Final Results- Part 3

Companies

British Land Company (BLND)

UK 100

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From 1 April 2015			Price (Gross)	Price (BL Share)	Annual Passing Rent
Acquisitions		Area	£m	£m	£m²
Completed
1 Sheldon Square	Offices	London	210	210	10
Hercules Unit Trust unit purchase¹	Retail	Various	95	95	5
19-33 Liverpool Street	Offices	London	22	22	1
Chester, Broughton development land	Retail	North West	5	3	-
Teesside Leisure Park	Retail	North East	2	2	-
Total			334	332	16
¹ Units purchased over the course of the period. £95m represents purchased GAV
² BL share of net rent topped up for rent frees
From 1 April 2015			Price (Gross)	Price (BL Share)	Annual Passing Rent
Disposals		Area	£m	£m	£m¹
Completed
Parkgate Shopping Park, Rotherham	Retail	Yorkshire	170	120	6
39 Victoria Street	Offices	London	139	139	5
Birstall Shopping Park, Leeds	Retail	Yorkshire	107	31	2
PREF - France & Portugal	Retail	Europe	67	43	4
Hatters Way, Luton & Hylton Riverside, Sunderland	Retail	Various	45	34	2
560 London Road, Camberley	Retail	South	38	38	2
Debenhams, Oxford	Retail	South	23	23	1
The Hempel Collection	Residential	London	20	20	-
Superstore disposals	Retail	Various	154	122	6
B&M, Daventry	Retail	Midlands	9	9	1
Bedford Street	Residential	London	4	4	-
Aldgate Place	Residential	London	1	1	-
Exchanged
Aldgate Place	Residential	London	32	16	-
The Hempel Collection	Residential	London	18	18	-
Total			827	618	29
¹ BL share of annualised rent topped up for rent frees

Occupiers Representing over 0.5% of Total Contracted Rent
At 31 March 2016			% of total rent²						% of total rent²
UBS AG¹			5.7		New Look				0.9
Tesco plc			5.6		Vodafone				0.9
Debenhams			5.3		SportsDirect				0.9
J Sainsbury Plc			4.6		Aon Plc				0.8
Kingfisher (B&Q)			2.6		Asda Group				0.8
HM Government			2.2		Home Retail Group				0.8
Next plc			2.1		JPMorgan				0.7
Virgin Active			1.8		Reed Smith				0.7
Facebook			1.7		Hennes				0.7
Spirit Group			1.6		Deutsche Bank AG				0.7
Alliance Boots			1.5		JD Sports				0.7
Wesfarmers			1.4		Mayer Brown				0.7
Visa Inc			1.4		Mothercare				0.7
Dixons Carphone			1.4		ICAP Plc				0.6
Marks & Spencer Plc			1.4		Lend Lease				0.6
Arcadia Group			1.3		Carlson (TGI Friday's)				0.6
Dentsu Aegis			1.3		Pets at Home				0.5
Herbert Smith			1.2		Credit Agricole				0.5
RBS			1.1		Lewis Trust				0.5
TJX Cos Inc (TK Maxx)			1.0		Steinhoff				0.5
Gazprom			1.0
¹ Rent contracted on both 5 Broadgate and 1-3 Finsbury Avenue/100 Liverpool Street lease whilst UBS move. 3.0% pro-forma for run off of UBS rent at 1-3 Finsbury Avenue/100 Liverpool Street.
²Includes the impact of rent free incentives

Portfolio Valuation
At 31 March 2016	Group	JVs & Funds¹		Total¹			Change %²
	£m	£m		£m		H1	H2	FY
Regional	1,052	1,792		2,844		2.8	0.2	3.0
Local	1,893	485		2,378		1.5	1.1	2.6
Multi-lets	2,945	2,277		5,222		2.2	0.6	2.8
Department Stores & Leisure	1,004	1		1,005		3.4	2.5	6.0
Superstores	153	628		781		(1.7)	(0.5)	(2.1)
Solus/Other	333	-		333		(0.1)	(0.4)	(0.5)
Retail & Leisure³	4,435	2,906		7,341		1.8	0.7	2.4
West End	3,904	-		3,904		8.1	4.6	12.8
City	104	2,782		2,886		8.5	2.4	11.1
Offices	4,008	2,782		6,790		8.3	3.7	12.1
Residential⁴	173	61		234		6.7	(0.3)	5.7
Offices & Residential³	4,181	2,843		7,024		8.2	3.5	11.8
Canada Water	283	-		283		2.6	(0.9)	1.7
Total	8,899	5,749		14,648		4.7	2.0	6.7
Standing Investments	8,204	5,673		13,877		4.5	1.9	6.4
Developments	695	76		771		6.9	3.1	9.4
Table with previous classification provided on Company website at www.britishland.com/results
¹ Group's share of properties in joint ventures and funds including HUT at ownership share
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
⁴ Stand-alone residential

