail:
Retail parks	26.3	23.9	22.7
Superstores	13.2	12.4	11.7
Shopping centres	14.6	17.1	17.0
Department stores	4.4	4.5	4.3
UK Retail	58.5	57.9	55.7
Europe Retail	2.6	2.4	2.3
All Retail	61.1	60.3	58.0
Offices:
City	20.0	16.7	18.6
West End	13.6	17.9	18.2
Provincial	0.9	0.8	0.8
All Offices	34.5	35.4	37.6
Other	4.4	4.3	4.4
Total	100.0	100.0	100.0
¹ pro forma for current committed developments at estimated end value (as determined by the Group's external valuers)

Development

Our total capital commitment to development (current value plus the cost to complete) is £1.4 billion. Our share of capital spend on developments was £324 million during the year with £327 million of costs (excluding £50 million of notional interest) remaining to complete the existing programme. We completed two developments during the year - 199 Bishopsgate in the City and Puerto Venecia shopping centre in Zaragoza, Spain. Two new developments were added to our committed pipeline - the redevelopment of Broadgate Circle and the development of a 310,000 sq ft shopping centre in Hereford. These add £7 million of potential rental income, with the total ERV of our committed pipeline at £86 million. Following further successful pre-letting, our total committed pipeline is 65% pre-let or under offer (by area).

Committed & Near-term Prospective Developments
At 31 March 2013		BL Share
At 31 March 2013	Sq ft	Value	Cost to complete	ERV	Pre-let	Pre-sold
	'000	£m	£m¹	£m	£m	£m
Recently Completed	1,514	140	7	11.2	7.6	-

Committed:
Retail	676	54	76	8.9	5.3	-
Offices²	2,168	960	281	77.3	39.2	94
Residential	50	47	20	-	-	13
Total Committed	2,894	1,061	377	86.2	44.5	107

Prospective
Near-Term	964	212	402
Total Near-term Prospective	964	212	402
¹ including notional cost of finance of 6%
² including 136,000 sq ft of residential (estimated end value of £128 million)

Our committed development programme delivered £147 million of profit in the year, reflecting pre-lets, strong ERV growth at our West End developments and profit release on buildings completed or nearing completion. The office developments are 61% let or under offer and 73% of the residential units are pre-sold for a total of £107 million. Based on our valuers' current assumptions, the office programme is expected to deliver a further £126 million (12.6 pence per share) of profit bringing the total estimated return from the development programme we started in 2010 to over £420 million (42.0 pence per share). In retail, our committed projects are 78% - by area pre-let or under offer. Profit of £8 million has been taken to date on these projects, with a further £9 million to come.

In line with our aim to maintain our level of development exposure, we have been expanding our near-term pipeline which currently stands at £212 million and £318 million of estimated development costs (excluding £84 million of notional interest). The largest scheme is the Clarges Estate, a major mixed use residential and office site in Mayfair which we bought for £128.6 million and will cost around £240 million to complete (including notional interest). Surrey Quays is an existing shopping centre in South London, where we have planning permission for a 100,000 sq ft extension along with a major refurbishment of the existing scheme, with a total investment of £38 million. Most recently, we were pleased to have been selected by the City of London Corporation as the preferred development partner for the Shoreditch Estate.

Acquisitions and Disposals

FY to 31 March 2013			Price	BL Share	Annual Passing
Acquisitions		Area	(gross) £m	£m	Rent £m
Completed
Ealing Broadway Shopping Centre	Retail	London	143	143	10
The Clarges Estate, Mayfair	Mixed use	London	129	129	-
Hereford	Retail	West Midlands	90	90	-
Eden Walk Shopping Centre, Kingston (50%)	Retail	London	83	42	2
Surrey Quays Shopping Centre (50%)	Retail	London	48	48	3
The Hempel Hotel, London	Residential	London	33	33	-
Other			46	46	3
Exchanged
Harmsworth Quay, Canada Water	Residential	London	13	13	-
Total			585	544	18

FY to 31 March 2013			Price	BL Share	Annual Passing
Disposals		Area	(gross) £m	£m	Rent £m
Completed
Ropemaker Place¹	Office	London	461	461	24
Eight food superstores	Retail	Various	135	70	4
Beehive Centre, Cambridge	Retail	Midlands	109	109	5
Hercules Income Fund	Retail	Various	73	19	1
Residential	Residential	London	30	30	0
Eldon Street	Offices	London	17	17	0
Other			74	61	5
Exchanged
Residential - pre sales	Residential	London	28	28	-
Total			927	795	39

¹ Net sales proceeds after costs, passing rent reflects top up for rent free

We completed or exchanged £544 million of acquisitions over the year, at an average net initial yield of 6.3% on income producing assets. The acquisitions increase our annual contracted rental income by £18 million. Disposals completed or exchanged raised £795 million, at an average net initial yield of 5.3%, reducing our annual contracted rental income by £39 million and our accounting income by £36 million. Income from pre-let developments will more than compensate for the income foregone.

Retail assets accounted for over half of our acquisitions with Ealing Broadway Shopping Centre the most significant addition to the portfolio, acquired on a net initial yield of 6.9%. Other retail acquisitions included a half share in Eden Walk Shopping Centre in Kingston and we bought out our joint venture partner's 50% share in Surrey Quays Shopping Centre. Both are London-based assets with strong consumer catchments, and were acquired on net initial yields of 5.35% and 6.2% respectively. In central London, we bought the Clarges Estate, a development site in Mayfair.

The largest disposal during the year was Ropemaker Place, sold at 4.8% above March 2012 book value and a net initial yield of 5.0%. The sale is in line with our strategy of recycling and re-balancing our office portfolio towards the West End relative to the City. The majority of our other disposals were retail properties which were sold to a range of institutional investors. The largest was the Beehive Centre, a retail park in Cambridge, which was sold on a blended yield of 5.25%, and 3.8% above valuation. We also sold eight of our smaller food superstores on NIY ranging from 4.95% to 5.7%.

More detail on individual developments and assets acquired during the year can be found in the Retail and Offices reviews and in the supplementary schedules.

Portfolio Performance

Overall our UK portfolio generated a total property return of 6.3% for the year, made up of an income return of 5.0% and a capital return of 1.2%. We outperformed the IPD benchmark by 310 bps on total returns and 360 bps on capital returns. We continued to benefit from our focus on prime UK Retail and London assets and our early decision to invest in development along with the strength of our asset management capabilities.

Total Property Return (as calculated by IPD excluding Europe)
FY to 31 March 2013	Retail		Offices		Total
%	British Land	IPD	British Land	IPD	British Land	IPD
Income Return	5.7	5.9	3.7	5.3	5.0	5.8
Capital Return	(1.6)	(3.4)	5.8	(0.6)	1.2	(2.4)
- ERV Growth	0.8	(0.7)	1.5	1.6	1.0	0.0
- Yield Movement¹	+11 bps	+11 bps	(4 bps)	+27 bps	+6 bps	+19 bps
Total Property Return	4.0	2.3	9.7	4.7	6.3	3.2
¹net equivalent yield movement

The value of the portfolio increased 0.5% over the year to £10.5 billion with a stronger performance of +0.6% in the second half. In the UK, management actions underpinned a 1.0% uplift in overall performance, with our development pipeline delivering significant gains over the year with positive contributions from all sectors as we continue to achieve pre-leasing success and development milestones. This more than offset outward yield shift in retail. Our standing investment portfolio was 0.3% lower which compares to a market capital decline of 2.7% for investment properties.

UK Retail values continued to decline but at a slower pace in the second half. We saw an improvement in investor sentiment in the second half for good quality assets. In Offices, the valuation uplift was 5.0% ahead, driven by our development pipeline together with lease extensions and new lettings within our investment portfolio. In Europe, the value of our retail portfolio was 17% lower at £255 million, reflecting ongoing economic contraction across Southern Europe, where our PREF assets are located. Our Puerto Venecia Spanish super-regional shopping centre is now completed and performing quite well. Looking forward, we consider Europe to be a subscale business for us and our intention is to exit over time.

Total ERV across the portfolio now stands at £575 million with IPD calculated growth in the year of 1.0%, comprising growth of 0.3% in the first half, and 0.7% in the second half. This compares well to the market, where ERVs as measured by IPD were flat overall. Our lettings and renewals were signed on average 7.6% ahead of ERV and rent reviews were 5.1% ahead of the previous passing rent.

Overall, there was a modest outward yield shift of 6 bps for our UK portfolio, considerably less than the market reflecting both the quality and mix of our assets and the value added by our successful asset management initiatives. At 31 March 2013, the portfolio net equivalent yield was 5.9%, compared to the market at 6.8%. Our EPRA net initial yield and our EPRA topped up net initial yield were 5.5% and 5.7% respectively (see supplementary schedules for more detail).

Portfolio Valuation
At 31 March 2013	Group	JVs & Funds¹	Total		Change %²
	£m	£m	£m	H1	H2	FY
Retail³:
Retail parks	1,736	768	2,504	(2.3)	(1.1)	(3.4)
Superstores	131	1,164	1,295	0.5	(1.1)	(0.5)
Shopping centres	730	1,069	1,799	(0.3)	(0.3)	(0.6)
Department stores	474	-	474	(0.6)	3.1	2.4
UK Retail	3,071	3,001	6,072	(1.0)	(0.6)	(1.5)
Europe Retail	-	255	255	(9.3)	(9.0)	(17.0)
All Retail	3,071	3,256	6,327	(1.4)	(0.9)	(2.2)
Offices³:
City	70	1,680	1,750	1.5	1.3	2.6
West End	1,880	-	1,880	3.2	5.3	8.2
Provincial	83	4	87	1.3	(1.3)	0.2
All Offices	2,033	1,684	3,717	2.2	3.0	5.0
Other	450	5	455	1.2	0.5	1.6
UK Total	5,554	4,690	10,244	0.2	0.8	1.0
Total	5,554	4,945	10,499	0.0	0.6	0.5
¹ Group's share of properties in joint ventures and funds
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

Portfolio Yield & ERV Movements
At 31 March 2013	ERV	NEY	ERV Growth %¹			Net equivalent yield movement bps²
	£m	%	H1	H2	FY	H1	H2	FY
Retail:
Retail parks	156	5.9	0.0	0.5	0.5	12	5	17
Superstores	71	5.2	0.3	1.4	1.7	0	10	10
Shopping centres	114	5.9	(0.3)	0.0	(0.3)	(2)	0	1
Department stores	24	6.4	0.8	4.0	4.9	8	(12)	(5)
UK Retail	365	5.8	0.0	0.8	0.8	6	3	11
Europe Retail	24	8.0				48	19	72
All Retail	389	5.9				7	4	11
Offices:
City	91	5.8	1.0	0.5	1.5	1	(4)	(3)
West End	67	5.6	1.2	0.4	1.6	2	(8)	(6)
Provincial	5	6.6	0.0	(0.2)	(0.2)	(2)	8	6
All Offices	163	5.7	1.0	0.4	1.5	1	(5)	(4)
Other	23	8.5	0.1	0.3	0.4	2	12	14
UK Total	551	5.9	0.3	0.7	1.0	4	1	6
Total	575	5.9				5	2	7
¹ like-for-like (as calculated by IPD), excluding Europe
² including notional purchaser's costs

RETAIL REVIEW

Highlights

· Continuing to outperform a tough market: total unlevered property returns of 4.0%, 170 bps ahead of the IPD All Retail benchmark

- UK Retail portfolio valuation £6.1 billion; capital returns outperformed IPD by 180 bps

- ERV up 0.8% which compares to a 0.7% decline for the market as a whole

- UK occupancy remains robust at 97.4% (70 bps reduction on 31 December 2012)

· Attracting a broad range of retail and leisure occupiers

- 1.1 million sq ft of lettings and lease renewals, investments 7.6% ahead of ERV

- Administrations 0.9% of total rent as at March 2013

· Reshaping the portfolio through recycling: £610 million of gross investment activity

- Sale of 23 non-strategic assets

- £351 million of acquisitions and forward funding in locally dominant schemes

· Enhancing our overall services to customers - signed long-term deal with BT to extend free wi-fi; continue to trial digital innovation

Market Overview

The way people shop is changing. The internet lies at the heart of these changes not only because of the immediacy of being able to buy online but also because of the way it enables consumers to compare prices and quality, share their opinions and shape the development of new products and services. The line between online and physical sales is getting increasingly blurred with the majority of sales more likely to have some sort of digital aspect. The UK is now the world leader in internet sales.

Today's consumer is increasingly looking for more choice, greater convenience and better value along with a better shopping experience, whether in a physical or an online environment. We believe physical shops will remain at the core of the retail landscape but with stores also playing a key role as showrooms, pick-up and return points, so having a fully integrated physical and digital approach will be increasingly important. Too much of the available space in the UK is not well suited to these changing needs nor can it be economically adapted. Although retailers are reducing their overall space requirements, demand for the right type of space remains strong and as a result the retail property market continues to be heavily polarised between the right space and that which is essentially obsolete.

