Reports

We are one of Europe's largest REITs and our vision is to be the best. Being the best REIT for us means producing consistent outperformance over time as measured by our property returns, along with a return which is higher than our cost of capital.

Our ability to be the best REIT depends on: the strength of our leadership skills; the quality of our property and financing expertise; the quality and sustainability of the environments we create for our occupiers; our ability to attract high-quality partners and the returns we generate for our shareholders.

This has been another active and successful year for British Land. Our results show the clear benefit of the long-term sector and asset choices we have made along with our short-term actions: our sharpened focus on income; the acquisitions we have made; our early decision to commit to significant London office development programme; and our successful financing activities. In a more challenging market environment, we significantly outperformed the market on all key property metrics - rental values, capital returns and total returns.

Corporate governance is a fundamental part of British Land and runs through all or our activities. Our relatively small number of staff and clear reporting lines enable involvement and awareness of all of our actions and processes by the Executive Directors with proper oversight by the Board.

This year, we focused on achieving results on the sustainability issues which matter most to us and our key stakeholders. We are now the leading UK REIT on several key sustainability indices, including Management Today's Most Admired Companies in Britain for community and environmental responsibility 2011, the CDP FTSE 350 Carbon Disclosure Leadership Index 2011, and the Sunday Times Best Green Companies 2011.

This Report details the substantial socio-economic impacts of our development programme both at a national and regional level, contributing £1.2 billion to the UK economy and creating 32,300 jobs through our construction projects.