Total Property Return (as calculated by IPD)
FY to 31 March 2016	Retail		Offices		Total
%	British Land	IPD	British Land	IPD	British Land	IPD
Capital Return	2.5	2.3	12.3	11.1	6.8	6.3
- ERV Growth	2.4	1.4	9.6	7.8	5.3	4.0
- Yield Compression¹	13 bps	18 bps	21 bps	20 bps	17 bps	23 bps
Income Return	5.2	5.1	3.2	3.9	4.2	4.7
Total Property Return	7.8	7.5	15.8	15.4	11.3	11.3
¹Net equivalent yield movement

Portfolio Net Yields^1,2
At 31 March 2016	EPRA net initial yield %	EPRA topped up net initial yield %³	Overall topped up net initial yield %⁴	Net equivalent yield %	Net reversionary yield %
Regional	4.3	4.4	4.5	4.8	4.8
Local	4.8	5.1	5.2	5.2	5.2
Multi-lets	4.5	4.7	4.8	5.0	5.0
Department Stores & Leisure	4.7	4.8	6.4	5.1	4.0
Superstores	5.3	5.3	5.3	5.2	5.2
Solus/Other	5.6	5.6	5.6	5.1	4.7
Retail & Leisure	4.7	4.8	5.1	5.0	4.9
West End	3.5	3.9	4.0	4.4	4.6
City	3.2	4.4	4.5	4.4	5.3
Offices	3.4	4.2	4.2	4.4	4.9
Canada Water	2.8	2.8	2.8	3.2	3.4
Total	4.1	4.5	4.7	4.7	4.9
¹Including notional purchaser's costs
²Excluding developments under construction, assets held for development and residential assets
³Including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of rental growth
⁴ Including fixed/minimum uplifts (excluded from EPRA definition)

Portfolio Net Yields^1,2 - Previous Classification basis
At 31 March 2016	EPRA net initial yield %	EPRA topped up net initial yield %³	Overall topped up net initial yield %⁴	Net equivalent yield %	Net reversionary yield %
Shopping Parks	4.7	4.9	4.9	5.1	5.0
Shopping Centres	4.5	4.6	4.7	4.9	4.9
Superstores	5.3	5.3	5.3	5.2	5.2
Department Stores	3.9	3.9	5.6	4.2	3.5
Leisure	6.1	6.1	7.6	6.4	4.8
Retail & Leisure	4.7	4.8	5.1	5.0	4.9
¹Including notional purchaser's costs
²Excluding developments under construction, assets held for development and residential assets
³Including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of rental growth
⁴ Including fixed/minimum uplifts (excluded from EPRA definition)

Lease Length & Occupancy¹
At 31 March 2016		Average lease length yrs					Occupancy rate %
		To expiry			To break		Occupancy		Occupancy (underlying)²
Regional		7.9			6.9		95.8		97.8
Local		8.7			7.5		98.9		99.6
Multi-lets		8.3			7.2		97.3		98.6
Department Stores & Leisure		19.7			19.6		100.0		100.0
Superstores		14.2			13.8		100.0		100.0
Solus/Other		10.5			10.5		100.0		100.0
Retail & Leisure		10.6			9.8		98.0		99.0
West End		9.5			7.5		97.8		98.1
City		10.2			8.3		98.4		99.1
Offices		9.8			7.9		98.1		98.6
Canada Water		7.5			7.4		98.4		99.1
Total		10.2			9.0		98.0		98.8
Table with previous or IPD classification provided on Company website at www.britishland.com/results
¹ Excluding developments under construction, residential assets and assets held for development
² Including accommodation under offer or subject to asset management


Annualised Rent & Estimated Rental Value (ERV)¹
At 31 March 2016	Annualised rent (valuation basis) £m²					ERV £m		Average rent £psf
	Group		JVs & Funds	Total		Total		Contracted³		ERV
Regional	54		84	138		155		32.8		35.9
Local	97		27	124		134		24.2		24.7
Multi-lets	151		111	262		289		28.0		29.7
Department Stores & Leisure	51		-	51		44		15.3		13.1
Superstores	9		35	44		43		21.4		20.8
Solus/Other	18		-	18		16		18.8		16.0
Retail & Leisure	229		146	375		392		24.0		24.3
West End	125		-	125		165		51.5		60.6
City	5		94	99		162		50.0		60.3
Offices	130		94	224		327		51.0		60.4
Residential⁴	3		-	3		4
Offices & Residential	133		94	227		331
Canada Water	8		-	8		9		18.7		21.6
Total	370		240	610		732		30.1		32.6
Table with previous classification provided on Company website at www.britishland.com/results
¹ Excluding developments under construction and assets held for development
² Gross rents plus, where rent reviews are outstanding, any increases to ERV (as determined by the Group's external valuers), less any ground rents payable under head leases, excludes contracted rent subject to rent free and future uplift
³ Annualised rent, plus rent subject to rent free
⁴ Stand-alone residential