Our retail property strategy therefore focuses on aligning our properties closely to the changing needs of retailers and consumers ensuring we remain at the forefront of market evolution. Our portfolio is well balanced to the way people shop - rational (purpose-led) and emotional (experience-led) - so our retail destinations are focused on experiential, convenience or functional shopping.

The combined impacts of austerity and long-term changes in shopping habits meant that the retail property market remained challenging during the year. Polarisation was again the dominant theme as retailers continued to focus their portfolios on better performing stores, exiting poor quality space on the expiry of lease terms. There was an increase in the rate of administrations in the second half, most notably those with more vulnerable business models and/or high levels of debt. As a result, rental values across the market remained under pressure, declining by 0.7% although the shortage of supply for high quality space meant that prime rents were ahead. The investment market benefited from improved investor sentiment during the second half for better quality assets.

Performance

Our retail business had another busy and productive year, operationally and strategically. Our operational performance continues to be resilient in tough markets. At the same time, we are actively evolving our portfolio through investment in our existing properties and through recycling.

Our asset management activities have been focused on continuing to evolve and improve our retail offer through: attracting a broader range of retailers, leisure, food and beverage operators; upgrading the physical environment; and enhancing our overall services to our customers, in particular by leveraging digital technology. We were also delighted to sign a new long-term joint venture at Meadowhall shopping centre with Norges, one of the largest sovereign wealth companies in the world. Norges bought their 50% stake from our previous partner, London and Stamford.

Total returns for the year at 4.0% were again significantly ahead of the market both at an All Retail market level (by 170 bps) and at the individual retail subsector level. We have now outperformed the market materially in each of the last four years which underlines the quality and resilience of our business and our ability to evolve our retail offer in a rapidly changing market-place. The value of our UK retail portfolio was down 0.6% from September at £6.1 billion with the benefits of asset management initiatives partially offsetting outward yield shift. Our retail capital returns outperformed the All UK Retail benchmark by 180 bps. Our standalone leisure assets generated total returns of 8.1%.

Our occupational metrics in the UK remained resilient, and we continued to sign lettings ahead of ERV. ERVs were 0.8% ahead for the year, outperforming the market by 150 bps with a stronger performance in the second half (+0.8%). Occupancy was modestly lower at 97.4%, due to the impact of administrations including Comet and Dreams. While footfall performance across our portfolio was weaker, down 1.5%, we continued to outperform the market (by 220 bps) with Meadowhall and retail parks both ahead.

Our UK like-for-like rental income was flat year-on-year, reflecting the impact of administrations in the second half, including one-off costs. Although we saw an increase in the number of administrations, our percentage of total rent in administration was only 0.9% at the year end. Our ability to manage our exposure to administrations reflects the quality of our portfolio as well as our diverse range of major UK and international retailers.

In Europe, which accounts for 2% of our portfolio, the value of our portfolio fell by 17% to £255 million. This was driven by falls in the value of the assets in PREF, the European fund in which we have a 65.3% share, which were impacted by both outward yield shift and rental concessions. The Puerto Venecia shopping centre in Zaragoza continues to trade quite well and was up 3.6% in value.

Asset Management

While the overall market remained tough with retailers cautious and taking longer to complete deals, we continued to see encouraging demand from a broad range of occupiers across our schemes. We agreed 3.5 million sq ft of leasing and rent review initiatives during the year, securing £7.3 million of new annual contracted rent. This included 1.1 million sq ft of lettings and renewals which were agreed on average 7.6% ahead of ERV with around three quarters of the lettings above or in line with ERV. We have a good volume of deals in the pipeline with 420,000 sq ft of space currently under offer, at terms overall ahead of ERV.

We signed multiple transactions with key retailers including Next, Debenhams, Arcadia and TK Maxx. Next signed a 43,000 sq ft agreement to take an ex-Homebase store in Camberley for their third "Home and Garden" concept. Debenhams agreed to take a total of 100,000 sq ft of new space, with new stores signed at Leamington Spa and Fort Kinnaird, Edinburgh.

We are also attracting new retailers, notably at our major shopping centres Meadowhall and Drake Circus, where we continue to expand the premium retail offer. The most notable deal was with Victoria's Secret at Meadowhall for a 13,000 sq ft store which will open in the autumn. At Drake Circus we completed eight lettings during the year including Apple, Bank and Hotel Chocolat. New retailers attracted to our out of town schemes included Whole Foods at Cheltenham, and footwear retailers Office at Glasgow Fort and Schuh at Stockton.

We continued to upgrade the experiential element on our schemes, completing 49 food, beverage and leisure lettings and renewals over the year across the portfolio. We initiated five combined cinema and restaurant schemes with our 45,000 sq ft scheme at Glasgow Fort due to open in July 2013. We also obtained planning permission for the external recladding and refurbishment of Debenhams' 360,000 sq ft flagship building on Oxford Street, which will reinvigorate this key West End landmark. Works have started and are scheduled to complete towards the end of 2013.

We see digital as part of an integrated approach which overall enhances the occupier and consumer experience on our schemes helping amplify the retailers' voice and aggregating information for the end consumer. We continued to expand our digital activities trialling a range of innovations on our schemes and post the end of the year announced a new long-term joint venture with BT to extend the provision of free wi-fi across our retail portfolio, starting with all of our shopping centres.

Investment Activity

As part of ensuring our portfolio remains at the forefront of modern retail requirements, we have been seeking to increase the pace of our investment activity - both development and recycling. Over the last year, we have undertaken £610 million of gross investment activity. Our investment programme has been particularly focused on London and the South East which accounted for the majority of our £367 million of acquisitions and development spend during the year. All the schemes we have invested in have strong and growing catchment areas and are or have the potential to be locally dominant. We believe retail development adds significant incremental value and are replenishing our pipeline to capitalise on future demand for the right space.

Development

We currently have 676,000 sq ft of committed retail development underway in the UK. Our committed pipeline includes the major redevelopment of Whiteley Shopping Centre, a 320,000 sq ft next generation scheme near Southampton. The scheme is over 90% pre-let or under offer (by ERV) ahead of opening later this month. Key occupiers include M&S, Next, H&M, River Island, Boots and JD Sports. We recently obtained planning permission for a 60,000 sq ft leisure scheme including a cinema which is already pre-let and which will extend the scheme to nearly 400,000 sq ft.

We started on site at Hereford a 310,000 sq ft retail and leisure development in the centre of the city. The open air scheme, on the site of Hereford's former cattle market, will have 22 retail units, seven restaurants and a six-screen cinema. More than 50% of the space has already been pre-let. Debenhams will anchor the scheme with a three-storey, 84,000 sq ft department store. Waitrose has also taken 22,000 sq ft of space and Odeon has signed for the cinema. Next, TK Maxx and Frankie & Benny's have also committed to the scheme. We expect to complete the development in summer 2014.

We are progressing with planning on a further 713,000 sq ft of prospective development initiatives in the UK. This includes: cinema additions at Broughton Park Chester and Fort Kinnaird Edinburgh; and a 100,000 sq ft extension to our existing shopping centre at Surrey Quays.

In Europe, the new 1.4 million sq ft Puerto Venecia shopping centre in Zaragoza successfully opened on schedule in early October. On opening, the shopping centre was 90% pre-let/under offer to an extensive range of international and national brands including all of the Inditex Group's brands, Desigual, H&M and Mango along with key anchors El Corte Inglés and Primark. The centre has traded quite well since opening.

Acquisitions and Disposals

We agreed or exchanged the sale of 23 assets for a total of £243 million including eight superstores and the Beehive retail park in Cambridge. Details of the sales have been provided previously within this report.

In June, we announced the conditional purchase of Harmsworth Quays a 14.6 acre printing works site at Canada Water, adjacent to our Surrey Quays Shopping Centre, building on our long term interest and investment in the area which is a major regeneration zone in Southwark.

In July, we entered into a 50:50 joint venture at Eden Walk Shopping Centre in Kingston-upon-Thames with the existing owner Universities Superannuation Scheme (USS) for £41.5 million, a net initial yield of 5.35%. Eden Walk is a 276,000 sq ft open shopping centre in the middle of Kingston, anchored by Marks & Spencer, Sainsbury's, Boots and BHS. Kingston, which is in the south west of London, has one of the strongest consumer catchment areas in the UK with a high proportion of young affluent residents. We are responsible for asset management of the centre and are also acting as development manager to assess and progress what we believe is a significant medium-term development opportunity.

In November, we signed a £90 million forward funding agreement to enable the development of the 310,000 sq ft Old Market scheme in Hereford city centre. The scheme is now part of our committed development programme and we started on site in November 2012.

Also, in November, we acquired the 2.3 acre Canal Corridor North site in Lancaster city centre which includes the former Mitchell's of Lancaster brewery. A development agreement is also in place with Lancaster City Council for the acquisition of its adjoining land to enable the delivery of a significant canal-side, mixed-use scheme across a 10 acre site. Bound to the east by the Lancaster Canal and with two working theatres, the site, which is next to the city centre, provides the only real opportunity to significantly improve the city's retail offer. Working closely with Lancaster City Council and English Heritage, our aim is to deliver a scheme that complements the site's historical setting. Lancaster has seen very little retail investment over the last two decades and our aim is to create a retail and leisure destination to serve local people and attract more visitors into the city.

In February, we acquired Ealing Broadway Shopping Centre, as part of a portfolio deal. The £142.5 million consideration for the shopping centre represented a net initial yield of 6.9%. Ealing Broadway Shopping Centre has 300,000 sq ft of retail and leisure space and a multi-let office. The shopping centre, which has over 60 retail units, is anchored by Primark, Marks & Spencer, Tesco, River Island and H&M. Ealing Broadway is an attractive convenient shopping destination in west London, well located and close to the train and tube station and with an affluent catchment of 1.6 million people. With an annual footfall of around 15 million, the shopping centre dominates the retail offer in the town centre and is expected to benefit from significant levels of development in Ealing, including a new leisure scheme, the Dickens Yard residential quarter and Crossrail. Crossrail, which completes in 2018, will lead to significantly shorter journey times to Heathrow, Liverpool Street and Canary Wharf.

In March, we acquired the 50% we did not already own in Surrey Quays shopping centre in South London from Tesco, our joint venture partner, who also committed to a new long-term lease, bringing the weighted average lease length of the centre to 9.4 years. Subject to planning, we intend to progress plans for a £38 million upgrade of the centre, including a full refurbishment and 100,000 sq ft extension. Together with Harmsworth Quays, our interest now covers a 37 acre site in an area of urban regeneration with a strong growing catchment and considerable potential.

OFFICES REVIEW

Highlights

· Another good year with London focus driving strong outperformance: total returns 9.7%, outperforming IPD by 500bps

- Valuation up 5.0% to £3.7 billion; investment portfolio up 2.3%, developments up 12.8%

- Capital returns 5.8%, 640 bps ahead of IPD; outperforming West End 370 bps and City 90 bps

· Increased Offices weighting from £3.6 billion to £3.7 billion, despite sale of Ropemaker Place, through acquisitions and investment in our committed development pipeline

· Achieved strategic objective of greater weighting in West End than City

· Good demand for our assets: 778,000 sq ft investment letting activity, 7.1% ahead of ERV

· Developments continue to drive performance; now expected to produce total profits of over £420 million

- £297 million of profit delivered to date; £126 million to come on valuers' estimates

- 199 Bishopsgate and 10 Portman Square completed on time and budget

- Good pre-letting activity with 200,000 sq ft of development pre-lets agreed including 104,000 sq ft under offer at the year end

- Committed developments now 61% pre-let generating £43 million of annual contracted rent

· Replenishing development pipeline to drive growth and returns going forward

- Acquisition of the Clarges Estate, a major mixed use development site in Mayfair

Market Overview

Our portfolio is focused in London, reflecting our view that London will continue to show good absolute and relative performance over the medium term. London is regularly voted as one of the most attractive cities in the world to invest, do business, live or visit and is one the most important financial and business services centres globally. In contrast to the UK as a whole, the London economy has grown steadily; it has had the best performing property market in the UK with all major asset classes - offices, retail and residential - contributing. We have positioned our business to benefit from this growth through our major development programme, taking advantage both of the shortage of high quality space, mainly in offices but also in residential, and higher growth in the West End.

We expect London to retain its pre-eminent position as a world-leading City. Its population is forecast to grow steadily, major infrastructure spend (notably on Crossrail) is regenerating large parts of the Capital and we expect ongoing improvements to benefit these areas for a number of years to come.

