Our performance

The clear plan we put in place to manage the business as the sector emerged from the downturn is delivering results in the form of higher earnings and significant valuation surpluses on development projects. Overall, this was a year of strong progress across the Company, and you can see the results of this in the key performance measures below.

  • Profit before tax £1,227.3m up 14.8%
  • Revenue profit £274.7m up 9.1%
  • Dividend 28.2p up 0.7%
  • Total business return Up 23.6%
  • Total shareholder return Up 16.0%
  • Adjusted diluted NAV per share Up 19.5%
More on our performance

Retail Portfolio performance

Our Retail Portfolio produced a valuation surplus of 8.5% overall, with shopping centres and shops up 7.5% and retail warehouses and food stores up 11.2%.

Trinity Leeds

Trinity Leeds


  • Trinity Leeds development restarted and now 57.5% pre-let or in solicitors’ hands. Delivery in spring 2013
  • John Lewis at home to open in Chester and Exeter
  • Two new stores opened for Sainsbury’s
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London Portfolio performance

Our London Portfolio produced a valuation surplus of 10.8% overall, with West End offices up 6.8%, City offices up 12.0% and central London retail up 21.5%.

123 Victoria Street, London

123 Victoria Street, SW1


  • Park House, W1, development started and subsequently sold for total consideration of £296m
  • One New Change, EC4, opened on 28 October with the retail element fully let
  • Joint venture formed with Canary Wharf Group to develop 20 Fenchurch Street, EC3
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We are confident in our plans and well positioned to address growth opportunities.

Retail outlook

The retail landscape is undergoing fundamental change. We anticipate further buying opportunities and the potential to take forward asset management and development opportunities within our portfolio.

185-221 Buchanan Street, Glasgow

185-221 Buchanan Street, Glasgow

London outlook

The outlook for our market and portfolio of assets is positive, with limited supply of new space and high levels of lease expiries likely to drive rising rents.

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Our market

We are focused on the two largest segments of the UK commercial property market – retail and London offices. These markets are cyclical and respond to macro-economic trends, planning, employment and general business activity.


We own, manage and develop shopping centres and retail parks across the UK. Our assets are in locations with a proven record of trading success or excellent potential for future success.


We own, manage and develop office properties in the capital complemented by retail and residential accommodation. Our assets are concentrated in central London.

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Strategy, vision, values

Our strategy is to be at the forefront of meeting the space requirements of customers and to provide an attractive total return for shareholders. We focus on the two largest segments of our market – retail and London offices – which gives us a broad range of opportunities and high-quality tenants.

Our vision, ‘Shaping the future of property’, highlights our ambition to set the standards for tomorrow in our industry. Whatever we do, we aim to lead our sector, not follow.

Our values

  • Excellence
  • Innovation
  • Respect
  • Customer Service
  • Integrity
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Why we develop

When undertaken at the right stage in the cycle, property development has the potential to deliver new buildings at attractive rental income yields and to generate valuation surpluses materially ahead of general market movements.

Fenchurch Street

20 Fenchurch Street, EC3

We have embarked on a large development programme early in the recovery cycle. Not all property companies have the balance sheet or skills to deliver such a programme. Land Securities does, and we believe it is the right strategy to adopt for the Company and for shareholders at the present time.

More on why we develop

Our summary

With the commercial property market continuing to recover, we are benefiting from having been the first to restart major development activity.

Victoria Circle

Victoria Circle

Our decisive action has already delivered tangible returns for shareholders. By seeing things differently during the year, we have been able to spot and address some excellent opportunities, and have been clear-sighted and confident in our pursuit of value creation.

Our management

Francis Salway

Francis Salway
Chief Executive

Martin Greenslade

Martin Greenslade
Group Finance Director

Richard Akers

Richard Akers
Managing Director, Retail Portfolio

Robert Noel

Robert Noel
Managing Director, London Portfolio

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Top assets

01 – Cardinal Place, SW1

Cardinal Place

02 – New Street Square, EC4

New Street Square

03 – One New Change, EC4

One New Change

04 – Queen Anne’s Gate, SW1

Queen Anne’s Gate

View our top 20 assets