Rent Subject to Open Market Rent Review¹
At 31 March 2016	2017	2018	2019	2020	2021	2017-19	2017-21
For period to 31 March	£m	£m	£m	£m	£m	£m	£m
Regional	15	12	17	10	18	44	72
Local	11	24	21	12	11	56	79
Multi-lets	26	36	38	22	29	100	151
Department Stores & Leisure	-	-	-	-	-	-	-
Superstores	5	4	8	12	14	17	43
Solus/Other	-	1	-	-	-	1	1
Retail & Leisure	31	41	46	34	43	118	195
West End	6	20	20	15	2	46	63
City	1	4	13	14	16	18	48
Offices	7	24	33	29	18	64	111
Canada Water	-	-	-	-	-	-	-
Total	38	65	79	63	61	182	306
Potential uplift at current ERV	1	2	4	2	1	7	10
Table with previous classification provided on Company website at www.britishland.com/results
¹ Excluding developments under construction, residential assets and assets held for development

Rent Subject to Lease Break or Expiry¹
At 31 March 2016	2017	2018	2019	2020	2021	2017-19	2017-21
For period to 31 March	£m	£m	£m	£m	£m	£m	£m
Regional	13	12	9	13	9	34	56
Local	9	6	8	11	9	23	43
Multi-lets	22	18	17	24	18	57	99
Department Stores & Leisure	-	1	-	-	-	1	1
Superstores	-	-	-	-	-	-	-
Solus/Other	1	-	-	-	6	1	7
Retail & Leisure	23	19	17	24	24	59	107
West End	10	8	10	4	19	28	51
City	17	3	17	14	8	37	59
Offices²	27	11	27	18	27	65	110
Canada Water	1	-	1	-	1	2	3
Total	51	30	45	42	52	126	220
% of contracted rent	7.3%	4.4%	6.5%	6.1%	7.6%	18.2%	31.9%
Potential uplift at current ERV³	4	3	11	4	1	18	23
Table with previous classification provided on Company website at www.britishland.com/results
¹ Excluding developments under construction and assets held for development
² Based on office space only
³As determined by the Group's valuers, excluding near term developments

Superstores
	Stand-alone Superstores¹						In Multi-let assets ²								Total Exposure^1,2,3
Store Size '000 SQ FT	N^o of Stores	Valuation (BL share) £m	Capital Value psf		WALL to FB		N^o of Stores		Valuation (BL share) £m		Capital Value psf		WALL to FB		N^o of Stores		Valuation (BL share) £m		Capital Value psf		WALL to FB
>100	8	177	351		12.4		5		357		538		13.0		13		534		457		12.8
75-100	13	270	467		17.9		2		55		415		12.8		15		325		457		17.0
50-75	16	256	404		12.6		1		12		196		11.1		17		268		385		12.3
25-50	8	52	226		8.3		3		32		457		14.6		11		84		281		10.4
0-25	2	8	177		9.1		17		80		436		11.1		19		88		387		10.9
March 2016	47	763	383		13.9		28		536		482		12.7		75		1,299		419		13.5
March 2015	57	924	395		14.5		29		529		491		13.9		86		1,453		426		14.4

Geographical Spread					Gross Rent (BL Share)										Lease Structure
London & South			57%		Tesco								£37m		RPI and Fixed						8%
Rest of UK			43%		Sainsburys								£30m		OMRR						92%
					Other								£5m
¹ Excludes £8m non-foodstore occupiers in superstore led assets, and £10m Sainsburys Newquay, sold post period end
² Excludes non food-format stores e.g. Asda Living
³ Excludes £101m of investments held for trading comprising freehold reversions in a pool of Sainsbury's Superstores
Recently Completed & Committed Developments
At 31 March 2016				Sector		BL Share		Sq ft		PC Calendar Year		Current Value		Cost to complete		ERV		Let & Under Offer		Resi End Value		Resi Sales Exchanged & Completed
						%		'000				£m		£m¹		£m²		£m		£m		£m

5 Broadgate				Offices		50		710		Completed		469		8		19.2		19.2		-
Yalding House				Offices		100		29		Completed		37		1		1.9		-		-
Whiteley Leisure, Fareham				Retail		50		57		Completed		12		1		0.6		0.6		-
Glasgow Fort, M&S & Retail Terrace				Retail		75		112		Completed		35		3		2.0		1.7		-
Total Completed in Period								908				553		13		23.7		21.5