London continued to outperform the broader property market during the year, reflecting strong investor demand with relatively limited supply of good quality space. It continues to be perceived as a 'safe haven' by overseas investors and the number of new international investors continues to expand. In the West End, demand is underpinned by residential conversion potential, which is also limiting West End stock keeping yields firm. Investor demand for City assets remains strongest for prime, long-term income generating assets, and we have experienced this first-hand with our successful sale of Ropemaker Place this year. There are some signs of weakness for secondary property in more peripheral locations.

While occupier demand was some way below the long-term trend, the shortage of quality space across the market kept rental growth overall positive. In recent months, there have been early signs of an improvement in occupier demand, particularly in the West End where occupiers have less choice but also in the City, where there has been demand from a range of occupiers focused on smaller floorplates, and in particular from the insurance sector.

Performance

Our offices portfolio had another successful year with total property returns of 9.7%, significantly outperforming the IPD office benchmark by 500bps. The value of the portfolio was up 5.0% to £3.7 billion and represents an increase in weighting of the Group's overall portfolio to over 35% at 31 March 2013 (pro-forma for committed developments, 38%). This is despite the sale of Ropemaker Place in the City for £461 million (net of costs) and is as a result of our investment into new assets and our committed development pipeline. This has achieved our strategic objective of having a greater weighting in the West End than the City for the first time.

Our capital returns were 640 bps ahead of the IPD benchmark with both of our subsectors outperforming - the West End by 370 bps and the City by 90 bps. Performance has primarily been delivered through our actions, the key driver being our development portfolio but also through our asset management activity.

Our development programme is generating strong returns, with valuation up 12.8% over the year. This uplift has been driven by a combination of our continued success on pre-lets and the consequent ERV growth for our West End projects, profit release as developments near practical completion and the release of contingencies as we continue to deliver the projects within budget.

The investment portfolio was ahead 2.3% reflecting increased values through successful leasing activity; both new lettings and lease extensions, primarily at Broadgate. Our occupational metrics remained robust across the office portfolio. ERV growth was 1.9% overall, made up of 1.5% in the investment portfolio and 2.8% in our development properties. Like-for-like income growth was up 0.7% over the year with a stronger performance in the second half. Occupancy was lower at 96.3% reflecting the impact of the sale of Ropemaker and the inclusion of 199 Bishopsgate which was completed in September.

During the period, the lock-up term governing our Broadgate joint venture with Blackstone expired. Blackstone have indicated that they wish to sell their interest in the joint venture and we will work closely with Blackstone through this process. Broadgate will continue to develop as a vibrant mixed use estate in the heart of the City of London and we expect it to benefit from its location around one of London's most important transport hubs and from the completion of Crossrail in 2018.

Asset Management

We continued to see demand from a good range of occupiers, attracted by the quality of our buildings and our high levels of customer service. We have developed a strong track record of attracting and retaining occupiers, signing 1.9 million sq ft of lease extensions over the past three years. We signed leasing initiatives on 778,000 sq ft of space, at an average of 7.1% ahead of ERV over the last year.

Our activity primarily focused on lease extensions at Broadgate where we extended a total of 611,000 sq ft of leases. These included: Herbert Smith (315,000 sq ft) and F&C (54,000 sq ft) who extended their leases from 2020 to 2030 and 2027 respectively at Exchange Square and 10 Exchange House; a minimum two year extension with ICAP (174.000 sq ft) at 1-2 Broadgate which secures their lease until at least 2019; and Tullett Prebon PLC (66,000 sq ft) at 155 Bishopsgate, who extended their lease from 2019 to 2025. .

In addition, we agreed 124,000 sq ft of new lettings, including 50,000 sq ft at Broadgate Tower with Itochu, Banco Itau, and Hill Dickinson at rents accretive to ERV, increasing occupancy at the Tower to 93.2%. At the recently refurbished 199 Bishopsgate, we agreed a 14,500 sq ft deal with Nippon Oil and have a further 25,000 sq ft under offer at terms accretive to March 2013 valuation. This leasing activity has improved the average weighted lease length to first break at Broadgate by 1.3 years to 7.8 years for the standing investments.

Investment Activity

We have continued to deliver our strategy of recycling capital from lower growth assets into higher returning opportunities through development and a focus on the West End. Development in London is one of our competitive advantages and we see the development pipeline as an integral part of the office portfolio. Given the continued shortage of high quality space and lack of development finance we believe the outlook for development returns remains positive and we are looking to maintain our level of commitment. So as the development programme nears completion, we are actively seeking to replenish the pipeline. We will continue to focus on prime property, or on property with the potential to be prime.

Development

Our committed office developments are progressing well and we remain on track for all of our West End projects to complete this year. In the City, we completed the refurbishment of 199 Bishopsgate and our two remaining City developments are due to complete within the next two years. All of this will result in the release of significant developer's profit, however in the short term it is also likely to increase our vacancy rate as the completed developments are transferred into our standing investment portfolio. We continued to see good demand for all of our developments with 200,000 sq ft of pre-lets signed or placed under offer during the year, increasing the amount of space pre-let or under offer from 51% to 61% during the year. We now have £43 million of rent pre-let. We are therefore confident that any increase in vacancy rates will be manageable.

In the City, at The Leadenhall Building, the main structure has now reached the 47^th level, with cladding installation progressing well. We have agreed terms for a minimum of 95,000 sq ft pre-let to Amlin, who will join the global insurance company Aon in the building. The Amlin deal covers floors 19-24 and floor 45, and a further 53,000 sq ft of option space. On completion of the letting, around half of The Leadenhall Building will be pre-let, which leaves mainly the upper, smaller floors to let, for which we expect good demand closer to practical completion. This puts us in a strong position in the City overall, with 74% of our developments pre-let/under offer.

At Broadgate, we are excited by our development programme, which is well timed to benefit from the advent of Crossrail, and more widespread improvements to the surrounding area. As Spitalfields and Old Street develop into dynamic growth hubs, covering a broader spectrum of industry, we expect the estate will become more diversified in its occupier mix. At our 5 Broadgate development, which is fully let to UBS, the concrete cores are now complete, and work is progressing on the steelwork. In June, we will secure vacant possession of Broadgate Circle where £20 million is being invested to improve the public space and enhance the food and retail offer. The design has been agreed for redevelopment of Broadgate Circle and demolition contracts have been put to tender and we expect to start on site later this year. We are also working up plans for the next phase of regeneration at Broadgate South, which includes a major refurbishment of 100 Liverpool Street.

In the West End, the office space at our 10 Portman Square development is now over 50% pre-let following the completion of 58,000 sq ft of deals with Aspect Capital and Aramco Overseas Company, (including 9,000 sq ft of space completed post year end). At rents of over £90psf, both deals are significantly accretive to value with rental values around 23% ahead of the March 2012 ERVs. The building, which we successfully completed on time and below budget post financial year at the end of April, has great presence facing onto the Square.

We continue to see encouraging levels of interest at our NEQ development in Regent's Place which comprises two office buildings and one residential tower. We agreed a further 7,200 sq ft pre-let at 10 Brock Street which in addition to the 174,000 sq ft pre-let to Debenhams means the building is now 53% pre-let. Sainsbury's will relocate their store from the Euston Tower to an 8,000 sq ft unit at Hampstead Road within the NEQ development, allowing us to subdivide their Euston Tower space to further enhance the retail offer across the estate. The residential units at 20 Brock Street are now 83% pre-sold.

Residential is an important part of our London portfolio both as a part of our mixed use developments and through our residential led schemes and we have a strong track record of delivering value. Since 2009, we have profitably committed £190 million to 187,000 sq ft of residential developments both within our West End office projects and on a standalone basis. The committed programme is making good progress, with the new residential units at Regent's Place nearing completion, and work progressing at Marble Arch House, Craven Hill and Bedford Street, where marketing has already started. This year, we have pre-sold 25 units for a total of £28 million with sales 14% ahead of book value, contributing 22% profit on cost for all residential sales to date.

We have replenished the residential pipeline through acquiring further sites with the aim of maintaining our exposure on a gross development basis, up to around £500 million. The Clarges Estate, detailed below in acquisitions, is a mixed use development in Mayfair where residential will account for over half of the space. During the year, we bought the Hempel Hotel in Bayswater, which is next to our existing Craven Hill Garden scheme. Subject to planning, combined they will be a £120 million development scheme.

Acquisitions and Disposals

We announced the sale of Ropemaker Place for a gross sale price of £472 million in March this year. As part of the deal, we will top up the rent frees to the contractual rent of £24.05 million per annum. The sale represents a net initial yield of 5.0%. We received net proceeds of £461 million in cash from the sale after taking into account the rent free top-ups and costs.

In July 2012, we announced the acquisition of the Clarges Estate in Mayfair, for £128.6 million: completion was in November. The site is nearly one acre which faces onto Piccadilly in Mayfair, and is an excellent redevelopment opportunity to create a landmark mixed-use scheme, for which planning consent had already been granted. Having successfully agreed to move the headquarters of the Kennel Club in March of this year, we have recently submitted a revised planning application for an improved scheme which modestly increases the overall size of the building and sees an increase in the residential element of the site from 63,000 sq ft to 94,000 sq ft, and a reduction in the offices to 47,500 sq ft. This is a rare opportunity to develop new residential in a prime Mayfair location which will have spectacular views over Green Park, and to also provide offices, which are likely to be in demand.

FINANCIAL REVIEW

Highlights

· Underlying PBT up 1.9% to £274 million, driven by strength of financing

· EPRA Net Asset Value per share at 596 pence, 0.2% ahead of 31 March 2012 (595 pence)

· Total accounting return of 4.6% for the 12 months to 31 March 2013

· Equity placing raised £493 million, enabling us to enhance future growth in earnings and returns by exploiting accretive opportunities

· £1.2 billion of debt financing signed, improving liquidity, reducing the cost of debt and diversifying the debt investor base

· Quarterly dividend of 6.6 pence; making a total of 26.4 pence

INCOME STATEMENT

The Group financial statements are prepared under IFRS where the after tax results of joint ventures and funds are shown as a single line item on the income statement, and the net investment in joint ventures and funds is shown as a single line on the balance sheet.

Management reviews the performance of the business principally on a proportionally consolidated basis (i.e. on a line-by-line basis) and comments on movements in the income statement provided in the financial review below are made on this basis. Income statements and balance sheets which show British Land's interests on this basis are also included in Table A within the supplementary disclosures.

Year ended 31 March	2013			2012
	Group	JVs & Funds	Prop Consol	Group	JVs & Funds	Prop Consol
	£m	£m	£m	£m	£m	£m
Gross rental income	294	273	567	300	272	572
Property outgoings	(13)	(13)	(26)	(14)	(12)	(26)
Net financing costs	(80)	(126)	(206)	(77)	(141)	(218)
Net rental income less finance	201	134	335	209	119	328
Fees & other income	15		15	16	1	17
JVs & Funds underlying profit	130			113
Administrative expenses	(72)	(4)	(76)	(69)	(7)	(76)
JVs & Funds underlying profit		130			113
Underlying profit before tax	274		274	269		269
Underlying EPS	30.3p		30.3p	29.7p		29.7p
Dividend per share	26.4p		26.4p	26.1p		26.1p

Gross rental income, including our share of joint ventures and funds, was £567 million for the year (2012: £572 million). This year there has been a significant amount of recycling, repositioning the Group for future income and capital growth.

On a like-for-like basis, UK net rental income increased by 0.3%, and 1.5% excluding the impact of retail administrations. In offices, like-for-like rental income increased 0.7%, primarily due to new lettings in the City and fixed and minimum rental uplifts in the West End.

Underlying profit before tax increased by £5m, or 1.9%, to £274 million for the year ended 31 March 2013. The increase in underlying profit before tax is summarised below:

Movement in underlying profit before tax		£m
Year ended 31 March 2012		269
Acquisitions		9
Disposals		(10)
Like-for-like rental movement		-
Rental income on assets transferred to development		(2)
Other income movement		(2)
Reduction in finance costs		11
Other movements		(1)
Year ended 31 March 2013		274

The Group measures its operating efficiency as the proportion of gross rental income represented by its net operating costs (being property outgoings and administrative expenses, net of fees and other income). The ratio for the year was 15.3% (2012: 14.9%). We have held overall administrative expenses flat this year whilst continuing to invest in our retail platform. With our continued focus on cost control and our efficient operating model our low cost base continues to be a real competitive advantage.

Net financing costs on a proportionally consolidated basis were £206 million, a decrease of £12 million compared to the prior year. The decrease is principally due to refinancing activity and our ability to take advantage of variable interest rates. In the current year, £17 million of financing costs have been capitalised into development projects. Interest capitalisation will cease on practical completion of these developments, over the next two years.

