Future income profile Annualised Gross Rents as at 31 March 2017 Cash Flow Accounting Basis Basis £m £m Current Passing Rent 611 Contracted Uplifts 42 608 Total Contracted Rent 653 Sales and purchases completing after year end (22) (19) Letting of Completed Developments (of which £7m let or under offer) 11 9 Lease Expiries – Near Term Developments (9) (7) Lease Expiries – Medium Term Developments (8) (8) Letting of Committed Developments (of which £1m let or under offer) 21 18 Letting of Near Term Developments (of which £25m let or under offer) 43 37 RPI Linked Leases 1 10 10 Reversion 2 23 22 Potential Rent in 5 Years excl. Medium Term developments 722 670 Letting of Medium Term Developments (excl. Canada Water) 107 92 On a proportionally consolidated basis including Group’s share of joint ventures and funds. Figures based on valuation rent and include assumptions on outstanding rent review settlements 1 Assumed at 3.0% per annum 2 Includes reversion on expiries and open market rent reviews within 5 years 28
Summary • Good results • Improved financial strength • Modest speculative development 4 Kingdom Street 29
Looking forward Chris Grigg Chief Executive
Creating a resilient business Offices Increase in West End Fall in banks 35% 7% 61% 12% as a % of Offices as a % of portfolio March 2010 Current March 2010 Current Retail Increase in Multi-let Fall in superstores 15% 60% 78% 4% as a % of retail as a % of portfolio March 2010 Current March 2010 Current Financial +57 % Fall in Loan to Value 47% 27% Increase in underlying profit since 2010 March 2010 Current All current figures pro forma for sale of 50% interest in The Leadenhall Building and RBS surrender at 135 Bishopsgate in June 17 31
Market Outlook • Uncertainty created by Brexit Glasgow Fort • Wide range of outcomes • Feedback from our occupiers Taking longer to commit – Meadowhall Continue to value London – • Demand for the best space remains Accelerating polarisation – 7 Clarges Street 32
Office Opportunities 1 Triton Square 1 Finsbury Avenue • 288,000 sq ft refurbishment • Includes 45,000 sq ft retail • Planning expected May 2017 • £35 million investment 135 Bishopsgate • 310,000 sq ft office space • 125,000 sq ft additional space • Under offer for pre-let of entire office space • Received resolution to grant planning • 325,000 sq ft refurbishment • £200m commitment • Includes 43,000 sq ft retail • RBS surrendering lease June 2017 – £34m surrender premium (100%) • £55 million investment • Planning expected June 2017 33
Retail Opportunities Meadowhall Leisure Retail extensions Includes: • £48m consented leisure scheme at Drake Circus, Plymouth • Leisure extension at Serpentine Green, Peterborough, target planning submission autumn 2017 • 322,000 sq ft leisure extension • Planning decision expected summer 2017 • 538,000 sq ft mixed use Eden Walk, Kingston regeneration scheme • Retail, residential, office, cinema, event space • Planning granted March 2017 34
Flexible workspace – responding to changing customer needs • Broadening our offer Incremental demand from SMEs – Meeting needs of existing occupiers – • Launching flexible workspace offer across our campuses 80,000 sq ft being fitted out with first deal agreed on 25,000 sq ft – Appold Studios, Broadgate 35
Canada Water • Fourth public consultation underway (www.canadawatermasterplan.com) Proposed mix of uses • 3,500 new homes • 2m sq ft Workspace • 1m sq ft Retail & Leisure 36
Disciplined approach to capital allocation • Forecasts and hurdle rates guide The Leadenhall Building capital allocation • Assessed on a regular basis • Flexibility to respond to changing market 37
Summary • Good results in an uncertain 1 Triton Square environment Strong leasing – Profitable disposals – Progressing opportunities – • Our space fulfils customers’ changing needs Attractive to occupiers and investors – • Cautious optimism for our business High quality portfolio; robust finances – Opportunities to create value and – grow income 38
Appendices
Our Strategy British Land is a leading UK com m ercial property com pany focused on high quality retail and London offices Custom er Orienta tion Right Pla ces We use our insight into We design engaging, custom ers’ needs and identify sustainable places w hich m ajor long term trends to bring people together create environm ents in tune through the right m ix of w ith changing lifestyles occupiers, services and activities Pla ces Peop le Prefer Exp ert Peop le Ca p ita l Efficiency We em ploy expert people We allocate our capital , and w ork w ith specialist m anage our finances and partners to create insight, partner w ith like-m inded develop skills and build organisations to deliver capability sustainable long-term value By m anaging our business to be resilient, sustainable and responsive, w e create enduring dem and for our properties and value for our stakeholders 40
Placemaking Framework applied across the business We We We We Connect Design Enhance Enliven Com m unication Form Custom er service Segm ent m ix On-site hospitality Digital connectivity, Efficient and effective Balance of different branding and marketing buildings & spaces & customer service segments and uses Accessibility Authenticity Events Occupier m ix Convenience How our users feel and Bringing people together Occupiers & campus & access interact with the space and attracting visitors community Com m unity Function Occupier service Mem orable Facilities & safety Supporting occupiers Supporting communities experience for local people and and BL value add Creating lasting occupiers positive impressions 41
