Combined portfolio reconciliation

Income statement – rental income reconciliation


Retail
Portfolio
£m
London
Portfolio
£m
Other
£m
31 March
2011
£m
Retail
Portfolio
£m
London
Portfolio
£m
Other
£m
31 March
2010
£m
Combined portfolio 316.8 258.1 54.3 629.2 323.7 269.2 52.3 645.2
Central London shops (excluding Metro Shopping Fund LP) (42.4) 42.4 (41.6) 41.6
Inner London offices including Metro Shopping Fund LP 0.5 (0.5) 0.6 (0.6)
Rest of UK offices 3.6 0.1 (3.7) 4.0 (4.0)
Other 43.9 6.7 (50.6) 39.8 8.5 (48.3)

322.4 306.8 629.2 326.5 318.7 645.2
Less finance lease adjustment (2.9) (3.7) (6.6) (2.8) (3.6) (6.4)
Total rental income for combined portfolio 319.5 303.1 622.6 323.7 315.1 638.8

Market value reconciliation


Retail
Portfolio
£m
London
Portfolio
£m
Other
£m
31 March
2011
£m
Retail
Portfolio
£m
London
Portfolio
£m
Other
£m
31 March
2010
£m
Combined portfolio 5,166.6 4,527.8 864.5 10,558.9 4,604.6 4,144.4 791.4 9,540.4
Central London shops (excluding Metro Shopping Fund LP) (1,015.4) 1,015.4 (941.1) 941.1
Inner London offices including Metro Shopping Fund LP 9.5 (9.5)
Rest of UK offices 42.2 (42.2) 50.9 (50.9)
Other 630.5 191.8 (822.3) 541.7 198.8 (740.5)
Per business unit 4,823.9 5,735.0 10,558.9 4,265.6 5,274.8 9,540.4

Gross estimated rental value reconciliation


Retail
Portfolio
£m
London
Portfolio
£m
Other
£m
31 March
2011
£m
Retail
Portfolio
£m
London
Portfolio
£m
Other
£m
31 March
2010
£m
Combined portfolio 387.9 291.7 57.8 737.4 365.0 302.2 55.1 722.3
Central London shops (excluding Metro Shopping Fund LP) (64.2) 64.2 (67.5) 67.5
Inner London offices including Metro Shopping Fund LP 0.8 (0.8)
Rest of UK offices 4.4 (4.4) 5.8 (5.8)
Other 44.2 9.2 (53.4) 40.6 8.7 (49.3)
Per business unit 372.3 365.1 737.4 344.7 377.6 722.3

Back to top

Lease lengths


Unexpired lease term at 31 March 2011

Like-for-like portfolio
Like-for-like portfolio,
completed developments and acquisitions

Median1
years
Mean1
years

Median1
years
Mean1
years
Shopping centres and shops




Shopping centres and shops 5.9 7.4
6.5 8.0
Central London shops 4.4 8.8
4.4 6.4
5.6 7.8
6.1 7.7
Retail warehouses




Retail warehouses and food stores 9.2 10.4
9.6 10.8
Total retail 6.8 8.1
7.1 8.5
London offices




West End 5.7 9.0
5.6 8.9
City 3.9 6.0
4.0 5.9
Mid-town 4.0 11.1
12.3 11.9
Inner London 8.1 8.8
8.1 8.8
Total London offices 6.2 8.7
5.6 8.6
Rest of UK 2.2 2.9
2.2 2.9
Total offices 5.6 8.6
6.0 8.5
Other 7.5 10.2
7.6 10.2
Total 6.9 8.5
7.2 8.9
  1. Median is the number of years until half the income is subject to lease expiry/break clauses. Mean is the rent-weighted average remaining term on leases subject to lease expiry/break clauses.

Back to top

Development pipeline financial summary


Cumulative movements on the development programme to 31 March 2011 Total scheme details6
Market value
at start
of scheme
£m
Capital
expend-
iture
incurred
to date
£m
Capital-
ised
interest
to date
£m
Valua-
tion
surplus/
(deficit)
to date1
£m
Dis-
posals,
SIC15 rent
and other
adjust-
ments
£m
Market
value at
31 March 2011
£m
Estima-
ted
total
capital
expend-
iture4
£m
Estima-
ted
total
capital-
ised
interest
£m
Estima-
ted
total
develop-
ment
cost 2
£m
Net
income/
ERV3
£m
Val-
uation
surplus/
(deficit)
for year
ended
31 March 20111
£m
Developments let and
transferred or sold
Shopping centres and shops 12.7 140.0 8.4 (67.2) 1.6 95.5 140.0 8.4 161.1 7.0 7.3
Retail warehouses and food stores 24.1 6.9 0.6 20.4 0.9 52.9 6.9 0.6 31.6 3.0 9.8
London Portfolio 271.1 87.2 3.2 62.0 (278.8) 144.7 82.1 3.2 142.4 8.4 66.8
307.9 234.1 12.2 15.2 (276.3) 293.1 229.0 12.2 335.1 18.4 83.9

Developments after practical
completion, approved
or in progress
Shopping centres and shops 92.8 369.8 19.3 (94.4) (1.7) 385.8 654.2 41.8 788.8 48.7 52.6
Retail warehouses and foodstores
London Portfolio 294.5 388.8 53.6 (50.8) 11.1 697.2 567.2 64.6 926.3 61.9 119.3
387.3 758.6 72.9 (145.2) 9.4 1,083.0 1,221.4 106.4 1,715.1 110.6 171.9


Movement on proposed developments for the year ended 31 March 20115
Proposed developments
Shopping centres and shops
Retail warehouses and foodstores 23.0 0.2 2.2 0.1 25.5 11.6 37.1 2.0 2.2
London Portfolio 94.0 25.5 25.5 145.0 369.5 24.5 539.0 42.0 25.5
117.0 25.7 27.7 0.1 170.5 381.1 24.5 576.1 44.0 27.7
  • Notes:
  • 1. Includes profit realised on the disposal of property.
  • 2. Includes the property at the market valuation at the start of the financial year in which the property was added to the development programme together with estimated capitalised interest. For proposed development properties, the market value of the property at 31 March 2011 is included in the estimated total cost. Estimated total development cost includes the cost of residential properties for shopping centres and shops of £10.6m in the development programme.
  • 3. Net headline annual rent on let units plus net ERV at 31 March 2011 on unlet units.
  • 4. For proposed development properties the estimated total capital expenditure represents the outstanding costs required to complete the scheme as at 31 March 2011.
  • 5. Opening market value for proposed developments includes our share of 20 Fenchurch Street, EC3.
  • 6. Total scheme details exclude properties sold in the period.

Back to top