Underlying profits from joint ventures and funds for the year were £130 million. The increase of £17 million compared to the prior year mainly relates to a reduction in financing costs, principally due to the Hercules Unit Trust (HUT) refinancing and amortisation of securitised debt.

Underlying diluted earnings per share for the year ended 31 March 2013 was 30.3 pence (2012: 29.7 pence) based on underlying profit after tax of £273 million (2012: £265 million) and weighted average diluted number of shares of 901 million (2012: 892 million).

IFRS profit after tax for the full year was £284 million (2012: £480 million), including £67 million from investments in joint ventures and funds (2012: £182 million). In addition to underlying profits, the most significant item impacting IFRS profit was the net valuation increase of £88 million (2012: £143 million) for the Group and a downward £62 million (2012: upward £72 million) movement for our share of joint ventures and funds.

Taxation recognised in the income statement amounted to a credit of £24 million, principally due to reorganising non REIT activity and release of prior year balances. This compared to a credit of £1 million in the prior year. The proportionally consolidated underlying tax rate for the year is 0.4% (2012: 1.5%).

CASH FLOW

The proportionally consolidated net cash inflow from operating activities for the year ended 31 March 2013 was £218 million (2012: £239 million). The table below provides a summary of the decrease in proportionally consolidated net debt for the year:

Year ended 31 March 2013	Total £m
Opening Net Debt	4,879
Net cash from operations	(218)
Investment acquisitions	442
Disposals	(777)
Development and other capital expenditure	411
Dividend paid (excludes scrip)	203
Issue of Ordinary Shares	(493)
Other /non cash movements	17
Closing Net Debt	4,464

In addition to the net cash inflow from operations, cash investment in acquisitions (£442m) and the development program (£411m) was ahead of cash inflows from disposals (£777m), with investment activity absorbing net cash of £76 million. Key acquisitions in the year included the Clarges Estate, Eden Walk Shopping Centre in Kingston, Ealing Broadway Shopping Centre, Lancaster Canal Corridor North, The Hempel Hotel and taking full ownership of the Surrey Quays Shopping Centre. Key disposals included Ropemaker Place, the Beehive Centre in Cambridge, a Sainsbury's foodstore in Beckenham and our investment in the Hercules Income Fund (HIF). The level of capital expenditure in both Group and joint ventures and funds reflects spend on our committed development programme.

The Group has significant rental growth potential in its property portfolio principally due to our decision in 2010 to commit to the significant £1.2 billion London Office development programme which will now begin to generate significant rental income as the developments are completed. 61% by area of office developments are pre-let or under offer at the year end.

Development income to come			£m
2013 Reported gross rent			567
Net disposals & other movements			(14)
2013 Annualised gross rent			553
2014 Development income ¹			13
2015 Development income ¹			33
2016 Development income ¹			28
2013 pro-forma for developments			627

¹Pre-lets and valuers' assumptions for letting vacant space (including un-let space at recently completed developments)

DIVIDENDS

The quarterly dividend was increased to 6.6 pence per share in the final quarter of the prior year, bringing the total dividend for the current financial year to 26.4 pence per share. The longevity of our cash flows means we can preannounce the dividend for the next financial year. Pending further investment of the equity placing proceeds, the dividend for the next financial year will be not less than 26.4 pence per share.

The fourth quarter dividend of 6.6 pence per share, totalling £65 million, is payable on 9 August 2013 to shareholders on the register at close of business on 5 July 2013. The Board will announce the availability of the Scrip Dividend Alternative via the Regulatory News Service and on our website (www.britishland.com), no later than 4 business days before the ex-dividend date of 3 July 2013. The Board expects to announce the split between PID and non-PID income at that time.

In respect of the 2013 third quarter dividend of 6.6 pence per share, totalling £65 million, 44% of shareholders elected for the scrip alternative in lieu of £29 million in cash dividends.

BALANCE SHEET

At 31 March 2013, EPRA Net Asset value per share was 596 pence per share, an increase of 1 pence compared to the prior year.

	As at 31 March 2013			As at 31 March 2012
	Group	JVs & Funds	Prop Consol	Group	JVs & Funds	Prop Consol
	£m	£m	£m	£m	£m	£m
Properties at valuation	5,554	4,945	10,499	5,414	4,923	10,337
Investment in JVs & Funds	2,463			2,309
Other non-current assets	76	(23)	53	28	(11)	17
	8,093	4,922	10,552	7,751	4,912	10,354
Other current liabilities	(158)	(116)	(274)	(132)	(110)	(242)
Net debt	(1,963)	(2,303)	(4,266)	(2,229)	(2,461)	(4,690)
Other non-current liabilities	(5)	(40)	(45)	(9)	(32)	(41)
JVs & Funds' net assets		2,463			2,309
EPRA net assets	5,967		5,967	5,381		5,381
EPRA adjustments¹			(280)			(277)
IFRS net assets¹			5,687			5,104
EPRA NAV per share			596p			595p

¹ EPRA net assets exclude the mark to market on effective cash flow hedges and related debt adjustments, as well as deferred taxation on revaluations. It also includes trading properties at fair value and is diluted for the impact of share options.

At 31 March 2013, 47% of the property portfolio and 54% of net debt was held within joint ventures and funds. The balance sheet shows, our investment in joint ventures and funds grouped together and shown net. On an EPRA basis, our net investment at 31 March 2013 in joint ventures and funds was £2,463 million, up from £2,309 million at the previous year end, attributable to a reduction in net debt reflecting amortisation of securitised loan finance and the repayment of debt in The Scottish Retail Property Limited Partnership. The principal movements in EPRA net asset value are summarised below.

Movement in EPRA net asset value per share¹		pence
At 31 March 2012		595
Valuation movement
- Asset management and development		16
- Market yield movement		(13)
Underlying profit after tax		30
Dividends		(27)
Other		(1)
Net asset value before equity placing		600
Issue of shares - equity placing		(4)
At 31 March 2013		596

¹ EPRA net assets exclude the mark to market on effective cash flow hedges and related debt adjustments, as well as deferred taxation on revaluations

Growth in NAV has been driven by asset management initiatives and strong development performance, offset by a corresponding decrease in NAV due to the equity placing.

Our total accounting return for the year ended 31 March 2013 of 4.6%. Before the equity placing our total accounting return stood at 5.4%.

NET DEBT AND FINANCING

Net debt (EPRA) basis at 31 March 2013 was £2.0 billion for the Group and £4.3 billion including our share of joint ventures and funds. The principal value of gross debt excluding cash, short term deposits and liquid investments was £2.1 billion for the Group and £4.6 billion on a proportionally consolidated basis. The strength of the Group's balance sheet has been reflected in British Land's senior unsecured credit rating which remains rated by Fitch at A-, and provides capacity for investment.

Financing statistics	Group	Prop Consol
EPRA Net debt	£1,963m	£4,266m
Principal value of gross debt	£2,063m	£4,588m
Weighted average debt maturity	10.6 years	9.9 years
Weighted average interest rate of drawn debt	4.4%	4.6%
% of debt at fixed/capped rates	91%	97%
Interest cover¹	2.8	2.3
Loan to value²	24%	40%

¹Underlying profit before interest and tax / net interest

² Debt to property and investments

The weighted average interest rate held at 4.6% on a proportionally consolidated basis, equivalent to the prior year, and increased from 4.4% at the half year September 2012 following the equity placing where we repaid lower rate short term debt. Immediately prior to the equity placing the weighted average interest rate was 4.2%. Average debt maturity of 9.9 years compares to average lease lengths of 10.7 years.

The proportionally consolidated LTV decreased to 40% at 31 March 2013 (45% at 31 March 2012), driven by the equity placing and sale of Ropemaker Place, partially offset by acquisitions. LTV is expected to rise as funds are invested but will remain within our preferred range of 40% to 50%.

Our ability to access low cost, flexible finance from a diverse range of lenders is a key competitive advantage. We continue to achieve attractive financings, raising £1.2 billion (BL share £1.0 billion) of bonds and facilities since the start of this financial year on competitive terms. This brings the total new debt financings arranged in the last 24 months to £2.8 billion (BL share £2.3 billion).

In May 2012, HUT signed a new £350 million five year loan facility. The interest rate on the £250m term loan used to fully repay the existing credit facility has been swapped to a fixed rate, resulting in an all-in rate including margin and arrangement fees below the fixed interest rate under the previous financing. A further £100 million revolving loan facility will provide flexibility for HUT in respect of acquisitions, capital projects, disposals and general business purposes.

In September 2012, the Group issued a £400 million 5 year convertible bond on highly attractive terms benefiting from strong investor demand. The coupon is 1.5%, and if converted, British Land has the option to settle in shares or cash or a combination of shares and cash. The conversion price was set at 693 pence, a 31.25% premium to the share price at the time. The convertible was an important element of diversifying our investor base.

During the year, we also completed over £140 million of new bilateral committed revolving loan facilities for British Land with several banks on our usual unsecured financial covenants.

In March 2013, the Group completed a placing of ordinary shares at a price of 550 pence per placing share, raising total gross proceeds of approximately £493 million for the Company. The placing shares issued represent approximately 9.99 per cent of the issued ordinary share capital of British Land prior to the placing. The placing has provided us with additional investment capacity to pursue attractive opportunities, whilst remaining within our target LTV range. Whilst being initially EPS dilutive by 1.7 pence, we have already invested half of the placing proceeds into both income producing assets and development opportunities, reducing the annualised EPS dilution of the placing to just 0.6 pence. We stated at the time of the placing that we are confident of achieving earnings accretion on an annualised basis post the Ropemaker sale by March 2014.

Following the year end, in May, we signed a new five year £290 million unsecured revolving credit facility provided by a syndicate of seven banks with a wide geographical base, including three new relationships for British Land. This facility, with an initial margin of 135 bps per annum, was increased from £200m due to oversubscription (and will remain open for further banks who wish to join within a month). The terms include our standard unsecured financial covenants.

At 31 March 2013 the Group had £2.3 billion of available committed banking facilities and £135 million of cash and short-term deposits. We now have £1.3 billion of facilities with a maturity of more than 3 years.

ACCOUNTING JUDGEMENTS

In preparing these financial statements, the key accounting judgements relate to:

Valuation of properties: the Group carries its properties at their fair value using external professional valuers to determine the relevant amounts.

The primary source of evidence for property valuations should be recent, comparable market transactions on an arms-length basis. However, the valuation of the Group's property portfolio is inherently subjective, as it is made on the basis of assumptions made by the valuers which may not prove to be accurate.

REIT status: the Company has elected for REIT status. To continue to benefit from this regime, the Group is required to comply with certain conditions as defined in the REIT legislation. Management intends that the Group should continue as a REIT for the foreseeable future.

Accounting for joint ventures and funds: an assessment is required to determine the degree of control or influence the Group exercises and the form of any control to ensure that financial statement treatment is appropriate. Interest in the Group's joint ventures is commonly driven by the terms of the partnership agreements which ensure that control is shared between the partners. These are accounted for under the equity method, whereby the consolidated balance sheet incorporates the Group's share of the net assets of its joint ventures and associates. The consolidated income statement incorporates the Group's share of joint venture and associate profits after tax upon elimination of upstream transactions.

FINANCIAL POLICIES AND PRINCIPLES

The scale of our business combined with the quality, security and stability of our rental income and our management skills means that we are able to arrange finance on competitive terms from a broad range of sources. Here we outline our approach to financing, including our preferred level of gearing and the five guiding principles that govern how we manage our debt portfolio.

OUR APPROACH

At the heart of our approach to financing is the need to ensure that we have sufficient competitively priced financing available to support our property strategy, operating within our stated gearing range. To achieve this we have five guiding principles that govern the way we finance the business and manage its debt book.

Finance contributes to the Group's success, most importantly by providing the liquidity and resources to grow and develop the business. In arranging and monitoring our financing we include important risk disciplines, ensuring that all relevant risks are fully evaluated and managed.

British Land uses debt to enhance returns to shareholders. Good access to capital and the debt markets gives us a competitive advantage, allowing us to exploit opportunities when they arise.

GEARING

The gearing level adopted by the Board is a significant judgement as it impacts on the net asset value of the Company, the scale of British Land and the amount of debt that can be comfortably sustained. We use the loan to value ratio (debt as a percentage of the value of our assets), or LTV, to measure our gearing.

At British Land we have settled on a preferred LTV range of between 40% and 50% on a proportionally consolidated basis (i.e. including our share of joint ventures and funds). At 31 March 2013, this ratio was 40.2%.

In choosing this range of gearing the Board has weighed up the returns we get from owning more property (through borrowing to buy property) against the risks that debt necessarily entails. The range reflects the strength of our operational business, the reliability of our cash flows, the way in which we manage our debt book and, in particular, our refinancing risk.

