Security of cashflows from prime properties
Our prime assets generate secure long-term contracted rental income. We benefit from the combination of high occupancy rates across our portfolio (at 98.0% overall) and long average lease lengths (at 11.5 years to first break and 12.9 years to expiry).
Robust financing structure
The Group has a robust financing structure. We raise debt from a variety of sources and with a spread of maturities both to provide significant and secure long-term financing for the Group's activities and to mitigate risk. We also have substantial committed undrawn facilities.
As at 31 December 2011, the Group's balance sheet gross and net borrowings were £2,537 million and £2,291 million respectively. The majority of those borrowings are with recourse to British Land for repayment and are either additionally secured by specific assets or are unsecured. The weighted average maturity of the Group's debt at the same date was 9.7 years.
Including our share of debt in joint ventures and funds which are neither wholly owned nor fully consolidated, gross and net borrowings were £5,196 million and £4,907 million at the same date. These borrowings are non-recourse to British Land and are in "ring-fenced" structures. The weighted average maturity, including our share of debt in funds and joint ventures was 9.6 years.
We have £1.5 billion of committed unsecured undrawn facilities at attractive interest rates and which provide us with valuable and significant resources to finance our activities and invest in attractive value-creating opportunities.