Portfolio evenly split between London Offices and high quality Retail Offices Retail & Leisure £6.3bn £6.6bn Further £0.3bn at Canada Water and £0.2bn of standalone Residential assets Figures shown on a proportionally consolidated basis including the group's share of properties in Joint Ventures & Funds, pro-forma for post year end transactions 42
Retail Multi-let Portfolio Our two core products each fulfil specific shopper missions Regiona l Loca l Attracting visitors from a wide catchment Fitting into the daily life for a planned trip of local communities Missions include Leisure-dom inated Trips, Missions include Local Neighbourhood Shopper, Fam ily Day Out and The Big Ticket Shop Convenient Leisure and Single Item Pick-Up Typically >30 occupiers Typically 15– 30 occupiers Footfall >10 m , spend >£ 10 0 m p.a . Footfall often <8 m , spend <£ 10 0 m p.a. Drive-time >20 m ins Drive-time <15 m ins Dwell >6 0 m ins Dwell <60 m ins Retail offer covers multiple categories Retail offer covers multiple categories with depth of choice in each & includes local services and am enities Significant leisure and F&B Convenient leisure and F&B e.g. restaurants, cinema e.g. gym and coffee shops 43
Multi-let Retail assets Regiona l Loca l Attracting visitors from a wide catchment Fitting into the daily life for a planned trip of local communities Southgate, Bath Mayflower, Basildon Beaumont, Leicester Broughton, Chester 1 Weston Lock, Bath Valentine, Lincoln 1 Fort Kinnaird, Edinburgh 1 Mostyn Champneys, Llandudno 1 Cornerhouse, Barrow Glasgow Fort 1 Hindpool, Barrow St. Peter’s, Mansfield St. Stephen’s, Hull Forster Square, Bradford Kingston Centre, Milton Keynes Eden Walk, Kingston Woodfields, Bury Studlands, Newmarket Giltbrook, Nottingham Gallagher, Cheltenham 1 Harlech, Newport Serpentine Green, Peterborough Tollgate, Colchester Elk Mill, Oldham Drake Circus, Plymouth Prospect Place, Dartford 1 Nugent, Orpington Meadowhall, Sheffield Crown Point, Denton Botley Road, Oxford New Mersey, Speke 1 Wheatley, Doncaster Deepdale, Preston 1 Teesside, Stockton Ealing Broadway Queens, Stafford 1 Whiteley, Fareham Orbital, Swindon Crown Wharf, Walsall 1 Old Market, Hereford Inverness 1 Lion, Woking Westside, Leeds 1 Assets held within Hercules Unit Trust or its subsidiaries 44
Our portfolio is well positioned to meet both consumer and retailer demands BL local centres Potential to reach BL regional 60 % centres of the population BL asset catchments Annual footfall of 312 m Average rent to sales ratio 10 % 8 5 % of our car parking spaces are free Source: CACI Retail Footprint 2016 45
Physical store openings significantly boost retailers’ online presence Postal area share of retailer website visits Indexed vs. store opening date 170 160 150 140 130 +44% 120 110 100 90 80 -20 weeks -15 -10 -5 Store Opening 5 10 15 +20 weeks Note: Based on a sample of 29 retailers opening at British Land centres between April 2014 and December 2016. For retailers with fewer than 30 UK stores, there is a 75% boost to online presence Source: Hitwise 46
Online sales increasingly integrated with physical stores 89% of UK retail sales touch the store Retail sa les by cha nnel (UK, a ll sectors, 20 15) Online Mail order & Online sales pureplay TV shopping not browsed sales Online sales Click & in store browsed £4 bn Collect in store £13 bn sales £18 bn £8 bn £5 bn True 8 9 % of total Physical Total Boost Value of retail sales in store sales retail sales Stores +5% £265 bn £313 bn 20 15 £278 bn Total online sales Online sales of store operators Online that touched the store Source: GlobalData/ British Land 47
+240 bps BL footfall performance vs benchmark Outperformance in FY17 Jan-10 = 100 115 110 105 100 95 90 85 80 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 British Land UK Market (ShopperTrak UK National Index) 48
Major property holdings At 31 March 2017 BL Share Sq ft £m pa 1 Occupancy Rent Lease Rate % 2 % 000’s Length yrs 3 1 Broadgate 50 4,850 190 98.3 8.2 2 Regent's Place 100 1,590 76 99.1 7.4 3 Paddington Central 100 958 33 94.1 6.8 4 Meadowhall, Sheffield 50 1,500 84 97.9 6.4 The Leadenhall Building 4 5 50 603 40 99.9 10.3 Sainsbury's Superstores 5 6 51 48 100.0 10.4 2,184 Teesside, Stockton 6 7 100 569 17 96.9 5.6 Drake Circus, Plymouth 7 8 100 1,132 21 95.9 8.9 9 Glasgow Fort 77 510 21 98.3 5.9 10 Ealing Broadway 100 470 13 93.7 5.9 1 Annualised EPRA contracted rent including 100% of Joint Ventures & Funds 2 Including accommodation under offer (including post year end transactions at 2 Finsbury Avenue and 4 Kingdom Street) or subject to asset management (incl. space being prepared for flexible working) or assets being readied for development in the near term (1 Finsbury Avenue) 3 Weighted average to first break 4 Sale exchanged in March 2017 with completion due post year end 5 Comprises standalone stores 6 Includes Teesside Leisure Park acquired in the year 7 Includes New George Street Estate, Plymouth acquired during the year 49
Top 20 occupiers & occupier split by industry As at 31 March 2017 % of Contracted Rent Occupier Split by Industry (%) Tesco plc 1 5.4 J Sainsbury plc 4.8 Fashion Other 10% UBS AG 3.4 & Beauty 16% DIY 7% Debenhams 3.3 Kingfisher (B&Q) 2.8 HM Government 2.6 TMT 7% Next plc 2.4 Virgin Active 1.9 General Retail 15% Facebook 1.8 Professional & Corporate Dentsu Aegis 1.7 9% Spirit Group 1.7 M&S plc 1.6 Grocery & Wesfarmers 1.6 Banks & Financial Convenience services 15% Alliance Boots 1.6 10% Food/Leisure Visa Inc 1.5 11% Dixons Carphone 1.4 Expiries ahead of development 2% Arcadia Group 1.3 UBS – 5 Broadgate 3% Herbert Smith 1.3 Other banks 3% RBS 1.2 Total banks 8% Asset Management & Other Financial 7% TK Maxx 1.0 1 4.7% pro-forma for post year end net disposal of £73m in property exchange transaction with Tesco 50