Overall, and subject to transaction activity, we aim to manage the level of gearing over the property cycle such that when values are rising from the low part of the cycle gearing will be at a higher level in the range, while when values are around the high point of the cycle gearing will be in the lower level of the range. It is in the nature of real estate that transactions are often large in size which can cause large movements in loan to value within our preferred range. Our gearing is currently at the bottom end of our range, and is expected to increase as the monies raised from our share placing and the sale of Ropemaker Place in March 2013 are reinvested, and with continuing expenditure on our development programme.

British Land has a competitive advantage as, by leveraging our scale through joint ventures and funds financed with non-recourse debt, the LTV at 40.2% on a proportionally consolidated basis is higher than the Group measure for our unsecured lenders, which is less than 25%. We can operate with a higher level of proportionally consolidated LTV without taking unnecessary risk in terms of our unsecured credit profile.

OUR FIVE GUIDING PRINCIPLES

1. Diversify our sources of finance

2. Maintain liquidity

3. Extend and stretch maturity of debt portfolio

4. Maintain flexibility

5. Maintain strong balance sheet metrics

1. Diversify our sources of finance

We borrow from a large number of lenders, and have a total of 45 debt providers of bank facilities and private placements alone. The scale and quality of the Group's business enables us to access a broad range of secured and unsecured, recourse and nonrecourse debt markets. We arrange our finances so as to be able to choose between different types of debt to suit our own and, where appropriate, our partners' needs within the constraints of our borrowing covenants. We aim to maintain a balance between longer-term and shorter-term financings.

We also aim to ensure that potential debt providers understand our business and we adopt a transparent approach so that lenders can understand the level of their exposure within the overall context of the Group. We ensure that we operate within the relevant covenants of our facilities and we have a senior unsecured debt rating of A- from Fitch, unchanged from a year ago. These factors increase our attractiveness to lenders, and since April 2012 we have arranged £1.2 billion (British Land share £1.0 billion) of new facilities from banks, insurers and the convertible bond.

Group

Shorter-term financing by the Group is principally unsecured debt of British Land, raised through bilateral and syndicated unsecured revolving bank facilities. These credit facilities are based on relationships with a wide range of banks, reducing reliance on any particular lender. At 31 March 2013, 19 different financial institutions from nine countries provided finance to the Group via bilateral or syndicated facilities totalling £2.3 billion at floating interest rates based on LIBOR plus an average margin of 82 bps or 0.82% per annum; of this £0.2 billion was drawn at the year end at an average margin of 43 bps or 0.43% per annum.

Medium to longer term financing comprises public and private bond issues, including private placements, convertibles and debentures.

The unsecured funding with recourse to British Land includes US private placements, issued in full at fixed rates, requiring no amortisation and with terms up to 14 years.

Secured debt with recourse to British Land is provided by debentures at fixed interest rates with long maturities and no amortisation. Debentures without recourse to British Land comprise two fixed rate debentures of £73 million in total.

Joint ventures and funds

Our joint ventures and funds are each financed in 'ring-fenced' structures without recourse to British Land. External debt in total of £5.0 billion (2011/12: £5.4 billion) has been arranged through securitisation or bank debt according to the requirements of the business of each venture.

2. Maintain liquidity

We aim to always have a good level of undrawn, available, unsecured revolving bank facilities. These facilities provide financial liquidity, reduce the need to hold liquid resources in cash and deposits, and minimise costs arising from the difference between borrowing and deposit rates while reducing credit exposure. At 31 March 2013 we had cash and undrawn facilities of £2.2 billion.

3. Extend and stretch maturity of debt portfolio

The maturity profile of our debt is managed by spreading the repayment dates and extending facilities, and by monitoring the various debt markets so that we have the ability to act quickly to arrange new finance at advantageous rates as opportunities arise. Debt maturities are well spread over a long period; taking into account undrawn facilities and cash as well as committed development expenditure, we are comfortably ahead of our two year re-financing date horizon. During the last year the new facilities raised had maturities averaging five years. The average length of our debt maturities is 9.9 years.

4. Maintain flexibility

We negotiate flexibility into our debt facilities, and our bank revolving credit facilities provide full flexibility of drawing and repayment at short notice without additional cost. These provide valuable operational support, are arranged with standard terms and financial covenants, and are committed for terms of generally five years. We arrange these revolving credit facilities in excess of our expected requirements to ensure we always have adequate financing availability and to support future business requirements. Operational flexibility is maintained with our combination of unsecured revolving debt and secured term debt with good substitution rights, where we have the ability to move assets in and out of our debentures.

5. Maintain strong balance sheet metrics

British Land's operational metrics are strong. The strength of our property portfolio is emphasised by the longevity and quality of our cash flows, with long average outstanding lease lengths (10.7 years); high occupancy (96.8%); the in-built growth of our portfolio (25.5% with fixed or RPI linked uplifts); low levels of lease expiries over the next three years (9.6% of income); and reduced levels of development risk (with £49 million already contracted future income from pre-lets).

The strength of our debt portfolio and low refinancing risk is illustrated by the range (within 12 months to 23 years) of our debt maturities; our diversified pool of finance confirming our avoidance of reliance on single debt sources; our efficiency with a low average cost of debt of 4.6%; our interest cover of 2.3 times proportionally consolidated; our use of non-recourse debt; and operational flexibility, supported by our continued success at raising debt at competitive prices.

GROUP BORROWINGS

Shorter-term financing by the Group is raised principally through bilateral and syndicated unsecured revolving bank facilities with a wide range of banks. Unsecured medium and longer term finance is also arranged in private placements and convertible bonds, issued at fixed rates of interest with no amortisation. The same unsecured financial covenants apply across each of the Group's unsecured facilities.

These covenants, which have been consistently agreed with all unsecured lenders since 2003, are:

a) Net Borrowings not to exceed 175% of Adjusted Capital and Reserves; and

b) Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets.

No income/interest cover ratios apply to these facilities, and there are no other unsecured debt ﬁnancial covenants in the Group.

Covenant ratios

As at 31 March	2009	2010	2011	2012	2013
Net Unsecured Borrowings to Unencumbered Assets¹	6%	14%	25%	34%	23%
Net Borrowings to Adjusted Capital and Reserves²	83%	37%	36%	44%	31%

Highest during the year to 31 March 2013: 40%(1); 50%(2)

The Unencumbered Assets of the Group, not subject to any security, stood at £4.3 billion as at 31 March 2013.

Although secured assets are excluded from Unencumbered Assets for the covenant calculations, unsecured lenders beneﬁt from the surplus value of these assets above the related debt and the free cash ﬂow from them. During the year ended 31 March 2013, these assets generated £43 million of surplus cash after payment of interest. In addition, while investments in joint ventures do not form part of Unencumbered Assets, our share of proﬁts generated by these ventures are regularly passed up to the Group.

Secured debt with recourse to British Land is provided by longer-term debentures at fixed interest rates with no amortisation. The £0.9 billion of debentures issued by British Land are secured against a single combined pool of assets with common covenants; the value of those assets is required to cover the amount of these debentures by a minimum of 1.5 times and net rental income must cover the interest at least once. We use our rights under the debentures to withdraw, substitute or add properties (or cash collateral) in the security pool, in order to manage these cover ratios effectively and deal with any asset sales.

Debentures without recourse to British Land comprise two fixed rate debentures of £73 million in total.

BORROWINGS IN OUR JOINT VENTURES AND FUNDS

The debt in our funds and joint ventures is arranged without recourse to British Land for repayment and secured on the assets of the relevant entity, where gearing can often be satisfactorily maintained at a higher level than Group debt.

Of external debt totalling £5.0 billion (2011/12: £5.4 billion) in our funds and joint ventures, 63% is provided by long dated securitisations.

The securitisations of the Broadgate Estate (£1,812 million), Meadowhall (£768 million) and the Sainsbury's Superstores portfolio (£610 million), have weighted average maturities of 14.0 years, 12.2 years, and 8.6 years respectively. The only ﬁnancial covenant applicable to these securitisations is that income must cover interest and scheduled amortisation (1 times); there are no loan to value covenants. These securitisations provide for quarterly principal repayments with the balance outstanding reducing to approximately 20-30% of the original amount raised by expected ﬁnal maturity, thus mitigating reﬁnancing risk.

Other debt arrangements with banks and other lenders include loan to value ratio covenants with levels ranging from 40% to 90%; and most have rental income to interest or debt service cover requirements. There is no obligation on British Land to remedy any breach of these covenants and any remedy needed would be considered by the parties on a case-by-case basis.

MONITORING OUR LTV AND DEBT

We monitor our projected LTV and our debt requirement using several key internally generated reports focused principally on borrowing levels, debt maturity, covenant headroom and interest rate exposure. We also undertake sensitivity analysis to assess the impact of proposed transactions, movements in interest rates and changes in property values on the key balance sheet, liquidity and profitability ratios.

In assessing our ongoing debt requirements, including those of our development programme, we consider potential downside scenarios such as an unexpected fall in valuations and the effect that might have on our covenants and the potential impact on the differing categories of debt within our business.

We monitor the credit standing of our counterparties to minimise our risk exposure to deposits placed.

MANAGING OUR INTEREST RATE EXPOSURE

We manage our interest rate exposure and risk independently from our debt exposure. The Board sets an appropriate maximum level of sensitivity of underlying earnings and cash flows to movements in market rates of interest over a rolling five-year period. The proportion of fixed rate debt required to remain within the target sensitivity varies with the levels of gearing and interest cover.

Our debt finance is raised at both fixed and variable rates. Derivatives (primarily interest rate swaps) are used to achieve the desired interest rate profile across proportionally consolidated net debt. Currently 85% of projected net debt (including our share of joint ventures and funds) is at fixed rate over the five-year policy time period.

The use of derivatives is managed by a derivatives committee. The interest rate management of joint ventures and funds is addressed by each entity for its business.

The Group's exposure to derivative counterparties is monitored on a regular basis, as are their external credit ratings.

FOREIGN CURRENCY EXPOSURE

Our policy is to have no material unhedged net assets or liabilities denominated in foreign currencies. The currency risk on overseas investments is hedged via foreign currency denominated borrowings and derivatives. When attractive terms are available to do so, the Group may choose to borrow in freely available currencies other than sterling. The Group fully hedges its foreign currency risk on such borrowings.

Our overseas assets are held in Spain, Portugal, Italy and France and total £255 million (our share). They are hedged by borrowings of equal amounts in Euros from a range of British, German and other European banks.

TAX

Being a Real Estate Investment Trust (REIT) British Land does not pay tax on its property income or gains on property sales, provided that we distribute as a dividend at least 90% of our property income to shareholders, which becomes taxable in their hands. In addition, we have to meet certain conditions such as ensuring our property rental business represents more than 75% of our total profits and assets. We do pay tax on overseas property income, which is subject to taxation in the relevant jurisdiction. Any UK income that does not qualify as property income within the REIT rules (such as fees and interest) is subject to tax in the normal way. We also collect VAT and withholding tax on the dividends, as well as employment taxes, on behalf of HMRC.

We administer the tax compliance for 468 companies covering Group and joint ventures and funds (383 UK companies and 85 overseas companies); details of which are shown in our annual return filed with Companies House on 28 February 2013.

HMRC have awarded us a Low Risk tax rating which is in part a reflection of our REIT status together with our transparent approach where we keep them informed. Also, we maintain a regular dialogue with HMRC and, in complex areas where there is a range of ways in which a transaction could be undertaken, we seek clearance from HMRC for what we do. We also discuss with HMRC potential or proposed changes in the taxation system that might affect us, particularly those relating to REIT legislation.

In the year to 31 March 2013, British Land paid more than £200 million in tax to HMRC. On top of that, our investments bring wider economic and social benefits. In September 2012, PwC calculated for British Land the impact its £2.1 billion development programme is having on communities across the UK. Between 2011 and 2015, British Land will have contributed £1.2 billion (in terms of Gross Value Added) to the UK economy and created 32,300 jobs through its construction projects. For every £1 million British Land spends on construction, it generates an estimated 31 jobs.

PRINCIPAL RISKS AND UNCERTAINTIES

At British Land, we take the view that our assessment of risk is a cornerstone of our strategy and our embedded risk management is fundamental to its delivery. Our integrated approach combines a top-down strategic view with a complementary bottom-up operational process.

OUR APPROACH TO RISK MANAGEMENT

The top down approach involves a review of the external environment in which we operate to determine the level of risk which we are comfortable exposing the business to in pursuit of our performance objectives - this is our risk appetite. This evaluation frames the determination of our strategy and the actions which underpin its execution. Key risk indicators (KRIs) have been identified for each of our principal risks and uncertainties and are used to monitor our risk exposure on an ongoing basis to ensure that the activities of the business remain within agreed risk appetite tolerances.

