Change to Quarterly Trading Statements
British Land Announces Change to Quarterly Trading Statements
British Land announces today that it will change the way it reports its results for the first and third quarters.
Since the third quarter of 2005/06, British Land has provided full quarterly financial reports along with property valuations. We have concluded that the additional detail in these quarterly reports relative to the information available from an interim management statement does not justify the considerable investment in their preparation and analysis.
Therefore, with effect from the first quarter of 2012/13, we will publish interim management statements for the first and third quarters of the year which will be accompanied by a conference call hosted by Management. Dividends will continue to be paid quarterly.
Enquiries:
Investor Relations
Sally Jones, British Land 020 7467 2942
Media
Pip Wood, British Land 020 7467 2838
Guy Lamming, Finsbury Group/ 020 7251 3801
Gordon Simpson, Finsbury Group
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 £15.7 billion (British Land share £10.3 billion), as valued at 31 December 2011. 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 visited by over 250 million people each year. Our property portfolio is focused on prime retail locations and Central London offices which attract high quality occupiers committed to long leases. Our occupancy rate of 98% and average lease length to first break of 12 years are among the highest of the major UK REITs.
Retail assets account for 61% of our portfolio, over 80% of which are located at prime out-of-town sites. Comprising around 27 million sq ft of retail space across 91 retail warehouse properties, 99 superstores, 11 shopping centres and 10 department stores, the retail portfolio is generally modern, flexible and adaptable to a wide range of formats. Active asset management delivers attractive space to both retailers and consumers.
London offices, located in the City and West End, comprise 33% of the portfolio (rising to an estimated 38% on completion of current developments) with 7 million sq ft of office space including Broadgate, the premier City office campus (50% share) and Regent's Place in the West End. We have committed £1.1 billion to create Central London's largest committed office development programme which will deliver 2.2 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 aim of building the best REIT in Europe.
Further details can be found on the British Land website at www.britishland.com
This information is provided by RNS
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