London Assets 51
Broadgate – development opportunities to add a wider range of uses and attract a broader range of occupiers 2–3 Finsbury Avenue • 2 Finsbury Avenue – lease expired in Dec 2016 • 3 Finsbury Avenue – expected lease break in late 2018 • Current size: 189k sq ft • Potential size: 563k sq ft 1 Finsbury Avenue • Lease expired in Dec 2016 • Current size: 288k sq ft 135 Bishopsgate • Leases surrender in June 2017 ahead of 2019 expiry • Current size: 325k sq ft 100 Liverpool Street • Lease expired in Dec 2016 • Current size: 380k sq ft • Redevelopment: 520k sq ft Broadgate Overview Current contracted % Rent WALL to FB rent £m (BL Share) yrs Core income, including recent developments 80 84 9.6 Committed (100 Liverpool Street) n/a n/a n/a Near term pipeline (1 Finsbury Avenue, 135 Bishopsgate) 7 8 0.3 Medium term pipeline (2&3 Finsbury Avenue, 1&2 Broadgate) 8 8 1.7 Total 95 8.2 52
Paddington Central Campus 53
Regent’s Place Campus 54
Canada Water 55
£2bn Capital Activity Gross investment activity in FY17 Net Spend £52m £648m (£267m) £31m (£1,059m) £m 1,600 1,200 800 400 - (400) (800) (1,200) (1,600) (2,000) Financial 2013 2014 2015 2016 2017 1 Year Disposals Capital Investment Acquisitions Net Spend Net Acquisitions/ Disposals 1 2017 includes transactions exchanged since 1 April 2016 56
Capital Activity Since 1 April 2016 Retail Offices Residential Canada Water Total £m £m £m £m £m Purchases 1 187 – – 8 195 Sales 1,2 (881) (609) (56) – (1,546) Development Spend 20 132 21 10 183 Capital Spend 91 18 – – 109 Net Investment (583) (459) (35) 18 (1,059) Gross Investment 1,179 759 77 18 2,033 On a proportionally consolidated basis including the Group’s share of joint ventures and funds 1 Includes £43m acquisitions and £116m disposals that exchanged and completed post year end as part of a Tesco JV swap transaction resulting in a net £73m disposal of superstore assets; Includes a further £49m acquisition that exchanged and completed post year end 2 Of which £575m Offices sales and £19m Residential sales completing post year end 57
Acquisitions Since 1 April 2016 Sector Price Price Annual (100%) (BL Share) Passing £m £m Rent £m 4 Completed New George Street Estate, Plymouth Retail 64 64 5 10-40 The Broadway, Ealing 1 Retail 49 49 2 Harlech, Newport – Tesco exchange transaction 2 Retail 41 20 1 Tesco, Brislington – Tesco exchange transaction 2 Retail 46 23 2 Hercules Unit Trust units 3 Retail 18 18 1 Teesside Leisure Park Retail 13 13 1 Dock Offices, Canada Water Canada Water 8 8 – Total 239 195 12 1 Property acquisition exchanged and completed post year end 2 Property acquisitions exchanged and completed post year end as part of a Tesco JV swap transaction resulting in a net £73m disposal of superstore assets 3 Units purchased over the course of the year. £18m represents purchased GAV 4 BL share of annualised rent topped up for rent frees 58
Disposals Since 1 April 2016 Sector Price Price Annual (100%) (BL Share) Passing £m £m Rent £m 3 Completed Debenhams, Oxford Street Retail 400 400 13 Superstores 1 Retail 410 226 12 Portfolio of retail assets (Debenhams Manchester, Retail 191 191 12 York Clifton Moor, Wakefield Westgate) Ebury Gate Offices 34 34 2 Dumfries Cuckoo Bridge Retail 20 20 1 56 – 70 Putney High Street Retail 20 20 1 Lisnagelvin, Londonderry Retail 15 15 1 Luton Power Court Retail 9 9 – The Hempel Collection Residential 14 14 – Aldgate Place Residential 46 23 – Exchanged 2 The Leadenhall Building Offices 1,150 575 17 Clarges, Mayfair Residential 19 19 – Total 2,328 1,546 59 1 Of which £116m exchanged and completed post year end as part of a Tesco JV swap transaction resulting in a net £73m disposal of superstore assets 2 Sales completing post year end 59 3 BL share of annualised rent topped up for rent frees
FY18 income statement guidance • Gross Rents • Operating costs Annualised accounting gross rent of £602m as at Expected to be broadly in line with FY17 levels. – – 31 March 2017 This includes the investment in flexible workspace which is expected to be profit neutral in FY18 Transactions completing after 31 March 2017 1 – are expected to reduce annualised rents by £19m (FY18 impact £18m) • Dividend Annualised rent relating to properties in the – The dividend for the year ending 31 March 2018 development pipeline of £7m is expected to run – is increased by 3% to 30.08 pence per share off in FY18, up to £6m impact in the year. This (quarterly dividend of 7.52 pence per share) includes the impact of RBS’ early surrender at 135 Bishopsgate for which we will recognise a £15m surrender premium receipt in H1 FY18 • Other Rental income growth will be driven by like-for-like – 2012 convertible bond matures on 10 th September – growth and development lettings 2017 with a current conversion price of 693p • Financing Capital activity has the potential to significantly – Weighted average interest rate now 3.14% – impact profits. For example, selling/acquiring on gross debt of £4.5bn £100m of assets would reduce/increase profits by Transactions completing after 31 March 2017 1 are – c.£3.5m and LTV by c.0.5%. This is based on an expected to reduce the interest charge by £7m average portfolio topped up NIY of 4.6% and marginal cost of debt of 1.1% 1 Including sale of The Leadenhall Building for £575m (50% interest), Tesco JV swap transaction resulting in net £73m disposal of superstore assets and acquisition of 10-40 The Broadway, Ealing for £49m. 60