The bottom-up approach involves identification, management and monitoring of risks in each area of our business meaning that risk management is embedded in our everyday operations. Control of this process is provided through maintenance of risk registers in each area. These risk registers are aggregated and reviewed by the Risk Committee, with significant and emerging risks escalated for Board consideration as appropriate.

This process complements the top-down view by informing the identification of our principal risks and uncertainties, ensuring that operational risks are fully considered in determining the risk appetite and the corresponding strategy of the business.

Those principal risks and uncertainties are detailed in the table that follows. This disclosure includes an indication of the most significant links between each of our internal risks and our strategic priorities.

RISK GOVERNANCE

The Board takes overall responsibility for risk management with a particular focus on determining the nature and extent of significant risks it is willing to take in achieving its strategic objectives. The Audit Committee takes responsibility for overseeing the effectiveness of sound risk management and internal control systems.

The Executive Directors are responsible for delivering the Company's strategy and managing operational risk and a Risk Committee has been established during the year to provide a forum to fulfil these responsibilities. This Committee has overseen the formalisation of many of our risk management processes in the year.

The Directors in turn place reliance on their teams to monitor and manage operational risks on an ongoing basis, as well as identifying emerging risks. The risk registers provide a framework for all staff to feed into this process, recognising their shared responsibility for effective management of risk in delivering our strategy.

ASSESSING RISK IN INVESTMENT DECISIONS

Execution of our chosen investment strategy comprises a series of individual investment decisions including purchases, sales and developments. Evaluation of risk is fundamental to each decision and includes consideration of both qualitative and quantitative factors. During the year we enhanced our evaluation of risk adjusted returns of investment opportunities by using scenario modelling tools to consider a range of possible outcomes and associated likelihoods. This provides a rigorous basis for comparing investment opportunities.

EXTERNAL RISKS

Risks and impacts

How we manage the risk

Movement in the period

ECONOMIC UNCERTAINTY

Continued economic uncertainty and subdued levels of economic growth in the UK, the Eurozone and further afield present risks to financing and property markets as well as the businesses of our occupiers.

· A review of the economic environment is a standing agenda item for the Risk Committee and is supported by review of key economic data including leading indicators. We are guided by this in determining our strategy and remain alert to observed or anticipated changes, evolving our strategy and its implementation accordingly.

· Our direct exposure to Eurozone economies remains limited, representing less than 3% of the portfolio.

Risk exposure has reduced

The political will demonstrated

in the year to preserving the euro

indicates a lower risk of financial market dislocation from a Eurozone break up. Relative to historic norms, the risk of economic shocks remains elevated and the outlook for economic growth is subdued both in the UK and abroad but continuing expansionary monetary policy accompanied by increasing levels of guidance has seen borrowing costs drop to new lows, buoying investor confidence evidenced by strong stock market performance over the period.

COMMERCIAL PROPERTY INVESTOR DEMAND

Reduction in investor demand for UK commercial property may result in falls in asset valuations and could arise from variations in:

· health of the UK economy;

· attractiveness of investment in the UK;

· availability of finance; and

· relative attractiveness of other asset classes.

· A review of the property investment market is a standing agenda item for the Risk Committee and is supported by review of key market data including leading indicators. We are guided by this in determining our strategy and remain alert to observed or anticipated changes, evolving our strategy and its implementation accordingly.

· We maintain a focus on those sectors which we consider to be most resilient to variations in investor demand, underpinned by long term committed lease income.

Risk exposure has reduced

The status of the UK, and particularly London, as an investment 'safe haven' at this time of heightened economic uncertainty has translated to a high level of investor demand, including a large international element and increasing appetite for property investment from sovereign wealth funds and other emerging overseas institutional investors. This interest is, however, highly selective and largely focused on the prime end of the investment spectrum. Consistent with anticipated polarisation of the investment market, demand for weaker assets continues to diminish - reflecting the accelerating obsolescence of some sectors and locations and poor occupier trading performance.

AVAILABILITY AND COST OF FINANCE

· Reduced availability of real estate financing may adversely impact British Land's ability to refinance facilities and result in weaker investor demand for real estate.

· Increasing finance costs would reduce British Land's underlying profits.

· Benchmark borrowing rates and other financing indicators are monitored by the Risk Committee on a quarterly basis to guide financing strategy.

· We maintain strong relationships with our key financing partners and advisers to maintain an awareness of financing market activity.

· We maintain a diverse range of sources of finance to provide flexibility to access funding as required.

· We closely monitor relevant emerging banking regulation (e.g. Basel III, Slotting) working with industry bodies and other relevant organisations to understand the implications for the commercial real estate industry and participate in the debate where our interests are affected.

Risk exposure has reduced

One key dynamic in real estate funding is the continuing rebalancing of banks' real estate exposure resulting in significant deleveraging, exacerbated by increasing regulation and capital requirements.

Those real estate investors who have maintained strong balance sheets, strong relationships with financing partners and access to capital markets continue to experience good availability of finance demonstrated by the high volume of bank and capital market financing transactions concluded in the year by leading REITs.

Benchmark borrowing rates have remained at historic lows and are not expected to increase in the short term although swap rates point to an increase in the medium term.

OCCUPIER DEMAND AND TENANT DEFAULT

· Underlying income, rental growth and capital performance could be adversely affected by weakening occupier demand resulting from variations in health of the UK economy and corresponding weakening of consumer confidence and business activity and investment.

· Occupier failures may adversely impact underlying income and capital performance.

· Changing consumer and business practices (e.g. internet shopping, flexible working practices and demand for energy efficient buildings), new technologies, new legislation and alternative locations may result in earlier than anticipated obsolescence of our buildings if evolving occupier and regulatory requirements are not met.

· A review of the property occupier market is a standing agenda item for the Risk Committee, supported by review of key market data, to guide determination of our strategy and its implementation.

· We have a Key Occupier Account programme through which we work together with our occupiers to find ways to best meet their evolving requirements.

· We perform rigorous occupier covenant checks and review these on an ongoing basis so that we can be proactive in managing exposure to weaker occupiers.

· We are constantly assessing how best to 'futureproof' our buildings and maintain Sustainability Briefs across the investment portfolio as well as on acquisitions and developments.

· British Land prides itself on taking a leadership position on defining and responding to environmental legislation impacting the built environment. All our office developments are BREEAM Excellent and our major retail developments BREEAM Very Good or Excellent. In our existing buildings we have delivered a 38% landlord-influenced energy reduction, towards our 40% reduction target by 2015. We are assessing our exposure to the anticipated Minimum Energy Performance Standards arising from the Energy Act (2011), so we can address any issues that arise as a result of this before 2018.

Risk exposure has increased

Failures of retailers who have not

been able to keep pace with evolving consumer demands remain a feature of the retail landscape. A number of these occupiers operated from properties such as ours. Mindful of this, we remain committed to providing destinations which enable occupiers to meet shoppers' changing behaviours and focused on engaging with those occupiers who are best placed to respond to these changes.

Widespread changes to the operating and financing models being employed in the banking sector in response to the recent financial crisis and subsequent regulation have depressed demand from this sector. Demand from other sectors such as insurance and TMT has increased however and we are working hard to consider how best to engage with and meet the requirements of these occupiers.

CATASTROPHIC BUSINESS EVENT

· An external event such as a civil emergency, including a large scale terrorist attack, extreme weather occurrence or environmental disaster could severely disrupt global markets (including property and finance) and cause significant damage and disruption to British Land's portfolio and operations.

· Asset risk assessments (e.g. security, flood, environmental, health & safety).

· Regular security threat information service.

· Physical security measures at properties and development sites.

· Asset emergency procedures reviewed and scenario tested.

· Head office business continuity plan in place and regularly tested.

· Comprehensive insurance.

No significant change in risk exposure

The evaluation of the likely impact of this risk on the performance of the Group has not changed since the prior year. The Home Office threat level from international terrorism remains 'substantial'.

INTERNAL RISKS

Risks and impacts

How we manage the risk

Movement in the period

INVESTMENT STRATEGY

Responsible Executive: Chris Grigg

Strategic Priority: Grow value

In order to meet our strategic objectives we must invest in and exit from the right properties at the right time.

Significant underperformance could result from inappropriate determination and execution of our property investment strategy, including:

· sector selection and weighting;

· timing of investment and divestment decisions;

· exposure to developments;

· sector, asset, tenant, region concentration;

· co-investment arrangements.

· Our investment strategy is determined to be consistent with our target risk appetite based on the evaluation of the external environment.

· Progress against the strategy and continuing alignment with our risk appetite is monitored at each Risk Committee by reviewing relevant indicators including comparison of forecast portfolio returns against the IPD benchmark.

· Individual investment decisions are subject to robust risk evaluation overseen by our Investment Committee including consideration of risk adjusted returns relative to internal hurdle rates.

· We foster collaborative relationships with our co-investors and enter into ownership agreements which balance the interests of the parties.

No significant change in risk exposure

Chris Grigg commented "These results show that the long term decisions that we have taken in determining the investment strategy and the short term actions we have taken in executing it are delivering outperformance. We were pleased to be able to conclude a number of significant transactions in the year, including the acquisitions of the Clarges Estate and the Ealing Broadway Shopping Centre which leveraged British Land's relationships and ability to execute complex deals rapidly."

DEVELOPMENT

Responsible Executives:

Charles Maudsley, Tim Roberts

Strategic Priority: Incremental value

Development provides an opportunity for outperformance but this brings with it elevated risk. The care with which we make our decisions around which schemes to develop when, as well as our execution of these projects, must reflect this.

Development risks could adversely impact underlying income and capital performance including:

· development letting exposure;

· construction timing and costs; and

· adverse planning judgements.

· We maintain our levels of total and speculative development exposure within a target range taking into account associated risks and the impact on key financial metrics.

· For each project we make a judgement about apportionment of construction risk. Where we retain this risk we fix costs early in the process, subject to other market factors, with key contractors subject to financial covenant review.

· Pre-lets are employed to strategically de-risk the development letting profile.

· We actively engage with the communities in which we operate, as detailed in our Community Charter, to ensure that our development activities consider the interests of all stakeholders.

Risk exposure has reduced

Tim Roberts commented "We have

made great progress on our committed development programme in the year. The risk profile has reduced with further pre-lets at the Leadenhall Building, NEQ and 10 Portman Square meaning that the London committed programme is now 61% pre-let or under offer. In addition 98% of our costs are now fixed. We remain alert to risks over the remaining life of these developments - including the outstanding letting requirement - and are turning our attention to replenishing our development pipeline."

CAPITAL STRUCTURE - GEARING

Responsible Executive: Lucinda Bell

Strategic priority: Use scale to our advantage

We must maintain a capital structure which recognises the balance between performance, risk and flexibility.

· Gearing provides the capacity for outperformance but also magnifies the impact of underperformance.

· An increase in the gearing level increases the risk of a breach of financing covenants and may increase borrowing costs.

· We set a target gearing range to reflect the strength of our portfolio and cash flows, management of our debt book and our refinancing risk. We manage gearing with reference to the property valuation cycle.

· We manage our investment activity, which can be lumpy, as well as our development commitments to ensure that we will remain within an appropriate range of LTV.

· Covenant headroom and LTV, both absolute and relative to the cycle, are monitored quarterly by the Risk Committee.

No significant change in risk exposure

Lucinda Bell commented "We have been successful in managing our LTV within our target range this year, through a period of extensive capital markets, investment and development activity. As a result of the equity issue in March our LTV is currently at the lower end of the range."

INCOME SUSTAINABILITY

Responsible Executives: Charles Maudsley, Tim Roberts

Strategic priority: Grow income

We must be mindful of maintaining sustainable income streams in order to continue to generate returns for our shareholders and provide the platform from which to grow the business through development and capital appreciation.

We are required to consider sustainability

of our income streams in:

· execution of investment strategy and capital recycling, notably timing of reinvestment of sale proceeds;

· nature and structure of leasing activity; and

· nature and timing of asset management and development activity.

· We undertake comprehensive profit and cash flow forecasting incorporating scenario analysis to model the impact of proposed transactions.

· We perform rigorous occupier covenant checks and review these on an ongoing basis so that we can be proactive in managing exposure to weaker occupiers.

· We are proactive in addressing key lease breaks and expiries to minimise periods of vacancy.

· We actively engage with the communities in which we operate, as detailed in our Community Charter.

No significant change in risk exposure

Charles Maudsley commented "The strength of our Retail portfolio and the steps we are taking to ensure that we continue to meet the changing needs of our occupiers and their customers means that we are well placed in a challenging trading environment.

Tim Roberts commented "Our proactive approach to addressing the risks of upcoming lease events and the strong relationships we have with our occupiers have served us well this year. This was particularly notable in the lease extensions that we agreed with our key occupiers Herbert Smith and ICAP on the Broadgate Estate."

