Detailed and transparent analysis of the Company’s business performance, with comprehensive information on our portfolio, occupiers, rental income and our performance relative to IPD.

Table 73 – % Portfolio by value and number of property holdings at 31 March 2011

£m Value
%
Number of
properties
0–9.99 1.9 53
10–24.99 2.9 20
25–49.99 9.1 29
50–99.99 17.3 24
100–149.99 17.8 15
150–199.99 9.9 6
200+ 41.1 12
Total 100.0 159
  • Includes share of joint venture properties.

Table 75 – % Yield changes – like-for-like portfolio


31 March 2010 31 March 2011

Net initial
yield
%
Equivalent
yield
%

Net initial
yield
%
Topped-up net
initial yield1
%
Equivalent
yield
%
Shopping centres and shops 6.5 7.0
6.2 6.5 6.5
Retail warehouses and food stores 5.8 6.3
5.2 5.4 5.7
Central London shops 4.8 5.4
4.2 4.2 5.2
London office 6.4 6.3
5.8 6.3 5.9
Total portfolio 6.2 6.4
5.7 6.1 6.0
  1. Net initial yield adjusted to reflect the annualised cash rent that will apply at the expiry of current lease incentives.

Table 76 – Combined portfolio value by location at 31 March 2011


Shopping
centres and
shops
%
Retail
warehouses
%
Office
%
Hotel, Leisure
and other
%
Location
total
%
London 12.8 0.7 42.9 4.7 61.1
South-East and Eastern 3.0 4.5 0.1 1.5 9.1
Midlands 0.9 1.2 0.1 0.5 2.7
Wales and South-West 6.6 0.9 0.1 7.6
North, North West, Yorkshire and Humberside 7.1 3.2 0.2 0.7 11.2
Scotland and Northern Ireland 6.1 1.8 0.4 8.3
Total 36.5 12.3 43.3 7.9 100.0
  • % figures calculated by reference to the combined portfolio value of £10.6bn.

Table 77 – Top 12 occupiers


% of
Group rent1
Central Government2 7.8
Accor Hotels 4.5
Royal Bank of Scotland 2.9
Deloitte 2.6
Sainsbury’s 2.0
Arcadia Group 1.7
K&L Gates 1.6
Dixons Retail 1.5
Bank of New York Mellon 1.5
Next 1.4
Boots 1.4
Taylor Wessing 1.3
30.2
  1. Includes share of joint venture properties.
  2. Rent from Central Government excluding Queen Anne's Gate, SW1 is 3.7%.

Chart 79 – Property Income Distribution (PID)

Who can claim exemption from deduction of withholding tax on Property Income Distributions?1

  • UK companies
  • Charities
  • Local Authorities
  • UK Pension Schemes
  • Managers of PEPs, ISAs and Child Trust Funds

Who is unlikely to be able to claim exemption from deduction of withholding tax on Property Income Distributions?

  • Overseas shareholders2
  • Individual private shareholders
  1. See Investor information for how eligible shareholders can claim exemption.
  2. May be able to reclaim some or all of the withholding tax under relevant double taxation treaty.

Chart 74

Contracted rental income breakdown by tenant business sector

Chart 78

Voids and units in administration like-for-like portfolio

Chart 80

Analysis of performance relative to IPD

Chart 81

Development estimated future spend (£m)