Future income profile breakdown (cash basis) For the year to 31 March 2018 2019 2020 2021 2022 Total At 31 March 2017 £m £m £m £m £m £m Contracted rent 653 Sales and purchases completing post year end (22) – – – – (22) Letting of completed developments 11 – – – – 11 (of which £7m let or under offer) Lease Expiries – Near Term Developments (9) – – – – (9) Lease Expiries – Medium Term Developments – (8) – – – (8) Letting of Committed Developments – 2 19 – – 21 (of which £1m let or under offer) 1 Letting of Near Term Developments – 17 – 26 – 43 (of which £25m let or under offer) 1 RPI Linked Leases 2 2 2 2 2 2 10 Reversion 3 2 4 4 1 – 11 Vacancies 12 Potential Rent in 5 Years excl. Medium Term developments 722 Letting of Medium Term Developments (excl. Canada Water) 107 On a proportionally consolidated basis including the Group’s share of joint ventures and funds. Figures based on valuation rent and include assumptions on outstanding rent review settlements 1 Assumed lettings contracted at practical completion 2 Assumed at 3.0% per annum 3 Includes reversion on expiries and open market rent reviews within 5 years 61
Gross rental income 1 Annualised as at 31 March 2017 Accounting Basis £m 12 months to 31 March 2017 Group JVs & Total Group JVs & Total Funds Funds Regional 60 86 61 86 146 147 Local 98 27 88 26 125 114 Multi-let 158 113 271 149 112 261 Department Stores & 48 – 48 38 – 38 Leisure Superstores 9 32 41 6 32 38 Solus and Other 20 – 20 20 – 20 Retail 235 145 380 213 144 357 West End 129 – 125 – 129 125 City 5 116 4 104 121 108 Offices 134 116 250 129 104 233 Residential 2 4 – 4 – 4 4 Offices and Residential 138 116 254 133 104 237 Canada Water 9 – 9 8 – 8 Total 382 261 643 354 248 602 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Gross rental income differs from annualised rents due to accounting adjustments for fixed & minimum contracted rental uplifts and lease incentives 2 Standalone residential 62
Administrative Expenses Financial Year to 31 March 2016 2017 £m £m Personnel Costs 50 50 Share Scheme Costs 10 4 Other Administrative Expenses 33 32 Total – British Land 93 86 Broadgate Estates 5 5 Total – Group 98 91 Capitalised Costs (4) (5) Total Administrative Expenses 94 86 On a proportionally consolidated basis including the group's share of joint ventures and funds and excluding non-controlling interests in the Group's subsidiaries. 63
Operating costs metric Financial Year to 31 March 2016 2017 £m £m 34 33 Property operating expenses Administrative expenses 94 86 Net fees and other income (17) (17) (3) (2) Ground rent costs EPRA Costs (including direct vacancy costs) 108 100 Gross rental income 654 643 Ground rent costs (3) (2) Gross Rental Income (EPRA basis) 651 641 EPRA Cost Ratio (including direct vacancy costs) 16.6% 15.6% On a proportionally consolidated basis including the group's share of joint ventures and funds and excluding non-controlling interests in the Group's subsidiaries. 64
Reconciliation of Underlying Profit FY to 31 March (£m) 2016 2017 IFRS profit before tax 1,331 195 Net valuation (profit)/loss (849) 225 Profit on disposal of investment and trading properties (69) (20) Deferred and current taxation of joint ventures & funds 1 (1) Capital financing income (33) (6) Non-controlling interests (18) (3) Underlying Profit 363 390 Dilution adjustments 1 6 - EPRA Earnings Before Tax 369 390 On a proportionally consolidated basis including the group's share of joint ventures and funds and excluding non-controlling interests in the Group's subsidiaries. 1 2016 adjustment relates to the 1.5% convertible bond. No dilution required in 2017 as share price was below the conversion price of 693p at the year end 65
Number of shares Number of shares (m) As at As at 31 March 16 31 March 17 IFRS Basic Weighted Average 1 1,025 1,029 IFRS Diluted Weighted Average 2 1,089 1,091 Underlying/EPRA Diluted Weighted Average 3 1,089 1,033 Year End 4 1,096 1,038 1 For use in IFRS basic earnings per share 2 For use in IFRS diluted earnings per share, includes dilution for the 1.5% convertible bond 3 For use in Underlying/EPRA diluted earnings per share. Movement since March 2016 reflects the 1.5% convertible no longer being treated as dilutive 4 For use in EPRA NAV per share and EPRA NNNAV per share. Movement since March 2016 reflects the 1.5% convertible no longer being treated as dilutive 66
EPRA balance sheet £m 31 March 16 Group JVs & Funds 31 March 17 Total properties 14,648 9,210 4,730 13,940 Adjusted net debt (2,990) (1,233) (4,765) (4,223) Other net liabilities (209) (148) (71) (219) EPRA Net Assets (undiluted) 9,674 6,072 3,426 9,498 Dilution impact of 1.5% convertible bond 400 – – – EPRA Net Assets (diluted) 10,074 6,072 3,426 9,498 Loan to Value (LTV) 1 32.1% 22.6% 29.9% Weighted average interest rate 3.3% 2.4% 3.1% Interest cover 3.0x 4.5x 3.6x Average maturity of drawn debt (years) 6.9 8.1 7.7 1 Group LTV based on Group Properties and net investment in JV & Funds, and Group net debt 67