LIQUIDITY

Responsible Executive: Lucinda Bell

Strategic priority: Use scale to our advantage

We must be judicious in the management of our financing as our strategy here addresses risks both to our continuing going concern and the stability of our profits.

Failure to manage the refinancing requirement may result in a shortage of funds to sustain the operations of the business or repay facilities as they fall due.

This and a breach of financing covenant limits, are considered to be the most significant risks to the continuing operation of British Land as a going concern.

· We have five key principles guiding the financing of the Group which together are employed to manage the risks in this area: diversifying our sources of finance, maintain liquidity, extend and stretch maturity of debt portfolio, maintain flexibility and maintain strong balance sheet metrics.

· We are committed to maintaining and enhancing relationships with our key financing partners.

· We closely monitor relevant emerging regulation which has the potential to impact the way that we finance the Group and to introduce other operating constraints (e.g. AIFMD, EMIR). As with other regulatory and public affairs matters which impact us, we engage with Government and other industry participants to influence the debate.

Risk exposure has reduced

Lucinda Bell commented "Against a backdrop of banks retrenching in terms of their real estate lending exposure, we have taken advantage of our strong balance sheet, relationships and track record to deliver £1.2 billion of new financing for and on behalf of British Land and its co-investments. This included our £400 million convertible bond in September 2012, a new source of financing adding to the diversity of our funding, alongside £0.4 billion of new unsecured bank facilities and £0.4 billion of secured loans from banks and insurers. This activity in combination with our equity placing in March provides the capacity to invest opportunistically."

PEOPLE

Responsible Executive: Chris Grigg

Strategic priority: A great place to work

Our people are one of our major assets. It is their decisions and actions that drive the returns of the business.

Failure to recruit, develop and retain staff and directors with the right skills and experience may result in significant underperformance.

· We regularly review succession planning for key roles and act promptly to address any exposures identified.

· We regularly benchmark Director and employee remuneration and incentives with an appropriate peer group.

· We are committed to our performance appraisal process, conduct an annual employee survey and closely monitor staff turnover.

No significant change in risk exposure

Chris Grigg commented "We are committed to making British Land a great place to work for all of our staff. We challenge our staff, through the appraisal process, to identify their own development needs and work with them to provide solutions. As our staff develop and broaden their experience and skills, all of our stakeholders benefit from improved performance and service."

CORPORATE RESPONSIBILITY

Managing our environmental, social and economic impacts is central to how we do business and deliver value for our shareholders. We aim to be the best at the sustainability issues that matter most to our business and our key stakeholders. We are the leading UK REIT on a number of key sustainability indices. Our four focus areas are managing buildings efficiently, developing sustainable buildings, supporting communities and engaging employees.

This year we have made good progress, through our strong relationships with our occupiers, on-site building management teams and development partners. We have also worked more closely with our major suppliers, local people and other partners to understand and address local issues, with a particular focus on training and employment initiatives.

Performance on sustainability indices:

· Carbon Disclosure Project - only REIT globally on both the Disclosure Leadership Index and Performance Leadership Index

· Management Today's Most Admired Companies in Britain - leading REIT for environmental and community responsibility

· Dow Jones Sustainability Index (World and Europe) - listed member

· FTSE4Good - listed member

· Global Real Estate Sustainability Benchmark (GRESB) - awarded Green Star

· EPRA Sustainability Reporting - awarded Gold.

Key performance indicators:

· 38% landlord-influenced energy reductions since 2009, altogether saving £5.2 million for occupiers and 39,600 tonnes of carbon

· 4.9 million sq ft of space certified BREEAM Excellent for sustainability over the last four years

· 95% of waste diverted from landfill on our developments and 90% at our properties, with 754,200 tonnes recycled over the last three years, avoiding £3.5 million in landfill tax costs

· 14,800 people benefited from our community programme, through education, employment, training and other initiatives

· One Star accreditation in The Sunday Times Best Companies to Work For, based on feedback from our staff

· Customer satisfaction score of 7.8 out of 10, significantly outperforming the industry average of 5.1 out of 10.

Awards included:

· Property Week Sustainability Achievement Award

· CIBSE Carbon Champion of the Year and Client Energy Management Award

· Business in the Community Awards in Glasgow, London and Rotherham

· NAREIT Global Recognition Leader in the Light Award

· ENDS Green Business Awards for Energy and the Built Environment.

We report to the Global Reporting Initiative B+ standard and EPRA Best Practice Recommendations on Sustainability Reporting. Our key performance data is independently assured under the ISAE 3000 standard.

Our Corporate Responsibility Report 2013 will be published on 7 June 2013 at www.britishland.com. To pre-order your copy, please email cr@britishland.com

DIRECTORS' RESPONSIBILITY STATEMENT

We confirm that to the best of our knowledge:

(a) the financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

(b) the Management Report, which is incorporated into the Directors' report, includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

GOING CONCERN

The Group's business activities, together with the factors likely to affect its future performance and position are set out in the Directors' Report and Business review. The financial position of the Group, its cash flows, liquidity position and borrowing facilities, together with the Group's financing policy, are described in the Financial Review.

The Group currently has considerable undrawn debt facilities and cash deposits which are expected to be sufficient to meet its financing requirements for several years. The Group's recent record of raising in excess of £3 billion of financing and equity funding over the last 24 months gives the Directors confidence in the Group's ability to raise further finance should it be required to fund incremental activity. The Group has substantial headroom against covenants on unsecured banking facilities, details of which are on page 30. It also benefits from a secure income stream from leases with long average lease terms, and is not over-reliant on any single occupier or industry group.

As a consequence of these factors, the Directors believe that the Group is well placed to manage its financing and other business risks satisfactorily in the current economic environment. The Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis in preparing the Annual Report and Accounts.

By order of the Board, Lucinda Bell, Finance Director

GLOSSARY

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 managed by British Land and includes 100% of the value of assets managed but not fully owned.

BREEAM (Building Research Establishment Environmental Assessment Method) assesses the sustainability of buildings against a range of 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 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 subject to a maximum level of uplift at the specified rent reviews as agreed at the time of letting.

Collar rents are subject to a minimum level of uplift at the specified rent reviews as agreed at the time of letting.

Developer's profit is the profit on cost estimated by the valuers. 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 construction 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 6% per annum).

EPRA is the European Public Real Estate Association, the industry body for European REITs.

EPRA earnings is the profit after taxation excluding investment and development property revaluations and gains/losses on disposals, changes in the fair value of financial instruments and associated close-out costs and their related taxation.

EPRA NAV per share is EPRA NAV divided by the diluted number of shares at the period end.

EPRA net assets (EPRA NAV) are the balance sheet net assets excluding the mark-to-market on effective cash flow hedges and related debt adjustments, deferred taxation on revaluations.

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 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 vacancy rate is the estimated market rental value (ERV) of vacant space divided by ERV of the whole portfolio, excluding developments. This is the inverse of the occupancy rate.

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.

Fair value movement is accounting adjustment to change the book value of an asset or liability to its market value.

Gearing see Loan to Value (LTV).

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.

Gross Value Added (GVA) provides a snapshot of a company's overall contribution to the UK economy, both directly through activities and indirectly through spending.

Group is The British Land Company PLC and its subsidiaries and excludes its share of joint ventures and funds 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.

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.

Lettings and lease renewals are divided between short-term (less than two years' lease length) and long-term (over two years' lease length). Lettings and 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.

Like-for-like 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. Like-for-like ERV growth is calculated monthly and compounded for the period subject to measurement, as calculated by IPD.

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.

Mark-to-market is the difference between the book value of an asset or liability and its market value.

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 purchasers costs). It is based on the valuers view on ERVs, yields, letting voids and rent-frees.

Net effective rent is the contracted gross rent receivable taking into account any rent-free period or other tenant incentive. 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 allowing for 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 operating costs are property operating expenses and administrative expenses net of fees and other income.

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 properties. It includes accommodation under offer or subject to asset management (where they have been taken back for refurbishment and are not available to let as at the balance sheet date).

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.

Portfolio valuation movement is the increase in value of the portfolio (after taking account of capital expenditure and capitalised interest) of properties held at the balance sheet date and sales during the period, expressed as a percentage of the capital value at the start of the period plus net capital expenditure.

Property Income Distributions (PIDs) are profits distributed to shareholders which are subject to tax in the hands of the shareholders as property income. PID s 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 PID s without withholding tax. Property companies also pay out normal dividends, called non-PIDs, which are treated as normal dividends and not subject to withholding tax.

Property 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.

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.

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.

Retail planning consents are separated between A1, A2 and A3 - as set out in The Town and Country Planning (Use Classes) Order 2005. Within the A1 consent category, Open A1 consent grants planning for any type of retail, while Restricted A1 consent places limits on the types of retail that can operate (this is typically 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	Retail sale of goods other than hot food; post office; sale of tickets or as a travel agency; sale of sandwiches or other cold food off the premises; hairdressing; direction of funerals; display of goods for sale; hiring out of domestic or personal goods/articles; the reception of goods to be washed, cleaned or repaired; a retail warehouse club being a retail club where goods are sold, or displayed for sale, only to persons who are members of that club; or as a night club.
A1	Financial and professional services	Financial services; professional services (other than health or medical); or other services (including betting) appropriate for a shopping area.
D2	Assembly and leisure	Cinemas, music and concert halls, bingo and dance halls (but not night clubs), swimming baths, skating rinks, gymnasiums or area 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 lettings.

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.

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 capital expenditure incurred, plus net income, expressed as a percentage of capital employed over the period, as calculated by IPD.

Total return (total accounting return) is the growth in EPRA NAV 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 before tax is the pre-tax EPRA earnings measure with additional Company adjustments. Adjustments include mark-to-market adjustments on, or profits on disposal of, held for trading assets, mark-to-market adjustments on the convertible bond and issue costs of the convertible bond.

Virtual freehold represents a long leasehold tenure for a period 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 result is divided by total Group debt in issue at the period end.

Weighted average interest rate is the Group loan interest and derivative costs per annum at the period end, divided by total Group debt in issue at the period end.

Weighted average 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 short-term lettings, residential leases and properties allocated as developments.

Yield on cost is the estimated annual rent of the completed development divided by the total cost of development including site value and finance costs, accruing at a rate of 4% per annum 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.

SUPPLEMENTARY TABLES

(Data includes Group's share of Joint Ventures and Funds)

Portfolio Net Yields¹
At 31 March 2013 (excluding developments)	EPRA net initial yield %	EPRA topped up net initial yield %²	Overall topped up net initial yield %³	Net reversionary yield %	Net equivalent yield %
Retail:
Retail parks	5.5	5.7	5.8	5.9	5.9
Superstores	5.2	5.2	5.2	5.1	5.2
Shopping centres	5.6	5.8	5.8	5.6	5.9
Department stores	5.7	5.8	8.3	4.8	6.4
UK Retail	5.5	5.6	5.9	5.6	5.8
Europe Retail	6.6	6.6	6.6	8.4	8.0
All Retail	5.5	5.6	5.9	5.7	5.9
Offices:
City	5.4	6.1	6.1	6.1	5.8
West End	4.6	5.1	5.3	5.7	5.6
Provincial	7.3	7.3	7.3	5.9	6.6
All Offices	5.1	5.7	5.8	5.9	5.7
Other	7.7	7.7	9.0	6.0	8.5
UK Total	5.4	5.7	6.0	5.7	5.9
Total	5.5	5.7	6.0	5.8	5.9
¹including notional purchaser's costs
²including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of growth
³ including fixed/minimum uplifts (excluded from EPRA definition)

Annualised Rent & Estimated Rental Value (ERV)
At 31 March 2013 (excluding developments)	Annualised rent (valuation basis) £m¹			ERV £m	Average rent £psf
At 31 March 2013 (excluding developments)	Group	JVs & Funds	Total	Total	Contracted²	ERV²
Retail:
Retail parks	102	44	146	156	22.5	23.3
Superstores	8	63	71	71	21.6	21.6
Shopping centres	50	58	108	114	25.6	26.3
Department stores	29	-	29	24	13.3	11.0
UK Retail	189	165	354	365	21.9	22.3
Europe Retail	-	21	21	24	8.3	9.7
All Retail	189	186	375	389	20.1	20.7
Offices:
City	4	77	81	91	47.1	45.4
West End	54	-	54	67	43.4	44.2
Provincial	6	-	6	5	27.1	21.9
All Offices	64	77	141	163	44.3	43.5
Other	28	-	28	23	13.4	10.8
Total	281	263	544	575	22.8	23.1
¹ gross rents plus, where rent reviews are outstanding, any increases to ERV (as determined by the Group's external valuers), less any grounds rents payable under head leases, excludes contracted rent subject to rent free and future uplift
² Office average rent £psf is based on office space only.