4 Kingdom Street				Offices		100		147		Q2 2017		81		64		9.5		-		-
Clarges Mayfair				Mixed Use		100		192		Q4 2017		404		107		6.2		-		456		259
Glasgow Fort (MSCP & Additional retail / leisure units)				Retail		75		12		Q3 2016		2		5		0.4		0.2		-
The Hempel Phase 1				Residential		100		25		Q2 2016		26		2		-		-		50		36
The Hempel Phase 2				Residential		100		32		Q3 2016		48		12		-		-		72		8
Aldgate Place, Phase 1				Residential		50		221		Q2 2016		44		14		-		-		79		55
Total Under Construction								629				605		204		16.1		0.2		657		358
Retail Capital Expenditure ³														107
Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)
¹ From 1 April 2016
² Estimated headline rental value net of rent payable under head leases (excluding tenant incentives)
³ Capex committed and underway within our investment portfolio relating to leasing and asset management

Near term Pipeline
At 31 March 2016	Sector	BL Share	Sq ft	Start On Site	Total Cost ¹	Status
			'000		£m
100 Liverpool Street	Offices	50	520	2017	279	Consented
1 Triton Square ²	Offices	100	217	2017	370	Pre-submission
1 Finsbury Avenue	Offices	50	303	2017	150	Consented
5 Kingdom Street ³	Offices	100	240	2017	228	Consented
Blossom Street, Shoreditch	Mixed Use	100	340	2017	256	Consented
Plymouth Leisure	Retail	100	102	2016	41	Consented
New Mersey Shopping Park, Speke - Leisure	Retail	66	66	2016	20	Consented
Crawley Homewares Park	Retail	100	52	2016	26	Consented
Aldgate Place, Phase 2	Residential	50	145	2016	59	Consented
54 The Broadway, Ealing	Residential	100	34	2016	21	Consented
Total Near term			2,019		1,450
Retail Capital Expenditure ⁴					90
¹ Total cost including site value. Excludes notional interest as interest is capitalised individually on each development at our capitalisation rate
² Existing net areas, scheme in early design stages
³210,000 sq ft of which is consented
⁴ Forecast capital commitments within our investment portfolio over the next 2 years relating to leasing & asset enhancement

Medium term Pipeline
At 31 March 2016	Sector	BL Share	Sq ft	Status
At 31 March 2016	Sector	BL Share	'000	Status
2 - 3 Finsbury Avenue	Offices	50	550	Submitted
Eden Walk Shopping Centre, Kingston	Mixed Use	50	562	Submitted
Canada Water Masterplan ¹	Mixed Use	100	5,500	Pre-submission
Forster Retail Park, Bradford, Phase 3	Retail	100	63	Consented
Meadowhall Leisure	Retail	50	330	Pre-submission
Glasgow Fort - Retail Extension	Retail	75	60	Consented
Putney High Street	Residential	100	110	Consented
Total Prospective			7,175
¹ Assumed net area based on gross area of up to 7m sq ft

Residential development programme
At 31 March 2016	Sq Ft	No. Market Units	PC Date/ Status	BL Share	Current Value¹	Cost To come²	End Value³	Sales Exchanged & Completed
	'000			%	£m	£m	£m	£m
Clarges Mayfair⁴	103	34	Q4 2017	100	286	88	456	259
Mixed use	103	34			286	88	456	259
The Hempel Phase 1	25	15	Q2 2016	100	26	2	50	36
The Hempel Phase 2	32	18	Q3 2016	100	48	12	72	8
Aldgate Place Phase 1	221	154	Q2 2016	50	44	14	79	55
Resi-led	278	187			118	28	201	99
Aldgate Place Phase 2	145		Consented	50
54 The Broadway, Ealing	34		Consented	100
Near Term prospective	179
Total Committed Residential	381	221			404	116	657	358
Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)
¹ Excluding completed sales
² From 1 April 2016. Cost to complete excludes notional interest as interest is capitalised individually on each development at our capitalisation rate
³ Includes completed units (£22.8m)
⁴ Includes 9,500 sq ft of affordable housing (11 units)

Class	Description	Use for all/any of the following purposes
A1	Shops	Shops, retail warehouses, hairdressers, undertakers, travel and ticket agencies, post offices, pet shops, sandwich bars, showrooms, domestic hire shops dry cleaners, funeral directors and internet cafes.
A2	Financial and professional services	Financial services such as banks and building societies, professional services (other than health and medical services) and including estate and employment agencies. It does not include betting offices or pay day loan shops - these are now classed as "sui generis" uses.
A3	Restaurants and cafes	For the sale of food and drink for consumption on the premises - restaurants, snack bars and cafes.
D2	Assembly and leisure	Cinemas, music and concert halls, bingo and dance halls (but not night clubs), swimming baths, skating rinks, gymnasiums or areas for indoor or outdoor sports and recreations.