Reconciliation of EPRA NAV & NNNAV 31 March 16 31 March 17 £m pence £m pence IFRS Net Assets 9,619 935 9,476 921 Deferred tax arising on revaluation movements 5 3 Mark to market on effective cash flow hedges and 198 155 related debt adjustments 1 Adjust to fully diluted on exercise of share options 36 36 Adjust to dilute for 1.5% convertible bond 400 - Surplus on trading properties 93 83 Non-controlling interests (277) (255) EPRA NAV 10,074 919 9,498 915 Deferred tax arising on revaluation movements (24) (19) Mark to market of debt and derivatives (410) (541) EPRA NNNAV 9,640 880 8,938 861 1 Includes mark to market adjustment on the 1.5% convertible bond (2015/16: £29m, 2016/17: £(13)m). 68
Gross and net debt reconciliation At 31 March 2017 Group JVs & Funds Less non- Total £m £m controlling £m interests £m Gross Debt (principal value) 3,069 1,579 (128) 4,520 IFRS adjustments: Issue costs and premia (12) (3) - (15) Fair value hedges 237 - - 237 Other Items (13) - - (13) IFRS gross debt 3,281 1,576 (128) 4,729 Market value of derivatives (73) 37 (3) (39) Cash (114) (210) 12 (312) IFRS net debt 3,094 1,403 (119) 4,378 Adjustments: Remove market value of derivatives 38 Remove fair value hedges (206) Other adjustments 13 Adjusted net debt 4,223 69
Loan to value (LTV) As at Valuation Acquisitions Capital Disposals Other As at Proforma 31 March movement Spend 31 March for 2016 2017 Leadenhall £m £m sale Total 14,648 (204) 103 263 (843) (27) 13,940 13,403 properties Other 138 - - - - 13 151 151 investments LTV Assets 14,786 (204) 103 263 (843) (14) 14,091 13,554 Adjusted 4,765 - 103 263 (853) (55) 4,223 3,653 net debt Other (20) - - - - 4 (16) (12) LTV 4,745 - 103 263 (853) (51) 4,207 3,641 Liabilities LTV 32.1% 0.3% 0.5% 1.2% (4.2%) - 29.9% 26.9% On a proportionally consolidated basis including the group's share of joint ventures and funds and excluding non-controlling interests in the Group's subsidiaries. 70
Strength of debt metrics Proportionally Consolidated 31 Mar 2016 31 Mar 2017 Loan to Value (LTV) 32.1% 29.9% Weighted Average Interest Rate 3.3% 3.1% Interest Cover 3.0x 3.6x Average Maturity of Drawn Debt (years) 8.1 7.7 Group 31 Mar 2016 31 Mar 2017 Loan to Value (LTV) 25.2% 22.6% Available undrawn facilities £1.2bn £1.3bn Weighted Average Interest Rate 2.6% 2.4% Interest Cover 3.3x 4.5x 71
Debt maturity (£m) £m 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Year to March Convertible Bond (Unsecured) JVs – Securitisations Bank RCF Undrawn (Unsecured) US Private Placements (Unsecured) Funds – Bank drawn (Secured) Funds Bank Undrawn (Secured) Debenture & loan notes (Secured) On a proportionally consolidated basis including the group's share of joint ventures and funds and excluding non-controlling interests in the Group's subsidiaries. Graph shows position as at 31 March 2017 pro-forma for completion of the sale of our 50% interest in The Leadenhall Building and the Tesco JV property swap transaction 72
Debt financing – diverse profile £4.5bn Drawn Debt Profile 1 (31 March 2017) • Extended £1.4bn of unsecured revolving bank facilities £0.5bn £0.5bn • Average drawn debt term 7.7 years • The Group has no requirement to refinance until early 2021 £0.6bn £1.3bn • On completion of sale of 50% interest in The Leadenhall Building: – £1.8bn of revolving credit facilities undrawn in £0.8bn British Land £0.8bn – Proportion of projected debt at fixed rate 60% average over Bank RCFs Drawn Debentures & loan notes (Unsecured) (Secured) next 5 years (78% on spot basis) US Private Placements JVs Securitisations (Unsecured) – Weighted Average Interest Rate Convertible Bonds JV & Funds bank loans 3.4% (March-17: 3.1%) (Secured) 2 (Unsecured) 1 Proportionally consolidated 2 HUT’s debt shown at our share (£0.3 billion) within JV & Funds 73
Portfolio valuation by sector Group JVs & Funds Movement % 1 At 31 March 2017 Total £m £m £m H1 H2 FY Regional 1,120 2,954 (2.8) 1.0 (1.8) 1,834 Local 1,671 2,148 (4.8) 0.4 (4.5) 477 Multi-let 2,791 2,311 5,102 (3.7) 0.7 (3.0) Department Stores and Leisure 574 1 575 3.2 3.1 5.1 Superstores 106 632 (3.0) (2.5) (5.2) 526 Solus and Other 345 345 3.7 1.8 5.5 – Retail 3,816 2,838 6,654 (2.4) 0.7 (1.8) West End 3,960 – 3,960 (2.4) 1.7 (0.6) City 108 2,776 2,884 (4.9) 4.4 (0.8) Offices 4,068 6,844 (3.5) 2.8 (0.7) 2,776 Residential 2 156 171 - 5.4 4.2 15 Offices and Residential 4,224 2,791 7,015 (3.3) 2.9 (0.5) Canada Water 271 – 271 (2.1) (9.0) (10.8) Total 8,311 13,940 (2.8) 1.6 (1.4) 5,629 Standing Investments 7,821 13,308 (2.8) 1.3 (1.6) 5,487 Developments 490 142 632 (3.0) 4.8 1.7 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Valuation movement during the year (after taking account of capital expenditure) of properties held at the balance sheet date, including developments (classified by end use), purchases and sales 2 Standalone residential 74
Portfolio weighting At 31 March 2016 2017 (current) 2017 (current) 2017 (pro- forma 1 ) % % £m % Regional 19.4 21.3 2,954 21.6 Local 16.3 15.4 2,148 16.1 Multi-let 35.7 36.7 5,102 37.7 Department Stores and Leisure 6.9 4.1 575 4.2 Superstores 5.3 4.5 632 3.9 Solus and Other 2.3 2.5 345 2.5 Retail 50.2 47.8 6,654 48.3 West End 26.6 28.4 3,960 29.8 City 19.7 20.7 2,884 18.7 Offices 46.3 49.1 6,844 48.5 Residential 2 1.6 1.2 171 1.2 Offices and Residential 47.9 50.3 7,015 49.7 Canada Water 1.9 1.9 271 2.0 Total 100.0 100.0 13,940 100.0 Of which London 58 58 8,050 58 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Pro forma for developments under construction and committed developments at estimated end value (as determined by the Group’s external valuers) and post year end transactions including the sale completion of our 50% interest in The Leadenhall Building and the Tesco JV property exchange 2 Standalone residential 75