Gross Rental Income¹
(Accounting Basis) £m	12 mths to 31 March 2013			Annualised as at 31 March 2013
	Group	JVs & Funds	Total	Group	JVs & Funds	Total
Retail:
Retail parks	102	44	146	99	44	143
Superstores	8	63	71	8	62	70
Shopping centres	35	64	99	50	58	108
Department stores	32	-	32	33	-	33
UK Retail	177	171	348	190	164	354
Europe Retail	-	19	19	-	21	21
All Retail	177	190	367	190	185	375
Offices:
City	25	83	108	5	82	87
West End	53	-	53	53	-	53
Provincial	6	-	6	6	-	6
All Offices	84	83	167	64	82	146
Other	33	-	33	32	-	32
Total	294	273	567	286	267	553
¹gross rental income (accounting basis) will differ from annualised rents (valuation basis) due to accounting adjustments for fixed & minimum contracted rental uplifts and lease incentives

Lease Length & Occupancy
At 31 March 2013	Average lease length yrs		Occupancy rate %
(excluding developments)	To expiry	To break	Occupancy	Occupancy (overall)¹
Retail:
Retail parks	9.8	9.0	94.6	95.8
Superstores	15.4	15.4	100.0	100.0
Shopping centres	9.9	9.2	95.8	97.5
Department stores	28.2	24.9	99.6	99.6
UK Retail	12.5	11.6	96.3	97.4
Europe Retail	10.5	4.3	86.7	88.5
All Retail	12.4	11.2	95.7	96.8
Offices:
City	9.9	7.9	95.2	96.0
West End	9.9	7.6	96.5	96.5
Provincial	9.3	8.9	100.0	100.0
All Offices	9.9	7.8	95.9	96.3
Other	21.6	21.5	98.9	98.9
UK Total	12.1	11.0	96.3	97.1
Total	12.1	10.7	95.9	96.8
¹including accommodation under offer or subject to asset management

Rent Subject to Lease Break or Expiry
At 31 March	2014	2015	2016	2017	2018	2014-16	2014-18
	£m	£m	£m	£m	£m	£m	£m
Retail:
Retail parks	6	4	7	7	11	17	35
Superstores	-	-	-	-	-	-	-
Shopping centres	9	4	7	8	10	20	38
Department stores	-	-	-	-	-	-	-
UK Retail	15	8	14	15	21	37	73
Europe Retail	2	2	3	2	3	7	12
All Retail	17	10	17	17	24	44	85
Offices:
City	2	1	1	19	5	4	28
West End	2	1	4	6	8	7	21
Provincial	-	-	-	-	-	-	-
All Offices	4	2	5	25	13	11	49
Other	1	-	-	-	-	1	1
Total	22	12	22	42	37	56	135
% of contracted rent	3.8%	2.1%	3.7%	7.1%	6.3%	9.6%	23.0%
Potential uplift at current ERV	3	-	1	(1)	(2)	4	1

Rent Subject to Open Market Rent Review
12 months to 31 March	2014	2015	2016	2017	2018	2014-16	2014-18
	£m	£m	£m	£m	£m	£m	£m
Retail:
Retail parks	19	18	20	17	10	57	84
Superstores	8	16	19	6	1	43	50
Shopping centres	11	6	17	14	11	34	59
Department stores	-	-	-	-	1	-	1
UK Retail	38	40	56	37	23	134	194
Europe Retail	-	-	-	-	-	-	-
All Retail	38	40	56	37	23	134	194
Offices:
City	21	21	6	1	1	48	50
West End	2	2	16	5	5	20	30
Provincial	-	-	6	-	-	6	6
All Offices	23	23	28	6	6	74	86
Other	-	-	-	1	-	-	1
Total	61	63	84	44	29	208	281
Potential uplift at current ERV	1	2	2	1	1	5	7

Major Assets
At 31 March 2013	BL Share	Sq ft	Rent	Occupancy	Lease
(excluding developments)	%	'000	£m pa¹	rate %²	length yrs³
Broadgate, London EC2	50	4,009	175	95.9	7.8
Regent's Place, London NW1	100	1,210	49	95.9	8.0
Meadowhall Shopping Centre, Sheffield	50	1,374	82	98.0	9.0
Sainsburys Superstores	52	2,864	67	100.0	16.2
Tesco Superstores	50	2,659	60	100.0	15.1
Teesside Shopping Park, Stockton-on-Tees,	100	451	14	93.1	7.6
Drake Circus Shop Centre, Plymouth	100	570	15	97.9	7.2
Debenhams, Oxford Street	100	363	16	100.0	26.0
Ealing Broadway Shopping Centre	100	406	11	97.8	7.7
York House, W1	100	132	5	100.0	4.7
Glasgow Fort Shopping Park	41	442	16	99.9	6.6
St Stephens Shopping Centre, Hull	100	410	9	99.4	7.4
¹annualised contracted rent including 100% of Joint Ventures & Funds
² includes accommodation under offer or subject to asset management
³ to first break

Occupiers Representing over 0.5% of Rent
At 31 March 2013	% of total rent		% of total rent
Tesco plc	7.7	Aegis Group	0.9
Sainsbury Group	6.2	JPMorgan	0.9
Debenhams	4.4	Reed Smith	0.9
UBS AG	3.7	C&W Plc (Cable & Wireless plc)	0.8
Home Retail Group	2.9	TJX Cos Inc (TK Maxx)	0.8
HM Government	2.6	Gazprom	0.8
Kingfisher (B&Q)	2.3	Deutsche Bank AG	0.8
Virgin Active	2.2	Mayer Brown	0.8
Arcadia Group	2.2	Mothercare	0.7
Next plc	2.2	Hennes	0.7
Spirit Group	1.7	ICAP Plc	0.7
Alliance Boots	1.5	Lend Lease	0.7
DSG International	1.5	JD Sports	0.7
Herbert Smith	1.4	Credit Agricole	0.6
Marks & Spencer Plc	1.3	Carlson (TGI Friday's)	0.6
Royal Bank of Scotland plc	1.3	Henderson	0.6
Hutchison Whampoa	1.3	Lewis Trust (River Island)	0.6
Asda Group	1.2	Primark	0.6
House of Fraser	1.1	Pets at Home	0.6
New Look	1.0
SportsDirect	1.0

Committed Developments
At 31 March 2013	BL Share	Sq ft	PC Calendar	Current Value	Cost to complete	Notional interest	ERV	Pre-let⁵	Resi End Value⁴
At 31 March 2013	%	'000	Year	£m	£m¹	£m^1,2	£m³	£m	£m
Offices:
5 Broadgate	50	700	Q4 14	163	103	18	19.2	19.2	-
The Leadenhall Building	50	610	Q2 14	159	69	13	18.6	5.6	-
Broadgate Circle	50	45	Q4 14	6	9	1	1.2	-	-
10 - 30 Brock St, Regents Place⁶	100	500	Q2 13	390	16	2	19.8	10.3	113
10 Portman Square⁷	100	134	Q2 13	149	9	-	9.7	4.1	-
Marble Arch House⁸	100	86	Q4 13	44	20	2	3.9	-	15
39 Victoria Street	100	93	Q3 13	49	17	2	4.9	-	-
Total Offices		2,168		960	243	38	77.3	39.2	128

Retail:
Whiteley Village, Fareham	50	320	Q2 13	33	6	-	2.6	2.4	-
Glasgow Fort (Leisure)	41	46	Q3 13	4	2	-	0.5	0.5	-
Hereford	100	310	Q3 14	17	59	9	5.8	2.4	-
Total Retail		676		54	67	9	8.9	5.3	-

Total Residential		50		47	17	3	-	-	70
Total Committed		2,894		1,061	327	50	86.2	44.5	198
Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)
¹ from 1 April 2013 to practical completion (PC)
² based on a notional cost of finance of 6%
³ estimated headline rental value net of rent payable under head leases (excluding tenant incentives)
⁴ parts of residential development expected to be sold, no rent allocated - of which £107 million completed or exchanged
⁵ a further £4.4m of pre-lets were under offer at the year end including a £3.0m letting to Amlin at The Leadenhall Building
⁶ includes 126,000 sq ft of residential
⁷ excludes 25,000 sq ft of off-site residential and retail (95-99 Baker Street), which was sold in the previous financial year.
⁸ includes 10,500 sq ft of residential

Near-Term Prospective Developments
At 31 March 2013	Sector	BL Share	Sq ft	Total Cost	Status
At 31 March 2013	Sector	BL Share	'000	£m¹	Status
The Clarges Estate	Mixed Use	100	194	388	Planning Submitted
Yalding House	Offices	100	29	22	Pre-submission
Milton Keynes, Kingston Centre	Retail	50	21	4	Planning granted
Surrey Quays (extension)	Retail	100	98	24	Planning granted
Fort Kinnaird, Edinburgh	Retail	21	84	5	Planning submitted
Meadowhall Surrounding Land	Retail	50	22	6	Planning submitted
Broughton Park, Chester	Retail	41	54	7	Planning submitted
The Hempel	Residential	100	40	62	Planning submitted
Aldgate Place	Residential	50	422	96	Planning submitted
Total Near-Term Prospective			964	614
¹ Total cost including site value & notional interest at 6% per annum

Medium-Term Prospective Developments
At 31 March 2013	Sector	BL Share	Sq ft	Status
At 31 March 2013	Sector	BL Share	'000	Status
100 Liverpool Street	Offices	50	496	Pre-submission
Glasgow Fort (Retail)	Retail	41	142	Planning submitted
Power Court, Luton	Retail	100	158	Pre-submission
Lancaster	Retail	100	n/a	Pre-submission
Whiteley Phase 2	Retail	50	59	Pre-submission
Deepdale, Preston	Retail	21	73	Planning submitted
Harmsworth Quays	Residential	100	n/a	Pre-submission
Wardrobe Court	Residential	100	74	Pre-submission
Total Medium-Term Prospective			1,002

Recently Completed Developments
At 31 March 2013	BL Share	Sq ft	PC Calendar	Current Value	Cost to complete	ERV	Let	Resi End Value³	Sold
At 31 March 2013	%	'000	Year	£m	£m¹	£m²	£m	£m	£m
Offices:
199 Bishopsgate	50	144	Q3 12	46	3	3.5	0.7	-	-
Total Offices		144		46	3	3.5	0.7	-	-

Retail:
Puerto Venecia, Zaragoza	50	1,370	Q3 12	94	4	7.7	6.9	-
Total Retail		1,370		94	4	7.7	6.9	-

Total Residential		-		-	-	-	-	-	-
Total Recently Completed		1,514		140	7	11.2	7.6	-	-
Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)
¹ from 1 April 2013
² estimated headline rental value net of rent payable under head leases (excluding tenant incentives)
³ parts of residential development expected to be sold, no rent allocated

Joint Ventures

As at 31 March 2013	Joint Venture Partner	Portfolio Value £m	Rent¹ £m	Finance² £m
Bluebutton Properties Limited Broadgate, City Offices	Blackstone Group LP Funds	3,042	175	1,812
Leadenhall Holding Co (Jersey) Limited The Leadenhall Building, City Offices³	Oxford Properties	318	-	-
MSC Property Intermediate Holdings Limited Meadowhall Shopping Centre, Sheffield	Norges Bank Investment Management	1,525	83	768
BL Sainsbury Superstores Limited 33 Sainsbury superstores	J Sainsbury plc	1,203	65	610
Tesco BL Holdings Limited Two retail parks, two shopping centres, each anchored by Tesco, four Tesco Superstores	Tesco PLC	516	30	279
Tesco Aqua Limited Partnership 21 Tesco superstores	Tesco PLC	634	34	487
BLT Properties Limited Nine Tesco Superstores	Tesco PLC	354	19	185
Shopping Centres Limited Clifton Moor retail park	Tesco PLC	85	5	-
Tesco British Land Property Partnership District Shopping Centre anchored by Tesco	Tesco PLC	111	7	60
Eurofund Investments Zaragoza SL Puerto Venecia shopping centre, Zaragoza, Spain	Orion Capital Managers LLP	242	16	60
Whiteley Co-Ownership Trust³ Fareham, out-of-town shopping centre	Universities Superannuation Scheme	82	1	-
Eden Walk Shopping Centre Unit Trust Eden Walk Shopping Centre, Kingston upon Thames	Universities Superannuation Scheme	82	5	-

¹ Annualised contracted rent (including expiry of rent free periods and fixed uplifts)

²Principal amount of debt

³Development project

Funds

As at 31 March 2013

Value¹

£m

Rent²

£m

Finance

£m

British Land share %

Hercules Unit Trust

1,496

629

41.2

Pillar Retail Europark Fund

204

137

65.3

¹ Hercules Unit Trust share where assets are in joint arrangements

²Annualised rent

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR UOVUROWAVAUR

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British Land Company (BLND)

Tuesday, 4th June 2024

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