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%

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

Highlights

• 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

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, SW1

Highlights

• 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

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.

Retail

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.

London

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

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

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.

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.