Lease length and occupancy At 31 March 2017 Average Lease Length (yrs) Occupancy Rate (%) Occupancy 1 To Expiry To Break EPRA Occupancy Regional 7.9 6.7 97.3 97.7 Local 7.9 6.8 97.3 97.9 Multi-let 7.9 6.8 97.3 97.8 Department Stores and Leisure 17.4 17.4 99.8 99.8 Superstores 11.7 11.3 100.0 100.0 Solus and Other 12.5 12.3 100.0 100.0 Retail 9.5 8.6 97.9 98.3 West End 9.0 7.3 93.0 97.0 City 2 9.8 8.5 91.1 98.6 Offices 9.4 7.8 92.1 97.7 Canada Water 6.8 6.5 97.6 98.8 Total 9.4 8.3 95.2 98.0 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Including accommodation under offer (including post year transactions at 2 Finsbury Avenue and 4 Kingdom Street) or subject to asset management (incl. space being prepared for flexible working) or assets being readied for development in the near term (1 Finsbury Avenue) 2 City average lease length to break is 8.2 yrs pro-forma for sale completion of our 50% interest in The Leadenhall Building which exchanged in the year 76
Portfolio net yields 1,2 At 31 March 2017 EPRA EPRA topped Overall Net Net net initial up net initial topped up equivalent reversionary 3 yield % yield % net initial yield % yield % 4 yield % Regional 4.5 4.6 4.7 4.9 5.0 Local 5.1 5.2 5.3 5.4 5.4 Multi-let 4.7 4.9 4.9 5.1 5.2 Department Stores and Leisure 6.0 6.0 7.2 5.9 4.4 Superstores 5.6 5.6 5.6 5.5 5.3 Solus and Other 5.6 5.6 5.6 5.2 4.8 Retail 4.9 5.1 5.2 5.2 5.1 West End 3.5 3.7 3.8 4.5 4.8 City 5 3.7 4.1 4.1 4.5 5.1 Offices 3.6 3.9 3.9 4.5 4.9 Canada Water 2.8 2.9 2.9 3.4 3.5 Total 4.3 4.5 4.6 4.8 5.0 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Including notional purchaser's costs 2 Excluding committed developments and residential assets 3 Including 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) 5 City net equivalent yield is 4.6% and EPRA net initial yield is 4.2% pro-forma for sale completion of our 50% interest in The Leadenhall Building which exchanged in the year 77
Portfolio yield & ERV movements 1 3 2 3 bps At 31 March 2017 NEY ERV Growth % NEY Yield Movement % H1 H2 FY H1 H2 FY Regional 4.9 1.3% 1.0% 2.3% 16 (4) 12 Local 5.4 1.3% 1.2% 2.5% 29 (1) 27 Multi-let 5.1 1.3% 1.1% 2.4% 22 (3) 18 Department Stores 5.9 0.4% (0.1%) 0.4% 4 (18) (15) and Leisure Superstores 5.5 (3.0%) (1.0%) (4.0%) 8 13 21 Solus and Other 5.2 4.8% 0.0% 4.8% 9 (9) (4) Retail 5.2 0.9% 0.7% 1.6% 18 (3) 14 West End 4.5 0.3% 0.4% 0.7% 16 (1) 15 City 4 4.5 (0.2%) 0.4% 0.2% 27 (13) 15 Offices 4.5 0.1% 0.4% 0.5% 21 (6) 15 Canada Water 3.4 0.9% (0.1%) 0.9% 4 5 9 Total 4.8 0.5% 0.6% 1.1% 19 (5) 15 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Excluding developments under construction, assets held for development and residential assets 2 As calculated by IPD 3 Including notional purchaser’s costs 4 City NEY is 4.6% pro-forma for sale completion of our 50% interest in The Leadenhall Building which exchanged in the year 78
Annualised rent & estimated rental value (ERV) At 31 March 2017 Annualised Rents ERV Average Rent (Valuation Basis) £m 1 £m (£psf) Group JVs & Funds Contracted 2 Total Total ERV Regional 61 87 148 164 31.1 33.1 Local 90 28 118 126 24.9 26.1 Multi-let 151 115 266 290 28.0 29.6 Department Stores 36 - 36 28 14.9 11.4 and Leisure Superstores 6 32 38 36 21.3 20.1 Solus and Other 20 - 20 17 19.8 17.0 Retail 213 147 360 371 24.5 24.6 West End 3 132 - 132 179 54.2 62.2 City 3,4 4 103 107 150 52.5 60.2 Offices 3 136 103 239 329 53.4 61.2 Residential 5 4 - 4 4 Offices and Residential 140 103 243 333 Canada Water 8 - 8 10 16.4 21.0 Total 361 250 611 714 30.3 33.2 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 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 2 Annualised rent, plus rent subject to rent free 3 £psf metrics shown for office space only 4 City average rent psf on a contracted basis is £50.1 and on an ERV basis is £57.4 pro-forma for sale completion of our 50% interest in The Leadenhall Building which exchanged in the year. 79 5 Standalone residential
Rent subject to open market rent review For the year to 31 March 2018 2019 2020 2021 2022 2018–20 2018–22 At 31 March 2017 £m £m £m £m £m £m £m Regional 13 17 12 18 13 42 73 Local 24 17 10 11 6 51 68 Multi-let 37 34 22 29 19 93 141 Department Stores - - - - - - - and Leisure Superstores 4 7 10 12 3 21 36 Solus and Other - - - - - - - Retail 41 41 32 41 22 114 177 West End 24 20 15 10 9 59 78 City 1 4 14 14 15 1 32 48 Offices 28 34 29 25 10 91 126 Canada Water 1 1 - - - 2 2 Total 70 76 61 66 32 207 305 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Of which £17m relates to The Leadenhall Building 80
Rent subject to lease break or expiry For the year to 31 March 2018 2019 2020 2021 2022 2018–20 2018–22 At 31 March 2017 £m £m £m £m £m £m £m Regional 19 10 14 10 15 43 68 Local 8 7 10 9 11 25 45 Multi-let 27 17 24 19 26 68 113 Department Stores - - - - - - - and Leisure Superstores - - - - - - - Solus and Other - 1 - - - 1 1 Retail 27 18 24 19 26 69 114 West End 6 10 3 17 21 19 57 City 7 11 11 9 2 29 40 Offices 13 21 14 26 23 48 97 Canada Water 1 1 - 1 - 2 3 Total 41 40 38 46 49 119 214 % of contracted rent 6.3% 6.3% 6.0% 7.1% 7.7% 18.6% 33.4% On a proportionally consolidated basis including the group's share of joint ventures and funds 81
Rent subject to lease break or expiry – Office expiries detail For year to 31 March 2018 2019 2020 2021 2022 2018–22 At 31 March 2017 £m £m £m £m £m £m 135 Bishopsgate 7 – – – – 7 1 Triton Square 2 – – – – 2 Near Term developments 9 – – – – 9 2&3 Finsbury Avenue – 2 – – – 2 1&2 Broadgate – 6 – – – 6 Medium Term developments – 8 – – – 8 Other West End expiries 4 10 3 17 21 55 Other City expiries – 3 11 9 2 25 Office expiries 13 21 14 26 23 97 On a proportionally consolidated basis including the group's share of joint ventures and funds 82
Contracted rental increases (cash flow basis) For the year to 31 March 2018 2019 2020 2021 2022 2018–20 2018–22 At 31 March 2017 £m £m £m £m £m £m £m Expiry of rent free periods 1 21 7 1 - - 29 29 Fixed uplifts (EPRA basis) 1 1 - - - 2 2 Fixed & minimum uplifts 1 1 1 1 1 3 5 Total 23 9 2 1 1 34 36 On a proportionally consolidated basis including the group's share of joint ventures and funds# 1 Of which £12m relates to The Leadenhall Building 83
Total Property Return (as calculated by IPD) Full Year to 31 March 2017 Retail Offices Total % British British British IPD IPD IPD Land Land Land Capital Return (1.7) (2.3) (0.6) (1.0) (1.2) (0.1) - ERV Growth 1.6 0.9 0.5 2.0 1.1 1.9 - Yield Expansion 1 14 bps 12 bps 15 bps 13 bps 15 bps 4 bps Income Return 5.3 5.1 3.5 3.8 4.3 4.7 Total Property Return 3.5 2.8 2.8 2.8 3.1 4.6 1 Net equivalent yield movement 84
BL property performance vs IPD – 1 year Year ended 31 March 2017 Relative performance bps 100 70 50 60 40 10 0 -50 -110 -100 -150 -150 -200 Retail Offices Total Capital Returns Total Returns 85
BL property performance vs IPD – 5 years 5 years ended 31 March 2017 Relative performance bps p.a. 350 300 300 250 200 200 150 130 100 100 80 70 50 0 Retail Offices Total Capital Returns Total Returns 86
Superstores 1 In Multi-let assets 2 Total Exposure 1,2,3 Standalone Superstores Store Size Number Valuation Capital Lease Number Valuation Capital Lease Number Valuation Capital Lease 4 4 4 ‘000 sq ft of (BL share) Value length of (BL share) Value length of (BL share) Value length stores £m psf stores £m psf stores £m psf >100 6 152 340 11.1 4 286 419 11.1 10 438 388 11.1 75–100 10 171 384 11.3 3 73 274 15.0 13 244 342 12.5 50–75 12 179 364 10.8 - - - - 12 179 364 10.8 25–50 3 15 272 8.1 3 32 456 18.5 6 47 375 14.7 0–25 2 6 138 8.1 21 98 465 10.2 23 104 409 10.0 March 2017 33 523 352 10.9 31 489 397 12.6 64 1,012 373 11.7 March 2016 47 763 383 13.9 28 537 482 12.7 75 1,301 419 13.5 Geographical Spread Gross Rent (BL Share) Lease Structure London & South 58% Tesco £29m RPI and Fixed 10% Rest of UK 42% Sainsbury’s £26m OMRR 90% Other £5m Table includes £43m acquisitions and £116m disposals that exchanged and completed post year end as part of a Tesco JV swap transaction resulting in a net £73m disposal of superstore assets 1 Excludes £13m non-foodstore occupiers in superstore led assets 2 Excludes non-food format stores e.g. Asda Living 3 Excludes £93m of investments held for trading comprising freehold reversions in a pool of Sainsbury’s Superstores 4 Weighted average lease length to first break 87
Recently completed & committed developments At 31 March 2017 Sector BL Sq PC Current Cost to ERV Let & Share ft Calendar Value Come Under Offer Year £m 1 £m 2 £m 3 % '000 £m 4 Kingdom Street Office 100 147 Q2 2017 151 18 9.5 7.0 Clarges Mayfair - Offices Office 100 51 Q2 2016 135 6 5.6 4.3 Glasgow Fort Leisure Retail 77 12 Q3 2016 8 - 0.4 0.2 Quarter The Hempel Phase 1 Residential 100 25 Q4 2016 4 3 - - The Hempel Phase 2 Residential 100 33 Q4 2016 45 3 - - Aldgate Place Phase 1 Residential 50 221 Q2 2016 - 7 - - Total Completed in Year 489 343 37 15.5 11.5 100 Liverpool Street Office 50 520 Q4 2019 112 152 18.6 - Speke (Leisure) Retail 67 66 Q2 2018 4 14 1.2 0.8 Clarges Mayfair - Retail and Mixed Use 100 104 Q4 2017 362 52 0.8 - Residential 4 Total Committed 690 478 218 20.6 0.8 Retail Capital Expenditure 5 111 On a proportionally consolidated basis including the group's share of joint ventures and funds (except area which is shown at 100%) 1 Excludes completed Residential sales of £120m 2 From 1 April 2017. Cost to come excludes notional interest as interest is capitalised individually on each development at our capitalisation rate 3 Estimated headline rental value net of rent payable under head leases (excluding tenant incentives) 4 Current value includes units exchanged and not completed of £278m 5 Capex committed and underway within our investment portfolio relating to leasing and asset management 88
Near term development pipeline At 31 March 2017 Sector BL Sq Expected Current Cost to ERV Planning Status Share ft Start on Value Come Site £m £m 1 £m 2 % '000 Near term Pipeline 135 Bishopsgate Office 50 325 2017 107 55 9.4 Submitted 23.3 Resolution 1 Triton Square Office 100 366 2018 161 200 to grant 1 Finsbury Avenue Office 50 288 2017 77 35 7.7 Submitted Plymouth (Leisure) Retail 100 104 2018 - 48 3.1 Consented Total Near Term 1,083 345 338 43.5 Retail Capital Expenditure 3 75 On a proportionally consolidated basis including the group's share of joint ventures and funds (except area which is shown at 100%) 1 From 1 April 2017. Cost to complete excludes notional interest as interest is capitalised individually on each development at our capitalisation rate 2 Estimated headline rental value net of rent payable under head leases (excluding tenant incentives) 3 Forecast capital commitments within our investment portfolio over the next 12 months relating to leasing and asset enhancement 89 89
Medium term development pipeline At 31 March 2017 Sector BL Sq ft Planning status Share % '000 Medium term Pipeline Office 50 563 Consented 2&3 Finsbury Avenue Office 50 375 Pre-submission 1&2 Broadgate Office 100 340 Consented Blossom Street 5 Kingdom Street 1 Office 100 332 Consented Gateway Building Office 100 105 Pre-submission Meadowhall (Leisure) Retail 50 322 Submitted Peterborough (Leisure) Retail 100 182 Pre-submission Teesside (Leisure) Retail 100 80 Pre-submission Bradford (Leisure) Retail 100 49 Pre-submission Aldgate Place Phase 2 Residential 50 145 Consented Mixed Use 50 538 Consented Eden Walk Retail & Residential Total Medium Term excl. Canada Water 3,031 Canada Water 2 Mixed Use 100 5,500 Pre-submission 1 Planning consent for previous 240,000 sq ft scheme 2 Assumed net area based on gross area of up to 7m sq ft 90 90
Residential development programme At 31 March 2017 BL Sq Ft Total No. PC Current Cost to Sales Value Value 1 Come 2 Share No. Units to Date Exchanged to sell Units sell & not Completed 1,3 % '000 £m £m £m £m Q4 Clarges, Mayfair 100 94 34 11 347 52 278 150 2017 The Hempel Q4 100 25 15 1 4 3 - 7 Phase 1 2016 The Hempel Q4 100 33 18 13 45 3 - 46 Phase 2 2016 Aldgate Place Q2 50 221 154 1 - 7 - 7 Phase 1 2016 Total Residential 373 221 26 396 65 278 210 On a proportionally consolidated basis including the group's share of joint ventures and funds (except area which is shown at 100%) 1 Excludes completed sales of £120m 2 From 1 April 2017. Cost to come excludes notional interest as interest is capitalised individually on each development at our capitalisation rate 3 At agreed sales price 91
Estimated future development spend and capitalised interest At 31 March 2017 PC Cost to Come £m Calendar (excluding notional interest) – 6 mths breakdown Year Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 100 Liverpool Street Q4 2019 18 26 32 28 22 11 Speke (Leisure) Q2 2018 8 6 – – – – Clarges Mayfair - Retail and Q4 2017 37 5 9 1 – – Residential Total Committed 63 37 41 29 22 11 135 Bishopsgate 2019 6 16 15 11 4 2 1 Triton Square 2020 7 17 20 35 46 40 1 Finsbury Avenue 2019 2 8 10 9 3 2 Plymouth (Leisure) 2020 1 3 8 13 12 6 Total Near Term 16 44 53 68 65 50 Indicative Interest Capitalised on 3 3 4 4 4 4 above at attributable rates 1 Contracted Residential receipts to come – 198 – – – – 1 Financing costs are capitalised at 4% on qualifying expenditure for developments 92
Central London development pipeline Q1 2017 m sq ft 12.0 10.0 8.0 6.0 4.0 2.0 0.0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Source: CBRE 10 year average new and Completed Pipeline Pre-let Potential Speculative under-construction take-up U/C Pre-let U/C – Speculative 10 year average development completions Note: Forecast reflects agent’s estimate of earliest completions. Central London comprises the City, Docklands, Midtown, Southbank and West End areas. 93
West End development pipeline Q1 2017 m sq ft 3.0 2.5 2.0 1.5 1.0 0.5 0.0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Source: CBRE 10 year average new and Completed Pipeline Pre-let Potential Speculative under-construction take-up U/C Pre-let U/C – Speculative 10 year average development completions Note: Forecast reflects agent’s estimate of earliest completions 94
City development pipeline Q1 2017 m sq ft 6.0 5.0 4.0 3.0 2.0 1.0 0.0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Source: CBRE 10 year average new and Completed Pipeline Pre-let Potential Speculative under-construction take-up U/C Pre-let U/C – Speculative 10 year average development completions Note: Forecast reflects agent’s estimate of earliest completions 95
Property Yields and interest rate yield gap Retail and London Office Yields All Retail Central London Offices 10.0 8.0 NIY % 6.0 4.0 2.0 0.0 Source: IPD Yield Gap UK 10 Year Gilt Yield Property Yield vs 10 Year Gilt Yields IPD All Property Net Initial Yield 10 8 6 % 4 2 - (2) 1994 1997 2000 2002 2005 2007 2010 2012 2015 Q1 2017 Source: IPD/Bloomberg 96
London office market rental outlook Prime London Office Rents £ psf 140 120 100 80 60 40 20 Actual Forecast 0 1990 1995 2000 2005 2010 2016 2021 West End City Source: CBRE (historic) and Average Agents' Consensus (including PMA Spring 17) for forecasts 97
Vacancy Central London West End & City Vacancy Rates 20 18 16 14 12 10 8 5.6% 6 3.9% 4 2 0 1985 1990 1995 2000 2005 2010 Q1 2017 West End City Source: CBRE (historic) 98
Retail Portfolio Valuation – previous classification Change % 1 ERV Growth % 2 At 31 March Valuation NEY Yield Movement bps 2017 £m H1 H2 FY H1 H2 FY H1 H2 FY Shopping 3,167 (4.1) 0.7 (3.3) 1.6% 0.8% 2.4% 26 (4) 20 parks Shopping (2.1) 0.8 (1.3) 1.3% 1.3% 2.6% 14 (3) 12 2,276 centres Superstores (3.0) (2.5) (5.2) (3.0%) (1.0%) (4.0%) 8 13 21 632 Department 5.6 3.0 6.7 0.4% 0.3% 0.7% 3 (10) (8) 166 stores Leisure 413 (0.5) 3.2 2.7 0.4% (0.2%) 0.2% 4 (21) (17) Retail 6,654 (2.4) 0.7 (1.8) 0.9% 0.7% 1.6% 18 (3) 14 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Valuation movement during the year (after taking account of capital expenditure) of properties held at the balance sheet date, including developments (classified by end use), purchases and sales 2 As calculated by IPD 99
Retail portfolio net yields 1,2 – previous classification At 31 March 2017 EPRA EPRA topped Overall Net Net net initial up net initial topped up net equivalent reversionary 3 4 yield % yield % initial yield % yield % yield % Shopping parks 4.9 5.1 5.1 5.2 5.2 Shopping centres 4.5 4.7 4.7 5.0 5.1 Superstores 5.6 5.6 5.6 5.5 5.3 Department stores 5.1 5.1 6.6 5.0 3.9 Leisure 6.3 6.3 7.4 6.2 4.7 Retail 4.9 5.1 5.2 5.2 5.1 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Including notional purchaser's costs 2 Excluding committed developments 3 Including 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) 100
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